Biocon Profit at Rs 147 cr, Revenue up 21%

Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further, says Kiran Mazumdar-Shaw

IIndia's largest biotechnology company, Biocon, reported September quarter profit rose 52 per cent to Rs 146.7 crore against Rs 97 crore in the same period last year, on improved business growth across small molecules, biologics, and  research services.

The second quarter profit in FY16 is before exceptional items, Biocon said.

Based here, it grew revenue by 21  per cent to Rs 992 crore, as against Rs 819 crore in the July to September period last year.

"Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further. Our ready-to-use Insulin Glargine pen, launched in Japan, has been well received, which augurs well for this business," said chairperson and managing director Kiran Mazumdar-Shaw.

Biocon said it had made its second filing for review in the European Union for proposed biosimilar Trastuzumab. It also has got a tentative US drug regulator approval for Rosuvastatin calcium tablets, which helps it gain entry into the US generics market. 

Syngene, the research arm which Biocon has listed separately, grew 14 per cent to Rs 286 crore in the quarter.

“Our long-term investments in research & development, manufacturing facility in Malaysia and clinical advancement of our programs will enable us to unlock greater value,,” Shaw said. The stock, which traded at a 52-week high at Rs 1,010 in trading on Thursday, closed Rs 20.45 or two per cent down at Rs 980.25 on the BSE exchange, ahead of the results announcement.

 

Reference - http://www.business-standard.com/article/companies/biocon-profit-at-rs-147-cr-revenue-up-21-116102100044_1.html