Having a year ago radically altered its business by offloading operations in India to rival Dr Reddy’s, India’s Wockhardt saw another burst of sales in the UK, amid its tie-up with AstraZeneca for the COVID-19 vaccine.

The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies. 

Wockhardt has seen a good financial fourth quarter and full year for its UK business, which contributed 41% of the company’s global revenue in Q4 FY21 and 37% to its global revenue for the financial year thanks to its COVID-19 vaccine business. However, the company’s US, India, Ireland and emerging markets businesses delivered a weak fourth quarter.

After setting up a sales base in the UK, Serum Institute could consider an acquisition in Europe or investment in an Oxford facility as it ties up production for its multiple COVID-19 vaccines. Is Wockhardt’s Wrexham facility an option?