India Earnings Season: BIOCON, September 2011

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Biocon maintained an EBITDA of 29% with yoy growth in the 6 months ended September 30 good in Branded Formulations of 37% with a 46% growth in Diabetology with its INSUpen and revenue from Pfizer’s diabetes related launches. Diabetes remains Biocon’s icket to cash and market positioning with other strong brands in renal Transplants growing at 25%. Onco MAbs are another growth area for the company being pursued currently in NPD/NCE

Reserarch Services grew at 20% and Generics (Biosimilars) at 15%

India’s largest biotech company stayed below a $500 mln run rate for the year with profit growth slowing to $17.2 mln for the quarter and $31.2 mln for the half year

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