Biocon Limited, a biopharmaceutical company, has released its financial results for the third quarter of fiscal year 2024, showcasing a robust performance across its business segments - Generics, Biosimilars, and Research Services.
In a press statement on Friday the company informed that in Q3FY24, Biocon reported a consolidated revenue of Rs 4,519 crore, marking an exceptional 50 per cent year-on-year growth. The growth was propelled by a remarkable 65 per cent surge in Biosimilars and a 9 per cent rise in Research Services. The consolidated EBITDA soared by an impressive 106 per cent, reaching Rs 1,492 crore, resulting in an EBITDA margin of 33 per cent, compared to 24 per cent in the corresponding period last year. The Net Profit for the quarter stood at Rs 660 crore, boosted by other income.
Kiran Mazumdar Shaw, Executive Chairperson of Biocon and Biocon Biologics, highlighted the successful conclusion of the transition of the acquired business by Biocon Biologics, leading to a pre-payment of approximately USD 200 million towards debt reduction related to the acquisition. She emphasised the steady market shares for key biosimilars in the U.S. and EU, complemented by a strong performance in Emerging Markets with new product launches and tender wins.