Biocon's Liraglutide Approval Spurs Stock Rise, Eyes UK Market Expansion

28 Mar 2024 , 03:02 PM

Biocon’s stock rose by 1.54% to reach ₹260.55 following the announcement of approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide.

The application for Liraglutide was filed by Biocon through its European partner, Zentiva. Liraglutide, a drug-device combination formulation, is used in treating Type-2 Diabetes Mellitus, a condition characterized by insufficient insulin production or response, leading to high blood sugar levels.

According to IQVIA MAT Q4 2023, the total addressable market opportunity for GLP-1 in diabetes and weight loss in the U.K. amounts to US $425 million.

Siddharth Mittal, CEO and MD of Biocon, emphasized the significance of Liraglutide’s approval, highlighting it as a key milestone and the first generic Liraglutide approved in a major regulated/ICH market.

Mittal expressed confidence in Biocon’s capability to deliver pioneering complex drug products like bTrastuzumab, bPegfilgrastim, and the first interchangeable biosimilar Insulin Glargine, approved by the U.S. FDA.

Biocon’s focus on GLPs and peptides as vital growth drivers for the generics business was underscored, with plans to swiftly commercialize Liraglutide in the U.K. in partnership with Zentiva.

Biocon, an innovation-led global biopharmaceuticals company, specializes in therapies for chronic conditions such as diabetes, cancer, and autoimmune disorders, with a diverse portfolio of biologics, biosimilars, and small molecule APIs.

In Q3 FY24, Biocon reported a consolidated net profit of ₹660 Crore, a significant improvement compared to the net loss of ₹41.8 Crore in Q3 FY23. Revenue from operations surged by 34.43% YoY to ₹3,953.7 Crore in the quarter ended December 31, 2023.

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