Biocon Ltd introduces Hulio a biosimilar to Humira in the US!

With the aid of advanced therapy platforms, Biocon’s workforce of over 13,500 individuals combines their expertise, compassion, scientific knowledge, and innovative thinking to develop improved healthcare solutions. The company’s four global divisions encompass generics, biosimilars, research services, and novel biologics. By harnessing India’s unique advantages in scientific talent and cost-effective manufacturing, Biocon delivers scalability, efficiency, and high quality. Through their efforts, the company strives to enhance global accessibility to medicines, promoting health equity for all patients.

Biocon Biologics Ltd, a subsidiary of Biocon Ltd, has announced the availability of HULIO, a biosimilar to Humira, for patients in the United States. After successful experience in Europe and Canada, the launch marks an important milestone for Biocon Biologics, which recently acquired Viatris’ global biosimilars business. With multiple biosimilar approvals worldwide, including the U.S. and Europe, Biocon Biologics aims to provide more accessible and affordable treatment options in diabetes, cancer, and immunology.

HULIO is a biosimilar drug to Humira (Adalimumab) which is used for the treatment of various diseases such as rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn’s disease, ulcerative colitis, plaque psoriasis, hidradenitis suppurativa, uveitis and juvenile idiopathic arthritis.

Furthermore, Biocon Ltd recently reported their Q4FY23 results in which sales of the company surged by 56% to Rs 3,774 crore while operating profit of the company grew by 77.5% to Rs 957 crore. Similarly, net profit of the company has surged by 45% to Rs 414 crore as compared to Q4FY22.

The company has been able to grow its sales by 22% (CAGR) for the past 5 years and profit by 13% (CAGR) for the same period.

On Tuesday, shares of the company plunged by 0.47% to trade at Rs 262.15. Additionally, On Monday, the scrip had a spurt in volume by more than 2.08 times.

Investors should keep a close eye on this trending stock.