Biotech firm Biocon India on Friday reported net profits of Rs 138.63 crore (Rs 1.39 billion) for the year 2003-04, a growth of 219 per cent over Rs 43.51 crore (Rs 435.1 million) recorded for the previous fiscal.
The firm reported revenues of Rs 549.31 crore (Rs 5.49 billion), registering a 94 per cent increase over Rs 283.25 crore (Rs 2.83 billion) in 2002-03, Biocon India chairperson Kiran Mazumdar Shaw told reporters.
Revenue growth was spearheaded by good performance in the US and European markets with exports jumping by 151 per cent and contributing 63 per cent to the overall revenues.
Biocon, Shaw said, in the last quarter signed a letter of intent for supply of recombinant human insulin with European pharma firm Bristol Myers Squibb for nine years.
"The bulk drug supply would begin later this year and initially on a trial consignment, which would be expanded into commercial basis," she said, but declined to specify the value of the order.
Shaw said Biocon would launch the insulin under brand name "Insugen" in the Indian market, once the regulatory approvals are received this year.
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