Biocon, a Rs.3,500 crore major biopharmaceuticals company, has posted satisfactory financial performance during the first quarter ended June 2016 and its consolidated net profit as per IGAAP improved by 17 per cent to Rs.147 crore from Rs.126 crore in the corresponding period of last year. Its total sales increased by 9.5 per cent to Rs.903 crore from Rs.825 crore. EBIDTA increased by 14.8 per cent to Rs.271 crore from Rs.236 crore with EBIDTA margins of 28 per cent. The company's gross R&D expenditure remained at Rs.92 crore for the quarter.
The revenues from small molecules increased by 9 per cent to Rs.357 crore, led by sales to its India based customers servicing the needs of the US market and to some key markets in the LATAM and Africa & Middle East regions. The biologics business improved by 53 per cent to Rs.107 crore which includes rh-insulin, insulin analogs, monoclonal antibodies and recombinant proteins. The sales of branded formulations increased by 15 per cent to Rs.159 crore. Its research services business through Syngene improved by 18 per cent to Rs.263 crore.
Biocon scrip has taken a jump and reached at its yearly highest level at Rs.803.85 in the afternoon session on BSE today on account of satisfactory financial performance and announcement of acceptance by European Medicines Agency for proposed biosimilar Pegfilgrastim, co-developed by Mylan and Biocon.
Kiran Mazumdar-Shaw, chairperson and managing director, said, “Our strong performance this quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services. Our biologics business delivered a growth of 53 per cent driven by the sale of biosimilars in emerging markets. The submission of Pegfilgrastim, our first biosimilar filing in EU, isa a critical milestone this quarter. Our insulins business made a mark with the launch of Insulin Glargine in Japan. In addition we received regulatory approvals from MoH, Malaysia, for rh-insulin and Glargine which will enable commercialization of these products. We are on track for filing some of our biosimilars and generic formulations in the developed markets later this year.”