Biocon gains after subsidiary bags EU GMP Certification

Biocon rose 0.14% to Rs 352.10 after the company said its susidiary, Biocon Biologics India, received EU GMP certification for its drug substance facilities in Bengaluru.

Biocon Biologics India, a subsidiary of Biocon, has received the certificate of Good Manufacturing Practice (GMP) compliance from EMA represented by the competent authority of Germany for its biologics drug substance (DS), facilities at Bengaluru.

These facilities are used for manufacturing drug substance of Pegfilgrastim and Recombinant Human Insulin and manufacturing related activities for Insulin Glargine and Insulin Aspart and were inspected by the regulatory agency between January 20 and 23, 2020.

This certification will enable the firm to continue addressing the growing needs of patients in the EU markets and enhance access to the firm's high quality biosimilars. The disclosure was made before trading hours today, 12 May 2020.

On a consolidated basis, net profit fell 6.6% to Rs 202.80 crore in Q3 December 2019 (Q3 FY20) from Rs 217.20 crore in Q3 December 2018 (Q3 FY19), due to higher R&D expenses and tax impact of an exceptional item. Profit before tax (PBT) stood at Rs 315.10 in Q3 FY20, up by 8.9% from Rs 289.30 crore in Q3 FY19. Net sales rose 13.5% year-on-year (Y-o-Y) to Rs 1,748.10 crore in Q3 December 2019 over Q3 December 2018.

Biocon is an innovation-led global bio-pharmaceuticals company.

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