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BIOCON'S H1 - FY'06 PERFORMANCE IN LINE WITH EXPECTATIONS
Revenues Rs. 377 crs : EBITDA Rs. 112 crs : PAT Rs. 82 crs
Bangalore, October 19, 2005:
Note: The discussions in this release reflect the audited financial performance of Biocon Limited based on Indian GAAP on a consolidated basis. This considers the financial performance of Biocon Limited, its wholly owned subsidiaries Syngene International Private Limited and Clinigene International Private Limited and its 51% joint venture Biocon Biopharmaceuticals Private Limited.
PERFORMANCE HIGHLIGHTS - H1 FY06
Consolidated Sales grew by 4% over H1 FY05. Operating profits fell by 8% while Profit after Tax showed a 22% decline. Despite this, PAT margins were maintained at a healthy 22%.
Operating results were largely affected by challenging pricing conditions in the European Statins market. Additionally, a higher effective tax charge led to a greater erosion of PAT.
Research Services, Enzymes, Insulin and other pharmaceutical products performed strongly.
Good progress was maintained on Biocon's discovery led Diabetes and Oncology research programs.
The SEZ application for Biocon Park was approved.
Within the half year, Q2 performance was significantly stronger than Q1: Revenues were up 15% and PAT increased by 13%.
Outlook
Commenting on the results, Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon Limited , said:
"Given the challenges in the European Statins market, I am satisfied with our results. We are seeing strong growth in important parts of our business. We have many excellent growth drivers which are beginning to bear fruit. We are confident that we will deliver healthy operating margins for the full year.
Our discovery-led research programs in Diabetes and Oncology are making good progress. We are on track to complete Phase IIB clinical trials for our EGFR antibody, Biomab-EGF by the year end. We also expect to submit an IND for our oral Insulin molecule, IN105 by the end of this fiscal. I would like to reaffirm our belief in our innovation pathway which will deliver long term, sustainable value to our shareholders. "
CORPORATE DEVELOPMENTS
IN105 (Oral Insulin) data was presented for the first time at EASD
A poster presentation of IN105 (Oral Insulin) entitled "Biologic Effectiveness of an Insulin Analogue Developed for Oral Insulin Delivery" was jointly presented by Vanderbilt University, Biocon and Nobex at the 41st EASD (European Association for the study of Diabetes) meeting held at Athens between 10 - 15th September, 2005. Prof Alan Cherrington of Vanderbilt University, School of Medicine, presented Pharamco-kinetic dog data on orally delivered IN105 as a Proof of Concept study on a well validated dog model.
Biocon's Pre-clinical studies for Oral Insulin are in progress
Biocon is progressing its pre-clinical studies to generate data for its Oral Insulin molecule, IN 105 to support IND filings with National and International Regulatory Authorities.
About Biocon
Established in 1978, Biocon Limited is one of India's premier biotechnology companies. Biocon and its two subsidiary companies, Syngene International Ltd and Clinigene International Ltd form a fully integrated biotechnology enterprise, specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries. Visit us at www.biocon.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither our company, our directors, any member of the syndicate nor any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.
For further information contact:
Paula Sengupta / Gayatri Appaya
Tel: +91 80 2808 2808
Fax: +91 80 2852 3423
Email: paula.sengupta@biocon.com
gayatri.appaya@biocon.com
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