Biocon falls even after subsidiary completes biosimilar integration before schedule

Biocon shares slipped 1.5 percent in trade despite its subsidiary Biocon Biologics completing the integration of its acquired biosimilars business a year ahead of schedule.

Biocon Biologics has completed the transition of the acquired biosimilars business in around 120 countries across advanced and emerging markets. Over 10 emerging markets, along with Japan, Australia, and New Zealand, have transitioned in this final phase of integration of the biosimilars business acquired from Viatris.

As of 12.15pm, shares of Biocon were trading at Rs 250.1, lower by 1.5 percent, on the NSE.

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Biocon Biologics acquired all the global biosimilar businesses of Viatris in November 2022. Following the acquisition, it integrated the biosimilar business in 70 emerging market countries and North America between July and September 2023.

In Europe, the Biocon Biologics portfolio includes seven biosimilars. At a global level, the subsidiary has a robust pipeline of 20 assets for diabetology, oncology, immunology, ophthalmology, and bone health.

Biocon Biologics is a global biosimilars company committed to transforming healthcare by enabling affordable access to high-quality biosimilars for millions of patients. It attempts to lower the costs of biological therapeutics while improving healthcare outcomes.

Biocon reported a net profit of Rs 172.70 crore in the quarter ended September 2023, up from Rs 81.8 crore recorded a year back. Revenue for the same period also grew to Rs 3462.3 crore, up by 49.2 percent.

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