Biocon Biologics, a subsidiary of pharma-major Biocon, will focus on consolidating its acquisition of long-time partner Viatris’ biosimilars business in the upcoming fiscal year, in an effort to set a stage for its next phase of growth, its CEO and MD Shreehas Tambe told Fe on Friday.
The company recently completed the integration of the global biosimilars business of Viatris, which it had acquired in 2022 for $3.34 billion. The acquisition is expected to help the company get access to commercial capabilities and supporting infrastructure in over 120 countries.
Even before the full-impact of the acquisition is seen, Biocon’s biosimilar business managed to post a 65% rise in sales to Rs 2,483 crore in the third quarter of FY24, as its biosimilars gained market share cross geographies.
In US, Semglee, its long-acting man-made-insulin, held a steady market share at about 12%, while Fulphila, used to decrease the chance of infection, maintained around 18% market share, and Ogivri, used to treat early-stage breast cancer, had a market share of about 12%.
“In Europe, where we have seven products approved, the strategy is changing because in the past it was only two products and two countries that the business was operational in. But now we will operate with seven products and more than these two countries,” Tambe said.
So growth in the third-quarter has come from emerging markets significantly through tenders, a lot from retail in Europe and some of the big peers onboarding us in the US, he noted. In Europe the company is focusing on five high-grwth countries – France, Germany, UK, Spain and Italy.
On Thursday, it’s parent Biocon posted a revenue from operations of Rs 3,954 crore in Q3, up 34% year-on-year. It swung back to profit in Q3 at Rs 660 crore, compared to the loss of 42 crore in the year-ago period.
The bottomline was mainly strengthen by income from the divesture of two non-core business assets – Biocon Biologics’ Dermatology and Nephrology branded formulations business units in India – amounting to Rs 350 crore and a gain of Rs 456 crore from Biocon’s stake dilution in Bicara Therapeutics.