New Delhi: Biocon posted a 7% year-on-year decline in its consolidated net profit for the October-December quarter to ₹203 crore as the company sharply increased its expenses on research and development and a one-time cost. Biocon’s revenue increased by 14% to ₹1,784 crore, led by growth of its biosimilars business. Sales of its biologics business, under its subsidiary Biocon Biologics India, grew 31% to ₹588 crore aided by sales of its key biosimilars in developed and emerging markets. In the nine months ending December, Biocon Biologics has garnered ₹1,594 crore, or $223 million, in sales. During the quarter ending December, Biocon Biologics raised $75 million through a fresh equity issue to True North.

Source: Mint January 23, 2020 16:18 UTC