Biocon, the Bengaluru-based biopharma company, posted a 79 percent increase in its net profit to Rs. 361 crore for the fourth quarter that ended on March 2016, buoyed by exceptional income, apart from higher revenues. The company's net profit in the corresponding period last year was Rs. 201.5 crore, according to a company statement issued on Wednesday.
The company had earmarked Rs. 268 crore for research, but later recognised it as income after signing a co-development agreement with Mexican pharma firm Lab PiSA for producing insulin.
Biocon's consolidated revenues for the March 2016 quarter rose to Rs. 1,004 crore from Rs. 854 crore in the year-ago period.
Its net profit during FY2016 increased by 80 percent at Rs. 896 crore from Rs. 497 crore in FY2015.
"Biocon has closed the year with a landmark quarter, crossing a milestone Rs. 1,000-crore consolidated revenues for the first time. Syngene (Biocon's research arm) also closed FY16 on a strong note by crossing the Rs 1,000-crore annual revenue mark," Kiran Mazumdar Shaw, chairperson and managing director of Biocon, said in a statement.
During the quarter, the company signed agreements with various international pharma companies and received regulatory approvals for its drugs paving the way for its foray into Japan, the U.S and Europe markets this fiscal.
Biocon forayed into Japan after getting regulatory approval for its Insulin Glargine. It also entered into an agreement with Lab PiSA to co-develop and commercialise rh-Insulin for the U.S. market. It also received a nod from European regulators for the generic version of calcium tablets, which according to Biocon marked the entry of its generic drug formulations in the developed markets.
The company also claimed a sharp rise in research and development (R&D) expenditure.
"Biocon's gross R&D expenses at Rs. 152 crore this quarter were the highest till date reflecting the advancement of our innovation led drug pipeline comprising novels, biosimilars and Abbreviated New Drug Applications (ANDAs). We expect to file a number of regulatory submissions in US and Europe for many of these programs in FY17," Shaw was quoted as saying in a statement.
The Biocon stock was trading at Rs. 569.40 on the BSE at around 2:20 p.m. on Wednesday, up almost 1 percent from its previous close.