Pharmaceutical major Ranbaxy Laboratories on Wednesday said it was confident of clocking around 23 per cent growth in global sales in 2003.

"The company is confident of achieving about $900-940 million in global sales, out of which the United States market is expected to contribute at least 44 per cent," company sources told PTI in New Delhi.

The company had achieved $764 million in global sales in 2002.

They said higher growth is expected on account of more new US Food and Drug Administration approvals likely to come along in the fourth quarter this year, and the focus of the company on niche filings like Para III and Para IV.

The company has already received 20 abbreviated new drug approvals from US FDA in the nine months ending September 30, 2003.

The European Union, CIS and Africa are expected to contribute about 17 per cent in terms of sales, while Asia Pacific and Latin America about 9 per cent.

In line with its plans, the company is slated to increase its research and development expenditure from six per cent this year to seven per cent of the total turnover in 2004.

Its global sales turnover increased by 11 per cent at Rs 1,127 crore (Rs 11.27 billion) in the third quarter of 2003 as against Rs 1013.4 crore (Rs 10.13 billion) in the same period last year.