Biocon’s profit has declined by 14 per cent to Rs 85 crore for the third quarter (Q3) ended December 31, 2011 against Rs 99 crore in the corresponding period last fiscal. However, the biotech major’s revenues were marginally up by 3 per cent at Rs 532 crore against Rs 519 crore.
EBIDTA was also down by 17 per cent at Rs 142 crore against Rs 171 crore. The EPS stood at Rs 4.2. The results of the company for the third quarter exclude that of AxiCorp.
Segment-wise, biopharmaceuticals business clocked Rs 405 crore revenue and research services and licensing earned Rs 112 crore.
Commenting on the results, Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said: “Our performance in the first three quarters of FY12 has been good on the manufacturing and services front where profits were up nearly 29 per cent (excluding licensing income). Licensing income, however, was sharply down from the exceptional levels recorded last fiscal which resulted in flat earnings overall.”
“As I have frequently stated, licensing income is a timing issue and subject to periodic variability. We have seen exceptional growth in our research services business, an outcome of the strategic investments we have made in enhancing our integrated service offerings. Moving up the value chain is integral to our growth strategy which is reflected in the strong growth delivered by our branded formulations vertical. Our focus on emerging markets is also enabling us to realise a greater potential for our APIs and insulin portfolios.”
Talking about the company’s R&D pipeline, Ms Shaw said: “We have done well in advancing satisfactorily with two late-stage candidates and several early stage programmes with enormous value creation potential through licensing. We have shaped our broad-based business into key growth verticals, which we believe will enable us to deliver sustainable, long-term value to our shareholders.”