Biocon Posts 28% Growth in Biosimilars Revenues Year Over Year

Biosimilars revenues grew by 28% year over year for Biocon Biologics Ltd in the third quarter, which ended December 31, 2021, and is up 32% quarter over quarter.

During the quarter, the insulin glargine biosimilar (Semglee) launched in the United States with Biocon’s partner Viatris. In July 2021, Semglee was approved as the first interchangeable biosimilar. The interchangeable designation means that Semglee can be substituted for the reference product (Lantus) automatically by pharmacists without physicians' permission

“Biocon Biologics achieved a key milestone with the commercialization of the world's first interchangeable biosimilar, our Insulin Glargine, in the US,” Kiran Mazumdar-Shaw, executive chair at Biocon said in a statement. “Approvals for several of our generics and biosimilars in global markets, and renewal of key long-term research service agreements at Syngene, position us for a strong close to this fiscal [year]."

In addition, Biocon noted that Semglee received preferred status in 2 national formularies: Prime Therapeutics and Express Scripts. It will also be offered through the Walgreens Prescription Savings Club.

Semglee, which launched in the United States in November 2021, is available in vial and prefilled pen presentations. Arun Chandavarkar, PhD, managing director of Biocon, noted that following the approval and launch of Semglee in the United States, and robust demand in the United States and globally, the company has initiated an investment to expand the insulin manufacturing facility in Malaysia.

In Canada, Biocon’s bevacizumab biosimilar received approval during the third quarter. According to the financial report, market share for biosimilar trastuzumab (Ogivri) in the United States and biosimilar pegfilgrastim (Fulphila) in the United States and key European Union countries remained steady.

Biosimilar trastuzumab is the leading biosimilar in several countries and has close to half the market share in Brazil, Indonesia, and Algeria.

“The development of our next wave of biosimilars continues to progress well, with some of them poised to enter the clinic this quarter,” according to the report.