Express Pharma

Biocon posts Rs 306 cr net profit in Q2FY16

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Revenues were reported at Rs 861 crores

Biocon has announced Q2 FY16 results. Revenues were reported at Rs 861 crores, EBITDA at Rs 222 crores and net profit at Rs 306 crores.

Commenting on the quarterly performance and highlights, Kiran Mazumdar-Shaw, Chairperson and Managing Director, stated, “It has been a landmark quarter for Biocon with the hugely successful listing of Syngene. The resounding oversubscription of the IPO has reflected the trust and confidence of the investor community in Syngene’s value proposition. We are proud and excited to take Syngene to its next phase of growth as India’s only publicly listed research services company. For Q2FY16, Syngene reported a revenue growth of 30 per cent.”

She added, “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 programmes has put us on track for regulatory filings for some of these in the US and Europe in FY17. The inauguration of our world-class manufacturing facility for a new generation insulin delivery device and the launch of BASALOG One, a high-end, ready-to-use Insulin Glargine disposable pen in India, widens our insulins offering to diabetics in India. 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.”

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