Biocon Pharma declared its Q1 FY17 results on 22nd July 2016. As a result of this, Biocon share price broke its all upper limits and zoomed up to a new lifetime high of Rs 825.00. Biocon Ltd reported a rise of 35 per cent in its net profit in the quarter ended 30 June led by the company’s biosimilars and small molecules businesses. Higher sales volume has been recorded at its contract research arm Syngene International Ltd. The Company at a Glance
Biocon is an India Biopharma company which has its headquarters in Bangalore, India. The Company is known to produce generic APIs, i.e. active pharmaceutical ingredients. These manufactured APIs are sold in the developed markets such as United States and Europe. It also manufactures Biosimilar Insulins, which are sold in India as branded formulations and in bulk and formulation forms both. Biocon's R&D facility is located in Bangalore, while its API unit is situated in Hyderabad. The Growth Story (Q1)
The Bengaluru-based Pharma major posted a net profit of Rs 166.6 crore in the Q1 FY17, against Rs 123.9 crore a year ago. Revenue rose by 21 per cent to Rs 982.4 crore from Rs 813.9 crore in the year-ago period.
As per Kiran Mazumdar-Shaw the chairperson and managing director of Biocon said the strong performance of for the last quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services.
The small molecules division, which consists of differentiated active pharmaceutical ingredients (APIs) showed a revenue growth of 9 per cent to Rs.357 crore, led by sales to India-based customers servicing the needs of the US market and to some key markets in Latin America and Africa & Middle East regions.
The biologics vertical comprising novel biologics and biosimilars showed a revenue growth of 53 per cent to Rs.107 crore. Separately, Syngene International recorded a 28 per cent growth in net profit for the quarter ended 30 June 2016. Net profit rose to reach Rs 59.8 crore during the first quarter of the previous fiscal, from Rs.46.6 crore a year ago. During the period, revenue rose 17.5 per cent from Rs 233.7 crore to Rs 274.5 crore.
"We are pleased to report a good start for the year with all our three verticals performing as expected," said Jonathan Hunt the chief executive officer of Syngene.
Biocon also announced the European Medicines Agency (EMA)—the European Union (EU) drug regulator has given its acceptance for the review, Mylan NV’s marketing authorization application for the proposed biosimilar pegfilgrastim. This biosimilar is used to stimulate the level of neutrophils, a type of white blood cells in cancer patients who are undergoing chemotherapy. Biocon has a partnership with Mylan to co-develop specific biosimilars.
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