Biocon is shining bright on this record breaking day of stock rise. The stock is currently the second top gainer on the BSE, up 7% at Rs.598. Its 52-week high is at Rs.695.
The stock rose on the back of its Q1FY19 earnings. It beat all estimates, posting a 47% (YoY) jump in net profit at Rs.120 crore on a 21% rise in revenue at Rs.1192 crore.
The stellar jump in bottomline was led by a lower base effect and good show put in this current Q1 by the biologics and research service segments.
It EBITDA came in at Rs.238 crore, up 24% while margins rose from 20.7% to 21.2%.
Looking ahead, the company sounds very optimistic as it says, ““The approval and launch of our biosimilar Pegfilgrastim, Fulphila™, in the U.S. is a significant milestone for Biocon and sets the tone for the future success of our biosimilars business. The cGMP approvals for our Drug Products manufacturing facility in Bengaluru by both the U.S. FDA and EMA demonstrates our commitment to provide high quality products to address the growing needs of patients for affordable biosimilars in these markets. These developments augur well for a strong financial performance in FY19.”