Biocon gains after strong Q1 outcome

Biocon was up 2.9% at Rs 472.10 at 11:21 IST on BSE after consolidated net profit jumped 22.67% to Rs 126.24 crore on 15.44% growth in total income to Rs 856.51 crore in Q1 June 2015 over Q1 June 2014.

Biocon announced the first quarter results after trading hours yesterday, 23 July 2015.

The stock hit high of Rs 478 and low of Rs 469.05 so far during the trading session. The stock had hit 52-week high of Rs 523.85 on 23 July 2014. The scrip had hit 52-week low of Rs 402.45 on 7 January 2015.

On BSE, so far 2.2 lakh shares were traded in the counter as against average daily volume of 86,127 shares in the past one quarter.

Biocon's earnings before interest, taxation, deprecation and amortization (EBITDA) jumped 24% to Rs 236 crore in Q1 June 2015 over Q1 June 2014. The EBITDA margin moved up to 28% in Q1 June 2015 from 26% in Q1 June 2014.

Commenting on the company's first quarter results, Biocon Chairperson and Managing Director, Kiran Mazumdar-Shaw said that the strong performance this quarter reflects the overall growth of the business backed by a combination of product sales and monetization of R&D assets through licensing. She said that the company's Biosimilars strategy is playing out well with five programs in phase 3 clinical development. In Q1 June 2015, Biocon successfully licensed biosimilar Trastuzumab in key emerging markets. The company's Insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Mazumdar-Shaw further said that the company's focus on key brands in its banded formulations business has begun to translate into a better quality of earnings.

Biocon said that its two new biosimilar molecules -- Pegfilgrastim (PEG-G-CSF) and Adalimumab -- have entered Global Phase 3 clinical trials, taking the tally to five partnered programs in Phase III clinical development.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

Powered by Capital Market - Live News