Biocon, a largest biotechnology company in India, has posted strong financial performance during the first quarter ended June 2010 and its net profit went up by 32.8 per cent to Rs 77 crore from Rs 58 crore in the corresponding period of last year. Its sales also moved up by 33.5 per cent to Rs 662 crore from Rs 496 crore. The earning per share improved to Rs 3.84 as against Rs 2.90 in the last period.
The biopharma business which include insulins, immunosuppressants, statins and branded formulations increased by 37 per cent during the first quarter of 2010-11. The company has made significant progress in developing biosimilars for several rest of the world markets. Its insulin biosimilar drug has received approval to initiate phase III clinical trials in Europe and will start recruiting patients in Q2 of FY11.
The existing verticals in branded formulations (diabetology, oncotherapeutics, nephrology and cardiology) have posted a combined strong YoY growth of 28 per cent. The company will launch two new divisions in second quarter viz., Comprehensive Care and Immunotheerapy. These new divisions will target physicians and specialists in hospitals and intensive care settings. Its nephrology division is set to launch Advacan, a drug for renal & heart transplant recipients. In the cardiology segment, Clotide (eptifibatide) and Myokinase (streptokinase) maintain their No 1 and No 2 rankings in their respective categories.
Syngene and Clinigene grew to a combined sales of Rs 72 crore in first quarter ended June 2010. Operating profits, were, however, impacted by higher costs associated with integrated drug development programs that are expected to yield results in the coming quarters. Its novel pipeline has achieved significant milestones including initiation of a phase 1 study in Type 1 diabetics for its IN-105 programme, under a US IND. Biocon's novel anti-CD6 targeting monoclonal antibody (T1h) programme has started phase III clinical trials for psoriasis with the first set of patients being recruited and dosed.
Kiran Mazumdar-Shaw, chairman and managing director, said, “Biocon has started this financial year on a very strong note. Our group profits have grown by 33 per cent YoY to Rs 77 crore whilst our revenues have also delivered an impressive 33 per cent YoY growth. We have identified biosimilar, immunosuppressants, research services and the emerging markets as key growth driers for the near term. We believe these will deliver sustainable shareholder value over the coming years.”
The company signed a long term agreement with US biopharma company Optimer Pharmaceuticals Inc., for the commercial manufacturing of active pharma ingredient OPT 80. The drug is among a new class of macrocyclic antibiotics and is being developed by Optimer to treat serious colon infections and is expected to be commercialized soon.