 "Biocon Q2 profit 300 per cent up Rs 306 crore on Syngene windfall")
Biocon earned Rs 203 crore from share sale of 11 per cent in Syngene. Profits without exceptional income stood at Rs 103 crore.
Biocon revenue for the July to September quarter increased 11 per cent to Rs 828 crore on higher growth of research services from global pharma makers. Biopharma business grew slower by four per cent due to slow offtake of some of the active pharmaceutical ingredientd (APIs) and capacity constraints.
Biocon reported profits Rs 102 crore on revenues of Rs 750 crore for the second quarter of 2014-15.
Biocon said it spent more money on research and development for generic insulin Glargine and four other biosimilar products during the quarter.
"It has been a stable performance for Biocon this quarter with several growth triggers on the horizon focusing on Biosimilars in emerging markets. The clinical advancement of five of our Biosimilars programs has put us on track for regulatory filings for some of these in the US and Europe in FY17," said Kiran Mazumdar Shaw, chairperson and managing director of Biocon. "Our renewed focus on key brands has improved profitability of our branded formulations business. We expect the clinical progress in Biosimilars and Novels to augur well for the company, going forward."
Biocon results came after market hours when the stock closed 0.14 per cent or Re 0.65 down at Rs 456.95.
