Biocon Ltd. said it is confident of meeting its $200-million sales guidance for the biological drugs business this year, aided by new launches.
The company, which received the U.S. drug regulator's nod for its first biosimilar of cancer medicine Fulfila in early June, plans to launch its Insulin Glargine drug in Europe and Australia by the year-end.
“All-in-all, biologics are beginning to deliver for us in terms of growth drivers and this is what we are focused on,” Kiran Mazumdar-Shaw, chairperson and managing director at Biocon, told BloombergQuint.
The company's biologics revenue rose 36 percent year-on-year in the quarter ended June. The drugmaker's overall revenue during the period rose 21 percent to Rs 1,123.8 crore.
Key Earnings Highlights:
- Net profit was up 47.2 percent from the year-ago period to Rs 119.7 crore in the June quarter.
- Earnings before interest, tax, depreciation and amortisation rose 23.8 percent to Rs 237.8 crore.
- Margins stood at 21.2 percent compared with 20.7 percent.
The stock, which climbed the most in over seven months in early trade today, closed 4.96 percent higher at Rs 586.85 apiece on the BSE.
(Corrects earlier version to update sales target in headline.)
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