India’s Biocon Biologics closed the year to end-March with revenue on a trajectory towards $1 billion, its CEO said on Wednesday, helped by strong sales in the U.S. and Europe from the biosimilars business it bought last year from Viatris Inc.
Biocon Biologics, which acquired the biosimilars business of U.S-based Viatris in a $3.34 billion deal, said its annual revenue rose 61% year-on-year to 55.84 billion rupees, reflecting one quarter of consolidated figures after the buy, compared to 34.64 billion rupees the previous year.
“This has been a landmark year for Biocon Biologics,” Shreehas Tambe, the CEO of Biologics said after its Indian parent Biocon posted January-March results on Tuesday.
The global market for biosimilars, which are copies of more costly biological drugs used to treat illnesses such as rheumatoid arthritis and cancer, is expected to more than triple to $74 billion by 2030, McKinsey forecasts.
Revenue from biosimilars more than doubled to 21.02 billion rupees ($257 million) in the quarter, which marked the first full quarter of consolidated financials since the purchase.
Industry estimates predict more than 55 brand name blockbuster biologic drugs, each with peak annual sales above $1 billion, are due to come 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 U.S. market in July, with estimated global market of more than $18 billion for the arthritis drug, Tambe added.
The company invested more than 16% 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% of revenue for R&D over the medium term. Reuters