Wockhardt’s UK Business Grows But Other Markets Underperform
Company Sees Major Growth Come From COVID-19 Vaccine Business
Wockhardt has seen a good financial fourth quarter and full year for its UK business, which contributed 41% of the company’s global revenue in Q4 FY21 and 37% to its global revenue for the financial year thanks to its COVID-19 vaccine business. However, the company’s US, India, Ireland and emerging markets businesses delivered a weak fourth quarter.
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Alvogen and sister company Alvotech have donated to UNICEF to support vaccine supply to over 90 low-and-middle-income countries, while Hikma has also made a multi-million-dollar donation. India’s Dr Reddy’s is moving ahead with the Sputnik V vaccine, while AstraZeneca is partnering with Insud Pharma on its vaccine in Spain. Meanwhile, the UK government has extended its vaccination contract with Wockhardt.
Financially stretched Wockhardt sells select branded generic business to Dr Reddy’s for $260m, bringing the curtains down on a much anticipated transaction.
To improve common standards for global development for generics and access to generics, FDA has launched the Generic Drug Cluster through the Global Generic Drug Affairs team established by the FDA’s Office of Generic Drugs. The agency has listed objectives through which it aims to increase scientific alignment among leading generic drug regulatory agencies.