Profits for Ranbaxy, and Wockhardt makes acquisition

23-May-2007

Buoyed by a strong domestic sales and in emerging markets, Ranbaxy Labs has recorded a near 80% rise in consolidated net profit to Rs 129 crore in the first quarter ended March 31, compared with the same previous period.

Buoyed by a strong domestic sales and in emerging markets, Ranbaxy Labs has recorded a near 80% rise in consolidated net profit to Rs 129 crore in the first quarter ended March 31, compared with the same previous period.

Consolidated sales rose 23% to Rs 1,564 crore according to ceo Malvivder Singh.

'Revenues from markets including India, Romania, CIS countries, South Africa, Eastern Europe and Latin America were up 53%', Singh said.

'India largely contributed to growth as revenues rose 24%, driven by acute and chronic therapeutic segments sales. CIS countries also witnessed strong growth with sales up 60%. Emerging markets now account for over 50% of the company's total revenues', he added.

'The company's US and Western European business witnessed modest growth in this quarter', Singh said.

Ranbaxy, received approval for four new products during the quarter with a combined market size of an estimated US$6 billion at innovator's price.

In other news from India, Wockhardt has confirmed the acquisition of Negma Laboratories, the fourth largest independent, integrated pharmaceutical group in France, in an all-cash deal of $265m, making Wockhardt the largest Indian pharmaceutical company in Europe.

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Negma is a research based pharmaceutical company with 172 patents. In an interview, Negma's chairman Habil Khorakiwala said 'the acquisition will allow Wockhardt to extent this patented portfolio to other European markets. Further, it will provide the right entry vehicle to enter the French generics market valued at $2bn, leveraging Wockhardt's EU portfolio and impressive pipeline.'

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