Wockhardt reports Rs54 crore Q3 net loss

Pharmaceutical and biotechnology major Wockhardt Limited today reported a net loss of Rs54 crore in the third quarter (July-September 2009), due to exceptional items.

Consolidated sales revenues rose 2.2 per cent to Rs923 crore for the third quarter ended 30 September 2009 over the corresponding quarter of 2008. Operating profit (EBIDTA) was Rs182 crore, Wockhardt said in a release.

Wockhardt said its branded business in India grew 9 per cent, thereby improving it's ranking to the 14th position. The company launched five new products during this period. Overall, 9 brands featured in the list of 'Top 300' brands of the industry with two brands in the 'Top 100'. Wockhardt's power brands are showing good consistent growth, the release quoted an ORG-IMS report for Q3-2009 as saying.

Wockhardt UK grew 17 per cent compared to the industry growth of only 4.5 per cent in Q3-2009. Hospital products in UK grew 13 per cent; pharmacy products grew 16 per cent and exports surged 73 per cent, the release said.

Wockhardt UK launched three new products in psychotropic, anti-depressant and iron supplement during the period. Its UK contract manufacturing organisation signed an agreement with scope of work that includes cartridge development and manufacturing. Pinewood Healthcare in Ireland maintains steady sales and Negma Laboratories in France has signed a co-promotion agreement for a diabetic drug and has also executed a CMO agreement in France. Negma's Nebilox is growing at 15 per cent showing an improvement in market share, the release noted.

The US business contributes 20 per cent to Wockhardt's overall revenues. There were 13 ANDA approvals received till end of September 2009. In the US generic pharmaceutical market, Wockhardt has been consistently growing market shares for all its products. In many instances, Wockhardt, by virtue of being amongst the first-to-file, gains advantages of being an early entrant. Wockhardt currently markets 66 products in the US.