Biocon net profit up 33 per cent
24 July 2010
Biocon reported revenues of Rs672 crore in the first quarter ending 30June, 2010, as against Rs505 crore in the year-ago period, a 33 per cent increase. The net profit also grew by a similar margin to Rs77 crore from Rs58 crore.
Biocon chairman and managing director Kiran Mazumdar-Shaw said, ''Biocon has started this financial year on a very strong note.'' ''We have identified biosimilars, immunosuppressants, research services and the emerging markets as key growth drivers for the near term,'' Shaw added.
The company posted an operating margin of 21 per cent, even as earnings per share stood at Rs3.84 as against Rs 2.90 last year. According to Shaw, the company's insulin biosimilar drug had received approvals to initiate Phase-III clinical trials in Europe. She added that the company expect ed to start recruiting patients in the second quarter of fiscal year 2011. The company had a headcount of 4,750 at the end of the last quarter.
In the domestic market, the existing verticals in branded formulations - diabetology, oncotherapeutics, nephrology and cardiology - have reported a combined strong year-on-year growth of 28 per cent. The company is to launch two new divisions in the second quarter - comprehensive care and immunotherapy, according to a company release.
The nephrology division is expected to launch Advacan, a drug for renal and heart transplant recipients in the second quarter.
Biocon's German subsidiary, Axicorp, reported a year-on-year sales growth of 37 per cent.
Biocon entered into a long-term agreement with US biopharma company Optimer Pharmaceuticals for the manufacture of active pharma ingredient OPT 80.