Biocon Q1 net up 33% at Rs 77 crhttps://indianexpress.com/article/news-archive/web/biocon-q1-net-up-33-at-rs-77-cr/

Biocon Q1 net up 33% at Rs 77 cr

Biotech major Biocon today reported a consolidated net profit...

Biotech major Biocon today reported a consolidated net profit for the first quarter ended June 30,2010 at Rs 76.74 crore,up 33.34 per cent from the the same period previous fiscal.

Net sales of the company stood at Rs 662.28 crore for the quarter ended June 30,compared to Rs 495.93 crore in the same period corresponding fiscal,Biocon said in a statement.

“Biocon has started this financial year on a very strong note. Our group profits have grown by 33 per cent year-on-year (Y-o-Y) to Rs 77 crore,whilst our revenues have also delivered an impressive 33 per cent Y-o-Y growth,” Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said.

She said the the company has identified biosimilars,immunosuppressants,research services and the emerging markets as key growth drivers for the near term.

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“We believe these will deliver sustainable shareholder value over the coming years,” Shaw added.

The company’s biopharma business,that include insulins,immunosuppressants,statins and branded formulations posted a 37 per cent year on year increase in revenues in the first quarter of this fiscal.

The firm’s branded formulations business,which includes Diabetology,Oncotherapeutics,Nephrology and Cardiology,have posted a combined strong Y-o-Y growth of 28 per cent.

“Our German subsidiary Axicorp has posted strong results in this quarter with a 37 per cent year on year growth in sales,” the company said.

Besides,the company signed a long-term agreement with US biopharma company Optimer Pharmaceuticals Inc for the commercial manufacturing of active pharma ingredient OPT 80.

The drug is among a new class of macrocyclic antibiotics and is being developed by Optimer to treat serious colon infections such as Clostridium difficile infection and is expected to be commercialized soon.

Shares of Biocon closed at Rs 320.85 on the Bombay Stock Exchange,down 3.17 per cent from its previous close.