We are now ready to enter the European market with our Insulin Glargine as a biosimilar, in the second half of this year, said Kiran Mazumdar Shaw, CMD, Biocon.
Biotechnology major Biocon reported 19.8 percent rise in revenue to Rs 796.2 crore year-on-year and margins grew to 25.2 percent from 21.2 percent in the second quarter of FY17. The company‘s standalones sale grew 17 percent in Q2.
The biosimilar product, which is developed and manufactured by Biocon, has already been launched by its partner Fujifilm Pharma Co in Japan earlier this month.
The company's partner FUJIFILM Pharma has launched Insulin Glargine in Japan, for which it had received Japanese regulator approval in last quarter.
"Ministry of Health, Labour and Welfare (MHLW) of Japan has approved its biosimilar insulin Glargine," says the company in its filing.
Shares of Biocon gained 3 percent intraday Friday on getting approval from the Mexican health authority for its insulin glargine.