Biocon, a Rs.2,000 crore plus India's premier biotechnology company with a strategic focus on biopharmaceuticals and research services, has posted satisfactory performance during the third quarter ended December 2012 on account of strong performance by small molecules and biopharma. Its consolidated net profit improved by 8.1 per cent to Rs.91.76 crore from Rs.84.85 crore in the corresponding period of last year. Its EBIDTA moved up by 17.6 per cent to Rs.167.02 crore from Rs.141.99 crore. With improvement in bottom line, its EPS worked out to Rs.4.68 as against Rs.4.33 in the last period.
Biocon's consolidated net sales went up by 22.9 per cent to Rs.634.22 crore from Rs.516.59 crore during the quarter under review. Its pharmaceuticals sales increased by 23.5 per cent to Rs.501.32 crore from Rs.405.99 crore in the similar period of last year and that of Contract Research & Manufacturing Services (CRAMS) improved by 21.5 per cent to Rs.146.26 crore from Rs.120.34 crore. Its formulations business in the Middle East, through its joint venture NeoBiocon, has begun to gain critical mass recording sales of $5 million.
For the nine months ended December 2012, Biocon's consolidated net sales increased by 23.1 per cent to Rs.1,797 crore from Rs.1,460 crore in the same period of last year. Its pharma segment sales improved by 22.9 per cent to Rs.1,450 crore and sales from CRAMS increased by 31 per cent to Rs.417 crore from Rs.316 crore. Its net profit improved by 8.2 per cent to Rs.260.21 crore from Rs.240.60 crore. The branded formulations business delivered a growth of 35 per cent during the nine months.
Kiran Mazumdar-Shaw, chairman and managing director, said, “Our nine months performance has seen a 23 per cent YoY increase in revenues and an 11 per cent EBITDA growth attributable to a combination of volume expansions, price increases and improved export realizations. We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in ROW markets which now accounts for a significant part of our business. I am also pleased to announce that we have received approval from the DCGI for our novel monoclonal antibody, Itolizumab indicated for psoriasis. This is a significant milestone that enhances the value of this late stage asset.”
Biocon received marketing authorisation from DCGI for Alzumab, a novel anti-CD6 biologic (Itolizumab) indicated for psoriasis. It entered option agreement with Bristol Myers Squibb for the novel oral insulin IN 105 program. The completed second part of the EU phase III trials or biosimilar rh-Insulin and initiated a global phase III clinical study for biosimilar Trastuzumab. BVX 20, its novel anti CD-20 therapy, has entered the clinic in India for a phase I trial in non-Hodgkins lymphoma (blood cancer). Its research services arm continues to grow robustly, delivering 34 per cent growth during nine months period.
Peter Bains, director, Syngene International, said, “We are pleased with Syngene and Clinigen's Q3 results and the maintenance of the strong momentum we have seen in the first half of the year. Our order book position has been further strengthened with retention of existing business as well as expansion with existing clients and acquisition of new customers. We are well positioned to see momentum continue through Q4 and into the next fiscal.”