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Biocon Q3 net dips

Special Correspondent

Pricing pressure in European market

BANGALORE: Continued pricing pressure in the European statins market has pulled down the net profit of biotech major Biocon to Rs. 44 crore for the third quarter of the current fiscal, a decline of 13 per cent, from Rs. 50 crore a year ago.

"The operating results continue to be challenged by difficult pricing environment in the European statins market. However, the U.S. market for generic statins offers respite in 2006-07," the company said in a statement here.

The company clocked consolidated sales of Rs. 199 crore for the October-December quarter of 2005, registering a growth of 12 per cent from a year earlier. However, the operating profit dipped by six per cent from a year ago.

Biocon CMD, Kiran Mazumdar Shaw, said the overall financial performance was in line with expectations. "We continue to deliver healthy profits at a time when we are investing in our discovery-led research programmes," she said.

The company was now building domain knowledge in both oncology and diabetes, which were the focal points of the company's discovery-led research programmes. The research, combined with manufacturing expertise reinforces Biocon's integrated bio-pharmaceutical model, she added.

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