Biocon Q1 profit up 34.45% to Rs 166.6 cr

Biocon and Mylan apply for regulatory approval at EU for biosimilar of anti-cancer drug Pegfilgrastim

Biocon Ltd, India's largest Biopharma firm on Thursday said first quarter profits rose 34.45 per cent to Rs 166.6 crore and revenue by 20.7 per cent to Rs 982.4 crore on improved business across segments.

The Bengaluru-based Biocon had reported profits of Rs 123.9 crore on revenue of Rs 814 crore in the April to June period last year, it said in its regulatory filings.

"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," said Biocon Chairman and managing director Kiran Mazumdar Shaw in a statement

Biocon saw its biologics business grow by 53 per cent with increased sales of biosimilars in emerging markets.

Biocon stock had dropped 1.21 per cent or Rs 8.60 to close at Rs 701.5 on Thursday on the Bombay Stock Exchange, ahead of the results announcements.

Biocon and its global sales partners Mylan jointly said the European Medicines Agency had accepted their application for biosimilar version of Pegfilgrastim, the anti-cancer drug for review, which once approved, would help the firms to enter the highly regulated European market.

"The submission of Pegfilgrastim, our first biosimilar filing in EU, is 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 inthe developed markets later this year," Shaw said.

Biocon said that its research services business Syngene reported 18 per cent growth in revenue to Rs 263 crore on improved performance across its three services.

"Two  new facilities, the first phase of the Syngene Research Centre and a Viral Testing Facility are now operational, which augurs well for their biologics business. The positive growth and outlook positions Syngene for a strong performance in FY17," Biocon said in the statement.