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Biocon share price rises over 3% after firm receives EIR for Bengaluru unit

BusinessToday.In     November 5, 2019

Biocon share price rose over 3% in trade today after the firm received establishment inspection report (EIR) for Bengaluru unit. Biocon stock rose 3.36% to Rs 272.55 compared to the previous close of Rs 263.70 on BSE. The large cap stock traded in a wide range of Rs 255 to Rs 372 in trade today. 

After hitting intra day high of Rs 263.70, the stock saw profit-booking and fell 3.11% to Rs 355 on BSE. The stock fell 18.45% in last one year and has fallen 18.21%  since the beginning of this year. Biocon said it has received EIR from the US Food and Drug Administration for its biologics drug product facility in Bengaluru, stating the inspection is closed, as per the company release.

US FDA conducted surveillance (routine) cGMP inspection of the firm's drug product facility in Bengaluru from August 22 to August 30, 2019.

The pharma firm reported a net profit of Rs 215.7 crore for the quarter ended September 30, 2019 compared with net profit of Rs 354.7 crore for the corresponding period of the previous fiscal.

Consolidated total income rose to Rs 1,610.6 crore for the quarter under consideration as against Rs 1,375.4 crore for the same period year ago.

"A robust growth of 40 per cent by Biologics and 23 per cent by Small Molecules, coupled with a steady performance by the Research Services business drove the consolidated revenue for the quarter to Rs 1,611 crore, reporting a growth of 17 per cent year-on-year," Biocon Chairperson and MD Kiran Mazumdar-Shaw said.

By Aseem Thapliyal

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