Biocon Q3 net up 65% to Rs 171 cr

Biocon Q3 net up 65% to Rs 171 cr
Biocon, India's leading biopharmaceuticals company, reported a 65% rise in its consolidated net profit to Rs 171 crore for the third quarter ended December 31, led by robust growth of biologics business with insulins and biosimilar MAbs gaining traction in Japan and key emerging markets. The company had posted a net profit after taxes of Rs 104 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.

The total revenue from operations also rose to Rs 1,092 crore for the quarter under consideration as against Rs 829 crore for the same period year ago registering a growth of 32%. Commenting on the quarterly performance and highlights, Biocon, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated: “Our Small Molecules and Research Services businesses also reported strong growth this quarter.”

“The commercialization of our Malaysian facility was a key milestone this quarter. Other major milestones this quarter were the acceptance of our first Biologics License Application (BLA) for the proposed biosimilar Trastuzumab by US FDA, and Marketing Authorization Application (MAA) for Insulin Glargine by EMA, ”she added.

Syngene Q3 net profit up
Syngene International, one of leading Contract Research Organisations in India, reported 12% increase in net profit to Rs 74 crore for the quarter ended December 31, 2016.

Its total revenue from operations also rose to Rs 347 crore during the quarter under review as against Rs 281 crore a year ago. Commenting on the results, Jonathan Hunt, Chief Executive Officer - Syngene International said, “During the quarter we made good progress on client service delivery across all of the business verticals despite a fire incident damaging one of our research facilities; effective implementation of our Business Continuity Plan and continued normal operations of all our other facilities helped minimize the impact of the incident on our overall earnings for the quarter.”

We expect most of our losses to be recovered through insurance coverage and expect rebuilding of the damaged facility to continue throughout the remainder of the calendar year.”

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