Biocon Ltd. has announced the resignation of its CFO, Indranil Sen, who departed to pursue opportunities outside the organization. The company has yet to disclose Sen’s successor. Meanwhile, the company marked a notable shift in its third-quarter performance, transitioning from a loss to a considerable profit compared to the same period last year.
This turnaround is chiefly attributed to the flourishing biosimilars division and the divestment of certain non-core assets. Biocon additionally benefited from the sale of its dermatology and nephrology branded formulation businesses to Eris Lifesciences during the quarter. Furthermore, the company realized more gains by diluting its stake in its subsidiary, Bicara Therapeutics.
Although Biocon’s financial results were impressive, its shares closed 1.9% lower on Thursday. The impact of this financial upturn and the CFO’s resignation on the company’s long-term market performance remains uncertain.
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