Biocon has posted better net profit growth of 12.5 per cent during the first quarter ended June 2012 to Rs.78.80 crore from Rs.70.05 crore in the corresponding period of last year. Its consolidated net sales jumped by 30.2 per cent to Rs.570.86 crore from Rs.438.34 crore. The earnings per share improved to Rs.4.02 for the quarter from Rs.3.58 in the last period.
The company's biopharmaceuticals business notched up sales of Rs.368 crore during the first quarter ended June 2012 on account of higher sales in Statins and increased traction in the insulins as compared to Rs.299 crore in the same period of last period. Its sales of branded formulation in India went up sharply to Rs.86 crore from Rs.57 crore due to significant growth in its oncology, diabetology and comprehensive care divisions. The quarter was also marked by the launch of Xortib and Genexor in oncology and Matabac in the comprehensive care division. Similarly, contract research business (including subsidiaries Syngene and Clinigene) increased by 40 per cent to Rs.123 crore from Rs.88 crore.
Kiran Mazumdar-Shaw, managing director, said, “I am pleased to report that we have seen strong performances across all our business verticals and this reflects the success of our segmented business model. I draw attention to our R&D investments that have increased by 75 per cent during the quarter. This increase arises from the enhanced spend on clinical development, that is integral to delivering long term sustainable growth. On the licensing front, we are in discussing for several advancing research programs. We are hopeful that many of these will be realized going forward. This will endorse our R&D-led value creation strategy. We believe that the changing dynamics in global healthcare are providing a number of exciting opportunities which are well-aligned with our business strategy of delivering affordable products for chronic therapies. I believe we will continue to make good progress through the rest of the year.”
The company continues to make excellent progress on its various novel assets. It continue engagement with potential partners for licensable assets like IN-105 and Itolizumab. The 52-week data from the phase III trial in Psoriasis confirms the achievement of primary endpoint and multiple secondary endpoints.
Peter Bains, director, Syngene International, said “Syngene and Clinigene started the year well, with particularly strong performances in biology and custom synthesis.” Abbott Nutrition Research and Development Center was inaugurated during the first quarter and this center is committed to developing products for maernal and child nutrition & diabetes care, attuned to the needs of the the India sub-continent.