Wockhardt shares are on a roll, extending the uptrend for the 12th straight session on July 4. With the sharp rally, the stock hit a fresh 52-week high of Rs 995, delivering exuberant gains of nearly 80 percent in the past month.
Optimism for the company stems from its research and development prowess as it nears the launch of two blockbuster antibiotics, poised to change the course of the drugmaker's earnings trajectory.
Two of the company's antibiotics, currently under the investigational process are sitting right on their launch timelines. The drugmaker antibiotic Nafithromycin, used to treat pneumonia is awaiting approval from the Drug Controller General of India for Nafithromycin and would be launched in a couple of months after getting a greenlight.
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The drug has the potential to seize market share from Azithromycin due to its superior results and quicker efficacy. Wockhardt has secured two patents for this drug, expiring in 2031 and 2037, providing ample time to capitalize on its robust R&D efforts. In addition, another investigational antibiotic drug Zaynich has also shown encouraging results in its phase 3 trails.
While Nafithromycin is expected to launch in FY25, targeting a market size of hundreds of crores over the next three to five years, phase 3 trials for Zaynich are anticipated to conclude by the last quarter of the current fiscal year.
The company plans to launch Zaynich by FY26, contingent upon successful phase 3 trials. It aims to enter a market valued at $1.5 billion annually in developed countries and $263 million in developing countries.
At 11.58 am, shares of Wockhardt were trading at Rs 915 on the NSE.
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