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Biocon share price falls 5% after Q2 profit dips to Rs 138 crore – Moneycontrol.com

Motilal Oswal has kept neutral rating on the stock with a target price of Rs 400 per share.

Biocon share price fell nearly 5 percent intraday on October 22 after the company reported its September quarter earnings.

Biotechnology major Biocon on Friday said its consolidated net profit declined by 18 percent to Rs 138 crore for the second quarter ended September 30.

The Bengaluru-based company had reported a net profit of Rs 169 crore in the July-September quarter of the previous fiscal.

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Revenue from operations, however, increased by 5 percent in the second quarter to Rs 1,840 crore from Rs 1,750 crore in the year-ago period, Biocon Ltd said in a statement.

Net Profit for second quarter, before such exceptional items, stood at Rs 188 crore, up 11 per cent from year-ago period, it added.

Biocon Biologics, a subsidiary of Biocon announced that Express Scripts, a leading pharmacy benefit management organization in the US, will list Biocon Biologics interchangeable biosimilar Insulin Glargine (Semglee), which will be commercialized by Viatris, as a preferred glargine brand on its National Preferred Formulary (NPF), which includes more than 28 million lives.

Motilal Oswal has kept neutral rating on the stock with a target price of Rs 400 per share.

At 11:58 hrs Biocon was quoting at Rs 330.70, down Rs 14.40, or 4.17 percent on the BSE.

The share touched a 52-week high of Rs 487.70 and a 52-week low of Rs 327.75 on 23 December, 2020 and 23 August, 2021, respectively.

Currently, it is trading 32.19 percent below its 52-week high and 0.9 percent above its 52-week low.

With inputs from PTI

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