Biocon Ltd

Biocon Ltd gained for a fifth straight session today. The stock is quoting at Rs 303.35, up 4.01% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.29% on the day, quoting at 22503.9. The Sensex is at 74098.62, down 0.32%. Biocon Ltd has risen around 18.22% in last one month.

Meanwhile, Nifty Pharma index of which Biocon Ltd is a constituent, has risen around 1.29% in last one month and is currently quoting at 18878.15, up 0.7% on the day. The volume in the stock stood at 212.7 lakh shares today, compared to the daily average of 69.52 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 305.4, up 3.61% on the day. Biocon Ltd is up 30.22% in last one year as compared to a 25.61% spurt in NIFTY and a 51.85% spurt in the Nifty Pharma index.

The PE of the stock is 0 based on TTM earnings ending December 23.

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Biocon Ltd gained for a third straight session today. The stock is quoting at Rs 292.9, up 4.55% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.37% on the day, quoting at 22450.85. The Sensex is at 74033.44, up 0.4%. Biocon Ltd has risen around 13.66% in last one month.

Meanwhile, Nifty Pharma index of which Biocon Ltd is a constituent, has risen around 1.06% in last one month and is currently quoting at 18463.75, up 0.79% on the day. The volume in the stock stood at 191.55 lakh shares today, compared to the daily average of 59.25 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 293.45, up 4.78% on the day. Biocon Ltd is up 26.85% in last one year as compared to a 26.35% spurt in NIFTY and a 49.4% spurt in the Nifty Pharma index.

The PE of the stock is 0 based on TTM earnings ending December 23.

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Tacrolimus, a calcineurin inhibitor, is an immunosuppressant used in the treatment of organ transplant patients which reduces the body’s ability to reject a transplanted organ. It has been particularly effective in treating patients of renal transplant for more than two decades.

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

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Tacrolimus, a calcineurin inhibitor, is an immunosuppressant used in the treatment of organ transplant patients which reduces the body’s ability to reject a transplanted organ. It has been particularly effective in treating patients of renal transplant for more than two decades.

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

The scrip fell 2.10% to end at Rs 261.70 on Friday, 19 April 2024.

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The company will raise funds by way of issuance of debt securities including by way of non-convertible debentures in domestic markets by way of private placement and issuance of bonds/notes/offshore certificate of deposits in overseas markets; and buyback of debt securities within the limits that the board is authorised to approve under applicable law.

ICICI Bank is a leading private sector bank in India. The bank had a network of 6,371 branches, 17,0.37 ATMs and cash recycling machines at 31 December 2023.

ICICI Bank reported 23.58% jump in net profit to Rs 10,271.54 crore on a 24.28% increase in total income to Rs 59,479.76 crore in Q3 FY24 as compared with Q3 FY23.

The scrip rose 1.04% to end at Rs 1,066.40 on Friday, 19 April on the BSE.

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As per the terms of this agreement, Biocon is responsible for development, manufacturing and supply of the drug product whereas Biomm will be responsible for obtaining regulatory approval and commercialization in the Brazilian market.

The total addressable market opportunity of Semaglutide in Brazil is approximately $580 million as per the IQVIA MAT Q4 2023.

Siddharth Mittal, chief executive officer (CEO) and managing director (MD), Biocon, said, “Our partnership with Biomm marks another important step forward in our strategy to expand our global footprint beyond the U.S. and Europe for Peptides. This is also in line with our growth strategy of bringing to market a portfolio of complex, GLP-1 drug-device combination products. We are confident that our collaboration with Biomm will provide patients in Brazil, who are living with diabetes, much needed access to advanced, high quality treatment options to help them manage the disease better.”

Heraldo Marchezini, chief executive officer (CEO), Biomm, said, “Brazil is the fifth country in the world with the highest incidence of diabetes, having 16.8 million adults in the age group of 20 to 79 years with the disease, and an estimated 21.5 million cases by 2030, according to the Diabetes Atlas of the International Diabetes Federation (IDF). We have, therefore, prioritized strategic partnerships to expand the population's access to advanced treatments for this disease and enhance the quality of life for people.

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

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Biocon will hold a meeting of the Board of Directors of the Company on 16 May 2024.

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The said approval has received through its European partner, Zentiva.

Liraglutide (gSaxenda) (6mg/ml solution for injection in pre-filled pen), used in the treatment of weight management as an adjunct to a reduced-calorie diet and increased physical activity.

Earlier, the company has received approval from MHRA for Liraglutide (gVicotza), used in the treatment of Type 2 Diabetes Mellitus, filed through Zentiva.

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

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The domestic equity benchmarks extended gains and hit a fresh intraday high in afternoon trade. The Nifty traded above the 22,400 level. Barring the Nifty Media index, all the other sectoral indices on the NSE were in green. Trading could be volatile due to the March F&O series expiry today.

At 13:27 IST, the barometer index, the S&P BSE Sensex was surged 900.87 points or 1.23% to 73,883.42. The Nifty 50 index gained 300 points or 1.36% to 22,423.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.91% and the S&P BSE Small-Cap index added 0.66%.

The market breadth was strong. On the BSE, 2,190 shares rose and 1,530 shares fell. A total of 117 shares were unchanged.

Gainers & Losers:

Bajaj Finserv (up 4.26%), Bajaj Finance (up 3.36%), Grasim Industries (up 3.48%) Hero MotoCorp (up 3.07%) and Cipla (up 2.88%) major Nifty gainers.

Shriram Finance (down 0.70%) and Axis Bank (down 0.19%) were major Nifty losers.

Stocks in Spotlight:

Biocon rallied 3.51% after the company announced that it has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide.

Larsen and Toubro (L&T) added 2.29% after the EPC major announced that its wholly owned subsidiary, L&T GeoStructure has secured ‘significant’ multiple orders from across India.

Zydus Lifesciences added 1.90% after the company said that US Food and Drug Administration (USFDA) conducted an inspection at the SEZ Onco Injectable manufacturing plant at Ahmedabad, Gujarat.

JSW Energy added 2.98% after the company's board will meet on Tuesday, 2 April 2024 to consider raising funds through various modes.

Adani Power gained 3.09% the company's wholly owned subsidiary, Mahan Energen (MEL) has entered into a significant 20 year power purchase agreement (PPA) with Reliance Industries (RIL) under the electricity rules, 2005.

Bharat Heavy Electricals (BHEL) added 2.33% after the company has received letter of award (LoA) from Adani Power for setting up the 2x800 MW Raigarh Phase-II Thermal Power Plant at Raigarh, Chhattisgarh.

Global Markets:

European stocks advanced while most of the Asian stocks declined on Thursday as sentiment remained strained ahead of key U.S. inflation data and addresses by Federal Reserve officials.

Wall Street indexes rose sharply on Wednesday, rebounding after three days of losses as a drop in bond yields help spur strong gains in utility stocks. S&P 500 closed at record high.

Fed Governor Christopher Waller said that there is no hurry to cut interest rate right now. Current inflation reading suggests rates can stay at current level for longer to bring down the inflation sustainably to 2% target rate, Waller reportedly said at Economic Club in New York.

Markets are now awaiting more cues on inflation from PCE price index data- which is the Fed’s preferred inflation gauge. The data is due on Friday, when markets will be closed, but is largely expected to factor into the outlook for U.S. interest rates. Along with the PCE data, addresses from Fed Chair Jerome Powell is also due on Friday.

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The company had filed the application for Liraglutide through its European partner, Zentiva.

Liraglutide is a drug-device combination formulation used in the treatment of Type-2 Diabetes Mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high.

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

Siddharth Mittal, chief executive officer and managing director, Biocon, said: “The approval of Liraglutide, a vertically integrated product, is an important milestone for us.

Being the first generic Liraglutide approved in a major regulated/ICH market, it strengthens our leadership in delivering many ‘firsts’ on complex drug products such as bTrastuzumab, bPegfilgrastim, and the first interchangeable biosimilar Insulin Glargine, approved by the U.S. FDA.

The approval is also testament to the Company’s strong focus on GLPs and peptides as important future growth drivers for the generics business. Our efforts will now be directed towards commercializing this asset expeditiously in the U.K., in partnership with Zentiva.”

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

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