Biocon reports Q3 net profit of Rs 105 cr, up 14%

The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb.<br /><br />

hidden January 23, 2014 13:50:56 IST
Biocon reports Q3 net profit of Rs 105 cr, up 14%

New Delhi: Bangalore-based biotech major Biocon Ltd today reported 14.41 percent increase in its

consolidated net profit for the third quarter ended December 31, 2013 at Rs 104.99 crore.

The company had posted a consolidated net profit of Rs 91.76 crore in the same quarter last fiscal.

Consolidated net sales during the quarter under review stood at Rs 701.16 crore as against Rs 634.22 crore in the year-ago period.

Commenting on the quarterly performance, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said: "Q3 FY14 has been a very eventful quarter for us, with several research milestones across our novel molecules and biosimilars portfolio.

Biocon reports Q3 net profit of Rs 105 cr up 14

India's biotech queen, Kiran Mazumdar Shaw Reuters

"The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb."

The growth for this quarter has been led by the company's flagship drug brands - Basalog, Insupen, BioMab EGFR and Abraxane.

"In addition, we have seen very enthusiastic uptake of Cytosorb, a novel therapy in sepsis management that we had launched last quarter," she added.

The company has also strengthened its R&D pipeline with two new alliances giving it access to novel technology platforms.

"The performance of the Biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket. We have witnessed sustained business momentum in research services, and a return to growth for our Branded Formulations vertical," Mazumdar-Shaw said.

Biocon have also signed a licensing and co-development agreement with Advaxis Inc for ADXS-HPV, a novel cancer immunotherapy to treat Human Papilloma Virus (HPV)-associated cervical cancer in India and key emerging markets.

Shares of Biocon Ltd were trading at Rs 455.95 per scrip in the afternoon trade, down 4.84 percent from the previous close on the BSE.

The company said it has commenced global trials for its oral insulin (IN 105) programme in the US. It has also entered into a strategic collaboration with Quark Pharmaceuticals this quarter, to develop a range of new medicines, including a drug candidate for ophthalmic conditions.

On the outlook, she said: "The outlook for FY14 remains positive while we strive to balance our revenue growth and R&D spend. Our portfolio and cost optimisation initiatives continue, helping us manage our margins more effectively."

She said Biocon's Malaysia facility is on track for commissioning in FY15.

"We expect to close this financial year with a strong performance across business verticals," Mazumdar-Shaw said.

PTI

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Govt spending on science research has remained stagnant: Kiran Mazumdar-Shaw
science

Govt spending on science research has remained stagnant: Kiran Mazumdar-Shaw

Unlike other economies, the Indian government is the primary source of science research funding as well as the primary user of those funds, Shaw noted.

Uber India's first female driver found dead in Bengaluru
India

Uber India's first female driver found dead in Bengaluru

A 40-year-old woman cab driver, V. Bharathi, was found dead in her unlocked rented house, in Bengaluru’s Nagashetty Halli area, police said on Tuesday.

Biocon net profit falls 15 percent; shares down
Business

Biocon net profit falls 15 percent; shares down

Shares in Biocon Ltd., India's top-listed biotechnology company, fell as much as 4.4 percent on Wednesday, after its December quarter net profit fell 15 percent on lower licensing income, which the company expects to rise in future.