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Biocon Posts 23% Rise in Q1 Profit

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Biocon Posts 23% Rise in Q1 Profit

File photo: Biocon chief Kiran Mazumdar-Shaw


New Delhi: Biotechnology major Biocon Ltd on Thursday reported a 23 per cent increase in consolidated net profit at Rs 126 crore for the quarter ended June 2015.

The company had registered a net profit of Rs 103 crore for the corresponding period a year ago.

Net sales grew 15 per cent to Rs 857 crore as against Rs 742 crore in the year-ago period, Biocon said in a statement.

"The strong performance this quarter reflects the overall growth of our business backed by a combination of product sales and monetization 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 company 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 in Biocon, on Thursday, ended 0.45 per cent lower at Rs 458.55 apiece on the BSE.


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