An employee of Biocon Ltd works inside the company's research and development centre in Bengaluru, India, October 16, 2015. REUTERS/Abhishek N. Chinnappa/File Photois planning to list its biosimilars business, a significant contributor to the company's total revenue, by the first half of 2025, a top executive said on Friday.
"I would say it can happen any time after the second half of 2024 ... it is likely to happen in the first half of 2025," Biocon Ltd CEO and Managing Director Siddharth Mittal told Reuters."There are a couple of milestones before we get to that stage ... we have to complete transition of all territories of Viatris to us and we are looking at reducing the debt which was taken to fund the acquisition," Mittal said.
According to research and analytics services firm IQVIA, the global biosimilar market value is expected to grow to an estimated $75 billion by 2030 from $17.9 billion in 2020. On Thursday, Biocon reported a 29.8% drop in first-quarter profit. Revenue, however, jumped 60%, helped by the strong performance of the biosimilar business.