Wockhardt Ltd, a global pharmaceutical and biotechnology company, is aiming to turnaround its business operations by restructuring its US business, partnering with Serum for UK vaccine manufacturing, and conducting research in novel antibiotics. Q4FY23 saw 7% Yo-Y revenue growth and a three-fold jump in EBITDA to Rs. 47 crore.
Wockhardt is restructuring its US operations, shutting down its Morton Grove manufacturing facility and transferring it to contract manufacturing organizations. The company aims to maintain a 40% gross margin and manufacture few higher-margin products through third-party manufacturing. Wockhardt is a leading R&D company with comprehensive antibiotic drug discovery programs, including Emrok, which is marketed in India and expected to win approvals in eight other markets.
The company has improved its operations and financial performance, reducing its long-term external debt to Rs 608 crore from Rs 3,218 crore in 2017. Q4FY23 saw 7% revenue growth and a 3-fold increase in EBITDA to Rs. 47 crore. CARE Ratings recently assigned a CARE BBB- rating and reaffirmed the ratings for Long/Short Term Bank Facilities and Non-Convertible Debentures. The strong operational profile, experienced promoters, and healthy liquidity contribute to the company’s success.