Shares of this mid-cap pharma stock jumped approximately 3 percent in Thursday’s trading session after becoming the first ‘Generics’ company to receive approval for a ‘Diabetes’ Drug in the United Kingdom. In the past year, the company’s stock has gained more than 30 percent for its holders.
With a market capitalization of Rs 31,713.85 crores, the stocks of Biocon Limited opened their trading hour on Thursday at Rs 257.55 and currently trades at Rs 264.15, gaining around 3 percent as compared to the previous closing levels of Rs 256.60 apiece.
Such bullish share price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), made a key announcement, viz, the pharma company receiving approval from the “Medicines and Healthcare Products Regulatory Agency” (MHRA), United Kingdom for a complex formulation named “Liraglutide”.
Liraglutide is a drug-device combination formulation that is generally used for the treatment of Type-2 Diabetes Mellitus.
The application for approval of the complex formulation mentioned above was filed through its European partner, viz, Zentiva. Zentiva is engaged in the business of developing, manufacturing, and delivering affordable and high-quality medicines to more than 100 million people in Europe.
“The approval of Liraglutide, a vertically integrated product, is an important milestone for us. Being the first generic Liraglutide approved in a major regulated/ICH market, it strengthens our leadership in delivering many ‘firsts’ on complex drug products”, commented Mr. Siddharth Mittal, CEO and MD, Biocon Limited.
During the recent financial quarters, the company’s prime indicators of business, i.e., its operating revenues as well as after-tax profit figures, showed a stellar performance. The former rose from Rs 3,462 crores during Q2FY24 to Rs 3,954 crores during Q3FY24, and the latter, keeping the horizon the same, moved sharply from Rs 173 crores to Rs 753 crores.
Founded in 1978, Biocon Limited is a biopharmaceutical company that develops biotechnology therapies for diseases. It focuses on developing and supplying novel & biosimilar pharma products for diabetes, autoimmune, and cancer conditions. It operates through four reportable segments, viz, Generics, Biosimilars, and Research Services.
Written by Amit Madnani
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