Biocon rises on healthy Q3 earnings

Q3 net profit up 9% year-on-year at Rs 93 crore against an average analyst expectation of Rs 86 crore due to higher sales.

Biocon is trading higher by 4% to Rs 277 after reporting 9% year-on-year (yoy) rise in net profit at Rs 93 crore for the third quarter ended December 2012 (Q3) driven by period growth in different business verticals.

“Total sales of the company grew by 23% to Rs 635 crore from Rs 517 crore previous year,” Biocon said in a statement.

Analyst on an average had expected a net profit of Rs 86 crore and net sales of Rs 613 crore from the India’s largest biotechnology company by revenue.

“We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in global markets, which now accounts for a significant part of our business,” chairman and managing director Kiran Mazumdar-Shaw said in a statement.

The company has received approval from the DCGI (Drugs Controller General of India) for our monoclonal antibody, Itolizumab, indicated for psoriasis. This is a significant milestone that enhances the value of this late-stage asset, added Kiran Mazumdar-Shaw.

The stock opened at Rs 268 and hit a high of Rs 278 on NSE. A combined 513,708 shares have already changed hands on the counter so far on both the exchanges.