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Financial Report: Wockhardt

October 25, 2013

Earnings drop 70% as three India plants face export restrictions

2Q Revenues: 12.0 billion rupees (-11%)

2Q Earnings: 1.4 billion rupees (-70%)

YTD Revenues: 26.0 billion rupees (-5%)

YTD Earnings: 4.6 billion rupees (-44%)

Comments: Results were impacted by restrictions on shipping medicines to the U.S. and UK from one of its factories after health regulators identified deficiencies at the plant. The UK’s MHRA recently added restrictions on exports from two other factories. According to a Wockhardt statement, the U.S. import alert, reported in May, could cost about $100 million in annual sales. It has subsequently taken measures to improve quality oversight at its factories, including the appointment of a new quality chief and hiring of outside consultants.
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