Biocon Q3 net profit tanks 46%
The company said the fall in profit was due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income
Biotechnology major Biocon today announced a 46.35% fall in its consolidated net profit at Rs 91.9 crore for the third quarter ended December 31, 2017, against Rs 171.3 crore in the same quarter a year ago.
The company said the fall in profit was due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income.
Consolidated revenue from operations of the company stood at Rs 1,057.9 crore for the quarter under consideration as against Rs 1,044.4 crore for the same period year ago.
"This has been a significant quarter for Biocon as we crossed a major milestone of obtaining USFDA approval for biosimilar Trastuzumab partnered with Mylan," Biocon Chairperson and MD Kiran Mazumdar-Shaw said.
Small molecules business, which reported revenue of Rs 369 crore, continues to face headwinds arising from pricing pressures and channel consolidation in the US impacting the statins business, it added.
"However, continued demand for our immunosuppressants offset some of the pressure," Biocon said.
"The bottom line for the quarter was impacted by a 42% increase in interest and depreciation costs to Rs 112 crore largely attributable to Malaysia," Biocon said.
Small molecules business, which reported revenue of Rs 369 crore, continues to face headwinds arising from pricing pressures and channel consolidation in the US impacting the statins business, it added.
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