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Biocon Q2 net up 52% at Rs 147 cr

Last Updated : 20 October 2016, 17:01 IST
Last Updated : 20 October 2016, 17:01 IST

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 Biocon, one of the leading biopharmaceuticals companies in India, has registered a 52% growth in net profit for the second quarter ending September 30, 2016, at Rs 147 crore over the last year (after excluding impact of exceptional items due to INDAS adjustment to Q2 FY16 numbers).

The company has reported a robust performance with a revenue growth of 21% at Rs 992 crore for Q2 ending September 30 led by a strong growth of small molecules, biologics and Syngene. Licensing income this quarter stood at Rs 32 crore while other income reported was Rs 52 crore.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director Kiran Mazumdar-Shaw said, “Our performance in Q2 FY17 was led by strong growth across small molecules, biologics and research services. Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further. Our ready-to-use Insulin Glargine pen launched in Japan has been well received which augurs well for this business. The acceptance of our proposed biosimilar Trastuzumab filing for review by European Medicines Agency (EMA) was a critical milestone this quarter. This is our second filing in EU. The tentative USFDA approval for Rosuvastatin calcium tablets heralds our entry into the US generics market.”

The small molecules business delivered revenue of  Rs 389 crore, a robust growth of 15% led by a better product-mix of differentiated Active Pharmaceutical Ingredients (APIs) and a higher contribution from statins. Sales in emerging markets of AFMET, LATAM as well as sales to India based customers servicing the needs of the US market made a significant contribution to the improved performance of this business.

The company has increased its R&D spend by 14% against last year during the quarter as the net R&D spend stood at Rs 65 crore. She added, “Our long-term investments in R&D, manufacturing facility in Malaysia and clinical advancement of our programmes will enable us to unlock greater value, going forward.”

Syngene net up 55% at Rs 75 cr

Syngene International registered a 55% rise in its net profit at Rs 75 crore for the second quarter ended September 30, driven by discovery and R&D centre business verticals. The revenue of the company rose to Rs 319 crore for the second quarter, compared with Rs 262 crore during the same period of previous fiscal. “It has been a good quarter for Syngene with top and bottom lines recording strong growth,” Syngene International CEO Jonathan Hunt said.

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Published 20 October 2016, 17:00 IST

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