Biocon announced that it has received approval from the U.S. Food and Drug Administration (US FDA), for its vertically integrated, complex injectable drug product, Micafungin.
Micafungin (50mg and 100mg vials) is used as an antifungal medication to treat fungal or yeast infections.The approval further strengthens Biocons portfolio of vertically integrated, complex drug products, stated the company in regulatory filing.
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 56.74% decline in consolidated net profit to Rs 135.5 crore despite of 3.79% rise in revenue from operations to Rs 3,917.1 crore in Q4 FY24 over Q4 FY23.
The scrip shed 4.88% to currently trade at Rs 294.55 on the BSE.
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