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Biocon’s is hiring upto 1000 staff; FY2010 net grows by 22%

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Friday, April 30, 2010, 21:14 This news item was posted in Biotech category and has 0 Comments so far.

Biocon, India’s largest biotherapeutics firm, is planning to hire around 1000 people in the coming months.

Biocon, which has a workforce of 4,500 currently, aims to add another 800-1000 staff in the current fiscal year, stated Kiran Mazumdar-Shaw, chairman and managing director, Biocon.

Biocon Ltd, which has posted a 22% growth in net profits during the year, has set aside Rs 200-300 crore for expansion to be implemented during fiscal 2010-11

Biocon will use the funds to cover Greenfield projects, acquisitions and product launches. The company has invested Rs 70 crore for its new R&D Centre at Biocon Park located at Bommasandra Industrial Area. The R&D centre is likely to be operational by Q1 of 2010.

Biocon’s FY 2010 revenues came from strong growth from diabetology, oncology and cardiology segments.

The company’s net profit before exceptional items increased by 22 per cent to Rs 302.81 crore from Rs 248.16 crore in the previous year. However, after exceptional items, its net profit has taken a jump of 215 per cent to Rs 293.26 crore from Rs 93.12 crore.

Biocon’s management recommended equity dividend of 70 per cent per share of Rs 5 each.

The company’s consolidated net sales increased by 47.2 per cent to Rs 2367.82 crore from Rs 1608.67 crore in the previous year. Its sales of pharma segment improved by 50.6 per cent to Rs 2087.10 crore from Rs 1385.61 crore and that from contract research and manufacturing services (CRAMS) improved by 28.9 per cent to Rs 304.03 crore from Rs 235.94 crore.

Biocon’s Insulins segment grew by 11 per cent growth during 2009-10 with growing momentum in emerging market sales. It has registered vial and cartridge in around 40 countries and it entered several new markets like Brazil and Chile among others.

Its immunosuppressant segment recorded sales growth of 28 per cent despite pricing pressures. Tacrolimus API sales also added to this momentum. The sales from statins division went up by 26 per cent on account of enhanced capacity and improved productivity. Simvastatin remained largest product by sales but Atrovastatin and Rosuvastatin are expected to add significantly in coming years.

The company’s German subsidiary, Axicorp, on an adjusted basis, improved its sales by 55 per cent. This growth primarily came from more efficient sourcing of products for its business, a restructuring of its sales force and winning the AOK, BKK and DAK tenders for several generics.

Biocon’s domestic branded formulations business achieved sales growth of 36 per cent during 2009-10. The sales of diabetology division increased by 24 per cent, oncology segment by 59 per cent with brand Abraxane and Biomab EGFR as key contributors and cardiology segment by 26 per cent. The company’s nephrology division recorded strong growth of 59 per cent with Erypro achieving growth of 50 per cent in an EPO market. The company is now entering the critical care ICU segment with the introduction of a newly formed comprehensive care division.

Recently, Biocon has acquired 49 per cent stake of Cuban partner Cimab SA in its joint venture Bicon Biopharmaceuticals through its subsidiary.

Syngene International, a 100 per cent subsidiary, has partnered with Endo Pharmaceuticals to develop a novel biological therapeutic molecule against cancer.

Biocon also signed MoU with Malaysia’s Biotechnology Corpn to explore collaboration and potential investment in Malaysia’s biotechnology industry.

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