Biocon Q4 net profit up 25%

Top-listed biotechnology firm Biocon Ltd today reported a 25% rise in fourth-quarter profit as strong sales of its biopharmaceutical drugs helped offset muted sales at its German unit.

Top-listed biotechnology firm Biocon Ltd on Thursday reported a 25% rise in fourth-quarter profit as strong sales of its biopharmaceutical drugs helped offset muted sales at its German unit.

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Bangalore-based Biocon had in January said revenue from its German arm AxiCorp would be pressured as it eliminated some low-margin drugs from its portfolio after the German government asked drugmakers to offer a rebate.

For the quarter ended March, consolidated net profit rose to 1.01 billion rupees ($22.78 million) from 806 million rupees reported a year earlier.

Shares in Biocon, valued at $1.7 billion have fallen 8.4% this year, steeper than the wider market's 5% fall.