This Article is From Jul 22, 2016

Biocon Posts 17% Rise In Q1 Profit

Biocon Posts 17% Rise In Q1 Profit
New Delhi: Biotechnology major Biocon on Thursday posted a 17 per cent rise in net profit at Rs 147 crore for the fiscal first quarter that ended on June 30, 2016, on the back of robust growth in segments like biologics and branded formulations.

The Bangalore-based firm had posted a net profit of Rs 126 crore for the corresponding period of the previous fiscal year.

Total revenue rose to Rs 952 crore in the first quarter of the current fiscal year, as compared to Rs 857 crore in the year-ago period, Biocon said in a statement.

"Our strong performance this quarter has been driven by an all- round growth of our business across small molecules, biologics, branded formulations and research services," Biocon chairperson and managing director Kiran Mazumdar-Shaw said.

The company's biologics business delivered a growth of 53 per cent driven by the sales of biosimilars in emerging markets, she added.

"The submission of Pegfilgrastim, our first biosimilar filing in EU, is a critical milestone this quarter. Our insulins business made a mark with the launch of Insulin Glargine in Japan," Ms Mazumdar-Shaw said.

Besides, the company is on track for filing some of its biosimilars and generic formulations in the developed markets later this year, she added.

Shares in Biocon, on Thursday, ended 1.21 per cent lower at Rs 701.50 apiece on the BSE, whose benchmark Sensex index finished down 0.74 per cent.