Elder eyes 60% jump in Bulgaria sales, to launch 4 products1 min read . Updated: 12 Dec 2010, 02:05 PM IST
Elder eyes 60% jump in Bulgaria sales, to launch 4 products
New Delhi: Drug maker Elder Pharmaceuticals on Sunday said it is eying a jump of nearly 60% in its revenues from Bulgaria next fiscal on the back of a slew of product launches.
The company, which recently acquired vitamins maker NeutraHealth for ₹ 90 crore, is also looking to bring products of the UK-based firm to India.
The Mumbai-based firm plans to launch its products in Bulgaria through its arm ‘Elder Biomeda AD’ and the products would be in women healthcare and pain management areas.
“We are eying revenues of up to €8 million (nearly ₹ 47 crore) from Bulgaria in 2011-12 as we launch 3-4 products there. Calcium supplements (Shelcal) will be the first of the lot to be launched in January next year," Elder Pharmaceuticals managing director Alok Saxena told PTI.
In the last fiscal, Elder Pharma had generated revenues of €2 million from Bulgarian market and is expected to close the current financial year at around €5 million.
Elder Pharmaceuticals increased its stake in Elder Biomeda to 92.2% in October this year from 61% through its subsidiary in Dubai.
The Bulgarian arm makes ointments, capsules and tablets and employs about 300 people.
Elder Pharma had reported income from operations at ₹ 210.65 crore for the second quarter ended 30 September, 2010.
On plans of bringing products from the portfolio of recently acquired UK-based vitamins maker NeutraHealth to India, Saxena said it would happen next fiscal.
“We will launch NeutraHealth products in the first quarter of 2011-12. At the moment we are working on getting prerequisite licences," Saxena said.
NeutraHealth focuses on the highly fragmented vitamins, minerals and supplements sector within the UK and Europe. It has three group companies — Biocare, Brunel Healthcare and Totally Nourish.
For the year ended March 31, 2010, NeutraHealth reported a revenue of £34.6 million .