Biocon Biologics reports topline of ₹769 crore in Q3

Biocon Biologics Limited, a subsidiary of Biocon Limited, has seen revenue growth in Q3 FY21 mainly driven by steady marketshare of products in the US and growth in key MoW markets including AFMET and India.

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“Through our partners, we continue to expand sales for rHI (recombinant human insulin) in key markets like Mexico and Malaysia, and Insulin Glargine in Algeria and Malaysia. We continue to be the leading player for biosimilar Trastuzumab in Brazil’s private market and are reporting strong performance in other markets like Turkey and Algeria,” said Christiane Hamacher, CEO, Biocon Biologics Ltd.

Accessability to biosimiliars

The company reported a topline of ₹769 crore for Q3 FY21, representing a growth of 11 per cent as compared with the same perid last year. . “We continue to maintain a steady marketshare for bTrastuzumab and bPegfilgrastim in the US despite a tough environment, while our insulins and mAbs portfolios in key MoW markets continue to do well. In Malaysia, we received a one-year extension of our Off-Take Agreement (OTA) for insulins and we also received NPRA approvals for bInsulin Aspart and bBevacizumab. Despite various operational and commercial challenges, we are ensuring that we continue to address patients’ needs for high quality biosimilars across diverse markets,” said Hamacher.

“The additional round of private equity (PE) investments this quarter by ADQi and Goldman Sachs reaffirms the confidence investors have in Biocon Biologics’ growth story. So far, we have raised $330 million from True North, Tata Capital, Goldman Sachs and ADQi. The valuation of Biocon Biologics has increased by $1.2 billion over the last 12 months and currently stands at $4.17 billion,” she added.

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Talking about the impact of Covid-19, she said: “Our business has been greater than anticipated, and it is restricting our revenue growth. We are experiencing delays in the award of tenders, and higher entry barriers are preventing opening of new markets. With fewer patients visiting hospitals due to uncertainty around Covid-19, we are witnessing an impact in product off-take in critical care segments such as oncology. We are working to mitigate these operational and commercial challenges and are confident of overcoming them by next fiscal.”