Biocon, India's largest biopharmaceuticals firm, has reported 65% jump in net profit at Rs 171 crore for the third quarter ended December 2016 compared to Rs 104 crore in the corresponding quarter last year.
Biocon, India’s largest biopharmaceuticals firm, has reported 65% jump in net profit at Rs 171 crore for the third quarter ended December 2016
compared to Rs 104 crore in the corresponding quarter last year. Its total revenues have gone up 32% to Rs 1092 crore as against Rs 829 crore a year ago.
The revenue growth was led by a robust growth of 61% in the Biologics business, 24% growth recorded by small molecules, 18% by branded
formulations and 17% growth by research services businesses. Licensing income stood at Rs 79 crore and other income was Rs 63 crore. EBITDA rose 57% to Rs 324 crore during the quarter.
“Our strong performance in Q3FY17 was led by robust growth of our Biologics business with both insulins and biosimilar MAbs gaining traction in Japan and key emerging markets. The commercialisation of our Malaysian facility was a key milestone this quarter,” Kiran Mazumdar-Shaw, Chairperson and Managing Director, Biocon said.
Biocon has also won a three-year contract from Malaysia’s health ministry for supplying rh-insulin cartridges and reusable insulin pens. The Biologics segment comprising Novels and Biosimilars, including rh-insulin, insulin analogs, monoclonal antibodies and recombinant proteins, reported a strong growth of 61% at Rs 120 crore.
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Biocon with its global partner Mylan made good regulatory progress in its biosimilar and insulin analogs global development programs. The small molecules business reported strong revenue growth of 24% to Rs 390 crore, led by good traction in its business in India, Europe, LatAm and NAFTA for statins, immunosuppressants and specialty products.