Wockhardt Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Wockhardt Ltd filed with BSE on 11 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Wockhardt reported FY26 revenue of INR3,373 crores with EBITDA of about INR630 crores, EBITDA growth of 51%, and profit before tax of INR238 crores, while EBITDA margin rose from 5.4% three years ago to 18.6%. Management described Zaynich, its novel antibiotic, receiving US FDA approval as a major milestone and laid out launch plans for the US, India, and emerging markets, alongside growth of 35% in the biosimilar business and 27% growth in the specialty segment. Executives also discussed capex plans, patent life, manufacturing strategy across India and Europe, and commercial partnership structures for the US launch.
Numbers mentioned
Revenue: INR3,373 crores (FY26)
p. 4
“Our top line is at INR3,373 crores, with an EBITDA of about INR630 crores, and EBITDA growth of about 51%, and our profitability before tax at INR238 crores.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
EBITDA: about INR630 crores (FY26)
p. 4
“Our top line is at INR3,373 crores, with an EBITDA of about INR630 crores, and EBITDA growth of about 51%, and our profitability before tax at INR238 crores.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Profit before tax: INR238 crores (FY26)
p. 4
“Our top line is at INR3,373 crores, with an EBITDA of about INR630 crores, and EBITDA growth of about 51%, and our profitability before tax at INR238 crores.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Cash equivalents: INR662 crores (FY26)
p. 4
“From a liquidity point of view, we are sitting on a cash equivalent of INR662 crores, and our net debt-to-equity ratio is 0.1.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Net debt-to-equity ratio: 0.1 (FY26)
p. 4
“From a liquidity point of view, we are sitting on a cash equivalent of INR662 crores, and our net debt-to-equity ratio is 0.1.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
EBITDA margin: 18.6% (FY26)
p. 4
“Three years back, our EBITDA margin was about 5.4%, which has now increased to 18.6%.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Biosimilar and biotech business growth: 27% (FY26)
p. 4
“And the biosimilar biotech business in the current year has grown by 27%, during which, as a result of productivity and production improvement, we have scaled up our production of human insulin by 2x and Glargine by 1.5x.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Emerging market business growth: 35% (FY26)
p. 4
“Our emerging market business, which today is 28% of our turnover, is growing handsomely at 35%, aided by strategic partnerships that we have been able to arrive at over the last 12 to 18 months in Brazil, Thailand, Algeria, and Malaysia.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
UK business growth: 13% (FY26)
p. 4
“Our UK, which comprises of 39% of our total business, is growing by 13% and is focused on specialty injectables.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
Specialty business (biosimilars + novel antibiotic) share of total business: 23% (FY26)
p. 4
“Of the various verticals that we have, the specialty business that is there, which is consisting of biosimilars and the novel antibiotic, contribute 23% of the business.”
Murtaza Khorakiwala, page 4 of the filed PDF · View the filing
UK market share in covered market: 18%
p. 5
“In UK, in the covered market, we have 18% market share.”
Murtaza Khorakiwala, page 5 of the filed PDF · View the filing
Phase 3 composite cure rate vs Meropenem: 96.8%
p. 8
“If you look at our Phase 3 clinical trial, which was against Meropenem, we had a composite cure rate of 96.8%.”
Zahabiya Khorakiwala, page 8 of the filed PDF · View the filing
India clinical study efficacy: 90%
p. 8
“Here also, we had a 90% efficacy.”
Zahabiya Khorakiwala, page 8 of the filed PDF · View the filing
Compassionate use patients treated: 85 patients
p. 8
“There were 85 patients across India, the United States, Malaysia, and France.”
Zahabiya Khorakiwala, page 8 of the filed PDF · View the filing
Zaynich peak global revenue potential: $1.5 billion to $2 billion
p. 22
“I have mentioned repeatedly in last two, three days that globally we can expect a revenue overall about $1.5 billion to $2 billion.”
Habil Khorakiwala, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — INR200 crores to INR300 crores · next three years
stated firmly by Habil Khorakiwala
p. 15
“I think we have a normal capex would be there in next three years of about INR200 crores to INR300 crores.”
Habil Khorakiwala, page 15 of the filed PDF · View the filing
Zaynich US/India business breakeven — breakeven in bottom line · 12 to 18 months
stated firmly by Habil Khorakiwala
p. 15
“But we expect to breakeven in 12 months or maximum of 18 months in terms of bottom line.”
Habil Khorakiwala, page 15 of the filed PDF · View the filing
Biosimilar business size — double the business · next 24 to 36 months
stated as an aspiration by Murtaza Khorakiwala
p. 26
“I think we will double our business within the next 24 to 36 months.”
Murtaza Khorakiwala, page 26 of the filed PDF · View the filing
Biosimilar manufacturing capacity — double capacity · next 12 to 15 months
stated firmly by Murtaza Khorakiwala
p. 26
“We are also investing in increasing our capacity, and by doing that, we will double our capacity in the next 12 to 15 months.”
Murtaza Khorakiwala, page 26 of the filed PDF · View the filing
European approval for Zaynich — approval · end of the year
stated conditionally by Habil Khorakiwala
p. 18
“We have submitted simultaneously about three, four months later. So, we expect they will take another four, six months before we get an approval, six.”
Habil Khorakiwala, page 18 of the filed PDF · View the filing
Emerging market launches for Zaynich — seven to eight markets · next 18 to 24 months
stated firmly by Annapurna Das
p. 13
“we would launch in seven to eight markets with high carbapenem resistance burden in the next 18 to 24 months”
Annapurna Das, page 13 of the filed PDF · View the filing
Foviscu filing to DCGI — file for approval · another month or two
stated firmly by Habil Khorakiwala
p. 22
“Foviscu, we are about to file it in another month or two, in another two, three months we are about to file to DCGI.”
Habil Khorakiwala, page 22 of the filed PDF · View the filing
Zaynich next-product timeline — not less than 4 years
stated firmly by Habil Khorakiwala
p. 22
“To be very frank with you we have strategy only for Zaynich today and then we have to take a call which is next product we will go and go ahead and we don’t believe any product can come less than 4 years.”
Habil Khorakiwala, page 22 of the filed PDF · View the filing
Focus on antibiotic research — only antibiotic research · next 10 years
stated firmly by Dr. Habil Khorakiwala
p. 29
“I can guarantee you one thing. We will stick to only antibiotic research for next 10 years.”
Dr. Habil Khorakiwala, page 29 of the filed PDF · View the filing
Zaynich resistant case market share — 20%, 25% of resistant cases · long term
stated as an aspiration by Habil Khorakiwala
p. 23
“Long term we will get significant market share, about 20%, 25% of resistant cases everywhere.”
Habil Khorakiwala, page 23 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the biggest challenge is building an entirely new commercial organization and capability set for a novel drug, while keeping an asset-light operating model outside India.
Answered by Habil Khorakiwala
Asked by Tarang Shah: What are the top execution risks in moving from approval to commercialization over the next 12 months?
p. 14
“So, that is the challenge, biggest challenge we have in next 12 months to 18 months to build and create this organization.”
Habil Khorakiwala, page 14 of the filed PDF · View the filing
Management said revenue would rise slowly at first before accelerating, described normal capex of INR200-300 crore over three years, and expected a breakeven within 12-18 months.
Answered by Habil Khorakiwala
Asked by Siddharth Mehta: What capex and revenue projections can management give for the antibiotic launch?
p. 15
“So, one would not see a very significant upside in revenue basically in next, it will be there as a slow increase. It's like a hockey stick.”
Habil Khorakiwala, page 15 of the filed PDF · View the filing
Management said PLI funding is welcome but immaterial, China trial recruitment was kept small to avoid delaying US approval, and the UK offers a subscription model of GBP20 million per year for three years regardless of volume supplied.
Answered by Habil Khorakiwala
Asked: Will Zaynich benefit from the PLI scheme and what is the China and UK strategy?
p. 16
“So what it does, initially, as I mentioned, it's a slow increase, and that is why they actually support you to introduce new antibiotics because that is a crying need.”
Habil Khorakiwala, page 16 of the filed PDF · View the filing
Management confirmed Zaynich for the US will be made in Europe as a de-risking strategy, while for India it will be manufactured domestically, with emerging markets still under review.
Answered by Habil Khorakiwala
Asked: Will Zaynich be manufactured in India or Europe?
p. 17
“Europe as we already said, and we have filed our application from the manufactured in US. So that was basically a de-risk strategy.”
Habil Khorakiwala, page 17 of the filed PDF · View the filing
Management said the US generic business was about 5% of revenue, unprofitable, and burdened by a prior FDA import alert, so resources were redirected to UK/Ireland and biosimilars.
Answered by Murtaza Khorakiwala
Asked: Why did Wockhardt exit the US generics business?
p. 20
“So, when we took this decision about 3 to 4 years back, the US business was about 5% of our entire portfolio. It wasn't profitable, it was having losses.”
Murtaza Khorakiwala, page 20 of the filed PDF · View the filing
Management said the dose change for the Aztreonam/Zidebactam combination makes a waiver unlikely, and they intend to run a Phase 2 trial regardless.
Answered by Habil Khorakiwala
Asked: Could Odrate also get a Phase 2 waiver like Zaynich?
p. 21
“We have changed our dose from 1 to 2 grams. And I don't believe we would get a waiver. Even if we don't get waiver, from our point of view, we would want to do Phase 2 trial before we proceed.”
Habil Khorakiwala, page 21 of the filed PDF · View the filing
Management said US daily cost would be $1,200-$1,500, with India priced at a 75-80% discount to US pricing.
Answered by Habil Khorakiwala
Asked: What pricing is expected for Zaynich across geographies?
p. 22
“Our India prices will be heavily discounted to US because our approach is make it affordable or equally affordable everywhere. So, roughly we will have 75%, 80% discount to US pricing.”
Habil Khorakiwala, page 22 of the filed PDF · View the filing
Management said Zaynich's current patent runs to 2038 with more patents being filed, Miqnaf's India patent runs to early 2033, and QIDP status grants an extra five years of exclusivity in the US.
Answered by Habil Khorakiwala
Asked: What is the patent life of Zaynich, Emrok, and Miqnaf?
p. 23
“As far as Zaynich is concerned, the patent is, current patent is at '38. So, you have another more than 10 years to go for that.”
Habil Khorakiwala, page 23 of the filed PDF · View the filing
Management said after considering partnerships for a year, they decided to build the Zaynich business themselves rather than partner.
Answered by Habil Khorakiwala
Asked: Is Wockhardt considering partnerships for smaller countries?
p. 24
“And then after various stages of consideration, we have come to a strategic decision to build the business ourselves because we are not a one-product wonder.”
Habil Khorakiwala, page 24 of the filed PDF · View the filing
Zahabiya Khorakiwala clarified it is an operating partner handling logistics, distribution and pharmacovigilance, while Wockhardt drives strategy and hiring itself.
Answered by Zahabiya Khorakiwala
Asked: How does the US commercial partner arrangement work?
p. 28
“The commercial partner essentially is somebody who will help us with the logistics of hiring a sales force, whilst we will select the people, they will help us with those logistics.”
Zahabiya Khorakiwala, page 28 of the filed PDF · View the filing
Management said cefiderocol has more warning signals and a different action and side-effect profile, making Zaynich more effective and safer.
Answered by Dr. Habil Khorakiwala
Asked: How does Zaynich compare to cefiderocol given its lower current sales?
p. 28
“Now, cefiderocol has a lot of warning signals, if you see the label today, because it has a side effect.”
Dr. Habil Khorakiwala, page 28 of the filed PDF · View the filing
Management said this level of pre-launch compassionate use is unprecedented for an anti-infective and expects it to accelerate uptake in India.
Answered by Dr. Habil Khorakiwala
Asked: Is the high number of compassionate use cases for Zaynich typical?
p. 29
“Actually, as an anti-infective is concerned, I don't remember any molecule at this level of compassionate use.”
Dr. Habil Khorakiwala, page 29 of the filed PDF · View the filing
Risks flagged
New drug adoption is slow initially because doctors and institutions take time to understand and start using a new molecule
p. 15
“So, one would not see a very significant upside in revenue basically in next, it will be there as a slow increase.”
Habil Khorakiwala, page 15 of the filed PDF · View the filing
Initial cost of establishing the US organization may create a short-term negative impact on profitability
p. 15
“So, what we expect in first 12 to 18 months, there will be slight negative impact on that because you have to establish the organization, there is upfront cost.”
Habil Khorakiwala, page 15 of the filed PDF · View the filing
China is a complex market and full clinical trial recruitment there would have delayed US approval
p. 16
“China is a very complex market, and our clinical trial did have Chinese patients, but it was not large enough because if we had completed the Chinese recruitment, our whole approval would have been delayed by 12 to 15 months.”
Habil Khorakiwala, page 16 of the filed PDF · View the filing
Prior US FDA import alert weighed on the decision to exit the US generic business
p. 20
“Because also we had the US FDA import alert in 2012 and 13. That was weighing on our mind and we did not want to invest in a business which is so insignificant to us, making a loss.”
Murtaza Khorakiwala, page 20 of the filed PDF · View the filing
Rising antimicrobial resistance trends in gram-negative pathogens are increasing and expected to continue
p. 11
“So, the fact is, and unfortunately, that in India and in many parts of the world, the rising CR cases and the resistant trend is real.”
Annapurna Das, page 11 of the filed PDF · View the filing
High failure rate of empirical antibiotic treatment before pathogen identification in complicated infections
p. 7
“And this treatment that is started empirically in high-burden settings, there's a 40% failure rate.”
Zahabiya Khorakiwala, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.