Biocon declares 25pc increase in turnover for 2007

Bangalore, Apr 19: Biotech major Biocon today reported a 25 per cent increase in its turnover for Fiscal 2007 at Rs 990 crore with net profit up by 15 per cent at Rs 200 crore.

The Board which met here today also recommended a 60 per cent dividend (Rs three per share).

The Company in a release here said the fourth quarter saw a 30 per cent increase in top line at Rs 279 crore as against Rs 215 crore for the corresponding quarter previous fiscal. Profit After Tax grew at 27 per cent from Rs 49 crore to Rs 61 crore.

Biocon's research and development expenditure increased by 86 per cent to Rs 38 crores.

Revenues from the biopharmaceuticals and enzymes business grew 20 per cent to Rs 823 crore from Rs 688 crore, contributing 83 per cent to operating revenues in FY 2007. Revenues from Research Services and Licensing grew 63 per cent to Rs 163 crore from Rs 100 crore, contributing 17 per cent to operating revenues.

Commenting on the results Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said ''Our strategy of building global scale in our products and services businesses has delivered robust profits this fiscal year. This has enabled us to invest incrementally in our innovation led research programs which will deliver attractive shareholder returns in the coming years. Today, Biocon and its subsidiaries have created a unique matrix of capabilities that has earned us a strong reputation as a preferred partner to global pharma and biotech companies.''

Biocon's subsidiary, Syngene, entered into research partnership with Bristol Myers Squibb. A new facility spreadover 150,000 sq ft was being created to house more than 400 scientists to help advance Bristol-Myers Squibb's discovery and early drug development in India. This was expected to significantly increase the scope of Bristol Myers Squibb's existing relationship with Syngene to further develop integrated capabilities in medicinal chemistry, biology, drug metabolism and pharmaceutical development. Through this symbiotic global partnership, Biocon's Syngene would provide research and development services for discovery and early drug development.

Biocon also launched Nephrology Division and a comprehensive portfolio of renal therapy products. Biocon's Nephrology division was committed to finding solutions to kidney disorders using the highest standards of biotherapeutics and would simultaneously strive towards reducing the risks of the disease in the future, through progressive research and innovative therapies.

During the year Biocon launched BIOMAb-EGFR, a therapeutic monoclonal antibody-based drug for treating solid tumors of epithelial origin, such as head and neck cancers. This novel drug was engineered to specifically target and block the epidermal growth factor receptor (EGFR) responsible for the proliferation of cancer cells.

The drug was the first of its kind to be clinically developed in India and is the first anti-EGFR humanised monoclonal antibody for cancer to be made available commercially anywhere in the world. The product has shown consistent positive outcome in clinical trials initiated both in India and globally and was being studied in global clinical trials for Colorectal, Lung Cancer, Glioma and Pancreatic cancers.

UNI