Biocon Q4 profit rises 2% to Rs130 crore
Biocon’s net profit for the financial year 2018 dropped 39% to Rs372 crore from Rs612 crore in FY17
Biotechnology major Biocon on Thursday posted a 2% increase in its net profit at Rs130 crore in the fourth quarter ended 31 March, against a net profit of Rs127 crore for the same quarter last year.
The Bengaluru-based company’s net profit for the financial year 2018 dropped 39% to Rs372 crore from Rs612 crore in FY17.
“The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shutdown for requalification and lower licencing income in the biologics business,” Kiran Mazumdar-Shaw, Biocon’s managing director, said in a statement.
Total revenue for the 2017-18 financial year grew 6% to Rs4,336 crore, compared to Rs4,079 crore during the previous financial year.
Significantly, sales of small molecules or the active pharmaceutical ingredient (API) business grew 8% to Rs426 crore in Q4.
“We concluded the year with a strong revenue growth of 27% in Q4 FY18 led by Biologics and Research Services businesses, which grew 47% and 45%, respectively. Our traditional Small Molecules and Branded Formulations businesses also turned in a positive performance this quarter. We crossed a key milestone in Q4 when our Insulin Glargine received regulatory approvals in the developed markets of Europe and Australia. Our biosimilar Trastuzumab also got approval in Turkey,” added the managing director.
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