Shares of this pharmaceutical company under the ‘mid-cap’ category gained up to 4 percent in Monday’s trading session after the company’s subsidiary secured the entry date for its product in the Canadian market.
With a market capitalization of Rs 33,586.79 crores, the stocks of Biocon Limited started their trading session on Monday at Rs 277.45 and currently trade at Rs 279.75. The company’s scrip witnessed an intra-day high of Rs 287.25 indicating a gain of around 4 percent compared to the previous close of Rs 276.85 apiece.
Such bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), intimated about “Biocon Biologics Limited” (BBL), an integrated biosimilars company and a subsidiary of Biocon Limited, securing the entry date for its product in the Canadian market.
The subsidiary company announced signing a settlement with ‘Bayer Inc.’ and ‘Regeneron Pharmaceuticals Inc’ paving the way for the introduction of “YESAFILI”, a proposed biosimilar to “EYLEA” Injection, into the Canadian market.
Under the terms of the agreement, it has secured a launch date for YESAFILI 2 mg NDS, for vials and prefilled syringes, set no later than July 1st, 2025.
As per the recent presentations for the December 2023 quarter, the company’s total revenue grew 50 percent YoY to Rs 4,519 crores. In addition, the company received its generic product approval in China for ‘Mycophenolate Sodium’.
The company has also made investments in its new platform capabilities and capacities for future growth. For the coming years, the company’s prime focus stays on strengthening its Balance Sheet as well as reducing its debt levels.
During the recent financial quarters, the company’s basic business parameters, viz, operating revenues as well as after-tax profits, showed a stellar performance with the former increasing from Rs 3,462 crores during Q2FY24 to Rs 3,954 crores during Q3FY24 and the latter, keeping the timeframe the same, rose sharply from Rs 173 crores to Rs 753 crores.
Founded in 1978, Biocon Limited is a biopharmaceutical company that is engaged in the business of developing biotechnology therapies for diseases. The company focuses on
developing, manufacturing, and supplying novel as well as biosimilar pharmaceuticals for cancer, diabetes, and autoimmune conditions.
Written by Amit Madnani
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