 "Biocon up over 5% post Q1 results, EMA review of Biosimilar")
Biocon has surged 7% to Rs 749 on the BSE after the company reported 35% year-on-year (YoY) jump in its consolidated net profit of Rs 167 crore for the first quarter ended June 30, 2016 (Q1FY17). The biopharma company had registered a profit of Rs 124 crore in the year ago quarter.
Total revenue recorded a healthy growth of 21% YoY at Rs 982 crore against Rs 814 crore in the corresponding quarter of previous fiscal.
Commenting on the quarterly performance Kiran Mazumdar-Shaw, chairperson and managing director of Biocon said the strong performance this quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services.
In separate filing, Biocon said the European Medicines Agency (EMA)—the European Union (EU) drug regulator—has accepted for review, Mylan NV’s marketing authorization application for the proposed biosimilar pegfilgrastim, used to stimulate the level of neutrophils, a type of white blood cells in cancer patients undergoing chemotherapy. Biocon has a partnership with Mylan to co-develop specific biosimilars.
The trading volumes on the counter more than doubled with a combined 2.82 million shares changed hands on the BSE and NSE till 10:15 AM.
Total revenue recorded a healthy growth of 21% YoY at Rs 982 crore against Rs 814 crore in the corresponding quarter of previous fiscal.
Commenting on the quarterly performance Kiran Mazumdar-Shaw, chairperson and managing director of Biocon said the strong performance this quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services.
In separate filing, Biocon said the European Medicines Agency (EMA)—the European Union (EU) drug regulator—has accepted for review, Mylan NV’s marketing authorization application for the proposed biosimilar pegfilgrastim, used to stimulate the level of neutrophils, a type of white blood cells in cancer patients undergoing chemotherapy. Biocon has a partnership with Mylan to co-develop specific biosimilars.
The trading volumes on the counter more than doubled with a combined 2.82 million shares changed hands on the BSE and NSE till 10:15 AM.
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