Biocon Q4 net up 78% at Rs 201 crore, boosted by Syngene share sale

PAT powered by sale of Syngene shares; R&D spends up 95%

Bengaluru-based biopharma major Biocon has reported a 78% rise in its net profit for Q4 FY15 to Rs 201 crore. 

However, more than half of that came from an exceptional item - the sale of Syngene shares, which amounted to Rs 105 crore.

The company's top line, meanwhile, rose 15% for the quarter to Rs 854 crore.

Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated: "Biocon closed the year with a stronger performance in Q4 on the back of a record quarterly performance by our research services subsidiary Syngene and an improved performance of our biopharma business." 

She added that the company also recognised an exceptional income from the sale of shares of Syngene.

On the biosimilar strategy, Kiran Mazumdar-Shaw said, "As we move into FY16, we are clearly seeing our biosimilar strategy playing out with greater clarity, credibility and traction visible across our portfolio of biologics as they advance in clinical development. We continue to make investments in R&D as a strong future value driver. The Malaysia insulins facility has been commissioned, which once qualified, should provide us the scale to increase our presence and penetration in emerging markets and then in developed markets."

Biosimilar is a biopharmaceutical drug designed to have active properties similar to one that has previously been licensed.

During the quarter, Biocon strengthened its presence in Mexico, received approval for its insulin Glargine through its partner PiSA Farmaceutica.  

Also Biocon's research services subsidiary, Syngene, filed a Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India for its Initial Public Offering (IPO). During the quarter, the gross R&D spends rose 95% from Rs 169 cr in FY14 to Rs 329 cr in FY15.