Wockhardt, a global pharmaceutical and biotechnology company, is aiming to turn around its business operations and has perused important strategic initiatives for the purpose. The company is eying big on restructuring of its US business, vaccine tie-up with Serum for vaccine manufacturing in the UK and Novel Antibiotics research to drive the business forward. For Q4 of FY23, the company posted strong operational performance with 7 per cent Y-o-Y growth in revenue with three-fold jump in the EBITDA to Rs 47 crore.  

In the restructuring of its US operations, the company is shutting down its manufacturing facility in Morton Grove and transferring the site to contract-manufacturing organisations. This restructuring is estimated to result in annual savings of $12 million. Post-restructuring, the company looks to maintain sales with a 40 per cent gross margin and manufacture a few products with higher margin through a third party. 

Additionally, in March 2022, company had signed a 51:49 (Wockhardt 51% and Serum 49%) joint venture with Serum Institute of India for manufacturing vaccines at its UK facility. As contribution for reserving capacity, Wockhardt has received 10 million pounds. The contract with Serum is for 150 million doses across 15 years and it has already identified two vaccines for the same. The company plans on manufacturing these vaccines after regulatory approvals and exhibit batches over the next 8 to 12 months. 

Wockhardt is a leading R&D company and has comprehensive end-to-end drug discovery programmes in antibiotics. Six of the company’s programmes have been granted Qualified Infectious Disease Product (QIDP) status by the USFDA.