biocon: Biocon climbs 4% as pharma giant arm launches cancer treatment product Abevmy

Shares of Biocon jumped 3.6% in early trading on Friday after the pharmaceutical player said its arm Biocon Biologics and Viatris Inc launched a biosimilar product – Abevmy (bBevacizumab) – in Canada for the treatment of cancer .

Abevmy, co-developed by

Biologics and Viatris, is a biosimilar to Roche’s Avastin (Bevacizumab) and has been approved by Health Canada for four oncology indications.

Biocon’s share price reached a high of Rs 334.70 from Rs 322.95 at the previous close on BSE.

Abevmy is a recombinant humanized monoclonal antibody that selectively binds to human vascular endothelial growth factor (VEGF) and neutralizes its biological activity. Abevmy (bBevacizumab), inhibits the formation of tumor vasculature, thereby inhibiting tumor growth, according to reports.

Abevmy’s approval in Canada was based on a comprehensive analytical, preclinical and clinical program, according to reports.

“With the launch of Abevmy (bBevacizumab), we are adding another world-class biosimilar to our oncology portfolio in Canada, which includes Ogivri (Trastuzumab) and Fulphila (Pegfilgrastim). Abevmy will be an important addition to our existing portfolio and enable us to expand patient access to another affordable biologic for the treatment of cancer,” said Matthew Erick, Commercial Director, Advanced Markets, Biocon Biologics, quoted in reports.

Biocon announced a 4% decline in its consolidated net profit to Rs 283.9 crore in the fourth quarter ended March 31, 2022.

Consolidated revenue from operations in the fourth quarter stood at Rs 2,408.8 crore compared to Rs 1,842.1 crore a year ago.

Total expenditure was higher at Rs 2,039.6 crore compared to Rs 1,624.6 crore in the same period the previous year, the company said.

For the financial year ended 31 March 2022, the consolidated net profit of Biocon Ltd stood at Rs 771.6 crore compared to Rs 846.2 crore in the previous financial year.

Consolidated revenue from operations for FY22 was Rs 8,184 crore compared to Rs 7,143.1 crore in the prior year.

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