Biocon Q1 Results: Profit drops 30% YoY to Rs 101 crore, revenue jumps 59%

economictimes.indiatimes.com:

Biocon on Thursday reported 30‰ year-on-year (YoY) drop in net profit to Rs 101 crore for the quarter ended June 2023. The company had reported net profit of Rs 144 crore during corresponding quarter of the previous year. The company attributed the drop in net profit to depreciation, amortisation and interest increase of Rs 353 crore over last year primarily related to the biosimilar business acquisition cost.

Revenue grew 59% YoY to Rs 3,516 crore. EBITDA for the quarter increased by 69% to Rs 808 crore, representing an EBITDA margin of 23% versus 22% in the same period last year. Biosimilar business (Biocon Biologics) that constitutes 57% rose 106% YoY to Rs 2015 crore driven by the acquisition of Viatris biosimilars business and growth in market shares for products in the US and Europe.

Generics and API business rose 15% YoY to Rs 700 crore. Research services business rose 25% to Rs 808 crore. «Our key biosimilars are gaining traction in both U.S.

and Europe with Fulphila becoming the leading biosimilar Pegfilgrastim in the US and biosimilar Glargine’s market share crossing the 12% mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars.” — Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics. *Having successfully transitioned the acquired business from Viatris in over 70 countries in Emerging Markets, we are now looking forward to integrating the business in North America by the end of Q2 FY24,” said Shreehas Tambe, CEO & MD, Biocon Biologics Ltd.