The company said the Medicines and Healthcare Products Regulatory Agency (MHRA) in UK gave its nod for the same.
Earlier this month, Biocon MD and CEO Shreehas P Tambe told CNBC-TV18 that the company’s insulin business can reach the $1 billion revenue mark soon. It i seeing strong demand for insulin and traction for newer products such as aflibercept supporting growth.
Beyond insulin, the company has a portfolio of over 30 biosimilars, including newer products like Aflibercept and established ones such as trastuzumab and pegfilgrastim.
The company is also expecting double-digit revenue growth in biosimilars, while it targets margins in the mid-20% range. It has recently combined its biologics and generics businesses and is working to improve the profitability of the generics segment that had earlier operated at low-teen margins. Tambe told CNBC-TV18 that getting the combined business to the mid-20s will represent a substantial improvement.
Biocon reported its first quarter earnings last month.
Its net profit surged to ₹141 crore from ₹31.4 crore last year. Its revenue increased 16% to ₹4,336 crore from ₹3,942 crore in the first quarter last year.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased 10.6% to ₹847.2 crore from ₹766.1 crore and its margin expanded to 19.54% from 19.43% in the year-ago period.
Shares of Biocon are trading 0.6% lower on Friday at ₹384.55. The stock is flat for the year so far, down only 0.8%.
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