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news.Ranbaxy Laboratories said that it is still optimistic about meeting its goal of $2 billion sales in 2007, despite a report that claimed the company would miss its target.
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The Economic Times reported that the company would not achieve its target through organic growth. The company would only be able to reach $2 billion in revenue through mergers and acquisitions, the report said.
However, Ranbaxy stated that it still aims for revenues of $2 billion by 2007 and $5 billion by 2012, figures that it predicted in 2003.
“We are working toward our target through a mix of both organic and inorganic efforts,” said Malvinder Singh CEO of Ranbaxy.
Ranbaxy said that it would not depend on just acquisitions to achieve its revenue sales.
“Our acquisitions will have to be viable and based on strong strategic fit, making compelling financial sense,” added Mr Singh.
Ranbaxy plans to expand overseas and has already bought four companies in Europe this year. The company had sales of $1.16 billion in 2005, according to data compiled by Bloomberg.