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P.T.Jyothi Datta

Expects $20 million as revenues for 2006

MR HABIL KHORAKIWALA

Mumbai , June 2

Wockhardt has scaled-down its projection on the revenues that would flow from its biotech business. The company's biotech revenues of about Rs 46 crore ($10 million) for the calendar year ended December 2005 belied its projection of Rs 100 crore earlier that year.

However, the Mumbai-based drug maker hopes to get close to the Rs 100-crore projection at least this year, with Wockhardt top-management expecting to clock $20 million (estimated Rs 92 crore) as revenues in the biotech segment for 2006.

Over the last two successive quarters, Wockhardt top officials have informed analysts of the revised numbers on its biotech business. After the year-end results were announced for 2005, Wockhardt Chairman, Mr Habil Khorakiwala, told analysts that the biotech performance for the year, at $10 million, was "below the expectation".

"The one reason is we overestimated," he said. Registration and tender-related issues were further outlined as the reason for not meeting the projected target. However, he indicated that 2006 would be better and the company already had 26 registrations up its sleeve.

Speaking to analysts after announcing the company's performance for the first quarter ended this March, Wockhardt's top-officials reiterated to analysts their Chairman's revised projection on its biotech business.

Wockhardt's projections are made on the back of the export of three key biotech drugs - erythropoietin (for kidney-related applications), recombinant insulin and Hepatitis B Vaccine. More products such as Glargine (a new generation advance on insulin), Interferon (for the immune defence system in the body) and cancer drug GCSF are in the pipeline, an industry-analyst pointed out.

More Stories on : Outlook | Bio-tech & Genetics | Pharmaceuticals

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