Biocon shares rise after launch of inflammatory disease injection in US

Shares of Biocon Limited gained on Tuesday after a subsidiary launched an injection to treat inflammatory diseases in the US.

The shares were up 0.51 percent at Rs 264.85 at 10.06am on the National Stock Exchange. The stock is down 15 percent in the last one year.

Biocon Biologics, a subsidiary of Biocon Limited launched ‘Hulio’ injection in the US on July 3, the company said in an exchange filing. Hulio was used in Europe for five years and two years in Canada before starting its distribution in the US.

Hulio is similar to another injection called Humira manufactured by AbbVie Inc. Biocon Biologics’ Hulio is available at a 5 percent discount as compared to the already existing inflammatory injection Humira.

To widen the injection’s reach, Biocon Biologics is providing two health plans and a pharmacy benefit manager. Hulio is citrate-free and is made without natural rubber latex to help reduce hypersensitivity reactions.

“The Hulio launch builds on our strong presence in oncology and diabetes segments and re-affirms our commitment to enabling affordable access to biologics,” said Shreehas Tambe, CEO and Managing Director of Biocon Biologics Limited, in the press release.

Also read Biocon Biologics biosimilar to treat certain inflammatory diseases now available in US

Biocon’s total revenue for FY23 grew 37 percent on-year to Rs 11,550 crore. In the same period, its net profit reduced 28 percent on-year to Rs 462 crore. EBITDA margins for the company fell 100 basis points year-on-year in FY23.

Biocon is a biopharmaceutical company that focuses on the research and development of therapies for the treatment of chronic conditions such as cancer, diabetes and autoimmune diseases.

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