Biocon has reported a growth of 36.4 percent in its consolidated revenues at Rs 1,321 crore in Q2-FY19 as against Rs 968 crore in Q2-FY18.
Net Profit, excluding net exceptional income of Rs 171 crore, grew by 167 percent on account of strong topline growth, including biosimilar Pegfilgrastim sales in the US, and margin expansion.
The key developments during the quarter were commissioning of a new dedicated facility for Bristol-Myers Squibb (BMS) and renewed its collaboration with Baxter with a widened scope of engagement; Its partner Equillium’s Investigational New Drug (IND) application for EQ001(Itolizumab) was accepted by the USFDA in July 2018.
Mylan commenced commercial sales of Fulphila, the first biosimilar Pegfilgrastim approved in the US Mylan also initiated the commercial launch of biosimilar Adalimumab (FKBproduct) across major markets in Europe in Oct-18. Biocon is expected to receive economic benefit for this product in line with its global collaboration with Mylan.
Going ahead, we continue to expect company to get benefits of first wave of Biosimilar commercialization in the next two years which should drive higher revenues.
Also with several Drug Master Files (DMFs) filed in developed and key emerging markets should continue to add to growth for the company on back of strengthening Small Molecules' API pipeline.
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