Biocon Biologics partners with IDF to promote diabetes care; stock rises nearly 2 per cent

Biocon Biologics Ltd, a subsidiary of Biocon Ltd has announced a partnership with the International Diabetes Federation (IDF) as the first biosimilar insulin company to promote & support IDF’s core mission initiative and activities. 

Biocon Biologics has recently received marketing authorisation approval from the European Commission for Kixelle, a biosimilar insulin Aspart co-developed with Viatris Inc. 

Kixelle, a fast-acting insulin analogue, is prescribed for the treatment of diabetes mellitus in adults, adolescents, and children aged 1 year & above. 

The company’s stock today increased by 2.10 per cent and made an intraday high of Rs 416.15 per share at around 12.04 pm. 

Meanwhile, the company reported a net profit of Rs 33 crore in Q3FY21, a decrease of 72.66 per cent. It had reported a profit of Rs 120.70 crore in Q3FY20. The company reported net sales of Rs 456.10 crore for Q3FY21, a decrease of 9.02 per cent as against the net sales of Rs 501.30 crore for Q3FY20. 

According to BSE data, the stock traded at a P/E multiple of 155.28 and a price-to-book ratio of 6.30. The stock has a 52-week high and a 52-week low of Rs 487.70 and Rs 235.80, respectively. 

At 2.13 pm on Tuesday, the stock of Biocon Ltd was trading at Rs 413.30, up by 1.40 against its previous close of Rs 407.60 on BSE.