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Biocon reported a consolidated net profit of Rs 184 crores, posting an increase of 167% for the September-end quarter of 2018, mainly on account of an exceptional gain.
The company had posted a net profit of Rs 68.8 crore for the corresponding period of the previous fiscal. The exceptional gain was on account of change in fair value of its investment in Equillium Inc.
Biocon said in a filing to the BSE that the net profit would have been Rs 355 crore, if not for a Rs 171 crore exceptional item taken on account of a change in the fair value of investment in US-based Equillium, which is developing Itolizumab, a novel drug to treat psoriasis.
Its consolidated revenue during the quarter under review stood at Rs. 1375.4 crores as against Rs. 1,019.4 crores in the corresponding quarter of the previous fiscal year.
The increase in revenue was aided by sales of key active pharmaceutical ingredient (API)s including immunosuppressants, and statins contributing in the business growth, by 23 per cent rise at Rs. 432 crores in Q2.
Biocon Chairperson and MD Kiran Mazumdar-Shaw said, “We delivered a strong revenue growth of 35 per cent this quarter, driven by robust performance across our Biologics, Small Molecules and Research Services segments.”
Mazumdar-Shaw also added, “We are greatly encouraged by the USFDA’s acceptance of an IND submitted by our partner Equillium Inc for Itolizumab, a novel monoclonal antibody, for an orphan indication.”
