Wockhardt has turned the corner during the first quarter ended June 2011 and it earned a strong net profit of Rs.193.9 crore as against a net loss of Rs.116.3 crore in the corresponding period of last year. Its EBDITA also moved up sharply by 72.5 per cent to Rs.310.8 crore from Rs.180.2 crore. Its earnings per share worked out to Rs.17.71 as compared to negative Rs.10.63 in the last period.
The company's revenues increased by 14.3 per cent to Rs.1053 crore from Rs.922 crore in the similar period of last year. Dr Habil Khorakiwala, chairman, said, “Wockhardt is focussed on its fundamental priority of delivering a sustained all-round performance this year and in turn create value for all its stakeholders. Our positive first quarter results of FY 2011-12 is a pointer in this direction.”
Wockhardt USA continues to exhibit an impressive growth of 131 per cent in the world’s largest and most lucrative pharmaceutical market. With a continuous and steady stream of ANDA approvals, Wockhardt USA has been able to launch products on the date the generic market opportunity opens. While business on the existing products has been robust and growing, the infusion of new products is also augmenting this growth. For the quarter it received 4 ANDA approvals and till date has received 110 approvals in total. In the pipeline are 25 ANDA’s to be approved by the US FDA. Wockhardt USA launched 3 new products this quarter and is determined to garner more market share for all its products.
Wockhardt’s India business grew by over 24 per cent in the first quarter of FY 2011-12, with a market share of 2.03 per cent (IMS June 2011). Wockhardt’s strategy to expand its All-India reach is bearing much fruit. It also launched 7 new products. The generics business grew by 16 per cent and exports grew by a whopping 85 per cent. Wockhardt’s Power Brands continue to show huge potential in the Indian pharmaceutical market.
Wockhardt UK continues to be the No.1 Indian generic company and overall the fourth generic company in the UK. Sales revenues grew by 17 per cent and the growth drivers were exports and pharmacy. Wockhardt UK launched 3 new products and had 9 filings and 10 approvals during this period. Pinewood Healthcare continues to be the No. 1 generic company and overall the eleventh largest pharma company in Ireland. It launched 2 new products and had 2 product filings during the said period. Nexazole has already notched up a 35 per cent market share from its launch in June 2010.