WOCKHARDT LIMITED

Develops, manufactures and sells pharmaceutical products across generic formulations, novel antibiotics and biotechnology (insulin and biosimilars). Research-driven businesses — novel antibiotics plus biotech — accounted for 18% of FY25 sales, with the balance coming from generic formulations sold in India, Europe and emerging markets. The novel antibiotic franchise centres on ZAYNICH (cefepime–zidebactam), which received US FDA approval in May 2026 and is described as the first New Chemical Entity fully developed and commercialised by an Indian pharmaceutical company to obtain FDA approval, and Miqnaf (Nafithromycin), launched in India in May 2025. The biotechnology segment targets the gap left by Novo Nordisk's exit from disposable insulin pens and cartridges, with the company planning to double capacity in 24–36 months. The business runs on a global manufacturing footprint of 8 domestic plants and 4 international plants, employs 3,603 people, and serves 49 countries, with around 70% of revenue coming from outside India. Operating costs are dominated by raw materials and APIs (20% of revenue), employee costs (21.5%) and other operating expenses (25.6%), with depreciation at 6.7%. R&D commitment is USD 200–250 million annually, funded from existing cash and improving EBITDA.