Biocon Q4 net up at Rs 248.61cr

Research, growing biosimilar biz contributed to growth this fiscal

New Delhi (PTI): Biotechnology major Biocon has reported an over two-fold jump in its consolidated net profit to Rs 248.61 crore for the quarter ended March 31, mainly on account of exceptional income. Consolidated net sales of the company, however, rose to Rs 630.12 crore for quarter ended March 31, 2013 from Rs 589.22 crore for the same period a year ago.

The company has now determined that it does not have continuing obligations for clinical trials and development activities in respect of biosimilar insulin analogs, Biocon said. Accordingly, the estimated future development spends on these programmes amounting to Rs 215.04 crore is recognised as an exceptional income in the financial statements, the release added.

Consolidated net profit of the company rose to Rs 508.82 crore for the full year ended March 31, 2013 from Rs 338.40 crore for the corresponding period last fiscal. Similarly, the consolidated net sales of the company stood at Rs 2,427.60 crore for the fiscal as against Rs 2,049.03 crore a year ago.A The company board has recommended a final dividend of Rs 5 per share and a special dividend of Rs 2.50 per share for the year 2012-13 following the re-licencing of insulin analogs portfolio.

Reacting to the results, Biocon CMD Kiran Mazumdar-Shaw said: "The key contributors to growth this fiscal have been research services, branded formulations and our growing biosimilar business, led by generic insulins." Biocon's insulin franchise continues to garner market share across India & emerging markets and now accounts for more than 10 per cent of company's sales, she added.

"This quarter saw us enhance our partnership with Mylan through the re-licencing of our portfolio of generic insulin analogs.