Business

Biocon net rises 9% on higher insulin sales

  • HT Correspondent, Hindustan Times, Mumbai
  • |
  • Updated: Jan 25, 2013 10:47 IST

India’s largest biotechnology company by revenue, Biocon, on Friday posted 9% year-on-year rise in net profit at Rs 93 crore for the quarter ended December 2012, from Rs 85 crore in the corresponding quarter previous fiscal, driven by period growth in different business verticals.

“We continue to gain market share for biosimilar insulins in ROW (Rest of World) markets which now accounts for a significant part of our business,” Kiran Mazumdar-Shaw, chairman and managing director, Biocon.

The company said it plans to launch drug to cure skin disease under the brand Alzumab in India in the second quarter this year. “We expect it (Alzumab) to be a Rs 100 crore product in next four years,” she said.

The company’s biopharma business grew by 22 % to R409 crore over the same period of previous fiscal, on back of improved product mix while branded formulations business grew by 19% to Rs 86 crore. Contract research business grew by 27% to R140 crore from R110 crore in same quarter year ago. Total sale of the company grew by 23% to Rs 635 crore from Rs 517 crore previous year.

Share of the company closed at Rs 268 up 1.50% on the Bombay Stock Exchange (BSE) on Friday.

 

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