Biocon net up 13 percent in Q3

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Bengaluru, Jan 22 (IANS) Leading biotechnology firm Biocon Ltd on Friday reported Rs.103-crore net profit for third quarter (October-December) of this fiscal (2015-16), posting 13 percent year-on-year (YoY) profit from Rs.91 crore year ago.

The city-based pharma major said revenue from sales rose nine percent YoY to Rs.828 crore for the quarter under review (Q3) from Rs.761 crore year ago.

Total revenue increased 10 percent YoY to Rs.857 crore from Rs.779 crore with Rs.29 crore from other income, which shot up 60 percent YoY from Rs.18 crore in the same period year ago.

Earnings before income tax, depreciation and amortisation (Ebitda) increased 23 percent YoY to Rs.209 crore for the quarter from Rs.170 crore and its margin is marginally up two percent to 24 percent from 22 percent in like period year ago.

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“Our four advanced biosimilar and generic insulin programmes — Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab continue to cross clinical trials for regulatory filings in the US and Europe this year,” Biocon chairperson Kiran Mazumdar-Shaw said in a statement here.

The filings are expected to provide the company an early mover advantage in an addressable $30-billion market.

“Progress made in biosimilars and novel programmes is reflected in the increase in research and development (R&D) spends this quarter (Q3) to Rs.68 crore from Rs.47 crore year ago, up 45 percent YoY,” Shaw said.

Licensing income of Rs.32 crore shows the company’s ability to monetise its biosimilars products in emerging markets.

The US-based Science Careers has ranked the company among top 20 global biotech employers in 2015.

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Syngene subsidiary’s revenue grew 23 percent YoY to Rs.270 crore in third quarter.

“The biopharmaceutical segment’s sales grew three percent YoY to Rs.558 crore, with biopharma growing four percent to Rs.454 crore and branded formulations’ sales remained flat at Rs.104 crore,” the statement added.

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