The share of India’s largest biopharmaceutical company rose around 2.5 percent to Rs 252.05 per share after its subsidiary partnered with Sandoz for the distribution of immune-related illness injections in the Japanese market.
At 11:40 a.m., Biocon Ltd shares were trading at Rs 250.5 per share, up 1.64 percent from the previous close price. The company has a market capitalization of Rs 29,955 crore.
According to the company’s exchange, Biocon Biologics Ltd a subsidiary of Biocon Ltd signed a distribution Agreement with Sandoz, to grant the Company the exclusive rights to promote, sell, and distribute “Adalimumab BS” for subcutaneous injections in Japan.
Adalimumab BS for subcutaneous injection [FKB] is is a biosimilar of Humira which is used in immune-related diseases such as rheumatoid arthritis, psoriasis vulgaris, ankylosing spondylitis, Crohn’s disease, and ulcerative colitis.
Further, Biocon Biologics recently completed the acquisition of Viatris’ biosimilar business in 120 countries. At a global level, BioconBiologics has a robust pipeline of 20 assets for diabetology, oncology, immunology, and ophthalmology.
The company’s revenue has increased by 49 percent yearly, from Rs 2,320 crore in Q2FY23 to Rs 3,462 crore in Q2FY24. During the same timeframe, Net profit has increased by 110 percent from Rs 82 crore to Rs 173 crore.
Biocon has ranked eighth among the top ten Global Biotech, Pharma, and Biopharma Sectors. With 8 production facilities and over 1500 patents, the business has invested more than $1 billion in the research and manufacturing of biosimilars.
Biocon Ltd shares have returned 7.5 percent in the previous month and 4.5 percent in the last six months.
In Q2FY24,the company’s net R&D investment is 264 Cr, up 22 Cr from the second quarter of FY23, and represents 10 percent of revenues ex-Syngene.
Biocon is engaged in the business of manufacturing biotechnology products and research services. It has one of the largest biosimilar pipelines comprising 28 molecules to be launched over the next decade.
The company offers a range of active pharmaceutical ingredients (APIs), branded formulations, complex biologics, and biosimilars including monoclonal antibodies (MAbs), rh-insulin, and insulin analogs.
Written by Omkar Chitnis
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