New Delhi, Jan 24 (PTI) Biotechnology major Biocon today reported a 46.35 per cent dip in its consolidated net profit at Rs 91.9 crore for the quarter ended December 31, 2017 due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income.
The company had posted a net profit of Rs 171.3 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.
Consolidated revenue from operations of the company stood at Rs 1,057.9 crore for the quarter under consideration as against Rs 1,044.4 crore for the same period year ago.
“This has been a significant quarter for Biocon as we crossed a major milestone of obtaining USFDA approval for biosimilar Trastuzumab partnered with Mylan,” Biocon Chairperson and MD Kiran Mazumdar-Shaw said.
Another highlight was the announcement of a new strategic partnership with Sandoz to develop, manufacture and commercialise a portfolio of next wave of biosimilars for global markets, she added.
“The bottom line for the quarter was impacted by a 42 per cent increase in interest and depreciation costs to Rs 112 crore largely attributable to Malaysia,” Biocon said.
Small molecules business, which reported revenue of Rs 369 crore, continues to face headwinds arising from pricing pressures and channel consolidation in the US impacting the statins business, it added.
“However, continued demand for our immunosuppressants offset some of the pressure,” Biocon said.
Revenues from the biologics vertical, comprising novel biologics and biosimilars, were at Rs 190 crore, it added.
Shares of Biocon Ltd today closed at Rs 634.60 apiece on BSE, down 1.12 per cent from its previous close.
This is published unedited from the PTI feed.