Biocon registered total revenues of Rs.992 crore which is up by 21 against the corresponding quarter last year. The net profit is at Rs.147 crore in Q2 ending on September 30, 2016.
The net profit indicated a growth of 52 per cent over last year (after excluding impact of exceptional items due to INDAS adjustment to Q2FY16 numbers). The EBITDA stood at Rs.277 crore. The growth for this quarter was led by Small Molecules, Biologics and Syngene.
Net R&D spends during the quarter stood at Rs.65 crore an increase of 14 per cent YOY. At a Gross level, R&D spends in Q2 were Rs.113 crore.
Licensing Income this quarter stood at Rs.32 crore and was largely reported for bio-similar products in the emerging markets. The other Income reported was Rs.52 crore.
The company’s small molecules business delivered revenue of Rs.389 crore with a growth of 15 per cent led by a better product-mix of differentiated APIs and a higher contribution from statins. Sales in emerging markets of AFMET, LATAM as well as sales to India based customers servicing the needs of the US market made a significant contribution to the improved performance of this business.
In the generic formulations the company received a tentative approval from the US FDA for generic rosuvastatin calcium tablets, which is a first for Biocon. Commercial launch preparations for rosuvastatin calcium in US are underway.
The novel biologics and biosimilars, including rh-insulin, insulin analogs, monoclonal antibodies and recombinant proteins, reported a growth of 26 per cent at Rs.96 crore on account of good performance in key emerging markets.
We made significant progress with Trastuzumab sales and licensing in some of the key emerging markets of AFMET and LATAM, which augurs well for this business.
Commenting on the quarterly performance and highlights, chairperson and managing director, Kiran Mazumdar-Shaw stated “Our performance in Q2 FY17, was led by strong growth across small molecules, biologics and research services. Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further. Our ready-to-use insulin glargine pen launched in Japan has been well received which augurs well for this business. The acceptance of our proposed biosimilar trastuzumab filing for review by EMA was a critical milestone this quarter. This is our second filing in EU. The tentative US FDA approval for rosuvastatin calcium tablets heralds our entry into the US generics market.”
Biocon is among the first wave of biosimilars players, and is well positioned to leverage the global biosimilars opportunity along with its partner Mylan. Our portfolio of follow-on biologics continues to make good clinical progress, she added.