📌 At a Glance (Excerpt)
Wockhardt’s last five years have been a pharma thriller—complete with a debt hangover, promoter dilution, surprise biotech launches, and the occasional loss explosion. With ROE still negative, net profit missing in action, and a 3x stock rally riding hope, is this a turnaround… or just a medically-induced high?
1️⃣ Flashback: How Did We Get Here?
Once the underdog of India’s pharma scene, Wockhardt was best known for:
- 💊 Generic presence in UK & Ireland
- 🧬 Ambitions in biotech and injectables
- 💉 No. 1 Methycobalamin brand in India
- 🤕 And…a deep history of USFDA bans and financial distress
Back in FY20:
- Sales: ₹2,844 Cr
- Net Loss: ₹-43 Cr
- ROCE: 0%
- Debt: ₹3,582 Cr
- Stock Price: ~₹550
Wockhardt wasn’t healing — it was being kept alive on IV drips and hope.
2️⃣ Financial First Aid: 5-Year
Trends
| 💊 Metric | FY20 | FY25 | CAGR |
|---|---|---|---|
| Sales (₹ Cr) | 2,844 | 3,012 | 1.15% |
| Operating Profit (₹ Cr) | 119 | 393 | 22% |
| Net Profit (₹ Cr) | -43 | -57 | NA |
| EPS (₹) | -4.81 | -2.89 | Still negative |
| ROCE (%) | 0% | 3.75% | Marginal |
| Debt (₹ Cr) | 3,582 | 2,021 | -11% CAGR ✅ |
| OPM (%) | 4% | 13% | Improving 💉 |
🎯Summary: Sales didn’t grow, but margins improved.The company still bleeds at the bottom, but the wound is smaller.
3️⃣ Quarterly Check-Up: Spasms of Profit
| Quarter | Revenue (₹ Cr) | OPM (%) | Net Profit (₹ Cr) | EPS |
|---|---|---|---|---|
| Q1 FY24 | 739 | 12% | -16 | -0.91 |
| Q3 FY24 | 721 | 18% | +20 | +0.86 |
| Q4 FY25 | 743 | 9% | -45 | -1.54 |
🩺 Despite strong OPM, bottom line continues to disappoint.One quarter in green, next quarter in ICU.
4️⃣ Segment & Market Presence
🧬 Biotech + Injectables
- Focus on vaccines, biosimilars, insulin analogues
- New launches like Miqnaf (migraine drug), Zaynich (biotech candidate)
- US/India filings ongoing
📊
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