Zydus Life soars to 52-week high on share buyback plan

If approved, this will be the second buyback by the company. The first was in June 2022

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Shares of Zydus Lifesciences surged over 6 percent in the early trade to hit a 52-week high of Rs 809.20 on February 6 after the company said its board would consider a proposal for buyback of shares on February 9.

If approved, this will be the second time that the pharma firm will buy back shares. The drugmaker had launched a similar plan in June 2022.

At 10.51 am, Zydus Life was trading at Rs 793.35 on the NSE.

The company will also announce its quarterly results for the December quarter on the day of the board meeting.

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Brokerage firm Nuvama Institutional Equities expects Zydus Life to report a near 6 percent on-year rise in December revenue, aided by improved performance in the US due to an uptick in market share in key products like dry-eye drug Chantix, ulcer drug Lialda, and migraine drug Trokendi.

Domestic formulations business is expected to grow 10 percent, Nuvama said.

Better mix in favour of high value products is also expected to aid the company’s EBITDA margins by 250 basis points to 22.5 percent.

Nuvama expects the company’s to report a net profit of around Rs 727.30 crore, up nearly 17 percent from the year-ago period.

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