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Bengaluru-based global biopharmaceutical company Biocon Ltd’s profits fell 26.3 per cent in the first quarter of 2020-21 on the back of a slowdown in operations owing to the Covid-19 crisis.
Profits fell to Rs 167.8 crore, against Rs 227.7 crore for the same period last year.
However the company’s Q1 revenue was up 13.93 per cent at Rs 1,689.6 crore, against Rs 1,483 crore last year. EPS for the quarter was Rs 1.29, down fromRs 1.81 last year.
Commenting on the company’s results, Kiran Mazumdar-Shaw, Executive Chairperson, said, “The company’s profitability for the quarter was impacted due to higher R&D spend, lower profit share in the biosimilars business, and lower profitability in the research services segment.”
She further said, “It has been a breakthrough quarter for Biocon as we made a significant contribution to the global efforts aimed at addressing the pandemic through our innovative science. Earlier this month, the Drugs Controller General of India (DCGI) granted ‘restricted emergency use approval’ for Itolizumab, our novel anti-CD6 biologic therapy for the treatment of cytokine release syndrome (CRS) in Covid-19 patients with moderate to severe acute respiratory distress syndrome (ARDS).”
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