Pharma

Biocon plunges into profit in the third quarter

Bangalore based biotechnology major Biocon has recorded a profit of 81 crores this quarter. Seeing the profit some of the programmes of Biocon are being reinitiated which had been put on hold last year. The existing clients of the company have expanded their business and some new clients are to be further added. Biocon has also ramped up manufacturing of active pharmaceutical ingredients by snapping up IDL Speciality Chemicals’ unit. The company is looking at acquisitions in many ways. At this point a number of opportunities are being uated and manufacturing capacity is being expanded. Its German subsidiary AxiCorp largely remains a topline contributor and is expected to contribute high margins only once Biocon launches insulin in Germany.

On the novel drugs front, Biocon filed an investigational new drug (IND) for its oral insulin IN-105 with the US Food and Drug Administration in the quarter. This means that the company could start initiating global development of this particular molecule. In India, it is undergoing the phase III proof-of-concept trials for which the clinical data is expected to get unblinded by the middle of next calendar year. On a standalone basis, Biocon reported a net profit of Rs 65.8 crore with operating margins at 30%. The company is increasingly focused on expanding its sales in emerging markets.

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