The Hindu : Business : Biocon profit at Rs. 139 cr.

Online edition of India's National Newspaper
Saturday, May 15, 2004

Business

Business

Biocon profit at Rs. 139 cr.

By Our Staff Reporter

BANGALORE, MAY 14. Good performance in the EU and U.S. markets helped the city based industrial enzyme and bulk drug maker, Biocon India earn revenues of Rs. 549.31 crores for the year ended March 31, up 94 per cent over the previous year, the company's Chairman and Managing Director, Kiran Mazumdar Shaw, said here today.

Biocon India posted a net profit of Rs. 138.63 crores against Rs. 43.50 crores, Ms. Shaw said. Exports, especially of cholesterol fighting statins, increased by 151 per cent and contributed 63 per cent of the revenues. The company has announced a dividend of Rs. 1 per share of Rs. 5 each (20 per cent).

The company had received US FDA approval for its Pravastatin, simvastatin, lovastatin and pioglitazone manufacturing facilities, which enabled it to enter a $6 billion market comprising drugs that would go off patent in the U.S. in 2006.

During the quarter ended March 31, Biocon India had agreed to sell recombinant human insulin to European pharmaceutical company Bristol Myers Squibb for nine years. The bulk supply would begin later this year, starting with a trial consignment. In India, Biocon would sell its insulin under the brand name `Insugen,' later this year.

Biocon's clinical research focused subsidiary, Clinigene, has started a Human Pharmacology Unit at Sagar Apollo Hospital here.

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