Biocon Q1 net profit up 23% at Rs. 126 crore

Total Income has increased from Rs. 7,419.50 million for the quarter ended June 30, 2014 to Rs. 8,565.10 million for the quarter ended June 30, 2015.

Biocon Ltd, Asia's premier biopharmaceuticals company, announced that it has delivered a strong consolidated financial performance for Q1 FY16.

The company has posted a net profit after taxes and Minority Interest of Rs. 1,262.40 million for the quarter ended June 30, 2015 as compared to Rs. 1,029.10 million for the quarter ended June 30, 2014. Total Income has increased from Rs. 7,419.50 million for the quarter ended June 30, 2014 to Rs. 8,565.10 million for the quarter ended June 30, 2015.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated, "The strong performance this quarter reflects the overall growth of our business backed by a combination of product sales and monetization of RnD assets through licensing. Our Biosimilars strategy is playing out well with five programs in phase 3 clinical development. During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our Insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in Branded Formulations has begun to translate into a better quality of earnings."