Exciting news from Biocon Ltd as they announced on Monday that their antifungal drug micafungin has received approval from the US Food and Drug Administration (US FDA). This approval covers the 50mg and 100mg vials of the product.
Micafungin is a crucial medication used to combat a variety of fungal and yeast infections. With this approval, Biocon’s portfolio of complex drug products gets a significant boost, strengthening their position in the market.
Despite facing a 57% decline in consolidated net profit for the fourth quarter ended March 2024 due to increased expenses, Biocon remains optimistic. Total revenue saw a slight increase, reflecting the company’s resilience and ongoing growth.
For the fiscal year ending March 31, 2024, Biocon reported a substantial rise in consolidated net profit compared to the previous year. Total revenue also witnessed a significant uptick, showcasing the company’s continued success and expansion.
Investors responded positively to the news, with shares of Biocon Ltd ending on a high note at ₹309.35 on the BSE. This approval marks a significant milestone for Biocon, paving the way for further advancements and contributions in the pharmaceutical industry.
