Biocon gets USFDA approval for its micafungin drug

4 Jun 2024 , 12:59 PM

Biotechnology firm Biocon Ltd announced on Monday (June 3) that the US Food and Drug Administration (US FDA) has approved its vertically integrated, complex injectable medication micafungin, which is available in 50mg and 100mg vials.

Biocon bagged approval from the US Food and Drug Administration (USFDA), for Micafungin (50mg and 100mg vials), its vertically integrated, complex injectable drug product, used as an antifungal medication to treat fungal or yeast infections, according to a filing with the stock exchange.

Micafungin is an antifungal drug that treats a variety of fungal and yeast infections. According to Biocon, the clearance boosts its range of vertically integrated, complicated medicinal products.

Biocon’s consolidated net profit decreased by 57% to ₹136 Crore in the fourth quarter of March 2024 due to increased expenses. The company reported a net profit of ₹313 Crore in the January-March quarter of the previous fiscal year.

Biocon reported a slight increase in total revenue to ₹3,966 Crore in the fourth quarter, up from ₹3,929 Crore the previous year. The company’s expenses increased to ₹3,635 Crore in the fourth quarter from ₹3,389 Crore in FY23.

The company reported a consolidated net profit of ₹1,022 Crore for the year ended March 31, 2024, up from ₹463 Crore the previous year. In the previous fiscal year, total income reached ₹15,621 Crore, up from ₹11,550 Crore in 2022–23.

At around 10.30 AM, Biocon was trading 2.44% lower at ₹302.20, against the previous close of ₹309.65 on NSE. The counter touched an intraday high and low of ₹310, and ₹292, respectively.

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