New Delhi, Apr 30 (PTI) Biotechnology major Biocon has said biologics and research services will continue to be the main drivers of growth for the company in the current fiscal year. Also Read - Famous Bengaluru Biker Dies After Crashing Into Camel in Jaisalmer
The biologics and research services businesses of the company grew by 47 per cent and 45 per cent, respectively, in the fourth quarter of the fiscal year 2018. Also Read - UK Flight to Land in Bengaluru at 4 am Tomorrow, Travellers to Undergo RT-PCR Test on Arrival
The firm, which crossed a key milestone in the fourth quarter with its insulin Glargine receiving regulatory approvals in the developed markets of Europe and Australia and biosimilar Trastuzumab getting approved in Turkey, is also expecting further biosimilar approvals going forward. Also Read - Risk of Further Incitement of Violence: Twitter Permanently Suspends Trump's Account
“Prospects for FY19 look exciting with growth in biologics segment led by developed and emerging markets and Syngene continuing to deliver a strong performance,” Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw told PTI.
The company has previously guided for USD 200 million in revenue from its biologics business and USD 250 million from research services business by FY19, and are on track to achieve those, she added.
Continuing the positive trend of Q4, the company expects a better performance from other business segments as well, Mazumdar-Shaw said.
“We expect small molecules to report in a high single digit growth and branded formulations to report growth in high teens in FY19. We hope to maintain our core EBITDA margins at the same level as FY 18. The combined impact of these developments should help us improve our profitability in FY19,” she added.
Recent regulatory approvals for company’s key biosimilars in developed markets of US, Europe, Australia and key emerging markets are expected to contribute towards the revenue target of FY 19, Mazumdar-Shaw said.
“We also hope to improve performance of our traditional small molecules business and our specialty pharmaceutical business through branded formulations,” she added.
When asked if the company was expecting more approvals for its biosimilars in the current financial year, Mazumdar-Shaw replied in affirmative.
“Yes, we are expecting more biosimilar approvals. In Europe, the regulatory review of our marketing authorisation applications (MAA) for biosimilar Trastuzumab and Pegfilgrastim is progressing well and we expect a decision by CHMP by end of calendar 2018,” she said.
The review of the company’s Biologics licence application (BLA) for biosimilar Pegfilgrastim by USFDA is advancing, Mazumdar-Shaw said.
“We have responded to all request for information received till date and are awaiting their response by the specified target action date of June 4, 2018,” she added.
Last week, the Bengaluru-based firm had posted 2 per cent increase in its consolidated net profit at Rs 130 crore for the fourth quarter ended March of 2017-18.
Total revenue of the company rose to Rs 1,237 crore, up 27 per cent, from Rs 974 crore in the same period of the previous year, Biocon said in a statement.
For the 2017-18 fiscal, the company has posted a net profit of Rs 372 crore, down 39 per cent, from Rs 612 crore in 2016-17 fiscal.
Total revenue of the company, however, rose by 6 per cent to Rs 4,336 crore during the fiscal ended March 31, 2018, as compared with Rs 4,079 crore in 2016-17.
This is published unedited from the PTI feed.