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Backed by research services and branded formulations, Biocon’s profits on a consolidated basis were up 9.38 per cent to Rs 92.81 crore in the third quarter of the current financial year compared with the same period last year.
The company’s total revenue for Q3 was up 23.63 per cent to Rs 642.91 crore. Biopharma business contributed Rs 409 crore, research services Rs 140 crore and branded formulations Rs 86 crore. Basic Earnings Per Share stood at Rs 4.68 (Rs 4.33).
“We have performed well across all our business verticals in Q3. We continue to gain market share for Biosimilar Insulins in rest of the world (ROW) markets which now account for a significant part of our business,” said Kiran Mazumdar-Shaw, Biocon’s Chairman and Managing Director.
Novel Programs
During the quarter, the company got marketing authorisation from DCGI for Alzumab, a novel anti-CD6 biologic (Itolizumab) indicated for psoriasis and inked an option agreement with Bristol Myers Squibb for the novel oral Insulin program: IN 105..
Research Services
Commenting on the company’s research services Syngene International, its Director Peter Bains said, “Syngene and Clinigene’s performance is clearly underpinned by our ongoing strategy of building a broader and strengthened platform of discovery and development service capabilities to support our customers’ evolving needs.”
“We see strong performances coming from Syngene’s manufacturing and formulation services and Clinigene’s large molecule bio-analytical services. Our order book position has been further strengthened with retention of existing business as well as expansion with existing clients, and acquisition of new customers. We are well positioned to see momentum continue through Q4 and into the next fiscal,” he added.
Outlook
As for the outlook, Kiran Mazumdar-Shaw said “It remains positive as we are fully geared to accelerate growth of all our business verticals. Going forward, we aim to have higher contribution from biosimilars, research services and branded formulations to the overall revenue.”
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