On Monday in New Delhi, a pharmaceutical company announced a combined loss of Rs 102 crore after taxes for the December quarter, due to fewer sales. In the same quarter of the previous fiscal year, the company reported a consolidated profit of Rs 2 crore after taxes, according to a regulatory filing.
The current quarter’s consolidated revenue from operations was 699 crore rupees, compared to 854 crore rupees at the same time a year earlier, the report stated.
The company’s total expenses were 803 crore rupees, compared to 884 crore rupees for the same time in the previous year.
During the quarter, revenue from India was 175 crore rupees, while revenue from the United Kingdom was 223 crore rupees.
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The company’s revenue from emerging markets was Rs 148 crore, while its sales from the United States were Rs 91 crore.
The company stated that in response to the altered pharmaceutical market situation in the United States, its management had taken various steps to restructure the business, including the closure of its manufacturing facility in Illinois and the undertaking of its business in the country through contract manufacturing of the products it sells in the United States and North America through the engagement of USFDA-approved manufacturing partners meeting the company’s quality standards.
The business has now recruited additional USFDA-approved manufacturing partners, after conducting extensive due diligence and inspecting their facilities, to manufacture a variety of items for sale in the US and North America under the same brand and Wockhardt name, the statement continued.
This new arrangement is in the best interest of the firm since it will allow it to entirely avoid production and quality management costs and allow the management to concentrate on penetrating and extending its market share in the US and North America, according to the statement.