Biocon net zooms on income from Syngene arm

Bengaluru, Oct 20 (IANS) Pharma major Biocon on Tuesday reported Rs.306 crore net profit for second quarter of 2015-16, a whopping 200 percent growth over the same period last year due to income from the public issue of its research arm Syngene International Ltd.

“Exceptional income of Rs.203 crore from the initial public offering of Syngene resulted in net profit zooming 200 percent from Rs.102 crore in the quarter under review from Rs.102 crore in like period year ago,” the city-based drug maker said in a statement here.

Excluding this, net profit remained flat at Rs.103 crore in second quarter as against Rs.102 crore in like period year ago.

Revenue for the quarter, including sales and other income increased 12 percent to Rs.861 crore from Rs.773 crore in same period year ago.

The company’s earnings before income tax, depreciation and amortization (Ebitda) was up 18 percent to Rs.222 crore from Rs.188 crore year ago.

“It has been a landmark quarter for us, with the successful listing of Syngene. Over-subscription of its IPO has reflected confidence of investors in its value proposition,” Biocon chairperson Kiran Mazumdar-Shaw said in the statement.

Noting that the parent company’s performance was stable during the quarter, Shaw said growth triggers were visible on biosimilars in emerging markets.

“Clinical advancement of five of our Biosimilars programmes has put us on track for regulatory filings in the US and Europe in next fiscal, she said.

The company’s new facility for a new generation insulin delivery device and its ready-to-use insulin disposable pen (Basalog) widen its offering to diabetics in the country.

“Focus on key brands has improved profitability of our branded formulations business. We expect clinical progress in biosimilars and novels to augur well,” she added.

While revenue from biopharma and brand formulations grew four percent and three percent, research services growth shot up 30 percent.

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