Biocon surged 4.82% to Rs 314 at 9:18 IST on BSE after consolidated net profit rose 18.65% to Rs 93.50 crore on 22.03% growth in total income to Rs 723.17 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Thursday, 25 July 2013.
Meanwhile, the S&P BSE Sensex was up 64.78 points or 0.33% at 19,869.54.
On BSE, 9,950 shares were traded in the counter as against average daily volume of 86,109 shares in the past two weeks.
The stock hit a high of Rs 314.50 and a low of Rs 308 so far during the day.
Biocon said that the revenue growth in Q1 June 2013 reflects the inherent strength of the company's product portfolios. Revenue from the biopharma business rose 21% to 439 crore in Q1 June 2013 over Q1 June 2012. Revenue from branded formulations rose 17% to Rs 101 crore. Revenue from research services (Syngene and Clinigene) rose 26% to Rs 155 crore.
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Biocon's Research and Development investments for Q1 June 2013 stood at Rs 43 crore which is 10% of Biopharma sales.
Commenting on the company's Q1 performance, Chairman and Managing Director, Kiran Mazumdar-Shaw, Biocon said: "We are pleased to report a strong set of numbers for Q1 June 2013. The new organization structure has enabled us to deliver superior results with the core business performing strongly. Biocon's Insulins business continues to do well, riding on the back of an increased geographical footprint in the emerging markets. The India-focused branded formulations vertical as well as our research services continue to grow at a steady pace. Our research programs are making good progress. I am very excited about the upcoming launch of Alzumab, our second novel biologic. We look forward to bringing this first-in-class molecule for the treatment of psoriasis to the Indian market. The current fiscal will see us consolidate our various initiatives whilst we continue our investments in our biosimilars and novel molecules, to deliver a sustainable growth platform".
With regard to the future business outlook, Biocon said that the focus in the current fiscal is to further the company's progress in the biosimilars, research services and the branded formulations space. The company said that the current business and regulatory environment is challenging and has impacted the Indian pharmaceutical industry's growth momentum. Biocon said it intends to manage the environmental uncertainties by building efficiencies across costs and processes as well as by improving the portfolio mix with margin accretive products. The Research and Development and Capex investments in the company's biosimilars programs continue as planned with Research and Development costs expected to increase during the year, Biocon said.
Biocon's board of directors at a meeting held on Thursday, 25 July 2013, noted the proposal for merger of its subsidiary Clinigene International with Syngene International.
Established in 1978, Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patients worldwide.
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