India’s Biocon reported first-quarter net profit that soared by more than 70% and said it was confident of a “very successful” US trastuzumab launch, despite rival Amgen stealing a march by commercializing its own biosimilar first in the world’s largest drug market.

Leading Indian biotech firm Biocon has got the green light for a biosimilar manufacturing facility from Europe’s drug regulator, paving the way for the company’s growing biosimilars portfolio to gain greater European market access.

As it begins reporting biosimilars sales after embarking on the journey a decade ago, Amgen says it will target sizeable European countries possessing more “balanced dynamics,” such as France and Germany, for its biosimilar franchise. The California-based biotech also remains upbeat about the potential to make serious inroads in the US biosimilars market.