Companies

Biocon net profit rises 33 per cent

Kiran Mazumdar-Shaw  

Biocon reported revenues of Rs. 672 crore in the first quarter ending June 30, 2010, against Rs. 505 crore in the year-ago period, an increase of 33 per cent. The net profit also increased by a similar margin to Rs. 77 crore from Rs. 58 crore.

Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said, “Biocon has started this financial year on a very strong note.” “We have identified biosimilars, immunosuppressants, research services and the emerging markets as key growth drivers for the near term,” Ms. Shaw added.

The company reported an operating margin of 21 per cent, while earnings per share were Rs. 3.84 (Rs. 2.90). Ms. Shaw said the company's insulin biosimilar drug had received approvals to initiate Phase-III clinical trials in Europe. “We expect to start recruiting patients in the second quarter of fiscal year 2011. Biocon has a headcount of 4,750 at the end of the last quarter.

In the domestic market, the existing verticals in branded formulations — diabetology, oncotherapeutics, nephrology and cardiology — have posted a combined strong year-on-year growth of 28 per cent. The company will launch two new divisions in the second quarter — comprehensive care and immunotherapy, says a company release. In the second quarter, the nephrology division will launch Advacan, a drug for renal and heart transplant recipients. The company's German subsidiary, Axicorp, posted 37 per cent year-on-year growth in sales.

Biocon signed a long-term agreement with U.S. biopharma company Optimer Pharmaceuticals for manu-facturing active pharma ingredient OPT 80. The drug is among a new class of macrocyclic antibiotics and is being developed by Optimer to treat serious colon infections such as Clostridium difficile infection and is expected to be commercialised soon.


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