Biocon Ltd, the Bangalore-based fully integrated biotechnology company, achieved good performance during the second quarter ended September 2004 on account of improved working of its enzymes, statins and biopharmaceuticals segments. Its standalone net profit has taken a quantum jump of 47 per cent to Rs 50 crore as against Rs 34 crore in the corresponding period of last year. Its earning per share for the quarter worked out to Rs 5.02 as compared to Rs 3.82. The company's sales went up by 22 per cent to Rs 171 crore from Rs 140 crore.
Biocon's net profit for the first six months ended September 2004 also moved up sharply by 69 per cent to Rs 93 crore from Rs 55 crore in the similarly period of last year. Its sales also saw a rise of 38 per cent to Rs 331 crore from Rs 240 crore. The operating profit before interest, depreciation and taxation reached Rs 109 crore from Rs 80 core, registering a rise of 80 per cent. The earning per share touched to Rs 9.34 from Rs 6.12 in the last period.
Commenting on the results, Kiran Mazumdar-Shaw, chairman & managing director, Biocon Limited, said, "The first half year performance confirms the robust growth of the Company. All segments of our business developed strongly. I am particularly pleased with the milestones achieved on the Insulin and Monoclonal Antibody fronts. These are key drivers of our development plans. They offer huge potential for sustained long term profitable growth. We are confident that the full year will show excellent Progress over last year's performance."
The company has entered into co-development partnership with Nobex, USA to develop developing an oral insulin product for the treatment of diabetes on a global scale. It is planning to launch recombinant human insulin in the current quarter. Biocon's r-human insulin is manufactured using a proprietary Pichia expression system, conforming to the highest international specifications.
The company commenced phase IIB clinical trials of its drug TheraCIM (h-R3), a humanised monoclonal antibody, for the treatment of head and neck cancers. This drug has already received a Fast Track approval from the National Regulatory Authority of Cuba and 'Orphan Drug' status from the EMEA (European Agency for the Evaluation of Medicinal Products) to treat cancer patients.
Its Syngene research facility will be inaugurated on October 21 and likely to commence operations immediately. Meanwhile, the company commenced phase IIB clinical trials for h-R3 monoclonal antibody. Eminent California scientist entrepreneur Dr. Bala Manian joins Biocon Board.
The company's consolidated income increased by 42 per cent to Rs 367 crore from Rs 258 crore. Sales from the biopharmaceuticals business increased by 38 per cent to Rs 287 crore from Rs 208 crore, contributing 78 per cent of its total income during the first half of 2004-'05. Similarly, sales from custom and clinical research went up by 71 per cent to Rs 29 crore from Rs 17 crore. The company's exports achieved a growth of 48 per cent and contributed 65 per cent of its overall revenues. Excellent export performance was due to improved working in US and European markets.
The consolidated operating profit increased by 40 per cent to Rs 122 crore from Rs 87 crore in the corresponding period of last year. The consolidated net profit also increased by 75 per cent to Rs 105 crore during the first half ended September 2004 from Rs 60 crore.
Biocon and its two subsidiary companies, Syngene International Pvt. Ltd. and Clinigene International Pvt. Ltd. together with its Joint Venture Company Biocon Biopharmaceuticals Pvt. Ltd. form a fully integrated biotechnology company, specializing in biopharmaceuticals, enzymes, custom research and clinical research. With successful initiatives in clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries.