On Friday, shares of Wockhardt Limited, a pharmaceutical company, hit a 10% upper circuit in the stock market.
The stock closed at ₹1,415.60, marking a rise of ₹128.65 from its previous closing of ₹1,286.95. Earlier in February 2024, the stock had hit its 52-week low at ₹421, making this a significant recovery.
Key Reasons for the Stock Price Increase
Wockhardt’s flagship product, Zaynich, has shown outstanding results in its Phase 3 trial, achieving 96.8% efficacy.
The company announced in a stock exchange filing that Zaynich could play a critical role in treating urinary tract infections caused by multidrug-resistant (MDR) or extensively drug-resistant (XDR) pathogens, including Enterobacter and Pseudomonas aeruginosa.
The Phase 3 trial included 530 patients across regions like the US, Europe, Latin America, China, and India, highlighting the drug’s global potential.
Future Plans and Financial Performance
Wockhardt’s achievement makes it one of the few Indian pharmaceutical companies capable of developing and marketing a global antibiotic.
The company plans to file a New Drug Application with the US FDA and a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA).
Financially, the company recorded strong growth in the first half of FY 2024-25 (April–September).
Its EBITDA grew by 112% year-on-year (YoY) to ₹239 crore, while revenue increased by 10%, reaching ₹1,565 crore compared to ₹1,420 crore in the same period last year.
Shareholding Pattern
Promoters currently hold a 49.09% stake in Wockhardt Limited, while the public owns the remaining 50.91%