Adcock Ingram’s share price shot up after it announced it is expecting a bump in headline earnings.
The pharmaceutical manufacturer said in a trading statement on Friday it expects headline earnings per share to increase by 80.9c, or at least a 20% year on year, for its year ended June.
“This is due to an improvement in the trading environment relative to the comparative period which had been adversely impacted by certain factors caused by the first wave of Covid-19,” the manufacturer of Panado and cold and flu remedy Corenza C said, adding it saw greater demand for its over-the-counter and consumer healthcare products.
After jumping as much as 8.4% in intraday trade on Friday, Adcock’s share price ended the day up 4.26% at R49 , in its biggest one-day gain since late February.
In January, Adcock, valued at R8.3bn on the JSE, ascribed its success to its innovative marketing and new products, such as additional Panado variants. This helped boost its consumer business to well above pre-pandemic levels.
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