The share price of this firm hit 20 percent upper circuit to an Intraday high of Rs 823.65 per share on Monday after the company announced the successful use of the antibiotic drug, Zaynich to treat a cancer patient in the US.
With a market capitalization of Rs 12,634.32 crores, the shares of Wockhardt Ltd hit 20 percent, uppercircuit trading at Rs 823.65 a piece on Monday’s afternoon session. The stock also hit an all-time 52-week high of Rs 823.65 as of today.
What happened: According to Wockhardt Ltd’s stock exchange filings, their new antibiotic Zaynich (Zidebactam/Cefepime-WCK 5222) was successfully used to treat a severe thigh infection in a US cancer patient. The infection was caused by a highly resistant Pseudomonas bacteria.
Why it matters: Wockhardt Ltd’s Zaynich (Zidebactam/Cefepime-WCK 5222) successfully treated a challenging infection in a US cancer patient, marking its first use against highly resistant Pseudomonas bacteria. The patient was not able to be cured despite receiving standard treatments. The patient then received Zaynich, the antibiotic produced by Wockhardt offering the crucial treatment needed when other options would have failed, according to Wockhardt’s filings.
Financials: Reviewing the financials of Wockhardt Ltd on a year-on-year basis, the revenues rose by 5.5 percent from Rs 2,651 crores in FY23 to Rs 2,798 crores in FY24. In the same time frame, the net losses declined by Rs 621 crores to Rs 472 crores.
Share price movement: The shares of Wockhardt Ltd generated a multi-bagger return of 242 percent over the one year and 72.8 percent over the past 6 months.
As for the key financial indicators, Wockhardt’s EBITDA grew by 80 percent from Rs 96 crores in 9MFY23 to Rs 173 crores in 9MFY24. As of 9MFY24. Wockhardt derived 78 percent of its revenues from its international business.
Wockhardt Ltd’s total borrowing reduced by 40.4 percent from Rs 1,568 crores in FY21 to Rs 933 crores in 6M FY24. The net debt-to-equity ratio stood at 0.27 times for 6MFY24.
Shareholding pattern: As of March 2024, Wockhardt Ltd’s shareholding pattern stood at 51.60 percent for promoters, 37.98 percent for the public, 5.59 percent for foreign institutional investors, and 4.83 percent for domestic institutional investors.
About the company: Incorporated in 1999 Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals, and topicals such as creams and ointments. The company is headquartered in Mumbai.
Written By Zahal.
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