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Biocon Share Soars on USFDA’s ‘No Observations’ on Bengaluru Facility

Biocon shares gained after USFDA did not issue any comment on its Bengaluru facility.

On June 5, Biocon shares opened positively, gaining 1.5% as USFDA dispensed no observations on the company’s Bengaluru facility.

Biotechnology company Biocon has logged that the US Food and Drug Administration (USFDA) determined a surveillance and pre-approval scrutiny of Biocon Pharma Limited Oral Solid Dosage formulations manufacturing facility at Bengaluru, Karnataka, on June 2, issuing ‘no observations’ on close.

On May 2023, the company reported a 31% rise in consolidated net profit at Rs 313 crore for Q4FY22-23, as against Rs 239 crore last fiscal.

Revenue from operations mounted 56.7% to Rs 3,773.9 crore in the quarter under review, besides Rs 2,409 crore a year back.

The company’s EBITDA soared 68.4% to Rs 997.3 crore in Q4FY23, as against Rs 592 crore in the previous year’s equivalent period. EBITDA margin extended by 180 bps to 26.4% in the quarter under review as against 24.6%.

At 9:37 am, Biocon traded at Rs 241.65, up Rs 1.25, or 0.52% on the BSE.

The share moved a 52-week high of Rs 344 and a 52-week low of Rs 191.60 on June 10, 2022, and March 21, 2023. It is trading 29.75% below its 52-week high and 26.12% above its 52-week low.

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