Biocon, a prominent pharmaceutical company, released its financial results for the April-June quarter of fiscal year 2023-24 (Q1FY24) on August 10. The company’s performance highlights include:
- Net Profit Decline: Biocon reported a 30% decline in net profit, which stood at ₹101 crore compared to ₹144 crore in the corresponding period of the previous year.
- Revenue Growth: The Company’s revenue from operations in Q1FY24 rose significantly by 60% to ₹3,422.6 crore compared to ₹2,140 crore in the same quarter of the previous fiscal.
- EBITDA Jump: At the operating level, Biocon’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) jumped by 79% to ₹714.4 crore in the June quarter, up from ₹399 crore in the same quarter of the previous year.
- EBITDA Margin Improvement: The EBITDA margin for the reporting quarter stood at 20.9%, showcasing an increase from 18.7% in the corresponding period of the previous fiscal.
- Total Expenses: Biocon’s total expenses were higher at ₹3,299.2 crore in the June quarter, compared to ₹1,977.5 crore in the year-ago period.
- Board Appointment: The Company’s board approved the appointment of Nicholas Robert Haggar as an additional non-executive, independent director, effective from a future date upon registration of his name in the independent director’s databank maintained by the Indian Institute of Corporate Affairs (IICA).
Kiran Mazumdar-Shaw, Executive Chairperson of Biocon and Biocon Biologics, highlighted the strong start to the year with consolidated revenues rising 59% YoY to ₹3,516 crore. The growth was primarily driven by a substantial 106% jump in Biosimilars revenue. The company’s key biosimilars gained traction in both the US and Europe, with products like Fulphila becoming a leading biosimilar Pegfilgrastim in the US and biosimilar Glargine’s market share crossing the 12% mark.
The Biosimilar business (Biocon Biologics), which constitutes 57% of the company, rose 106% YoY to ₹2,015 crore. The acquisition of Viatris biosimilars business and growth in market shares for products in the US and Europe contributed to this growth. The Generics and API business also rose by 15% YoY to ₹700 crore, while the Research services business grew by 25% to ₹808 crore.
Biocon’s strategic focus on biosimilars and its successful integration of acquired businesses have contributed to its revenue growth and market success. The company’s achievements in the biosimilar segment demonstrate prescriber confidence and the growing adoption of biosimilars in healthcare markets.
Disclaimer: Any views and investment tips expressed by any author, investment experts or agencies here on MSTimes are their own and not those of mine or website. I advises users to consult/check with certified Financial experts / advisors before taking any investment decisions.
