Zydus Lifesciences shares hit 52-week high on USFDA nod to osteoporosis drug

Shares of Zydus Lifesciences Ltd hit a fresh 52-week high today after the company said it received final approval from United States Food and Drug Administration (USFDA) for an osteoporosis drug. Zydus Lifesciences shares hit a high of Rs 517 against the previous close of Rs 515.75 on BSE.   

Total 0.23 lakh shares of the firm changed hands amounting to a turnover of Rs 1.18 crore. Market cap of the Tata Group firm stood at Rs 52,249 crore.    

In terms of technicals, the relative strength index (RSI) of Zydus Lifesciences stands at 78.4, signaling it's trading in the overbought zone. The stock has a beta of 0.6, indicating very low volatility in a year. Zydus Lifesciences shares are trading trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  

Zydus Lifesciences received the final nod from the American drug regulator to manufacture and market Estradiol Transdermal System USP. Estradiol transdermal is indicated for the prevention of postmenopausal osteoporosis and will be manufactured at the group’s facility in Moraiya, Ahmedabad. 

Estradiol Transdermal System USP, 0.014 mg/day (weekly) had annual sales of $1.9 million in the United States. The group now has 363 approvals and has, so far, filed over 440* ANDAs since the commencement of the filing process in FY 2003-04, the company said. 

In the third quarter of the last fiscal, the pharma firm reported a 24.48% rise in net profit to Rs 622.90 crore as against net profit of Rs 500.40 crore in the year-ago period. The company's revenue from operations rose 19.35% to Rs 4362.30 crore in Q3FY23 as compared to Rs 3655 crore in Q3FY22.  

 Zydus Lifesciences is engaged in the research and development, manufacturing, marketing and selling of finished dosage human formulations, such as generics and specialty formulations, including biosimilars and vaccines; active pharmaceutical ingredients (APIs); animal healthcare products, and consumer wellness products. Its products include Bilypsa (saroglitizar), Oxemia (desidustat), Ujvira (biosimilar Kadcyla), and Exemptia.  

Also read: YES Bank, RBL Bank, Bandhan Bank, IndusInd, Kotak Bank: Private bank shares that FPIs cut stake to in Q4

Also read: ICICI Lombard shares hit hard. What Macquarie, others say on insurance stock