During Friday’s trading session, shares of one of the leading innovation-driven global biopharmaceutical company surged around 5.6 percent on NSE, after securing U.S. Food and Drug Administration (USFDA) approval for a cancer drug, further strengthening its oncology portfolio.
Price Movement:
With a market capitalisation of Rs. 38,101 crores, at 12:35 p.m., the shares of Biocon Limited were trading in the green at Rs. 318.1, up by around 4.2 percent, as against its previous closing price of Rs. 305.2.
The stock has delivered positive returns of around 16 percent in the last one year, but declined by around 3.5 percent in the last one month.
What’s the News:
According to the latest regulatory filings with the stock exchanges, the subsidiary of Biocon Limited, Biocon Biologics Limited, announced that the USFDA has approved JOBEVNE (bevacizumab-nwgd), a biosimilar Bevacizumab for intravenous use.
The approval of JOBEVNE marks a significant expansion of Biocon Biologics’ oncology biosimilar portfolio in the US, which already includes OGIVRI (trastuzumab-dkst) and FULPHILA (pegfilgrastim-jmdb).
Beyond the U.S., the company also markets Bevacizumab under the brand name ABEVMY in Europe (approved in February 2021) and Canada (approved in November 2021).
In 2023, the U.S. market for bevacizumab was valued at ~$2.0 billion, reflecting strong commercial potential for the newly approved biosimilar.
About JOBEVN:
JOBEVNE is an antibody used to treat several different types of cancer and is a biosimilar to the reference product Avastin (bevacizumab).
The USFDA approval for JOBEVNE was based on a comprehensive package of comparative pharmacokinetic, safety, efficacy, nonclinical, structural, analytical and functional data, which confirmed that JOBEVNE is highly similar to Avastin.
About the Subsidary:
Biocon Biologics Limited is a fully integrated global biosimilars company committed to transforming healthcare. Leveraging its end-to-end ‘lab to market’ capabilities, the company provides affordable access to high-quality biosimilars across over 120 countries.
Biocon Biologics has commercialized 9 biosimilars from its pipeline of 20 products in both emerging and advanced markets, including the US, Europe, Australia, Canada, and Japan. Its pipeline includes biosimilar assets under development across multiple therapeutic areas, such as diabetology, oncology, immunology, ophthalmology, and other non-communicable diseases.
Financial Performance:
Biocon reported a marginal decline in revenue from operations, experiencing a year-on-year decrease of nearly 3.4 percent, falling from Rs. 3,954 crores in Q3 FY24 to Rs. 3,821 crores in Q3 FY25.
Similarly, during the same period, the company’s net profit decreased by around 89 percent YoY, from Rs. 753 crores to Rs. 81 crores.
About the Company:
Biocon Limited is engaged in the business of manufacturing biotechnology products and research services. It also has a pipeline of promising novel assets in immunotherapy under development.
The company has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets, as well as Generic Formulations in the US, Europe & key emerging markets.
Written by Shivani Singh
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