Biocon, India’s premier biotechnology company with a strategic focus on biopharmaceuticals and research services, has posted its H1 FY13 financial results. The company’s biopharma business has seen 15 per cent YoY increase, branded formulations 45 per cent YoY growth and research services (Syngene and Clinigene) 40 per cent YoY growth.
The company has posted a revenue of Rs 1,235 crores and Profit after Tax at Rs 169 crores. EBITDA and PAT margins have been reported at 25 per cent and 14 per cent respectively.
Commenting on the results, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon stated, “We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23 per cent YoY increase in revenues attributable to both volume growth as well as better export realisation on account of a depreciating rupee. APIs and Biosimilar Insulins have seen significant business expansion in the emerging markets. Branded Formulations and Research Services continue to deliver strong growth. R&D expenditure has risen significantly this fiscal and stands at Rs 79 crores for H1, a 54 per cent increase over the same period last fiscal. This reflects the progress made by our various Biosimilars and novel molecule programmes in the clinic including a European Phase III trial for rh-Insulin which has generated positive interim data. Whilst this has muted profitability, R&D remains a key investment to drive exponential growth in the future. Imported Raw Materials, Power and Personnel costs have also increased by 27 per cent. Despite this, PAT has grown 8 per cent to Rs 169 crores for H1 this fiscal. We see this growth momentum continuing for the remaining two quarters.”
EP News Bureau