Biocon Biologics Eyes $1bn In Sales As Q2 Revenues Jump 40%

 
• By Penelope MacRae
  
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Strong growth in Biocon's biologics segment continued in the second quarter and the vertical has now set a target of $1bn in annual sales by the 2021-22 fiscal year.

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Biocon Sees Strong Biologics Growth • Source: Shutterstock

Biocon Ltd.’s biologics vertical turned in another strong performance in the second financial quarter, posting revenues up 40% at INR5.16bn ($7.3m) from a year earlier. Biocon Biologics, which kicked in nearly 30% of the Indian group’s total revenues, is now targeting $1bn in annual sales by fiscal 2022, helped by a potentially game-changing plan to cut by 50% the cost of recombinant human insulin to $0.10 a day in low- and middle-income nations.

Nevertheless, the $1bn revenue goal is an ambitious target given that the biologics unit’s annual sales only crossed $200m last...

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