The biosimilars’ segment performance was below par this quarter, Kiran Mazumdar Shaw, Executive Chairperson of Biocon told CNBC-TV18.
“Although we had 11 percent year-on-year (YoY) growth from Rs 607 crore to Rs 676 crore this fiscal, we were below plan because of various operational issues,” she said.
She said the company was committed to the target of USD 1 billion by FY22 in terms of biosimilars revenue.
Shaw also said that they launched Insulin Glargine in the US market. “There is a huge demand for affordable insulin in the US. We entered the market with a 65 percent discount,” she said.
She further added that with launch of Insulin Glargine, Biocon was in a very unique position. “We now have 3 biosimilars – Pegfilgrastim, Trastuzumab, and Insulin Glargine,” Shaw said.
In terms of Pegfilgrastim, Shaw said that they have retained market share of 15 percent in the US. Trastuzumab market share stands at 6 percent, but in the last week Biocon gained further market share to 7.8 percent, she added.
Shaw said that margins shrank this quarter due to higher R&D expenses and higher sales. However, she added that they will see some improvement in margins by end of fiscal.