Wockhardt Sales Up by 9 pc, Net Profit Drops

Mumbai, Jul 28: Pharmaceutical and biotechnology major Wockhardt Limited registered a 9 per cent increase in consolidated sales at Rs 413 crores during the second quarter ending June 30, 2006. However, profit after tax declined 18 per cent largely due to a 77 per cent increase in R&D expenditure and the expenses incurred on commercial commissioning of Wockhardt Biotech Park.

In a statement here today, Wockhardt chairman Habil Khorakiwala said,''We are investing significantly in research and manufacturing in India with a view to expand our US presence. We entered the sterile injections market and also received our first approval for an NDDS drug in the US. In India, we have reinforced our leadership in medical nutrition by acquiring Dumex India with its brands and marketing personnel.'' Wockhardt's India business grew by 26 per cent in first half of 2006. Power brands continue to drive the domestic business performance. During first half of 2006, Proxyvon range grew by 51 per cent. Biotech products Wosulin (recombinant insulin) and Wepox (erythropoietin) continue to do well with 35% and 28% growth respectively. Wockhardt consolidated its leadership in the Indian medical nutrition market by acquiring Dumex India with its heritage brands Farex and Protinex.

UNI