Biocon posts robust numbers in Q1FY17

Biocon Ltd., post market hours on July 21, declared its Q1FY17 results. Total revenue of the company has risen to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the same period of previous fiscal. Net profits have increased by 34.45 per cent, to Rs 166.6 crores as compared to Q1FY16. Revenue stands at Rs 982.4 crores and has increased by 20 per cent.

As part of one of the major achievements, Biocon has seen its biologics business grow by 53 per cent with increased sales of biosimilar products in emerging markets. Its research services business Syngene has reported 18 per cent growth in revenue to Rs 263 crore due to improved performance across its three services.

Company also informed the bourses that European Medicines Agency has accepted their application for biosimilar version of Pegfilgrastim, the anti-cancer drug for review, which once approved, would help the firm to enter the highly regulated European market.

On the other hand, the shares on July 21 closed at Rs 701.50, down by 1.21 per cent. Biocon may witness significant movement in July 22 trade due to positive results. The shares as at 9.15 am opened at Rs 719.80, up by 2 per cent on an intraday basis.

Biocon Limited is a fully integrated global healthcare company that delivers bio pharmaceutical solutions. The company offers a range of products from fermentation derived small molecules to recombinant proteins and antibodies. The company also offers custom bio-manufacturing services to domestic and international pharmaceutical companies.