Biocon net up 33 percent in first quarter

July 23rd, 2010 - 7:04 pm ICT by IANS  

Bangalore, July 23 (IANS) Biocon Friday reported a net profit of Rs.77 crore for the first quarter (April-June) of this fiscal (20010-11), registering year-on-year (YoY) growth of 33 percent from Rs.58 crore in the like period a year ago.
In a regulatory filing, the leading biotechnology firm said its total income also grew 33 percent YoY to Rs.672 crore for the quarter under review from Rs.505 crore in same period of previous fiscal (2009-10).

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) at Rs.141 crore grew 27 percent YoY from Rs.111 crore year ago.

“We have started this fiscal year on a very strong note. Our group profits and revenues have grown by 33 percent YoY respectively,” Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said here in a statement later.

The company has identified bio-similars, immune-suppressants, research services and the emerging markets as key growth drivers for the near term.

“We believe these growth drivers will delivery sustainable shareholder value over the coming years,” Shaw added.

Bio-pharma business posted 37 percent YoY growth in revenue during the quarter, demonstrating excellent growth in the company’s core business that includes insulins, immuno-suppressants, satins and branded formulations.

The company also signed a long-term pact with the US bio-pharma firm Optimer Pharmaceuticals Inc for the commercial manufacturing of active pharma ingredient OPT80 during the quarter.

“The drug is among a new class of macrocyclic antibiotics and is being developed by Optimer to treat serious colon infections. It is expected to be commercialised soon,” Shaw added.

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