Gadil expects revenues of INR2.2-2.3bn ($26.5-27.7m) in FY24, which ends 31 March. In FY23, revenues were INR1.6bn.

Alkem has invested about INR9.5bn in Enzene and Gadgil expects the business to breakeven in two to two and a half years. “There's a huge requirement for biosims in India. We have more products coming and the current site (at Pune in India) expansion is also happening. Also, our CDMO business has really delivered over the past 3 to 4 years,” he said.

Speaking about the company’s ability to create differentiators, he said “Teriparatide was our first product, and we were very late, with quite a few manufacturers ahead of us in 2015. But folks were using the insulin pen device to give teriparatide, which is not really ideal. So, we came up with a European pen device.”

The differentiated delivery device has allowed Enzene to build an over 50% market share, along with partners which market different tocilizumab brands in the domestic market. “We now expect to do over 2 lakh (0.2m) doses of tocilizumab and close to one lakh (0.1m) doses of denosumab in FY24,” Gadgil added.

Enzene CEO On Biosimilar Denosumab And Cetuximab; Medicare Negotiation Impact On US Market

Considering ADCs, RNA therapeutics

More from Strategy

More from Business