Shares of Biocon jumped over 4% in intraday trade on December 2 after the US FDA approved Biocon Biologics’ Yesintek, a biosimilar to Johnson & Johnson’s Stelara. At 12:10 PM, shares of Biocon were trading 3% higher at ₹375. For the stock, it was the seventh straight session of gains. The stock has gained 47% in 2023 so far, outpacing its peers as the Nifty 50 rose 11% in the same period.
Key Details About Yesintek
Yesintek, a monoclonal antibody, has been approved for treating several autoimmune conditions, including Crohn’s disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis.
Biocon Biologics had previously announced a settlement and licensing agreement with Janssen Biotech Inc., Janssen Sciences Ireland, and Johnson & Johnson to commercialize Yesintek in the U.S. by February 22, 2025, following FDA approval.
Financial Performance
- Q2 FY25: Biocon reported an 84% decline in net profit to ₹27 crore, compared to ₹172 crore in the same quarter last year.
- Revenue: Revenue from operations increased by nearly 4% to ₹3,590 crore, compared to ₹3,462 crore in Q2 FY24.
- EBITDA: Operating EBITDA fell 7.6% YoY to ₹685.5 crore, with margins narrowing to 19.1% from 21% in the previous year.
- Biocon Biologics: This segment saw a 19% YoY growth in revenue, reaching ₹2,182 crore.
The FDA approval of Yesintek strengthens Biocon’s portfolio in the biosimilar space, which is expected to drive future growth.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
