The Hindu Business Line : Biocon records 63% growth in first quarter net profit

Bangalore, July 18 Biocon Ltd has registered a 63 per cent growth in net profit at Rs 44.86 crore in the April-June quarter for 2007-08, as against Rs 27.57 crore for the corresponding period last year. Gross profit was Rs 61.82 (Rs 40.54 crore), up 52 per cent.

The company’s sales went up 24 per cent to Rs 227.4 crore (Rs 183.7 crore), while total income was Rs 231.59 crore (Rs 185.13 crore), up 25 per cent.

The company has also said that it has entered into an exclusive licensing agreement with a global biopharmaceutical company to develop and market a bio-similar version of G-CSF (granulocyte-colony stimulating factor) in North America and the European Union.

Biocon will receive an upfront licensing fee and following approval in the licensed territories, royalties from sales, said a company release.

It has signed an exclusive agreement with Invitrogen Corporation, a provider of essential life science technologies for disease research and drug discovery, to market pharmaceutical-grade insulin to the global cell culture market.

Growth factors

Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said, “We have delivered robust and growing profits at a time when we are challenged with increased R&D investments, strengthening currency and rising operating costs. This has been possible due to expanded markets for our bio-therapeutics as well as significant licensing income from our R&D programmes.”