Biocon, a leading innovation-led bio-pharmaceutical company, has announced satisfactory financial performance during the fourth quarter ended March 2014. Its consolidated net profit, after exceptional income of Rs. 105 crore on account of sale of Syngene shares, increased by 78.2 per cent to Rs. 201.54 crore from Rs. 113.08 crore in the corresponding period of last year. Operating profit jumped 4.7 percent year-on-year to Rs 202 crore for the quarter ended March 2015 from Rs 193 crore in the same quarter last year.Profit before tax and exceptional income also improved by only 4 per cent to Rs. 143.54 crore from Rs. 138.06 crore. EPS moved up to Rs. 10.08 from Rs. 5.76 crore. Its consolidated net sales increased by 14.9 per cent to Rs. 830.38 crore during the fourth quarter from Rs. 722.59 crore in the same period of last year. Its pharma sales increased by 10.8 per cent to Rs. 594.91 crore from Rs. 536.77 crore and that of contract research & manufacturing services improved by 27.7 per cent to Rs. 248.92 crore from Rs. 194.90 crore.
For the full year ended March 2015, Biocon's consolidated net sales increased by 7.3 per cent to Rs. 3,069 crore from Rs. 2,853 crore in the previous year. Its pharma sales increased by 4.6 per cent to Rs. 2,251 crore from Rs. 2,151 crore and that of CRAMS business increased by 16 per cent to Rs. 860 crore from Rs. 741 crore. The sales from biopharmaceuticals segment, including small molecule API, generic formulations and biosimilars, raised by 5 per cent to Rs. 2,237 crore. Biopharma sales improved by 3 per cent to Rs. 1,807 crore.
The branded formulations business recorded revenuesimproved by 10 per cent to Rs. 430 crore during 2014-15. The sales of CANMAb (trastuzumab) have been encouraging and this hold promise as it look to bringing more products from its biosimilar portfolio into the Indian market in the future. Its insulin portfolio continues to grow ahead of the covered market. The company is planning to enter the disposable device segment in current year, which should help further grow the domestic insulin glargine business. The company has completed the first set of trials in the US with its oral insulin candidate IN-105 earlier April. The data from these studies is currently being analyzed.
The company strengthens presence in Mexico and received approval for insulin glargine. Its R&D expenditure increased by 94.7 per cent to Rs. 329 crore from Rs. 169 crore.
Its net profit improved by 20.2 per cent to Rs. 497.43 crore for the year 2014-15 from Rs. 413.72 crore mainly due to exceptional income generated from sales of Syngene shares. Its profit before exceptional items and tax provision declined by 3.5 per cent to Rs. 519.07 crore from Rs. 537.66 crore. The company paid interim dividend of 100 per cent in March 2015.
As against the equity capital of Rs. 100 crore, Biocon's reserves & surplus stood at Rs. 3,171 crore as at the end of March 2015 as against Rs. 2,927 crore in the previous year. Its total borrowings increased by 21.3 per cent to Rs. 1,031 crore from Rs. 850 crore.
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