Revenues Rs. 734 crores (Including AxiCorp) : Revenues Rs. 593 crores (Excluding
AxiCorp)
EBITDA Rs. 168 crores. PAT Rs. 100 crores (Excluding MTM Loss of Rs. 60 crores)
Biocon Limited today announced its financial performance for the half year ending
September 30th, 2008.
PERFORMANCE HIGHLIGHTS:
• Group Revenues (including AxiCorp) increased 33% from Rs. 553 crores in H1 ’08
to Rs. 734 crores in H1 ’09. Pharma sales (excluding licensing income and
Axicorp) registered 21% growth bolstered by a 36% growth in our retail healthcare
business.
• Syngene had a strong quarter delivering 21% sales growth on a QoQ basis in
FY’09 and 9% YoY growth in H1 FY’09.
• AxiCorp made a modest debut in the Group’s profitability but contributed Rs. 141
crores to the top line.
• Licensing income in H1 was moderate at Rs. 3 crores. This is expected to increase
significantly in H2.
• Biocon’s balance sheet remains strong. Net cash as on 30th September ‘08 was
Rs. 30 crores (Gross – Rs. 355 crores) .
• Clinical development of the company’s lead programs viz. IN105 (Oral Insulin) and
T1h (Anti CD6 Monoclonal antibody) are progressing well. Oral Insulin will
commence Phase III Clinical Trials shortly.
• Biocon filed 11 new patents in Q2 ’09 bringing the total tally to 892 filed and 166
granted patents.
• Biocon has been ranked the 7th largest global employer in the Biotechnology
sector by a reputed US trade journal.
Commenting on the results, Kiran Mazumdar-Shaw, Chairman & Managing Director,
Biocon Limited, said:
“Biocon’s H1 ’09 performance has shown resilience despite being impacted by Rupee
volatility which has seen us make a Mark to Market provision of Rs. 60 crores. At a time
when global businesses are challenged with an economic downturn, we believe that our
strong financial base gives us a significant advantage. Q2 FY’09 has seen us deliver the
highest ever revenues across all divisions. Our API business has registered a 21% YoY
growth bolstered by 36% growth in our retail branded formulations. Syngene has had a
particularly strong quarter delivering its best ever sales and operating profit.
Clinigene continues to carve a niche for itself in the CRO segment where India is emerging
as an important global destination for clinical development.
We are making excellent progress on the research front with our Oral Insulin IN 105
program, set to enter Phase III Clinical trials and our Anti-CD6 Monoclonal antibody
nearing the completion phase for patient enrollment.
We remain confident of delivering a good performance for the year.”
CORPORATE DEVELOPMENTS:
NeoBiocon launched Abraxane in the GCC markets on 9th October, 2008
Biocon’s JV in Abu Dhabi, NeoBiocon announced the launch of ABRAXANE® (paclitaxel
protein-bound particles for injectable suspension) (albumin-bound) in the UAE for the
treatment of breast cancer after failure of combination therapy for metastatic disease or
relapse within six months of adjuvant chemotherapy.
ABRAXANE is now available in the UAE as a single-use 100 mg vial (as a lyophilized
powder, to be reconstituted for intravenous administration).
The UAE is witnessing an alarming increase in Breast Cancer which is mirrored across the
GCC region with 20% of women between the age group of 35-65 exhibiting a risk
propensity for Breast Cancer.
In August 2007, Abraxis established a licensing agreement with Biocon for the
commercialization of ABRAXANE in India. Under the terms of the agreement, Biocon has
the right to market ABRAXANE in India, Pakistan, Bangladesh, Sri Lanka, the United Arab
Emirates, Saudi Arabia, Kuwait and certain other South Asian and Persian Gulf countries.
Subsequently, Abraxis received approval in October 2007 from India’s Drug Control
General to market ABRAXANE in India.
Biocon is ranked 7th largest global employer in the Biotechnology sector by Med
Ad News
Biocon has been ranked as the 7th largest employer amongst the top global biotechnology
companies, according to a report released by Med Ad News. The report takes into
consideration drug based firms, as these companies provide the best numbers to track the
progress of the sector. Companies have been ranked by number of employees and Biocon
Limited is the only Asian company to feature in the Top 25 at Number 7.
BIO 2008, held in San Diego recently, stated that the global biotechnology industry will be
a $100 billion annual business by 2010. The actual revenue has reached $85 billion in
2007. There are close to 5000 biotech companies across the globe. The top 25 biotech
companies represent 62 percent of all biotech sales and probably over 90 percent of
income. Biocon has been ranked the 20th leading global Biotech company and the only
Asian company to feature in the Top 25.
Note: The discussions in this release reflect the audited financial performance of Biocon
Limited based on Indian GAAP on a consolidated basis. This considers the financial
performance of Biocon Limited, its wholly owned subsidiaries Syngene International
Limited Clinigene International Limited and Biocon SA and its 71% subsidiary Axicorp
GmbH and its 51% joint venture Biocon Biopharmaceuticals Private Limited.
About Biocon
Established in 1978, Biocon Limited is one of India’s premier biotechnology companies.
Biocon, its two wholly owned subsidiary companies, Syngene International Ltd and
Clinigene International Ltd and its Joint Venture Company Biocon Biopharmaceuticals Pvt
Ltd form a fully integrated biotechnology enterprise, specializing in biopharmaceuticals,
custom research, and clinical research. With successful initiatives in clinical development,
bioprocessing and global marketing, Biocon delivers products and solutions to partners
and customers across the globe. Visit us at www.biocon.com
Certain statements in this release concerning our future growth prospects are forwardlooking
statements, which are subject to a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those contemplated in such
forward-looking statements. Important factors that could cause actual results to differ
materially from our expectations include, amongst others general economic and business
conditions in India, our ability to successfully implement our strategy, our research and
development efforts, our growth and expansion plans and technological changes, changes
in the value of the Rupee and other currency changes, changes in the Indian and
international interest rates, change in laws and regulations that apply to the Indian and
global biotechnology and pharmaceuticals industries, increasing competition in and the
conditions of the Indian biotechnology and pharmaceuticals industries, changes in political
conditions in India and changes in the foreign exchange control regulations in India.
Neither our company, our directors, nor any of their respective affiliates have any
obligation to update or otherwise revise any statements reflecting circumstances arising
after this date or to reflect the occurrence of underlying events, even if the underlying
assumptions do not come to fruition.
Biocon Limited Contact:
Paula Sengupta
20th K.M – Hosur Road,
Electronic City P.O.,
Bangalore 560 100
Tel: +91 80 2808 2808
Fax: +91 80 2852 3423
Email: paula.sengupta@biocon.com
Sonia Sharma/ Guna Shekhar
Tel: +91 80 40429000

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