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Biocon starts FY11 on a strong note

Bangalore, India, April 29, 2010

Biocon Limited announces earnings for quarter ended June 30, 2010.

Revenues at Rs 672 crores; EBITDA at Rs 141 crores;
PAT at Rs 77 crores

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said, "Biocon has started this financial year on a very strong note. Our group profits have grown by 33% YoY to Rs 77 crores whilst our revenues have also delivered an impressive 33% YoY growth. We have identified Biosimilars, Immunosuppressants, Research Services and the Emerging Markets as key growth drivers for the near term. We believe these will deliver sustainable shareholder value over the coming years."

Performance Highlights

For quarter ended June 30, 2010

  • Total Income at Rs 672 crores. Up 33% YoY
  • EBITDA at Rs 141 crores. YoY growth was 27%.
  • PAT at Rs 77 crores. YoY growth was 33%. 
  • Operating Margin at 21%.
  • Earnings Per Share at Rs 3.84.
  • Headcount at 4,750 employees.

Business Performance and Outlook

The Biopharma business posted a 37% YoY increase in revenues in the first quarter of this fiscal demonstrating excellent growth in our core businesses that include Insulins, Immunosuppressants, Statins and Branded Formulations.

Biocon has made significant progress in developing biosimilars for several ROW markets. Our Insulin biosimilar drug has received approval to initiate Phase III clinical trials in Europe and we expect to start recruiting patients in Q2 FY11.

Biocon expects significant contribution from this segment in this fiscal from several new registrations for MMF and Tacrolimus. We also expect to commercialize additional products in this segment later this year.

The Statins segment continues to be a strong component of the business. Biocon started a capacity optimization and expansion program last year which has begun to show results, particularly in our Hyderabad facility which began operations in this quarter.

Domestic Branded Formulations
The existing verticals in branded formulations (Diabetology, Oncotherapeutics, Nephrology and Cardiology) have posted a combined strong YoY growth of 28%. The Company will launch two new divisions in Q2 FY11 - Comprehensive Care and Immunotherapy. These new divisions will target physicians and specialists in hospitals and intensive care settings. In Q2 FY11, Biocon's Nephrology division will launch Advacan, a drug for renal & heart transplant recipients. In the Cardiology segment, Clotide (Eptifibatide) and Myokinase (Streptokinase) maintain their No 1 and No 2 rankings in their respective categories.

Our German subsidiary Axicorp has posted strong results in this quarter with a 37% YoY growth in sales.

Research Services
Syngene and Clinigene grew to a combined sales of Rs 72 crores in Q1 FY11. Operating profits were, however, impacted by higher costs associated with integrated drug development programs that are expected to yield results in the coming quarters.

Research Pipeline

Our novel pipeline has achieved significant milestones including initiation of a Phase 1 study in Type 1 diabetics for our IN-105 program, under a US IND. Our novel Anti-CD6 targeting monoclonal antibody (T1h) program has started Phase III clinical trials for Psoriasis with the first set of patients being recruited and dosed.

Corporate Developments in Q1 FY11

Biocon signs long-term supply pact with US-based Optimer Pharmaceuticals

Biocon Ltd. signed a long-term agreement with US biopharma company Optimer Pharmaceuticals Inc. for the commercial manufacturing of active pharma ingredient OPT 80. The drug is among a new class of macrocyclic antibiotics and is being developed by Optimer to treat serious colon infections such as Clostridium difficile infection and is expected to be commercialized soon. For the last five years, Biocon has been an important partner in Optimer's Opt 80 development program and will continue this relationship with the manufacturing and supply of this product once approved.

About Us
Established in 1978, Biocon Limited (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is India's largest biotechnology company by revenue. The Group, promoted by Ms. Kiran Mazumdar-Shaw, is a fully-integrated, innovation-driven healthcare enterprise with strategic focus on biopharmaceuticals and research services. Biocon's value chain traverses the entire length of discovery, development and commercialization of novel therapeutics. With successful initiatives in clinical development, bio-processing and global marketing, Biocon delivers products and solutions to partners and customers in approximately 75 countries across the globe. Many of these products have USFDA and EMEA acceptance. Biocon's robust product offering includes the world's first Pichia-based recombinant human insulin, INSUGEN(R) and India's first indigenously produced monoclonal antibody BIOMAb-EGFR(TM).

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, nor any of our 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.

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