Biocon: Street to keep an eye on CY21 launches, market share gains

Launch of a cancer drug was delayed due to Covid-19

The Biocon stock was down 3.4 per cent after the US Food and Drug Administration (FDA) deferred its decision on the company’s application to launch a biosimilar of Bevacizumab in the American market. The market for the drug, which is used in treating some cancers and eye diseases, is pegged at $3 billion.

The US drug regulator was unable to inspect the company’s manufacturing facility because of travel restrictions on account of Covid-19. The application for approval was filed by Biocon’s subsidiary, Biocon Biologics.

While analysts have not modified their FY21 earnings estimates because of the delay in the approval process, they