Corporate Updates

Wockhardt’s target: $1 billion sales next fiscal

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Pharmaceutical manufacturer Wockhardt is expecting a $600 million (INR 2400 crore approx) turnover in 2007-08. By 2008-09, the company envisages a turnover of $1 billion. Wockhardt Hospitals, which has already filed the draft red herring prospectus with SEBI, expects to float an initial public offer (IPO) by the end 2007-08.

About 50% of the turnover is slated to be contributed by the company’s European operations. With the recent acquisition of a French pharma company Negma Lerads, Wockhardt now owns five companies in Europe. These will help achieve a $600 million turnover in 2007-08 and $1 billion by 2008-09. They are in the process of consolidating their European business where a total 1,000 people are employed.

Wockhardt Hospitals, as part of its expansion plan, is also looking at setting up hospitals in tier-II cities. Especially the eastern region, Orissa, Bihar and North East.

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