Pharma stock engaged in manufacturing injectables, finished dosage formulations, orals, biopharmaceuticals, and topicals jumped up to 4 percent in the day’s trade following the press release from the company that filed insulin injection for DCGI’s approval.
Price Action
With a market capitalization of Rs. 16,722 Crores, the shares of Wockhardt Limited were trading at Rs. 1,124 per equity share, up 4 percent from its previous day’s close price of Rs. 1,080.60.
What Happened?
The company announced the filing of its fast-acting insulin analog, Aspart injection for approval with the Drugs Controller General of India. Wockhardt said it is a significant ongoing commitment to which address the increasing diabetic problems both domestically and globally.
Product Details
Their Aspart insulin injection is a developed product from the company’s research & development, studies, scaling up, and biosimilar product manufacturing. By leveraging these integrated infrastructure and expertise, Wockhardt believes they have finished all stages of Aspart Insulin development which is from R&D to production through in-house development.
The product will be available in vials, cartridges, and other prefilled disposable pens which offers flexibility to the patients to manage diabetes. The Indian market size for Aspart is estimated currently over Rs. 260 Crore with only 2 players in the market.
The company is also developing additional insulin analogs and GLP-1 agonists which is a part of its comprehensive strategy to provide advanced diabetes care solutions.
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Management Comments
The company’s founder chairman Dr. Habil Khorakiwala said that they are proud to add another product to their diabetic biosimilar portfolio after filing for Aspart Injection which has limited players in the market. With this development, it helps the company to produce domestically.
About the Company
Wockhardt is a manufacturing finished dosage formulations and research-based Pharmaceutical and Biotech company. They are headquartered in Mumbai. They have employed around 2,600 people and 27 nationalities,
The company has a presence in the UK, USA, Switzerland, Ireland, Mexico, France, Russia, and other countries. They have manufacturing and research facilities in the UK and India and in Ireland, they have a manufacturing facility. The majority of their revenue comes from International Business accounting for around 78%.
Wockhardt’s product portfolio includes various therapeutic areas including dental care, orthopedics, rheumatology, dermatology, pediatrics, gynecology, pain management, cardiology, neurology, nephrology, and diabetes.
Financials & Ratios
Its Operational revenue improved by 14.75 percent YoY from Rs. 644 Crores in Q1FY24 to Rs. 739 Crores in Q1FY25, accompanied by a loss of Rs. 136 Crores to Rs. 16 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of -12.34 percent and a return on capital employed (ROCE) of -0.86 percent in FY24. They have a debt-to-equity ratio of 0.68 as of FY24.
Written by Santhosh
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