Advertisement

Biocon's Net Profit Dips 10% YoY, Revenue At Rs 2,384 Cr In Q2FY23

Biocon registered a net profit of Rs 168 crores in the second quarter against Rs 188 crores registered in the corresponding quarter of the last year, a slump of 10 per cent year on year

The Indian pharmaceutical major Biocon reported its quarter two earnings on Monday, the pharma company recorded a consolidated revenue worth Rs 2,384 crores for the quarter that ended in September 2022, against Rs 1,840 crores in the same quarter in the previous year, registering 23 per cent rise year on year.

Biocon registered a net profit of Rs 168 crores in the second quarter against Rs 188 crores registered in the corresponding quarter of the last year, a slump of 10 per cent year on year.

The pharma company EBTIDA for the September quarter stood at Rs 535 crores, compared with Rs 551 recorded in the corresponding quarter in the previous year, a drop of 3 per cent year on year. The company's EBITDA margins in quarter two of the financial year 2023 (Q2FY23) came at 22 per cent against 28 per cent recorded in Q2FY23.

Biocon's Gross R&D spend came at Rs 252 Crore for the quarter, the comapny in a statment said that Biocon Biologics’ (BBL) YoY revenue growth was led by a strong performance of its biosimilars portfolio in advanced and emerging markets. 

Continued progress on two of BBL’s own research assets, bDenosumab and bUstekinumab, which are undergoing global clinical trials, as well as other pipeline molecules, raised BBL’s R&D investments this quarter by 142 per cent YoY to Rs 184 Crore, representing 18 per cent of BBL revenue. 

"We reported strong consolidated revenue growth of 23 per cent YoY for Q2FY23 at Rs 2,384 Crore driven by 34 per cent growth in Biosimilars, 26 per cent in Research Services and 18 per cent in the Generics business. Our Gross R&D spends increased by 52 per cent YoY this quarter to Rs 252 Crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 34 per cent at Rs 816 Crore, representing healthy core operating margins of 35 per cent versus 33 per cent in the same quarter last year," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. 

The consolidation of Viatris’ global biosimilars business and the strategic vaccines alliance with Serum Institute will add to the growth of the Biosimilars business in H2FY23. We have secured necessary financing and obtained relevant approvals for the Viatris transaction, which is expected to close shortly, Mazumdar added.





Advertisement

Around The World