Shares of Wockhardt, the pharmaceutical and biotechnology major, spiked 9.5% in early trade on Friday, January 3, to hit a nine-year high of ₹1,583 apiece after the company announced regulatory approval for its antibiotic drug Miqnaf for pneumonia treatment.
"The Indian drug regulator, Central Drugs Standard Control Organization (CDSCO), has approved Miqnaf (nafithromycin) as a new treatment for Community-Acquired Bacterial Pneumonia (CABP) in adults. Miqnaf is an ultra-short course, once-daily, 3-day treatment for CABP, including those caused by multi-drug-resistant (MDR) pathogens. The approval follows a favorable recommendation for the manufacture and marketing of nafithromycin by the Subject Expert Committee (SEC) of CDSCO," the company stated in its regulatory filing on Thursday.
During the September quarter, the company reported progress with its once-daily β-lactam enhancer, WCK 6777. This drug received Fast Track designation by the US FDA and has successfully completed a Phase I study conducted by the National Institutes of Health in the US.
In terms of financial performance, the company posted a 7% quarter-on-quarter (QoQ) growth in revenue in Q2FY25 to ₹818 crore compared to ₹762 crore in the previous year's corresponding quarter. EBITDA for Q2FY25 grew 71% QoQ, reaching ₹139 crore compared to ₹81 crore in the same period last year.
For H1FY25, Wockhardt reported a 10% year-on-year (YoY) growth in revenue at ₹1,565 crore as against ₹1,420 crore in the previous year. EBITDA for the same period surged 112% YoY, reaching ₹239 crore compared to ₹113 crore last year.
Wockhardt shares have been a standout performer on Dalal Street in recent months, delivering exceptional returns to shareholders. Since March 2023, the stock has gained 900%, rallying from ₹153.90 apiece to the current trading level of ₹1,539.
Despite this remarkable rally, the stock is still trading 22.5% below its all-time high of ₹1,998 apiece, which it achieved in April 2015.
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