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CEOWORLD magazine - Latest - Banking and Finance - Biocon CFO’s Departure Causes Decline in Company’s Shares

Banking and Finance

Biocon CFO’s Departure Causes Decline in Company’s Shares

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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CEOWORLD magazine - Latest - Banking and Finance - Biocon CFO’s Departure Causes Decline in Company’s Shares
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz