Biocon Q3 net dips 28%

By agencies   |   Thursday, 19 January 2006, 08:00 Hrs
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BANGALORE: Continued pressure on statin pricing saw Biocon Ltd's net profit slip 28.3 percent to $72.54 million for the third quarter ended December 31, 2005 over the same period of 2004.

The biotech company showed higher net sales of $391 milli9n or a growth of 7.9 percent over sales of $363 million for the same period of 2004.

"Operating results continue to be challenged by the difficult pricing environment in the European statins market. However, the U.S. market for generic statins offers respite in 2006-07," the company said.

Biocon said the consolidated nine-month performance was in line with expectations, including those for 100 percent subsidiaries Syngene International and Clinigene International.

The Chairman and Managing Director, Kiran Mazumdar-Shaw, said, "I am pleased that we continue to deliver healthy profits at a time when we are investing in our discovery led research programs. Operating (EBITDA) margins of 30 percent demonstrate the quality and spread of our various businesses."

She said progress was being made on the R&D front, in particular in oncology and diabetes. A dedicated sales organization has been set up for oncology products. Research services, insulin and other pharmaceutical products performed strongly.

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