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Eye on Pharma: Biocon Reports Its Highest-Ever Revenue and Profit Growth for Q3
In the past year, Biocon received marketing approvals in the European Union for both its biosimilar pegfilgrastim (sold as Fulphila) and its biosimilar trastuzumab (sold as Ogivri), which were co-developed in a partnership with Mylan.
Last week, Biocon released its third quarter earnings for fiscal year (FY) 2019 on an earnings call with investors. Included within the earnings report were updates on Biocon’s biosimilar pipeline.
“Our biosimilars strategy is beginning to pay off with the launch of our biosimilars in the [United States] and [European Union], and we are greatly encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like [the European Union], Australia, and Canada,” said Kiran Mazumdar-Shaw, chairperson and managing director of Biocon. “We are committed to [playing] a significant role in enhancing access to our high quality, affordable biologics for patients across the world.”
In the past year, Biocon received marketing approvals in the European Union for both its biosimilar pegfilgrastim (sold as Fulphila) and its biosimilar trastuzumab (sold as Ogivri), which were co-developed in a partnership with Mylan. Both Ogivri and Fulphila are approved in the United States, though only Fulphila has thus far reached the US market.
Additionally, the third quarter for Biocon also saw the launch of 2 of its co-developed biosimilar products in the European Union: insulin glargine, Semglee, and biosimilar adalimumab, Hulio.
Biocon’s biologics arm alone brought in nearly $6,317,879 in Q3. This figure is more than double that of Q3 FY18, equal to a growth of 136% year over year, according to Biocon.
Last quarter was notable for Biocon’s company as a whole, and it boasted that “We have delivered the highest ever revenue and profit growth in absolute terms in Q3FY19, driven by strong business performance. Our biologics segment more than doubled in revenue and recorded an [earnings before interest and taxes, EBIT margin] of 30% driven by increased penetration of our pegfilgrastim in US small molecules, branded formulations, and research services also registered a robust growth this quarter,” said Mazumdar-Shaw.
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