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   You are here :     Moneycontrol     MMB    Stocks      Wanbury                         Most active discussions of 2006 , 2007 & 2008
Wanbury Ltd - Press Release (2)   25-Jul-08 12:27Tracked by (0)  
Posted by:   latikav on ( 25-Jul-08 12:27 )
Price : BSE: Rs 92.50 ( -1.75 % ), NSE: Rs. 92.50 ( -1.44 % )
Wanbury looking to pump up EU sales ------------------------------ After establishing a fairly large presence in the US, pharmaceutical company Wanbury Ltd is now shifting its focus to the European Union (EU), expecting an annual sales growth of 40% in the region, said director of corporate finance Ashok Shinkar.

“We are bullish on the EU. Currently, total sales from the EU are to the tune of Rs 190 crore, with Cantabria alone contributing Rs 150 crore. We expect sales to grow to about Rs 250 crore next fiscal,” he said. Cantabria is a Spanish branded formulations company Wanbury acquired in October 2006 for Rs 250 crore.

Wanbury, a Rs 380-crore diabetes drug metformin major, has plans to introduce eight brands in the formulations segment in the EU over the next two years.

The psychiatry therapy brands are expected to yield? 50 million in two and a half years’ time. The launch of 5-6 products in the cardiovascular segment is on the cards too by
the end of calendar 2009.

Wanbury is also eyeing contract research and manufacturing services (CRAMS) acquisitions in the EU to grow through the inorganic route. “We will look for companies or facilities that can add about Rs 50-60 crore to our bottomline,” Shinkar said.
The US contributes about Rs 50 crore annually to Wanbury’s revenues, which come mainly from the sales of metformin and tramadol, a pain management drug.

Shinkar said that Wanbury, which currently produces 8,500 tonne of metformin annually, would increase production by 15% every year. “We are
looking at producing over 12,000-13,000 tonne of metformin in the next two years. Metformin currently brings in revenues of Rs 120 crore. In 2010-11, we expect revenues to cross Rs 170 crore,” he said.

With a global market share of 30-40%, Wanbury is now the world leader in metformin. It supplies this active pharmaceutical ingredient (API) to global pharmaceutical giants such as Sandoz, Teva Pharmaceutical Industries, Apotex and others.

According to analysts, the world market for APIs such as metformin is Rs 400 crore and is seen growing at 20% per annum. Wanbury supplies tramadol to about 60% of the Rs 800-crore US market earning revenues of Rs 30-40 crore through the API. Shinkar said that the production of this API would also be increased by 40% from the current 76 tonne per year.

The company is also betting big on the osteoporosis and surgery segments. Shinkar said that the osteoporosis segment is expected to yield revenues of Rs 30 crore this fiscal. Wanbury is looking at introducing about eight products, including iron supplements, anti-infectives, injectibles and others, in its surgery business.

“Currently, we cater to the requirements of 70% of the 15,000 doctors in the surgery segment. Our revenues are Rs 12-15 crore from this. We expect to gross a turnover of up to Rs 100 crore from this segment in the next three years,” Shinkar said.

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