The Biocon group (including its German subsidiary AxiCorp) on Thursday reported a total income of Rs.642 crore for the quarter ended December 31, 2009, up by 42 per cent year-on-year. The profit after tax went up by 187 per cent to Rs.81 crore.
The operating margin for the period was 30 per cent with earning before interest and depreciation at Rs.328 crore, a 21 per cent increase. For the first nine months of the current year, the group earned a total income of Rs.1,739 crore, an annualised growth of 47 per cent.
Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said “Biocon has delivered strong growth in all its business segments and we are confident of maintaining this momentum. We have filed a U.S. IND application for our oral insulin, IN 105, a result of our research programmes.” The company’s R& D spend as a proportion of standalone revenue is now 8 per cent.
Biocon did well in the market with its branded formulations showing a 37 per cent annualised growth and research services delivering top-line growth of 32 per cent. In addition to diabetes therapeutics, the company initiated trials on cervical cancer patients to test its BIOMab EGFR medication and its cardiology drug Clotide, launched 12 months ago garnered a major market share. Chief Operating officer, Arun Chandavarkar said there was continuing progress in marketing the portfolio of insulin preparations in emerging markets, branded products within India and other formulations globally. The focus on oral insulin and biosimilar antibodies had paid off. As of December 2009, India and the emerging markets accounted for 40 per cent of consolidated revenues. Biocon’s subsidiary Syngene’s clients were reinitiating programmes put on hold last year and new customers were also added.