Biocon Ltd. has deferred the revenue target for its biosimilars segment for the ongoing financial year amid slowing business.
“We're nowhere close to the billion-dollar target (for biosimilars unit) and are recalibrating the same,” the company's Executive Chairperson Kiran Mazumdar-Shaw told BloombergQuint's Niraj Shah in an interview. “We're still focused on hitting the billion-dollar target but not in FY22.”
The Bengaluru-based biopharmaceutical company's net profit fell 67% sequentially to Rs 84.4 crore in the quarter ended June. Losses from its Boston-based associate startup entity, Bicara Therapeutics Inc., were absorbed in the current quarter.
The U.S. Food and Drug Administration recently issued a notification to Amgen Inc. over misleading claims of its biological product Neulasta injection—which Biocon aims to take advantage of. “It augurs well for us and we will focus on increasing market share as we now have sufficient capacity,” she said.
Watch the full interview here
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