Biocon share price gains as USFDA issues ‘no observations’ on Bengaluru facility

The share touched a 52-week high of Rs 344 and a 52-week low of Rs 191.60 on 10 June, 2022 and 21 March, 2023, respectively.

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Shares of Biocon opened on a positive note on June 5 and gained 1.5 percent as the USFDA issued no observations on the company’s Bengaluru facility.

Biotechnology company Biocon has informed that the US Food and Drug Administration (USFDA) concluded a surveillance and pre-approval inspection of Biocon Pharma Limited Oral Solid Dosage formulations manufacturing facility at Bengaluru on June 2 and issued ‘no observations’ on completion.

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The company had, on May 23, reported a 31 percent rise in consolidated net profit at Rs 313 crore for the fourth quarter of the financial year 2022-23, as against Rs 239 crore last fiscal.

Revenue from operations climbed 56.7 percent to Rs 3,773.9 crore in the quarter under review, as against Rs 2,409 crore a year back.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) jumped 68.4 percent to Rs 997.3 crore in Q4FY23, as against Rs 592 crore in the corresponding period of the previous year. EBITDA margin expanded by 180 bps to 26.4 percent in the quarter under review as against 24.6 percent.

At 9:37am, Biocon was quoting at Rs 241.65, up Rs 1.25, or 0.52 percent on the BSE.

The share touched a 52-week high of Rs 344 and a 52-week low of Rs 191.60 on 10 June, 2022 and 21 March, 2023. It is trading 29.75 percent below its 52-week high and 26.12 percent above its 52-week low.