Biocon Q4 net profit at Rs. 361 crore

Biocon recorded Exceptional Income of Rs 268 Cr in Q4, excluding Exceptional Income, Net Profit for Q4 stood at Rs 105 Cr. 

Biocon Ltd, Asia's premier biopharmaceuticals company, announced its Q4 & FY16 results today.

The net profit for the quarter stood at Rs. 361 crore.

Commenting on the quarterly performance and highlights, Chairperson and Managing Director, Kiran Mazumdar-Shaw stated: "Biocon has closed the year with a landmark quarter, crossing a milestone Rs 1,000 Cr consolidated revenues for the first time. Syngene also closed FY16 on a strong note by crossing a Rs 1,000 Cr annual revenue mark.

Key developments this quarter were:

1: The Japanese regulatory approval of our Insulin glargine which heralds the entry of our biosimilars into key regulated markets

2: A Co-development & Commercialization Partnership for Biocon's rh-Insulin for the US market with Lab Pisa, a leading Mexican Pharma company.

3: An important European approval for Rosuvastatin Calcium Tablets which marks the entry of our generic formulations foray in developed markets."

"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 ANDAs. We expect to file a number of regulatory submissions in US and Europe for many of these programs in FY17," she added.

Highlights of Q4 FY16:

Biocon recorded Exceptional Income of Rs 268 Cr in Q4, excluding Exceptional Income, Net Profit for Q4 stood at Rs 105 Cr.

Biocon's Insulin Glargine becomes the first biosimilar from India and 2nd biosimilar glargine to be approved in Japan.

Biocon targets the rh-insulin opportunity in the US by collaborating with Lab PiSA, its long standing partner in Mexico. Pursuant to this, Biocon has recorded an Exceptional Income of Rs 268 Cr on account of the changes in the nature of Biocon's future obligations on the rh-insulin program.

EU approval for Biocon's generic Rosuvastatin Calcium tablets will enable the company to take its first Generic Formulation to the developed markets

Global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab are progressing well towards anticipated filings in FY 17.

Biocon's quarterly consolidated revenue crosses the Rs 1,000 Cr milestone for the first time in Q4FY16.

Syngene records a strong growth of 32% in Q4FY16 at Rs 316 Cr and crosses the Rs 1,000 Cr annual revenue milestone in FY16.

Biocon's gross R&D expenses for the quarter cross Rs 150 Cr indicating the advancement of our Biosimilars, ANDA and Novel programs.

Restructuring of Legal Entities

Biocon has restructured its legal entities to align with its growth strategies represented by its strategic business units. We believe this restructuring will enable us to unlock greater value from our business segments at an opportune time. All our biosimilar assets will now be consolidated under the new legal entity, Biocon Biologics Limited incorporated in UK as a subsidiary of Biocon Limited, India.

Transition to New India Accounting Standards

From Q1FY17, Biocon will start reporting its financial results based on the new Indian Accounting Standards, referred to as IND-AS. We do not foresee any significant impact on the earnings from this accounting transition.

Appointment of New Auditors

Biocon's Board of Directors have recommended to shareholders the appointment of BSR & Co LLP as the new Statutory Auditors of the Company at the upcoming Annual General Meeting on June 30, 2016.

Appointment of Mr. M. Damodaran as Independent Director

Biocon has strengthened its Board composition with the induction of Mr. M. Damodaran, a renowned financial expert and former Chairman SEBI, as an additional Independent Director. He has served both Central and State Governments in critical positions, besides being on the board of several leading companies and foreign institutions. After successful stints as Chairman UTI and IDBI during his career, he has set up Excellence Enablers Private Ltd (EEPL), a Corporate Governance and Board Advisory consultancy firm. He is also the founder Chairman of IIM, Tiruchirapalli and Chairman of Glocal Healthcare Systems Pvt Ltd, which provides quality healthcare in rural areas. His presence will enrich the board and further enhance the quality of governance and compliance at Biocon.