Wockhardt’s Q3 2009 net falls by Rs 54 crore

Indian generic major Wockhardt announced a 2.2 percent growth in consolidated sales revenues to stand at Rs 923 crore (about $197.25 million) for the third quarter ended September 30, 2009 over the corresponding quarter of 2008.

Wockhardt’s operating profit (EBIDTA) was Rs 182 crore (about $38.9 million).

Wockhardt’s net loss is pegged at Rs 54 crore (about $11.5 million), due to exceptional items.

Wockhardt’s India business grew by nine percent, the third quarter 2009. Wockhardt launched five new products during this period.

Wockhardt’s UK business grew by 17 percent compared to the industry growth of only 4.5 percent in Q3-2009. Hospital products in UK grew by 13 percent, pharmacy products grew by 16 percent and exports surged by 73 percent.

Wockhardt launched three new products in psychotropic, anti-depressant and iron supplement were launched in UK, during the period.

Wockhardt UK’s Contract Manufacturing Organization (CMO) signed an agreement with scope of work that includes cartridge development and manufacturing.

Sales of Pinewood Healthcare, Wockhardt’s subsidiary in Ireland, remained steady.

Wockhardt’s 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 percent showing an improvement in market share, Wockhardt release said.

Wockhardt secured 13 ANDA approvals received till end of September 2009 from US.

wockhardt’s US business contributes 20% to its overall revenues.

In October, Wockhardt received tentative approval from the United States Food & Drug Administration (US FDA) for a generic version of alfuzosin, a drug used in the treatment of prostate disease.

Wockhardt got tentative approvals for its abbreviated new drug application (ANDA) for marketing alfuzosin hydrochloride extended release tablets in 10mg strengths, the company said in a press note.

Wockhardt’s alfuzosin hydrochloride extended release tablets are the generic version of , the brand Uroxatral, marketed in the United States by Sanofi-Aventis.

Alfuzosin is an alpha 1 blocker used in the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH). Alfuzosin improves urine flow by relaxing the smooth muscle located at the bladder neck and around the prostate.

Wockhardt is currently doing clinical studies to launch its biogeneric insulin in the US market.

Headquartered in Mumbai, India, Wockhardt has 5 research centres and 14 world-class manufacturing plants across various countries that are compliant to international regulatory standards such as the US FDA, MHRA and other global regulatory bodies.

Wockhardt has end-to-end integrated capabilities for its products, ranging from manufacture of the oral and sterile API’s, the dosage forms.

Wockhardt’s current market value is around Rs 1,830 crore (about $400 million).

$48-billion Pfizer has been doing advanced round negotiations for a buy out or strategic alliance with Wockhardt’s biotech business, reports had said quoating anonymous banking sources engaged in due diligence process.

Pfizer would likely prefer a buy-out paying hefty premiums for Wockhardt’s Rs 100-crore biotech business, valuing it close to the Indian company’s total market value.

Wockhardt, however, denied the reports saying that it has no plant to sell out its biotech business, at the moment.