Bangalore-based Biocon on Friday said it has filed its first abbreviated new drug applications (ANDAs) targeting the US generics market during the June quarter.
Kiran Mazumdar-Shaw, chairman and managing director, said, "We have filed a few ANDAs in the US this quarter. This effort is part of our communicated strategy to move up the pharma value chain to enter finish dosages with generic formulations. However, at this moment, it's not possible for us to offer much clarity in regards to these filings."
The shares of the company, which reported a muted first quarter growth on Thursday, fell over 7% on Friday.
The biotechnology company has reported a 9% increase in its net profit at Rs 102.91 crore for the quarter ended June 2014 compared with Rs 93.5 crore posted during the corresponding period last year. Total revenue increased 3% to Rs 742 crore during the quarter over the p. While the biopharma segment witnessed 1% decline to Rs 436 crore, branded formulations, on the other hand, rose 10% to Rs 111 crore during the quarter.
The research services segment of the company grew 12% year on year in the first quarter of 2014-15, recording revenues of Rs 172 crore. The company also extended its research collaboration with Bristol Myers Squibb for five years during the quarter under review.
Mazumdar-Shaw said, "Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets, especially in the Middle East. We are working towards diversifying our regional dependencies to diminish the impact of such externalities. However, we have sustained our operating margins and profits despite increase in costs."
The geopolitical problems in the Middle East and North African (Mena) region have added to weakness in the biopharmaceutical business.
The net R&D spends of the company stood at Rs 31 crore during the quarter, which is 6% of the biopharmaceutical business.
"We continue working towards further optimisation of our product portfolio in the small molecules vertical, with a clear focus on profitable growth. We remain on track to initiate global Phase III trials for our biosimilar glargine. Our upcoming insulin facility in Malaysia continues to progress well and we expect the plant to be commissioned, as per plan in the second half of this fiscal," she said.
The company has elevated Siddharth Mittal, president – finance, to the post of the chief financial officer effective August 1.
On Friday, shares of the company fell 7.63% to Rs 477.40 on BSE before recovering and closing at Rs 480.05 per scrip, down 7.12% from the previous close.