Biocon Biologics, based in India, finished the fiscal year ended March 31 with revenue approaching $1 billion, according to the company's CEO, thanks to robust sales in the United States and Europe from the biosimilars business it acquired from Viatris Inc. last year.
Biocon Biologics, which paid $3.34 billion for Viatris' biosimilars division, said its annual revenue increased 61% year on year to 55.84 billion rupees, reflecting one quarter of consolidated numbers following the acquisition, compared to 34.64 billion rupees the prior year.
"This has been a landmark year for Biocon Biologics," said Shreehas Tambe, CEO of Biologics, after its Indian parent company Biocon released its January-March earnings this week.
As to reports, the global market for biosimilars, which are cheaper versions of more expensive biological pharmaceuticals used to treat diseases including rheumatoid arthritis and cancer, will more than triple to $74 billion by 2030.
In the first full quarter of consolidated financials since the acquisition, revenue from biosimilars more than doubled to 21.02 billion rupees ($257 million).
According to industry projections, more than 55 brand-name blockbuster biologic pharmaceuticals with peak annual sales of more than $1 billion will be off patent by the end of the decade..
Tambe said Biologics launched more than 35 products last year, lifting its revenues and expanding its global reach.
Biologics plans to launch Hulio (bAdaminumab), a biosimilars version of AbbVie's blockbuster Humira, in the US market in July, with estimated global market of more than $18 billion for the arthritis drug, Tambe added.
The firm invested more than 16 per cent of its revenue in research and development of new drugs, amounting to 8.9 billion rupees ($109 million) in its last fiscal year, and hopes to earmark 12 per cent of revenue for R&D over the medium term.