Biocon Q3 profit up 13% to Rs 103 crore

Revenues up 10% to Rs 828 crore, aided by higher growth in business from its contract research arm Syngene

Biopharma major Biocon Ltd  said third quarter profits rose 13 per cent to Rs 103 crore and revenues by 10 per cent to Rs 828 crore, aided by higher growth in business from its contract research arm Syngene.

Biocon increased by half, spend on research and development to Rs 68 crore, as it showed progress in biosimilars and new drug development. It also earned licensing income of Rs 32 crore in the three month period ending December.

"Excluding profit contribution from Syngene, Biocon’s net profit this quarter has increased by 28 per cent y-o-y  despite a 45 per cent jump in R&D spends  and a significant increase in tax," Biocon chairperson and managing director Kiran Mazumdar-Shaw said in a statement.

Biocon said it is on track for regulatory filings for four biosimilar and generic insulin drugs in the US and Europe in 2016, which would help the firm to get an early mover advantage in an addressable  $30 billion market.

Bengaluru-based Biocon had reported profits of Rs 91 crore on revenues of Rs 761 crore in the October to December quarter in 2014.

Biocon said it had got positive clinical data from key studies for its insulin drug Tregopil in the US. With the validation, Biocon would conduct next phase of clinical trials with a larger patient pool.

Biocon's stock had closed Rs 2.40  or 0.5 per cent at Rs 482.95 on the Bombay Stock Exchange on Thursday, ahead of the company's financial results.