Wockhardt returns to the black with Rs 14 crore net profit in Q3, revenue rises 3%

The company said that during the quarter, its Zaynich drug demonstrated the highest-ever efficacy by achieving a clinical cure rate of 96.8 percent. "The study enrolled 529 patients with complicated urinary tract infection (cUTI) and Acute Pyelonephritis (AP) and was conducted in US, Europe, LATAM, China, India, spanning 64 sites. In this study, Zaynich demonstrated superiority over gold standard meropenem, achieving a composite clinical and microbiology cure rate of 89.0% vs 68.4% respectively. These results were based on primary endpoints defined by both the US FDA and EMA. The combined efficacy of Zaynich is the highest ever recorded among recently approved novel antibiotics developed in more than a decade," Wockhardt said.

The pharma company further said that its insulin and glargine business demonstrated "remarkable and sustainable growth driven by increasing volumes accelerating our presence and reach across Emerging Markets." Wockhardt added that its domestic biotech business is poised for substantial growth.

Despite the positive results, the shares of the company dropped over 3 percent to trade at Rs 1,597 apiece, as seen at 2.57 pm. This comes a day after the stock hit its 52-week-high record of Rs 1,679.90 apiece. It is currently around 280 percent higher than its 52-week-low record of Rs 420 apiece.