Biocon gains on positive outlook for FY 2015

Biocon rose 2.41% to Rs 478.15 at 11:51 IST on BSE after the company at the time of announcing Q4 results said it expects FY 2015 to reflect continued business momentum with biosimilars, branded formulations and research services driving growth.

The Q4 result was announced on Thursday, 24 April 2014. The stock market was closed that day, on account of Parliamentary elections in Mumbai constituency.

Meanwhile, the S&P BSE Sensex was down 32.06 points or 0.14% at 22,844.48.

On BSE, so far 2.49 lakh shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past two weeks.

The stock hit a high of Rs 484.90 and a low of Rs 471 so far during the day.

Biocon's consolidated net profit declined 54.51% to Rs 113.08 crore on 14.92% growth in total income to Rs 745.77 crore in Q4 March 2014 over Q4 March 2013.

Biocon's consolidated net profit declined 18.69% to Rs 413.72 crore on 15.57% growth in total income to Rs 2933.19 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Commenting on the company's financial performance, Kiran Mazumdar-Shaw, CMD, Biocon said, "Biocon ended fiscal 2014 on a strong note. We delivered 16% revenue growth along with a healthy EBITDA margin of 25%. This fiscal we recorded robust performance, an outcome of our efforts aimed at optimizing our product mix, augmenting capacities and driving operational efficiencies. We have delivered on our promise of affordable innovation through commercialization of Alzumab, an anti-CD6 novel biologic for Psoriasis; and CANMAb, the world's most affordable trastuzumab. We are pleased that a large number of patients benefit from these two products. We continue with our innovation led business strategy and look to deliver superior value to our stakeholders".

With regard to its future business outlook, Biocon said that it expects FY 2015 to reflect continued business momentum with biosimilars, branded formulations and research services driving growth. The progress in the company's development pipeline (across biosimilars and novel molecules) will see some of its molecules enter the clinic, Biocon said. The company said it continues to make investments in infrastructure and people to support its growth.

Biocon's board of directors at its meeting held on Thursday, 24 April 2014, recommended final dividend of Rs 5 per share for FY 2014.

Biocon's board of directors at its meeting held on Thursday, 24 April 2014, approved the induction of Dr Arun Chandavarkar, on to the board of Biocon. He has also been appointed CEO & Joint Managing Director of the company.

Welcoming Arun on the Board, Kiran Mazumdar-Shaw, CMD, Biocon said, "I am extremely happy to have Arun join the Board of Directors and take on the mantle of CEO & Joint MD. Arun has been a core member of the leadership team at Biocon and has worked very closely with me over the last 24 years. He has played a pivotal role in the evolution of Biocon and I am confident that, in his new role, he will build immense value for Biocon and its stakeholders".

Dr Arun Chandavarkar, CEO & Joint MD, Biocon said, "I am delighted and honoured to join the Board of Biocon. These are exciting times and I look forward to steering the company to the next level".

Biocon is a fully-integrated, innovation-led, emerging global biopharmaceutical enterprise serving customers in over 85 countries.

Powered by Capital Market - Live News