1. Biocon hits new all-time high post Q1 results, shares surge over 15%

Biocon hits new all-time high post Q1 results, shares surge over 15%

Biocon shares hit new all-time high of Rs 771 on Friday after the company reported 34.46 per cent rise in consolidated net profit at Rs 166.60 crore for the first quarter ended June 30, 2016

By: | New Delhi | Updated: July 22, 2016 4:11 PM
BSE Sensex, NSE Nifty, Biocon Biocon shares hit new all-time high of Rs 771 on Friday after the company reported 34.46 per cent rise in consolidated net profit at Rs 166.60 crore for the first quarter ended June 30, 2016 (Photo: Reuters)

Biocon shares hit new all-time high of Rs 825 on Friday after the company reported 34.46 per cent rise in consolidated net profit at Rs 166.60 crore for the first quarter ended June 30, 2016 on the back of strong growth in biologics and branded formulations. It had reported net profit of Rs 123.90 crore in the same quarter last year. Consolidated topline of the Bangalore-based firm jumped 28.25 per cent to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the same period of the previous financial year.

In another BSE filing, the company announced that the European Medicines Agency (EMA) has accepted for review Mylan’s Marketing Authorization Application (MAA) for proposed biosimilar Pegfilgrastim, which is used to reduce the duration of neutropenia for cancer patients.

On a standalone basis, net profit of the company jumped 38.90 per cent year-on-year to Rs 141.40 crore for the quarter under review against Rs 101.80 crore in the same quarter last year. Gross sales of the comapny grew 24.27 per cent on year-on-year basis to Rs 645.60 crore.

The share price of Biocon closed 15.28 per cent up at Rs 808.70. The scrip opened at Rs 719.80 and touched a high and low of Rs 825 and Rs 712, respectively, in trade. Sensex settled 92.72 points up at 27,803.

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