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    BIOCON   INE376G01013

BIOCON LIMITED

(BIOCON)
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Cigna's pharmacy benefit unit to prefer cheaper insulin drug from Viatris

10/20/2021 | 07:00am EST
FILE PHOTO: A screen displays the logo for Cigna Corp. on the floor at the NYSE in New York

Oct 20 (Reuters) - Cigna Corp's pharmacy benefit unit said on Wednesday it will prefer Viatris Inc and Biocon Biologics Ltd's insulin drug Semglee, a cheaper alternative to Sanofi SA's Lantus, on the list of medicines it reimburses on behalf of health insurers.

The unit, Express Scripts, said it expects cost savings of $20 million in 2022 by preferring the Semglee injection.

Drugmakers such as Eli Lilly, Sanofi and Novo Nordisk have been under pressure to make their insulin products more affordable amid heavy criticism from lawmakers and patients in a country with a diabetes problem.

One in 10 Americans, or 34 million people, have diabetes, and researchers have found https://www.reuters.com/business/healthcare-pharmaceuticals/diabetes-surges-among-american-youth-study-shows-2021-08-24 significant increases in the disease among both sexes and across racial and ethnic groups.

Semglee won U.S. approval in July as a biosimilar that can be used instead of Lantus without a physician's intervention.

Sales of Lantus, once Sanofi's top insulin product, have declined since its U.S. patent expired in 2015.

Biosimilars, cheaper copies of high-priced drugs, can help reduce costs, both through direct savings and competition that encourages lower prices, Express Scripts said.

Pharmacy benefit managers such as Express Scripts and CVS Health Corp help health insurers negotiate better prices from drugmakers and also draw up "formularies", or lists of drugs reimbursed by the insurers they work for. (Reporting by Manojna Maddipatla in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIOCON LIMITED 0.08% 362.8 Delayed Quote.-22.05%
NOVO NORDISK A/S -1.04% 712.5 Delayed Quote.67.00%
SANOFI -1.89% 85.01 Real-time Quote.8.02%
VIATRIS INC. -2.30% 12.75 Delayed Quote.-31.96%
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Financials
Sales 2022 80 759 M 1 077 M 1 077 M
Net income 2022 7 482 M 99,8 M 99,8 M
Net Debt 2022 28 742 M 383 M 383 M
P/E ratio 2022 54,9x
Yield 2022 0,28%
Capitalization 432 B 5 750 M 5 754 M
EV / Sales 2022 5,70x
EV / Sales 2023 4,59x
Nbr of Employees 13 500
Free-Float 35,3%
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Mean consensus HOLD
Number of Analysts 18
Last Close Price 362,80 INR
Average target price 365,94 INR
Spread / Average Target 0,87%
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Managers and Directors
Siddharth Mittal Chief Executive Officer, Director & MD
Indranil Sen Chief Financial Officer
Kiran Mazumdar-Shaw Executive Chairman
Manoj Kumar Pananchukunnath Head-Regulatory Sciences, Research & Development
Sandeep Nilkanth Athalye Head-Clinical Development & Medical Affairs
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