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Biosimilar launches in the US and Europe coupled with larger emerging markets contribution will help Biocon meet $200-million FY19 revenue guidance for its biologics division, the biopharmaceutical firm said on Friday.
Biocon derives its confidence from the doubling of biologics revenue to Rs 617 crore in the first half of FY19. Also, the drug maker posted a 167 percent jump in net profit at Rs 184 crore, excluding an exceptional income, in the second quarter ended September 2018. Total revenue for the quarter grew 35 percent to Rs 1,375 crore in the quarter.
The sales growth in seconf quarter was led by the launch of biosimilar pegfilgrastim by Biocon's partner Mylan in US and strong performance across small molecules and research services segments. Pegfilgrastim is a biosimilar version of Amgen’s Neulasta used to stimulate the level of neutrophils, a type of white blood cell that gets damaged in cancer patients undergoing chemotherapy.
Strong sales in the biologics division strong were aided by sales of insulin and breast cancer drug trastuzumab in key emerging markets.
For pegfilgrastim, Biocon will get revenues both through the supply of product as well as share of profit from its partner Mylan.
"We expect momentum in the biologics segment to continue with new market launches expected later in the year and increase penetrations in markets where our products have already been commercialized," said Kiran Mazumdar-Shaw, Chairperson and Managing Director of Biocon.
Future launches
Biocon said it expects European Union (EU) approval for biosimilar Pegfilgrastim by the end of next month. The case for biocon’s pegfligrastim approval in Europe became stronger after the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use or CHMP issued a positive opinion recommending approval of the drug in September.
The company is also expecting Europe approval for biosimilar Trastuzumab by December 2018.
The company indicated that it is hoping an approval of insulin glargine in US sometime in early 2020.
Biocon will also get profit share for Adalimumab biosimilar from its partner Mylan. Mylan launched the drug in Europe this month. Adalimumab is used in treatment of autoimmune disorders like rheumatoid arthritis and psoriasis.
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