Biocon net jumps 20% at Rs 54 crore

Biocon Limited, Bangalore-based biotech company, propelled by sales of self-developed insulin products, has reported 20 per cent higher profits at Rs 54 crore for second quarter ended September 30, 2007compared with the corresponding period last year.

Revenues grew by 12 per cent at Rs 280 crore in the quarter compared with the same period last year. EBIDTA is up 22.38 per cent at Rs 82 crore.

"Insulin, technology and licensing were significant contributor in this quarter. Biopharmaceuticals and branded formulations also showed strong performance," said Kiran Mazumdar Shaw, chairman and managing director, Biocon.

Biocon launched its insulin product two year ago. It further added that the dependence on statins, which has become a commodity, is coming down.

As for the half year (April-September), sales grew by 19 per cent at Rs 550 crore as against the corresponding period last year. Profits were up 28 per cent at Rs 107 crore in H1 FY08 and EPS was Rs 10.7.

Meanwhile, Biocon Ltd has received approvals from the Drug Controller General of India to market Abraxane (nanoparticles based, albumin bound paclitaxel) in India.

The drug has been approved for use in the treatment of breast cancer and will facilitate affordable high-quality supportive care therapy for cancer patients in India. Abraxane is a product of Abraxis BioScience, Inc. US.