India's Biocon posts Q1 profit rise on sale of branded formulations business
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 08 2024
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Source: Reuters
Biocon's Profit Surge: Biocon Ltd reported a more than six-fold increase in first-quarter profit, reaching 6.6 billion rupees, primarily due to a one-time gain from selling its Indian branded formulations business to Eris Lifesciences for 12.42 billion rupees.
Biosimilars Growth and Challenges: The company's biosimilars segment saw a revenue increase of 3.4% to 20.83 billion rupees, while the generics segment faced a decline of 5.9% due to pricing pressures in the U.S. market.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
