ET Intelligence Group: Wockhardt has faced a prolonged tough phase, reporting net losses in eight of the past ten years and in each of the four years to FY25. In this backdrop, the USFDA approval for its novel antibiotic, Zaynich, after over 12 years of effort, has revived hopes of a turnaround. The drug also represents the first new chemical entity to be fully developed and commercialised by an Indian pharma company to secure USFDA approval.Investors have responded positively, with the stock rising 22% in just two sessions following the announcement. The key question now is whether there is still steam left in the stock.The answer depends on the commercial success of Zaynich and the company's ability to build and execute a broader pipeline of innovative products over the coming years.Zaynich finds use in the treatment of adult patients suffering from complicated urinary tract infections, including pyelonephritis. The drug is designed to tackle multidrug-resistant gram-negative bacteria, an area with limited treatment options at present.Agenciesbouncing back USFDA nod for novel antibiotic sends stock to 52-wk high but to sustain turnaround, co needs to build a broader pipeline of innovative productsThe drug has already received approval in India and the company ash sought approval in Europe. In the US, it benefits from priority review and qualified infectious disease product (QIDP) designations by the USFDA, which will accelerate the development of critical antibacterial and antifungal drugs. It grants developers a five-year market exclusivity extension, an accelerated six-month priority review timeline, and fast track status for more frequent FDA guidance.The company expects peak sales of $1.5 billion over the next four-six years which could translate into roughly ₹15,000 crore in revenue from a single product, nearly 4.4 times its FY26 consolidated revenue of ₹3,373 crore. This has a potential to compress the price-sales (P/S) multiple to under two from around 10 at Monday's market capitalisation of about ₹34,965 crore This highlights the scale of potential upside if execution remains strong. Though the company has not mentioned the expected operating margin range for the new drug, it is likely to be accretive to the margin range of 13-19% seen over the past two years given the management's decision to commercialise it in the US without licensing it to another company.The stock hit a 52-week high of ₹2,420 on Monday before settling at ₹2,151.9 at the end of the trading session on the BSE. It has soared sharply in a short span from a 52-week low of ₹1,086.8 on March 23 thereby nearly doubling its price-earnings (P/E) multiple to 176 from 90.Larger peers such as Aurobindo Pharma, Cipla, Dr. Reddy's Laboratories and Sun Pharmaceutical Industries trade at P/Es between 24 and 37 and P/S in the range of 2.5-7.4. Given a strong revenue potential from Zaynich and a pipeline of other drugs, the company looks set for a long-term turnaround.