Bangalore: Biotech firm Biocon India today (May 14, 2004) reported net profits of Rs 138.63 crore during 2003-'04, up by 219 per cent over Rs 43.51 crore in the previous fiscal.

The firm reported revenues of Rs 549.31 crore, registering a 94 per cent increase over Rs 283.25 crore in 2002-03, Biocon Indian chairperson Kiran Mazumdar Shaw told reporters in Bangalore.

Revenue growth was spearheaded by good performance in the US and European markets, with exports jumping by 151 per cent and contributing 63 per cent to the overall revenues.

Biocon, Shaw said, in the last quarter signed a letter of intent for supply of recombinant human insulin with European pharma firm Bristol Myers Squibb for nine years.

"The bulk drug supply would begin later this year and initially on a trial consignment, which would be expanded into commercial basis," she said, but declined to specify the value of the order.

Shaw said Biocon would launch the insulin under its brand name "Insugen" in the Indian market, once the regulatory approvals are received this year.

She said the company has received US FDA acceptance for its Pravastatin, Simvastatin, Lovastatin and Pioglitazone manufacturing facilities, which enables Biocon to access the $ six billion market slated to go off patent in US in 2006.

"We expect substantial growth to be delivered by sales of Pravastatin Europe and from our new products including insulin, immunosuppressants and branded formulations," Shaw said.