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Sam Bennett

Sam Bennett

5 Jun 2023

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Biocon Shares Drop as Global Competitors Prepare to Launch Affordable Humira Biosimilar

Biocon Ltd. experienced a drop of up to 4.6 percent in its Biocon shares price as global competitors announced plans to launch a biosimilar of the best-selling anti-inflammatory drug, Humira, at significantly lower prices. Biocon itself intends to release its version of Humira on July 1.

Humira, developed by AbbVie Inc., is a well-known prescription injection that suppresses the immune system’s ability to fight infections.

It is primarily prescribed for rheumatoid arthritis and various other conditions, including psoriasis and Crohn’s disease.

Biocon aims to launch a low-concentration biosimilar of Humira in July, targeting a market size of approximately $3 billion.

However, analysts predict that Biocon’s annual revenue from the sales of this biosimilar will be less than $100 million.

Interestingly, several other companies, around six in total, are also planning to launch their own Humira biosimilars in July, increasing the total number of market players to 8-9.

Biocon Shares Growing Competition and Impact on the Market

Biocon Shares

Coherus BioSciences Inc., a biopharmaceutical company, recently announced plans to launch a Humira biosimilar.

Offering it at an 85 percent discount compared to the price of Humira. Furthermore, Amgen, a leading biotechnology firm, has already introduced its own biosimilar version of Humira called Amjevita.

The pricing for Amjevita ranges from $3,288 to $1,557 per 40 milligram pen device. Representing a discount of 5 percent to 55 percent when compared to Humira, depending on the purchaser.

The market for Humira biosimilars is becoming increasingly competitive, posing challenges for Biocon shares and other companies aiming to enter the space.

AbbVie’s Humira previously held exclusive rights in the US market for 20 years, generating substantial revenue and establishing itself as one of the most financially successful drugs in history.

However, the drug’s market exclusivity expired this year after a series of lawsuits and patent disputes.

The decline in Biocon’s share price reflects investor concerns regarding the intensifying competition in the Humira biosimilar market.

With multiple players set to offer lower-cost alternatives, Biocon may face challenges in capturing a significant market share.

The upcoming launches by global peers, along with Amgen’s existing biosimilar, highlight the potential for reduced pricing and increased accessibility for patients.

As the market becomes more saturated, Biocon shares will need to strategize and differentiate its offering to remain competitive.

The company’s ability to navigate this evolving landscape will be crucial in determining its future success and financial performance.

Biocon Shares Drop as Global Competitors Prepare to Launch Affordable Humira Biosimilar