Research services subsidiary Syngene delivers 27 per cent growth
Biocon announced its Q4 and FY 15 financial results on April 29, 2015. Announcing the Q4 and FY 15 financial results, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, highlighted the record quarterly performance of Syngene, its research services subsidiary, which filed an Draft Red Herring Prospectus (DRHP) with SEBI for its Initial Public Offering (IPO) earlier this week. FY15 revenues stood at Rs 3143 crore, PAT at Rs 497 crore while top line grew 15 per cent in Q4 FY15.
Another highlight was the improved performance of Biocon’s biopharma business. According to Mazumdar-Shaw, the company is seeing their biosimilar strategy playing out with greater clarity, credibility and traction visible across their portfolio of biologics as they advance in clinical development.
Mazumdar-Shaw stated, “We continue to make investments in R&D as a strong future value driver. The Malaysia insulins facility has been commissioned, which once qualified, should provide us the scale to increase our presence and penetration in emerging markets and then in developed markets.” Gross R&D spends of the company reportedly increased 95 per cent from Rs169 crore in FY14 to Rs 329 crore in FY15.
Among other highlights, Biocon’s CSR arm, Biocon Foundation received ‘WHO-India Public Health Champion Award 2015’ for its integrated initiatives in the area of public health.