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  1. Biocon Q1 Net jumps 23 pct to Rs 126 cr

Biocon Q1 Net jumps 23 pct to Rs 126 cr

Biotechnology major Biocon today reported 23 per cent growth in consolidated net profit at Rs 126 crore for the quarter ended June 30, 2015...

By: | New Delhi | Updated: July 23, 2015 10:41 PM
Biocon net profit

Biocon’s net sales grew by 15 per cent at Rs 857 crore for the period under review as compared to Rs 742 crore in the year-ago period, Biocon Ltd said in a statement.

Biotechnology major Biocon today reported 23 per cent growth in consolidated net profit at Rs 126 crore for the quarter ended June 30, 2015, compared to Rs 103 crore in the same quarter of last year.

The company’s net sales grew by 15 per cent at Rs 857 crore for the period under review as compared to Rs 742 crore in the year-ago period, Biocon Ltd said in a statement.

“The strong performance this quarter reflects the overall growth of our business backed by a combination of product sales and monetisation of R&D assets through licensing,” Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said.

She said that during the quarter, the company successfully licensed biosimilar “Trastuzumab” in key emerging markets.

“Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings,” she added.

Further, the company said that it has appointed Narendra Chirmule as the Head of R&D. He has taken over from Abhijit Barve, who has moved back to the US for personal reasons.

The companty has established a new entity – Biocon Pharma Ltd, to support finished dosage of generic business.

“Our insulins drug product facility in Malaysia, underwent a cGMP audit by the National Pharmaceutical Control Bureau (NPCB), Malaysia. We expect to receive the formal certification in a few weeks. This will be followed by the initiation of the validation batches for the drug product,” it added.

Shares of the company closed 0.45 per cent down at Rs 458.55 apiece on the BSE.

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