Biocon quarterly (Q1) profit up 12.49%

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Biocon Q1 up 12.49%. Biocon Q1 up 12.49%.
SummaryThe company had posted net profit of Rs 70.05 crore for the April-June quarter.

Biotechnology major Biocon has reported a 12.49 per cent rise in consolidated net profit to Rs 78.80 crore during the first quarter ended June 30, 2012, on robust performance across business verticals.

The company had posted net profit of Rs 70.05 crore for the April-June quarter of the 2011-12 fiscal, Biocon said in a statement.

Consolidated total income of the company rose to Rs 576.68 crore in Q1, from Rs 443.48 crore for the year-ago period.

Commenting on the results, Biocon Chairman and MD Kiran Mazumdar-Shaw said: "I am pleased to report that we have seen strong performances across all our business verticals and this reflects the success of our segmented business model".

During the first quarter of the current financial year, biopharma business of the major grew 23 per cent YoY. Branded formulations also registered robust growth of 52 per cent from the same quarter year ago led by oncology, comprehensive care and diabetology, the company said.

The company continued its engagement with potential partners for its licensable assets in 105 and Itolizumab.

"On the licensing front, we are in discussions for several advancing research programmes. We are hopeful that many of these will be realised going forward. This will endorse our R&D-led value creation strategy," Mazumdar-Shaw said.

The 52-week data from the Phase III trial in Psoriasis confirms the achievement of primary endpoint and multiple secondary endpoints , Biocon said.

"We intend to file for regulatory approval and marketing authorisation for the treatment of Psoriasis, for this molecule in the Indian market shortly," it added.

Research Services (Syngene and Clinigene) also witnessed growth of 40 per cent YoY, it added.

During the quarter, global Phase I trial for bio similar Glargine were completed successfully, the company said adding the period also saw the inauguration of Abbott Nutrition R&D Center in the Biocon Park.

The company's board of directors have approved the scheme of arrangement for merging the wholly-owned subsidiary Biocon Biopharmaceuticals Ltd with it, subject to the approval of the members and the High Court of Karnataka.

Shares of Biocon were trading at Rs 245 per scrip on BSE, down 2.43 per cent from its previous close.

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