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Biocon profit rises 14%

Calcutta, Jan. 23: Bangalore-based Biocon Ltd has clocked a 14.41 per cent increase in consolidated net profit for the third quarter ended December at Rs 104.99 crore against Rs 91.76 crore in the year-ago period.

The biotechnology company attributed the performance to significant research milestones reached in its molecules and biosimilar portfolios during the period.

Net sales grew 10.55 per cent to Rs 701.16 crore from Rs 634.22 crore.

The company said a key highlight during the quarter was the approval from the Drug Controller General of India for biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb.

The drug will be used for the treatment of breast cancer.

Brands such as Basalog, Insupen, BioMab EGFR and Abraxane also helped to spur growth.

“We have strengthened our R&D pipeline with two new alliances giving us access to novel technology platforms. The performance of the biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket,” chairman and managing director Kiran Mazumdar-Shaw said.

“We have witnessed sustained business momentum in research services and a return to growth for our branded formulations vertical,” she said.

For the nine months ended December, net profit stood at Rs 300.64 crore against Rs 260.21 crore a year ago.

 
 
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