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Biocon net profit up 20 percent in second quarter

Bangalore, Oct 22 (IANS) India’s leading biotech firm Biocon Ltd posted net profit of Rs.89 crore for the second quarter (July-Sep) of this fiscal (2010-11), registering a 20 percent year-on-year (YoY) growth.

In a regulatory filing Friday, the company said its total income for the quarter under review (Q2) was Rs.688 crore posting 16 percent YoY.

Operating margin is 22 percent, while earnings before interest, tax, depreciation and amortization is at Rs.153 crore, an increase of 21 percent.

‘Our strategy of building and unlocking high value innovation in biotechnology has seen us enter into a new phase of growth,’ Biocon Chairperson Kiran Mazumdar Shaw told reporters here.

Biopharma business posted 27 percent YoY increase in revenue during the first half (April-Sep) of this fiscal, with across-the-board growth in all core businesses like insulins, immuno-suppressants, statins and branded formulations.

‘All our core businesses have delivered robust performance during the first half of this fiscal (April-Sep) and are expected to sustain this level of growth in the second half of FY2011,’ Shaw pointed out.

Terming the recent alliance with Pfizer for commercialisation of its biosimilar versions of insulins as a significant inflection point in high growth, Shaw said the company would build formidable global footprint in diabetes care.

‘We bring together a winning combination of marketing, manufacturing and research excellence to achieve a global presence in insulin portfolio,’ she noted.

In research areas, the biotech firm commenced a phase three clinical trial in biosimilar rh (recombinant human) insulin for Europe during the quarter under review.

The ongoing phase three clinical trials for the anti-CD6 targetting monoclonal antibody (T1h) programme for Psoriasis is expected to end July 2011.

Similarly, the oral insulin programme is in phase-3 clinical trials for type 2 diabetics in India.

‘The result of this study is likely to be available early 2011. The phase 1 study in type-1 diabetics is going on,’ Shaw added.

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