New Delhi: Indian biocon biologics The company’s CEO said Wednesday that it finished the year to the end of March on track to $1 billion in revenue, helped by strong sales in the U.S. and Europe. Biosimilar business I bought it from last year Viatris Co., Ltd..
biocon biologicsgot Biosimilar business Acquired by US-based Viatris in a $3.34 billion transaction, the company’s annual sales increased 61% year-on-year to Rs. (compared to INR 34.64 billion in the previous year).
“This year has been a landmark year for Biocon.” biologics,” Shreehas TambeThe chief executive officer of Biologics said after Indian parent company Biocon reported financial results for the January-March quarter on Tuesday.
The global market for biosimilars. Biosimilars are copies of more expensive biological medicines used to treat diseases such as: rheumatoid arthritis The cancer epidemic is expected to more than triple to $74 billion by 2030. McKinsey prediction.
Income from biosimilars more than doubled to Rs 21.02 billion ($257 million) in the quarter, marking its first consolidated financial quarter since the acquisition.
Industry estimates predict that more than 55 brand-name blockbuster biologics with peak annual sales exceeding $1 billion will be patentable by the end of the decade.
Tambe said Biologics launched more than 35 products last year, boosting revenue and expanding its global reach.
Biologics plans to launch Hulio (b adaminumab), a biosimilar to AbbVie’s blockbuster Humira, in the U.S. market in July, adding that the global market for the arthritis drug is estimated at more than $18 billion, Tambe added. rice field.
The company has invested more than 16% of its turnover in research and development of new drugs, reaching a total of Rs 8.9 billion ($109 million) in the last financial year and hopes to devote 12% of its turnover to R&D in the medium term. I believe.