Shares of Asia’s premier biopharmaceutical company Biocon Limited are up close to 3% at Rs. 471.60, a piece, with healthy volumes on both the exchanges. While being debt-free, company’s market cap exceeds Rs. 9,400 crore currently.

The company, led by Dr. Kiran Mazumdar Shaw, reported 22% QoQ rise in consolidated operating profit, to Rs. 154 crore, in Q1FY16, lead by healthy growth in the pharma vertical, despite the contract research and manufacturing (CRAM) subsidiary Syngene International showing slippage in performance. A combination of product sales and monetisation of R&D assets through licensing, seems to be working for the company. 2 of its biosimilar molecules have entered phase 3 clinical trials, taking the tally to 5 partnered programs in phase 3 trials. Launch of insulin Glargine in Mexico and Colombia coupled with focus on branded formulations translated into better margins.

Adjusting for gains on sale of stake in the CRAMs subsidiary during Q4FY15, consolidated net profit also rose a whopping 31% QoQ to Rs. 126 crore, despite revenues being flat at Rs. 833 crore. Thus consolidated Q1FY16 EPS of Biocon stands at Rs. 6.31, as against EPS of Rs. 24.87 clocked in FY15, which included EPS of Rs. 5.25 by way of exceptional gains.