Market reacts negatively to Biocon's weaker results, exit of biologics' MD

Analysts have raised doubts over the $1 billion guidance for biosimilars by FY22 and Hamacher's exit due to "professional differences"

The stock market on Friday reacted negatively to biopharmaceutical major Biocon Ltd's weak third quarter results amd the sudden exit of its biologics' Managing Director Christiane Hamacher over "professional differences" with the chairperson.
 

From the previous close of Rs 441.95 per share, Biocon Ltd opened four per cent lower at Rs 424 apiece on Friday before taking a 9 per cent hit at Rs 402.05 per share by noon.
 

Analysts believe the market reacted negatively to the news due to the imminent miss on the company's $1 billion guidance on its biosimilars business by FY 2021-22, especially now with Hamacher's