Biocon net up 52% in second quarter

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SME Times News Bureau | 21 Oct, 2016
Biotech major Biocon Ltd on Thursday reported Rs 147 crore consolidated net profit for second quarter (July-September) of fiscal 2016-17, registering 57 percent annual growth from Rs 97 crore in same period year ago.

In a regulatory filing to the stock exchanges, the city-based listed firm said consolidated sales for the quarter (Q2) under review was Rs 940 crore, posting 20 percent annual growth from Rs 786 crore in like period year ago.

"Our performance in Q2 was led by strong growth across small molecules, biologics and research services. Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue," said Biocon Chairperson Kiran Mazumdar-Shaw in a statement in Bengaluru.

The company's earnings before interest, tax, depreciation and amortization (Ebitda) at Rs 277 crore shot up 45 percent from Rs 192 crore in same period year ago, while operating margin increased to 28 percent from 23 percent year ago.

"Our ready-to-use insulin Glargine pen has been well received in Japan and augurs well for our business. Acceptance of our proposed biosimilar Trastuzumab filing for review by EMA (European Medicines Agency) was a milestone in the quarter," asserted Shaw.

Research and Development (R&D) spend increased 14 percent to Rs 65 crore during the quarter from Rs 57 crore in like period year ago.

"The tentative USFDA approval for Rosuvastatin calcium tablets heralds our entry into the US generics market," noted Shaw.

The city-based company hopes its investments in R&D manufacturing facility in Malaysia and clinical advancements will enable it to unlock greater value.

'The company's India business was impacted as some of its products were brought under drug price control, while most of its brands garner growth in terms of prescriptions.

The company's blue chip scrip of Rs 5 face value, however, lost Rs 20.45 in trading on the BSE, closing at Rs 980.25 as against Wednesday closing price of Rs 1,000.70 and opening at Rs 1,010 earlier in the day.