Biocon net profit up 13% in Q3

The pharma major said that revenue from sales rose 9% YoY to Rs 828 cr for the Q3 from Rs 761 cr a year ago

Leading biotechnology firm Biocon Ltd on Friday reported Rs 103-crore net profit for third quarter (October-December) of this fiscal (2015-16), posting 13 per cent year-on-year (YoY) profit from Rs 91 crore year ago.

The city-based pharma major said revenue from sales rose nine per cent YoY to Rs 828 crore for the quarter under review (Q3) from Rs 761 crore year ago.

Total revenue increased 10 per cent YoY to Rs 857 crore from Rs 779 crore with Rs 29 crore from other income, which shot up 60 per cent YoY from Rs 18 crore in the same period year ago.

Earnings before income tax, depreciation and amortisation (Ebitda) increased 23 per cent YoY to Rs 209 crore for the quarter from Rs 170 crore and its margin is marginally up two percent to 24 per cent from 22 per cent in like period year ago.

"Our four advanced biosimilar and generic insulin programmes -- Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab continue to cross clinical trials for regulatory filings in the US and Europe this year," Biocon chairperson Kiran Mazumdar-Shaw said in a statement here.

The filings are expected to provide the company an early mover advantage in an addressable $30-billion market.

"Progress made in biosimilars and novel programmes is reflected in the increase in research and development (R&D) spends this quarter (Q3) to Rs 68 crore from Rs 47 crore year ago, up 45 per cent YoY," Shaw said.

Licensing income of Rs 32 crore shows the company's ability to monetise its biosimilars products in emerging markets.

The US-based Science Careers has ranked the company among top 20 global biotech employers in 2015.

Syngene subsidiary's revenue grew 23 per cent YoY to Rs 270 crore in third quarter.

"The biopharmaceutical segment's sales grew three per cent YoY to Rs 558 crore, with biopharma growing four per cent to Rs 454 crore and branded formulations' sales remained flat at Rs 104 crore," the statement added.