Hot Pursuit     12-Nov-23
Biocon rallies after recording PAT of Rs 126 cr in Q2 FY24
Biocon jumped 4.22% to Rs 236.95 after the company’s consolidated net profit surged 167.8% to Rs 125.6 crore in Q2 FY24 as compared with Rs 46.9 crore in Q2 FY23.
Revenue from operations jumped 52% to Rs 3,620 crore in Q2 FY24 as compared with Rs 2,384 crore posted in corresponding quarter last year.

Profit before tax declined 6.46% YoY to Rs 214.3 crore in Q2 FY24.

EBITDA stood at Rs 900 crore, registering a growth of 68% as compared with Rs 535 crore in Q2 FY23. EBITDA margin was at 25% in Q2 FY24 as against 22% in Q2 FY23.

Net R&D investments grew 9% to Rs 264 crore in Q2 FY24, representing 10% of revenues ex-Syngene.

On segmental front, income from generics increased 4% to Rs 676 crore in Q2 FY24 as compared with Rs 652 crore posted in Q2 FY23, Performance during the quarter was led by growth in the Generic Formulations business, resulting from higher statin volumes, as well as contributions from recently launched products in the U.S.

Revenue from Biosimilars stood at Rs 1,969 crore in Q2 FY24, up 97% YoY, driven by the consolidation of the acquired business and sustained growth from the core business across Advanced and Emerging Markets.

In Q2 FY24, revenue from research services business jumped 18% YoY to Rs 910 crore, the said business, delivered positive performances across all divisions led by Development and Manufacturing Services, while the Dedicated Centers business showed sustained growth.

Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics, said, “Biocon Biologics is now driving the business in North America and most of the emerging markets, and integration of the acquired business in Europe and a few remaining countries is expected to be completed during the year. The Generics Business has expanded its geographic manufacturing presence with the acquisition of an oral solid dosage manufacturing facility in the U.S. Syngene expects Biomanufacturing to drive future growth which will be bolstered by the proposed acquisition of a largescale facility in Bengaluru. The three businesses are focused on their strategic goals aimed at profitable growth, going forward.”

Siddharth Mittal, CEO & Managing Director, Biocon, said, “The Generics business delivered a modest year-on-year revenue growth. Our Generic Formulations business gained momentum on the back of an uptick in statin volumes, recently launched products and expansion in MoW markets. The performance of our API business was subdued as customer demand moderated and a planned maintenance shutdown for one of our key products led to a phasing of supplies.

“In line with our expansion strategy for the North American market, we acquired the U.S. FDA approved oral solid dosage manufacturing facility in the United States, which will enable us to add capacities for new products and better support our customers. Looking ahead, we expect an improved performance in the second half of the fiscal with sustained delivery in Generic Formulations and some recovery in our API business.”

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. 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. It also has a pipeline of promising novel assets in immunotherapy under development.

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