The total revenue of Biocon, India’s largest biopharmaceutical company, was up 21% – thanks to significant growth in sales for the company’s biosimilar and generic drugs, according to AJMC – The Centers for Biosimilars.
A Biocon’s recent earnings report found that the total revenue for the fourth quarter of the 2022 fiscal year was up 21% from the same period of the year prior, largely due to biosimilar and generic drug success.
The report said, “FY22 was a transformational year for Biocon. Key strategic moves in our biosimilars business position us for long-term growth and value creation for our stakeholders.”
Overall, Biocon generated more than $1 billion in revenue for FY22, of which biosimilars generated $448 million and generic drugs accumulated $303 million.
The company has the following biosimilars:
- trastuzumab (Ogivri)
- pegfilgrastim (Fulphila)
- bevacizumab (Abevmy)
- adalimumab (Hulio)
- insulin glargine (Semglee)
- recombinant human insulin (Insugen)
- insulin aspart (Kirsty/Kixelle)
- etanercept (Nepexto)
Three biosimilars have been launched in the United States, while 7 are available in the European Union. The FDA is currently reviewing two more biosimilars developed by Biocon.
Dr. Arun Chandavarkar, Managing Director of Biocon, said, “We have progressed well in the development of several next wave biosimilar programs, with 2 of our molecules entering the clinic. Whilst net R&D was at 9% of revenues in FY22, we expect this to ramp up in FY23 commensurate with the progress of our rich and diverse pipeline which provides Biocon Biologics a sustainable growth opportunity in the years ahead.”
In March, Biocon announced the acquisition of Viatris’ entire biosimilar business for more than $3 billion in cash and stock. It has also signed a strategic alliance with Serum Institute Life Sciences, which will target inequitable access to vaccines and biological drugs.
Biocon said in a statement, “We believe that the 2 strategic transactions, with Viatris and Serum Institute Life Sciences, will position Biocon Biologics as a world-leading, unique, fully integrated biologics company with a strong differentiated portfolio of biosimilars and vaccines. With a team of [about] 5000 people, Biocon Biologics is committed to transforming health care and transforming lives by enabling affordable access to millions of patients worldwide.”