Biocon share price jumps over 2% during intraday day after its arm launches a new product for US market

Biocon Biologics on Monday launched a biosimilar product to treat certain autoimmune diseases in the US market.

At 11:15 AM, shares of Biocon was trading at ₹324.9 apiece on NSE, rising 1.26%. However, the scrip closed 0.33% lower at ₹319.80 per share. The company’s market capitalisation stood at ₹38,395.19 crore.

YESINTEK (ustekinumab-kfce), which is approved for the treatment of Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis, is now available to patients in the US, the company said in a statement.

"The launch of YESINTEK marks a significant step in our commitment to improving the lives of patients with inflammatory conditions and expanding access to high-quality biosimilars," Biocon Biologics CEO & MD Shreehas Tambe said.

The company's product is biosimilar to Stelara.

Biocon Biologics Inc Head of North America Josh Salsi said: "For healthcare providers, switching to YESINTEK offers a seamless treatment experience covering the same indications and dosing options."

Biotech firm Biocon reported a net profit of ₹25 crore for the October-December quarter of 2024-25. The Bengaluru-based firm had reported a net profit of ₹660 crore in the October-December period of the previous fiscal year, largely driven by exceptional gains of ₹425.4 crore related to its investment in Bicara Therapeutics.

The company stated that results were not comparable due to exceptional items.

Total income of the company was ₹3,821 crore in the third quarter against ₹3,954 crore in the year-ago period.

EBITDA at ₹787 crore reported a growth of 16%, while profit before tax and exceptional items at ₹138 crore improved significantly from a marginal loss last year, on a like-for-like basis.

During the quarter and nine months ended December 31, 2024, the Group has recorded a fair value loss of ₹352.4 crore and a fair value gain of ₹236.4 crore, respectively, within "Other Comprehensive Income" in the consolidated financial results.