Biocon Q2 net up 20%

Biocon Q2 net up 20%

Total income in the quarter under review stood at Rs 688 crore, up 16 per cent from Rs 592 crore in Q2 last year.

Briefing reporters, Biocon Chairman & Managing Director Kiran Mazumdar-Shaw said, “The growth in net profit can be attributed mainly to biopharmaceuticals business, which has posted 27 per cent increase in revenues in the first half of this fiscal with across-the board growth in all our core businesses.”

Employee costs went up by 24 per cent from Rs 57 crore in the previous year to Rs 71 crore. Mazumdar-Shaw attributed this to the fact that they have recently increased headcount to 5,100 employees and recruited more technical staff.  The company plans the launch of a 100 IU vial or variant of insulin, to be imbibed with 100 IU syringes on World Diabetes Day (November 14).  It also plans to launch diabetic pens in the coming year.

Terming the Pfizer alliance for commercialisation of its biosimilar versions of insulins as significant inflection point in high growth, Shaw said the company would build formidable global footprint in diabetes care.

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