Biocon, a Rs.3,400 crore Bengaluru based pharma company, has posted strong growth in consolidated net profit of 78.7 per cent during the fourth quarter ended March 2016 to Rs.360.9 crore as against Rs.201.5 crore in the similar period of last year. The company registered exceptional income of Rs.268 crore in respect of agreement with PiSA, Mexico which changes the nature of Biocon's future obligations on the rh-insulin programme. Meanwhile, the company inducted M Damodaran, former chairman SEBI, as an additional independent director.
Its net sales improved by 16.9 per cent to Rs.970 crore from Rs.830 crore. Its pharma sales increased by 10.6 per cent to Rs.658 crore from Rs.595 crore and that of income from contract research & manufacturing services (CRAMS) moved up sharply by 33.3 per cent to Rs.332 crore from Rs.249 crore. The branded formulations sales in India touched to Rs.101 crore in Q4, driven by metabolics, onco-therapeutics and market access divisions. EPS worked out to Rs.18.05 as compared to Rs.10.08 in the last period.
Kiran Mazumdar-Shaw, chairperson and managing director, said, “Biocon has closed the year with a landmark quarter, crossing a milestone Rs.1,000 crore consolidated revenues for the first time. Biocon's gross R&D expenses at Rs.152 crore this quarter were the highest till date reflecting the advancement of our innovation led drug pipeline comprising novels, biosimilars and ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programmes in FY17.”
“The company received the Japanese regulatory approval for insulin glargine during fourth quarter. Biocon entered a co-development and commercialization partnership for Biocon's rh-insulin for the US market with Lab Pisa, Mexico. It also received European approval for rosuvastatin calcium tablets during the fourth quarter,” Mazumdar-Shaw added.
For the full year ended March 2016, Biocon's consolidated net sales increased by 11.3 per cent to Rs.3,406 crore from Rs.3,060 crore in the previous year. Its pharmaceutical sales increased by 6.8 per cent to Rs.2,405 crore from Rs.2,251 crore and that of CRAMS went up by 28.7 per cent to Rs.1,107 crore from Rs.860 crore. Other operating income increased by 166 per cent to Rs.79.5 crore from Rs.29.8 crore.
Its net profit has taken quantum jump of 80.3 per cent to Rs.896 crore from Rs.497 crore in the previous year basically due to higher exceptional income of Rs.575.4 crore during 2015-16 as compared to Rs.105.1 crore. Profit before exceptional income increased by 25.6 per cent to Rs.652 crore from Rs.519 crore. EBDITA improved by 20.8 per cent to Rs.904.50 crore from Rs.748.90 crore.
The company has restructured its legal entities to align with its growth strategies represented by its strategic business unit. This restructuring will enable to unlock greater value from its business segments at an opportune time. All its biosimilar assets will now be consolidated under the new legal entity, Biocon Biologics Ltd incorporated in UK as a subsidiary of Biocon Ltd.