Biocon fell 2.99% to Rs 464.80 at 9:37 IST on BSE after consolidated net profit rose 14.42% to Rs 104.99 crore on 9.08% increase in total income to Rs 719.57 crore in Q3 December 2013 over Q3 December 2012.
The company announced results after market hours on Wednesday, 22 January 2014.
Meanwhile, the BSE Sensex was down 4.11 points, or 0.02%, to 21,333.56.
On BSE, so far 76,000 shares were traded in the counter, compared with an average volume of 1.42 lakh shares in the past one quarter.
The stock hit a high of Rs 468 and a low of Rs 455 so far during the day. The stock hit a record high of Rs 497.40 on Wednesday, 22 January 2014. The stock hit a 52-week low of Rs 255 on 4 March 2013.
The stock had outperformed the market over the past one month till 22 January 2014, rising 9.53% compared with the Sensex's 1.22% rise. The scrip had outperformed the market in past one quarter, rising 42.75% as against Sensex's 2.27% rise.
The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon's earnings before interest, taxes, depreciation and amortization (EBITDA) margin stood at 26% in Q3 December 2013.
Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated,"Q3 FY14 has been a very eventful quarter for us, with several research milestones across our novel molecules and biosimilars portfolio. The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb". CANMAb is not only the world's first biosimilar Trastuzumab, but is also the most affordable worldwide. We have also strengthened our Research and Development pipeline with 2 new alliances giving us access to novel technology platforms.
The performance of the Biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket. We have witnessed sustained business momentum in Research Services, and a return to growth for our Branded Formulations vertical. Our investment efforts in Malaysia continue and we are on track to commission our insulin facility in FY15. We expect to close this financial year with a strong performance across business verticals."
Biocon said the outlook for the year ending March 2014 (FY14) remains positive while the company strives to balance its revenue growth and Research and Development spend. The company said its portfolio and cost optimization initiatives continue, helping it manage its margins more effectively. The firms said it continues to invest in its Research and Development pipeline, and the several milestones achieved over the course of this year are indicative of the growth opportunities ahead. The Malaysia facility is on track for commissioning in the year ending March 2015 (FY15), the company said.
In a separate announcement after market hours on Wednesday, 22 January 2014, Biocon said it entered into an exclusive licensing agreement with Advaxis Inc., a leader in developing the next generation of cancer immunotherapies, for co-development and commercialization of ADXS-HPV, a novel cancer immunotherapy for the treatment of human papillomavirus (HPV)-associated cervical cancer in women, for India and key emerging markets.
As per the agreement, Biocon will also have access to Advaxis' innovative and proprietary immunotherapy technology that can be leveraged for the development of other novel therapeutics for various unmet medical needs.
Under the terms of the agreement, Advaxis will provide exclusive commercialization rights for ADXS-HPV to Biocon for India, and key emerging markets for all HPV-associated cancers. Advaxis will manufacture and supply ADXS-HPV to Biocon, the company said in a statement.
Established in 1978, Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services.
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