Biocon gains after launching insulin drug in Japan

Biocon rose 1.8% to Rs 725.50 at 10:02 IST on BSE after the company said that its partner FUJIFILM Pharma Co. has launched Insulin Glargine in Japan.

The announcement was made before market hours today, 15 July 2016.

Meanwhile, the S&P BSE Sensex was up 20.55 points or 0.07% at 27,962.66.

On BSE, so far 46,000 shares were traded in the counter as against average daily volume of 90,277 shares in the past one quarter. The stock hit a high of Rs 744 and a low of Rs 723.30 so far during the day. The stock had hit a record high of Rs 766 on 30 June 2016. The stock had hit a 52-week low of Rs 396.50 on 25 August 2015. The stock had underperformed the market over the past one month till 14 July 2016, sliding 0.11% compared with 5.86% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 28.59% as against Sensex's 9.03% rise.

The large-cap company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Insulin Glargine BS Injection Kit has been developed & manufactured by Biocon, and is being commercialised by FUJIFILM Pharma Co (FFP) in Japan. The product is a ready-to-use, prefilled disposable pen with 3ml of 100IU Insulin Glargine. It will provide a high quality, yet affordable, world-class long-acting biosimilar basal Insulin Glargine for patients of diabetes in Japan, Biocon said in a statement.

Biocon through its partner aims to capture a significant share of the Japanese Glargine market of $144 million, which is second largest market outside of North America & Europe and is largely dominated by disposable pens, the company said.

On consolidated basis, Biocon's net profit rose 79.1% to Rs 360.90 crore on 16.8% growth in net sales to Rs 970.30 crore in Q4 March 2016 over Q4 March 2015.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

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