Biocon tumbles after weak Q3 results

Biocon lost 5.01% to Rs 602.80 at 9:40 IST on BSE after consolidated net profit fell 46.4% to Rs 91.90 crore on 2% growth in net sales to Rs 1057.90 crore in Q3 December 2017 over Q3 December 2016.

The result was announced after market hours yesterday, 24 January 2018.

Meanwhile, the S&P BSE Sensex was down 96.73 points or 0.27% at 36,064.91.

On the BSE, 1.70 lakh shares were traded on the counter so far as against average daily volumes of 3.69 lakh shares in the past one quarter. The stock had hit a high of Rs 617.30 and a low of Rs 601.05 so far during the day. The stock had hit a record high of Rs 657.75 yesterday, 24 January 2018 and a 52-week low of Rs 295 on 25 May 2017.

 

The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.

Kiran Mazumdar-Shaw, Chairperson & Managing Director of Biocon said that Q3 has been a significant quarter for the company as it crossed a major milestone of obtaining USFDA approval for biosimilar Trastuzumab partnered with Mylan. Another highlight was the announcement of a new strategic partnership with Sandoz to develop, manufacture and commercialize a portfolio of next wave of biosimilars for global markets.

Biocon's branded formulations and research services segments reported a healthy double-digit growth during the quarter. It expects growth in other segments to revive from early next fiscal, Shaw stated.

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

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