Hot Pursuit     24-May-23
Biocon rallies after strong Q4 performance
Biocon advanced 3.28% to Rs 250.20 after the company reported 31% rise in consolidated net profit to Rs 313 crore on a 57% increase in revenue from operations to Rs 3,774 crore in Q4 FY23 as compared with Q4 FY22.

Consolidated total revenue for Q4 FY23 increased 59% year-on-year (YoY) to Rs 3,929 crore. The revenue for the quarter includes Rs 109 crore of stake dilution gain in Bicara, pursuant to its fund raise during the quarter.

Core EBITDA (excluding R&D expense, licensing income, forex, dilution gain in Bicara and mark-to-market movement on financial instruments) grew 56% to Rs 1,260 crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year.

Net R&D investments for the quarter grew by 79% to Rs 342 crore, representing 12% of revenues ex-Syngene.

EBITDA for the quarter increased by 75% to Rs 1,152 crore, representing an EBITDA margin of 29% versus 27% in the same period last year.

Profit before tax and exceptional Items jumped 30% to Rs 500 crore in Q4 FY23 over Q4 FY22.

The biosimilar manufacturer recorded 29% YoY drop in consolidated net profit to Rs 463 crore in FY23. Consolidated revenues for FY23 increased 38% year-on-year (YoY) to Rs 11,550 crore. The revenue for the year includes Rs 217 crore of stake dilution gain in Bicara, pursuant to its fund raise during the year.

The company said that it is raising Rs 800 crore (approximately $98 million) from Edelweiss Alternate Asset Advisors (EAAA) through the issuance of NCDs worth Rs 500 crore by Biocon and CCDs worth Rs 300 crore by Biocon Biologics (BBL).

The company further informed that Serum Institute of Life Sciences (SILS) has doubled its investment in BBL to $300 million as a part of the restructuring of its strategic alliance, through the conversion of its $150 million loan provided to Biocon Pharma into equity in BBL. This is in addition to the $150 million that SILS invested in BBL in November 2022.

The board of directors has recommended a final dividend of Rs 1.50 per share for the financial year ended 31 March 2023. The final dividend includes payout on account of one-time exceptional gains arising from partial monetization of Biocon's holdings in Syngene.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said: “FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon's robust consolidated financials.

Revenues grew 38% to Rs 11,550 crore, EBITDA was at Rs 2,888 Crore, reporting a 32% growth. Revenue growth was led by Biosimilars at 61%, Research Services at 23% and Generics at 13%. R&D Investments have nearly doubled to Rs 1,119 crore, as we seek to drive future growth.”

Biocon is an innovation-led global biopharmaceuticals company. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as generic formulations in the US, Europe & key emerging markets.

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