 "Biocon's Q4 net profit jumps 250% to Rs 361 crore on exceptional income")
Biocon Ltd, India’s largest biopharma firm, reported a 250 per cent jump in fourth quarter profits at Rs 361 crore, and 17 per cent increase in revenue to Rs 1,004 crore.
Profits increased significantly due to an exceptional income of Rs 268 crore, which Biocon had earmarked for research but recognised the amount as income, after it signed a co-development pact for recombinant human (rh) insulin with Laboratorios PiSA S.A. de C.V (PiSA) of Mexico for the US market. Without the exceptional income, profits dived 54 per cent, on provisioning for research and development (R&D), its highest so far to work on new drugs and biosimilars.
Biocon, based in Bengaluru, had reported profits of Rs 103 crore on revenue of Rs 854 crore in the January to March quarter last year.
“Biocon’s gross R&D expenses at Rs 152 crore this quarter were the highest till date reflecting the advancement of our innovation-led drug pipeline, comprising novels, biosimilars and ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programmes in FY17,” Chairperson and Managing Director Kiran Mazumdar-Shaw said.
Biocon has restructured its legal entities to align with its growth strategies represented by its strategic business units.
“We believe this restructuring will enable us to unlock greater value from our business segments at an opportune time. All our biosimilar assets will now be consolidated under the new legal entity, Biocon Biologics Ltd incorporated in UK as a subsidiary of Biocon Ltd,” it said.
The firm said during the quarter, Biocon's biosimilar insulin Glargine got approval in Japan and also got approval in the European Union for Biocon's generic Rosuvastatin Calcium tablets, its first generic formulation in the developed markets. It expects filings in fiscal 2016-17 after the global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab.
Profits increased significantly due to an exceptional income of Rs 268 crore, which Biocon had earmarked for research but recognised the amount as income, after it signed a co-development pact for recombinant human (rh) insulin with Laboratorios PiSA S.A. de C.V (PiSA) of Mexico for the US market. Without the exceptional income, profits dived 54 per cent, on provisioning for research and development (R&D), its highest so far to work on new drugs and biosimilars.
Biocon, based in Bengaluru, had reported profits of Rs 103 crore on revenue of Rs 854 crore in the January to March quarter last year.
“Biocon’s gross R&D expenses at Rs 152 crore this quarter were the highest till date reflecting the advancement of our innovation-led drug pipeline, comprising novels, biosimilars and ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programmes in FY17,” Chairperson and Managing Director Kiran Mazumdar-Shaw said.
Biocon has restructured its legal entities to align with its growth strategies represented by its strategic business units.
“We believe this restructuring will enable us to unlock greater value from our business segments at an opportune time. All our biosimilar assets will now be consolidated under the new legal entity, Biocon Biologics Ltd incorporated in UK as a subsidiary of Biocon Ltd,” it said.
The firm said during the quarter, Biocon's biosimilar insulin Glargine got approval in Japan and also got approval in the European Union for Biocon's generic Rosuvastatin Calcium tablets, its first generic formulation in the developed markets. It expects filings in fiscal 2016-17 after the global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab.