Shares of Wockhardt ended higher by nearly 2% on the back of better results for the September quarter, after the pharma major narrowed its net loss to Rs 16 crore as against Rs 73 crore a year ago. The revenue came in at Rs 809 crore, rising by 7.4% on year, while the margin has significantly improved year-on-year to 13.6% versus 9.6% for the September quarter.
International business now contributes 77% to Wockhardt's revenue, with biosimilars clocking 30% on year growth in emerging markets.
The pharma company now has 12 manufacturing facilities the world over, with two R&D centres, one each in India and UK. At the end of FY24, the company had nearly halved its debt to Rs 476 crore, compared to a year ago.
Earlier this week, Wockhardt had closed its QIP to raise up to Rs 1,000 crore at Rs 1,162.25 floor price, that saw marquee mutual funds participate in it. Several high networth individuals too participated in the share sale, but the QIP subscription was largely dominated by mutual funds.
Even on November 13, on stock markets saw a major correction, the stock ended higher by 1.9% in an otherwise weak market. Shares of Wockhardt are higher by almost 156% since the start of 2024.
The September quarter saw Wockhardt's investigational antibiotic drug Zaynich - filed as WCK 5222 - successfully treat a cancer patient in the US, the first such instance. Two of the company's promising antibiotics are also heading closer to a probable launch in India. In October, Wockhardt informed that its antibiotics for urinary tract infections was granted “fast track designation” by the US Food and Drug and Administration (FDA).
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