Announcing the financial results, the Bangalore based company said its PAT stood at Rs 82 crore (Rs 820 million) in the first half of this fiscal as against Rs 105 crore (Rs 1.05 billion) in the corresponding period last fiscal.
The consolidated sales during the period grew by 4 per cent at Rs 375 crore (Rs 3.75 billion) as against Rs 360 crore (Rs 3.6 billion) in the previous fiscal, it added.
For the quarter ended September, the company's profit after tax stood at Rs 44 crore (Rs 440 million).
Commenting on the results, Biocon chairman and managing director Kiran Mazumdar Shaw said the results were satisfactory given the challenges in the European Statins market. Shaw said the company was making good progress on discovery-led research programmes in diabetes and oncology.
"We are on track to complete Phase IIB clinical trials for our EGFR anti-body, Biomab EGF, by the year end," she said.
The company also expected to submit an investigational new drug filing for its oral insulin molecule, IN105, by the end of this fiscal, she added.
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