Biocon logs Q4 revenue rise of 17% at Rs 1,004 cr

Biocon logs Q4 revenue rise of 17% at Rs 1,004 cr

Biocon logs Q4 revenue rise of 17% at Rs 1,004 cr

Biocon has announced its results for the fourth quarter ended March 31, 2016, with revenues up 17% at Rs 1,004 crore.

Commenting on the quarterly performance, Biocon Chairperson and Managing Director, Kiran Mazumdar-Shaw said: “Biocon has closed the year with a landmark quarter, crossing a milestone Rs 1,000 crore consolidated revenues for the first time.

Syngene also closed FY16 on a strong note by crossing a Rs 1,000 crore annual revenue mark.” Net profit for the quarter was recorded at Rs 361 crore, up 79% from Rs 201 crore in the same quarter of the last fiscal.

Revenues for the financial year ended March 31, 2016, rose 14% to Rs 3,570 crore. Net profit for FY2016 stood at Rs 896 crore, up 80% from Rs 497 crore in the fiscal ended March 31, 2015.

Shaw enumerated the Japanese regulatory approval of Biocon’s insulin glargine, which heralds the entry of its biosimilars into key regulated markets; a co-development and commercialisation partnership for Biocon’s rh-Insulin for the US market with Lab Pisa, a leading Mexican pharma company; and the European approval for Rosuvastatin calcium tablets, which marks the entry of Biocon’s generic formulations foray in developed markets, as key development areas during the period.

“Biocon’s gross R&D expenses at Rs 152 crore this quarter were the highest till date reflecting the advancement of our innovation led drug pipeline comprising novels, biosimilars and ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programmes in FY17,”  she added.

Further, Syngene recorded growth of 32% in Q4FY16 at Rs 316 crore and crossed the Rs 1,000 crore annual revenue milestone in FY16.
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