Biocon Receives FDA Approval for Micafungin, Antifungal Drug

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Synopsis:

Biocon obtains FDA approval for Micafungin injectable drug, strengthening its antifungal medication portfolio. Micafungin is an antifungal medication utilised to treat various fungal and yeast infections. In FY24, Biocon’s consolidated net profit rose to ₹1,022 crore from ₹463 crore in FY23.

Biocon News Today

Biotechnology firm Biocon Ltd announced on Monday that it has secured approval from the US Food and Drug Administration (US FDA) for its vertically integrated, complex injectable product micafungin, available in 50mg and 100mg vials. The approval enhances Biocon's portfolio of antifungal medications.

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Micafungin, The Antifungal Medication

Micafungin is an antifungal medication utilised to treat various fungal and yeast infections. This approval underscores Biocon's commitment to providing effective solutions for combating fungal and yeast-related ailments.

Biocon’s Q4 Performance

Biocon reported a 57% decline in its consolidated net profit to ₹136 crore for the fourth quarter ended March 2024. This decrease was primarily attributed to higher expenses. Total revenue for the quarter saw a marginal increase to ₹3,966 crore compared to ₹3,929 crore in the previous year.

Annual Performance

For the fiscal year ended on March 31, 2024, Biocon witnessed a significant improvement in its consolidated net profit, which rose to ₹1,022 crore from ₹463 crore in the previous fiscal year. Total revenue also saw a substantial increase, reaching ₹15,621 crore compared to ₹11,550 crore in the 2022-23 fiscal year.

In Summary

While the FDA approval for the Micafungin injectable drug highlights Biocon's progress in expanding its product offerings, the decline in net profit reflects the challenges posed by higher expenses. Nonetheless, the company's overall yearly performance demonstrates growth and resilience in the face of economic fluctuations.

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