Global sales up; net profit for 2006 zooms to Rs. 520 cr.
GURGAON: Ranbaxy Laboratories recorded a strong performance in the year ended December 31, 2006, with domestic sales at Rs. 1,158 crore, a rise of 19 per cent. For the fourth quarter ended December 2006, sales stood at Rs. 273.20 crore and the net profit at Rs. 185.90 crore (Rs. 69.60 crore), according to a company release.
Restructuring of domestic operations in line with customer groups and investment in high growth segments supported by new products sourced from in-house development, supply partners and in-licensing opportunities, fuelled the growth in 2006.
For the year 2006, the company recorded consolidated global sales of Rs. 6,069.80 crore [$1,340 million] against Rs. 5,188 crore [$1,176 million], registering a growth of 17 per cent. The profit after tax was Rs. 520.40 crore [$115 million] against Rs. 264.20 crore [$60 million].
Commenting on the continuing positive performance of the company, Malvinder Singh, CEO and Managing Director, said, "We have had an extremely good year with robust sales across markets of U.S., BRICS, Africa, Latin America, Middle East and the Asia Pacific. I believe Ranbaxy is well positioned to gain from the opportunities emerging in the global generics space."
In the fourth quarter, the company entered into an exclusive licensing agreement with the Debiopharm Group, a Swiss biopharmaceutical development company, to market its New Chemical Entity (NCE), Sanvar (vapreotide acetate) in India, Bangladesh and Nepal. The molecule in injectable form will be used for the treatment of acute variceal bleeding and prevention of rebleeding related to portal hypertension. The company's global consumer healthcare business recorded sales of $19 million for the year, a growth of 15 per cent over the previous year. In the fourth quarter, sales stood at $5 million, a rise of 8 per cent.
The company in the quarter under review entered into a share purchase agreement on December 1, 2006, to acquire Be-Tabs, South Africa, for a total consideration of about $70 million.