For biotech major Biocon, the closure of AxiCorp operations and higher energy and staff costs have led to a 4 per cent decline in its net profit to Rs 86 crore in the second quarter of this fiscal.
The company's total revenue for Q2 is up 21 per cent to Rs 508 crore. It has reported ‘other income' of Rs 16 crore. The EBITDA margin is 9 per cent .
Ms Kiran Mazumdar-Shaw, Biocon's Chairman and Managing Director, pointed out that the performance in branded formulations and research services has been particularly strong.
“The branded formulations segment has delivered a solid 37 per cent year-on-year growth, while research services have grown by a robust 20 per cent. The recent launch of INSUPen, our long-awaited device for insulin delivery, is expected to further propel sales in our branded formulations vertical. The global economic outlook is challenging at the moment. Nevertheless, I believe that the Biocon Group will continue to deliver broad-based growth in the second half,” she added.
Reusable insulin device
The company has also launched its reusable insulin delivery device, INSUPen, based on proprietary German technology designed for accuracy and safety. The reusable device is capable of delivering both Basalog and Insugen, thus maximising patient convenience.
“The company was finding it hard to increase insulin market share in India. Now with a device we want to make a difference,” said Ms Kiran Mazumdar-Shaw.
The company has recruited a team of 125 diabetic-care advisors to support its existing helpline. The pen comes in three colours with a set of needles and refill cartridge.