Biocon Q3 FY17 Net Profit Up 65% at Rs 171 Crore

Revenue Rises 32% at Rs 1092 Crore; EBITDA Increases 57% to Rs 324 Crore

biocon

Biocon, India's largest biopharma firm, has said that its profits have jumped by 65 per cent to Rs 171 crore in the quarter ended December, and its revenues have increased by 32 per cent to Rs 1,092 crore.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated: "Our strong performance in Q3FY17 was led by robust growth of our Biologics business with both insulins and biosimilar MAbs gaining traction in Japan and key emerging markets. The commercialization of our Malaysian facility was a key milestone this quarter. Other major milestones this quarter were the acceptance of our first Biologics License Application (BLA) for the proposed biosimilar Trastuzumab by US FDA, and Marketing Authorization Application (MAA) for Insulin Glargine by EMA. These developments have strengthened Biocon's position as a front runner in the arena of biosimilars. Our Small Molecules and Research Services businesses also reported strong growth this quarter."

Highlights Q3FY17

  • Biologics License Application (BLA) for a proposed biosimilar Trastuzumab accepted for review by the US FDA; Marks first US regulatory submission through the Mylan/Biocon collaboration.
  • Marketing Authorization Application (MAA) for Insulin Glargine co-developed by Biocon and Mylan accepted for review by European Medicines Agency (EMA)
  • The prestigious Journal of the American Medical Association (JAMA) published the clinical study results of biosimilar Trastuzumab after a rigorous peer review process.
  • Biocon's Insulins facility in Malaysia commenced commercial operations with ‘Made in Malaysia' product introduced in Malaysia.
  • A three year contract for supplying rh-Insulin cartridges and re-usable insulin pens awarded to Biocon SDN. BHD. by Ministry of Health (MoH) Malaysia.
  • Biocon ranked among the world's Top Ten Best Employers in Biotechnology by Science magazine; The only Asian company to feature in 2016 list.
  • Biocon's novel diabetes education initiative for medical practitioners, ABIDE, conferred with the 'Award of Recognition' by the prestigious Research Society for the Study of Diabetes in India.
  • Biocon debuts on the prestigious Asia IP Elite 2016 list; Only pharmaceutical company from India to be recognized for IP-led value creation by IP Business Congress Asia.

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