Wockhardt Q1FY19 Net Sales at Rs. 1,008 crores, up by 13% over Q1FY18
Mohan | Myequity news | Date: 04-08-2018 20:15:00 IST
Wockhardt Limited, the Pharmaceutical and Biotechnology major, reported its 1st Quarter Results for Financial Year 2018-19 today, below are the highlights.
Business review for the quarter:
The business performance of the Company during the quarter ended 30th June 2018 showed marked improvement with Sales growth of 13% as compared with the similar quarter of the previous year driven by growth in US, India Business and growing Emerging Markets.
The increase in business coupled with Company's ongoing focus on cost containment and rationalisation continues to deliver its intended positive impact on the profitability resulting in an improvement of EBITDA from a loss of Rs. (79) crores in QIFY18 to Rs. 29 crores during the current quarter. Costs of on-going remedial measures, however, continued to impact profitability.
The focus in strategic R&D initiatives of the Company in the global arena continued to remain one of the key priorities. Such strategic R&D expenses though meant for the future are expensed off.
India Business grew by 30% in QIFY19 over QIFY18 and stood at Rs.395 crore in QIFY19 vs Rs.303 crore in QIFY18. Four products were launched during the quarter. India Business contributed 39% of the Global Revenue.
US Business grew by 20% in QIFY19 over QIFY18 in INR terms mainly because of New Products launches and increased market share of some of the products of the Company.
US Business contributed 18% of the Global Revenue.
Emerging Market Business of the Company grew by 36% in QIFY19 over QIFY18.
UK Business during the quarter de-grew by 7% in INR terms over QIFY18. The Company launched 1 new product during the quarter, received 1 new approval and successfully filed 1 new product.
Irish Business grew 25% in INR terms in QIFY19 vs QIFY18. 3 new products were launched during the quarter.
EU business contributed 31% of the Global Revenue.
Intellectual Property (IP):
The company's continued pursuit in creating strong Intellectual Property (IP) base resulted into filing of 19 patents during the Quarter ended 30th June 2018 taking the cumulative filings to 3,056. The company was granted 15 patents during the quarter and now holds 643 patents.
Research & Development expenditure during the quarter was at Rs.61 crore (6% to sales) and including capital expenditure is at 8.3% to sales.
Capital expenditure during the quarter was Rs.73 crore.
Inauguration of Manufacturing facility in Dubai, UAE:
With an aim to grow and further establish its international presence in pharmaceutical manufacturing, Wockhardt sets up its first facility in Middle East for manufacturing of NCEs (New Chemical Entities) catering to the global markets through its Dubai arm of its subsidiary Wockhardt Bio AG in July 2018. On approval of the new drug by US FDA, this manufacturing facility will be commissioned for commercial production.
Wockhardt is a Global Pharmaceutical and Biotech company employing over 9,000 people and 27 nationalities with presence in USA, UK, Ireland, Switzerland, France, Mexico, Russia and many other countries. It has manufacturing and research facilities in India, USA & UK and a manufacturing facility in Ireland. Wockhardt has a significant presence in USA, Europe and India, with 61% of its global revenues coming from international businesses. Wockhardt is home to 600 plus scientists, of whom, 70 plus are doctorates. Wockhardt is the only company in the world where USFDA has given QIDP Status (Qualified Infectious Diseases Programme) for 5 of our Anti-bacterial discovery programmes — 2 of them are Gram Negative and 3 Gram Positive effective against untreatable "Superbugs". Wockhardt's entire Anti-infective portfolio particularly addresses the specific bacterial organism where resistances are high and breakthrough antibiotics are needed.