Biocon Net Up 5 Percent in Second Quarter

Bangalore: Biotech major Biocon posted a consolidated net profit of 90 crore for second quarter (July-September) of this fiscal (2011-12), registering a marginal five percent growth year-on-year (YoY) from 86 crore in same period last fiscal. In a regulatory filing Wednesday, the firm said its consolidated sales grew 18 percent YoY to 592 crore for the quarter under review from 503 crore in the like period a year ago. With 50 crore from other income, total revenue is up 19 percent to 642 crore from 538 crore a year ago. Operating margin increased 11 percent to 166 crore from 149 crore. On standalone basis, the parent company's net profit, however, rose 29 percent to 88 crore from 68 crore and total income 26 percent to 518 crore from 412 crore. "We continue to deliver good performance across verticals this fiscal. At half year (April-September), we have seen a 23 percent YoY increase in revenues (1,235 crore) attributable to volume growth and better export realisation on account of a depreciating rupee," Biocon chairperson Kiran Mazumdar Shaw told reporters at a review of the company's quarterly financial performance. The company's active pharma ingredients (APIs) and biosimilar insulins business grew in emerging markets. Similarly, branded formulations and research services posted strong growth, while expenditure on research and development (R&D) shot up 54 percent YoY during the first half. "The business outlook remains positive. With a number of our biosimilar and novel programmes entering clinics, we have witnessed an upsurge in our R&D cost, which indicates potential upsides in the long term," Shaw asserted. The company's biosimilar Trastuzumab is undergoing a global phase-I and an India phase-III clinical trial. "A number of our other biosimilar and novel programmes are set to move to the next phase in the development cycle like our biosimilar insulin Glargine that is set to commence its global phase III trial soon," Shaw added.
Source: IANS