Pharma stock in focus after receiving European Commission approval for its new medicine

This leading pharma company stock is in focus after its drug, YESINTEK has been approved by the European Commission for marketing in the European Union region.

Share Price Movement

With a market capitalization of Rs. 40,322 Crore, the stock of Biocon opened at Rs. 352.95 up 1.48 percent from yesterday’s closing price of Rs. 347.80, and the high of the stock is the same as open.

Company Update

Biocon Biologics, a fully integrated global biosimilars company and a subsidiary of Biocon, announced that the European Commission (EC) granted marketing authorization in the European Union (EU) for YESINTEK, a biosimilar of Ustekinumab.

The company says that YESINTEK, is intended for the treatment of adults and children with plaque psoriasis and adults with psoriatic arthritis or Crohn’s disease. Clinical data from the trial program showed that the Ustekinumab biosimilar has comparable safety and efficacy to the originator product.

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Financial Highlights

The company reported a 14.67 percent YoY decrease in revenue from operations from Rs. 4,519.20 Crore in Q3FY24 to Rs. 3,856.20 Crore in Q3FY25. On a QoQ basis, the company reported an increase of 6.43 percent in revenue from operations from Rs. 3,622.90 Crore in the previous quarter. 

Their Net profit saw a significant 89.23 percent YoY decrease from Rs. 753.30 Crore to Rs. 81.10 Crore for the same period. On a QoQ, basis their net profits also saw an impressive increase of 199.26 percent from Rs. 27.10 Crore for the same period.

About the Company

Biocon Limited is a leading Indian biopharmaceutical company founded in 1978 by Kiran Mazumdar-Shaw and headquartered in Bengaluru, Karnataka. It has established itself as a pioneer in the biopharmaceutical industry, focusing on the development of affordable biosimilars, novel biologics, and complex active pharmaceutical ingredients (APIs). 

Biocon’s subsidiary, Biocon Biologics, has made significant strides in the global biosimilar market, including receiving European approval for its Ustekinumab biosimilar. 

Written By Abhishek Das

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