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For quarter ending June 2024, consolidated Net sales (including other operating income) of Biocon has increased 0.30% to Rs 3432.9 crore compared to quarter ended June 2023. Inter-segment sales came down from Rs 100.60 crore to Rs 99.50 crore Profit before interest, tax and other unallocable items (PBIT) has jumped 461.19% to Rs 1,151.00 crore. Overall PBIT margin rose from 5.82% to 32.58%. Operating profit margin has declined from 20.87% to 18.07%, leading to 13.16% decline in operating profit to Rs 620.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 29.17% to 24.44%. Purchase of finished goods cost rose from 7.89% to 11.61%. Employee cost increased from 16.48% to 21.47%. Other expenses fell from 26.15% to 24.85%. Preoperation capitalised expenses rose from 0.14% to 0.91%. Other income rose 1,113.37% to Rs 1134.5 crore. PBIDT rose 117.22% to Rs 1754.9 crore. Provision for interest rose 1.29% to Rs 236 crore. PBDT rose 164.20% to Rs 1518.9 crore. Provision for depreciation rose 13.24% to Rs 405.4 crore. Profit before tax grew 413.37% to Rs 1,113.50 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 283.7 crore, compared to Rs 34.8 crore. Effective tax rate was 24.77% compared to 18.94%. Minority interest increased 325.47% to Rs 202.10 crore. Net profit attributable to owners of the company increased 550.59% to Rs 659.70 crore. Promoters’ stake was 60.64% as of 30 June 2024 ,compared to 60.64% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Biocon has increased 32.05% to Rs 14755.7 crore. Sales of Generics segment has gone up 1.23% to Rs 2,798.50 crore (accounting for 18.52% of total sales). Sales of Biosimilars segment has gone up 58.03% to Rs 8,824.20 crore (accounting for 58.39% of total sales). Sales of Research service segment has gone up 9.26% to Rs 3,488.60 crore (accounting for 23.09% of total sales). Inter-segment sales came down from Rs 386.10 crore to Rs 355.60 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 26.21% to Rs 1,631.60 crore. PBIT of Generics segment fell 12.86% to Rs 230.40 crore (accounting for 14.12% of total PBIT). PBIT of Biosimilars segment fell 26.63% to Rs 295.70 crore (accounting for 18.12% of total PBIT). PBIT of Novel Biologics segment rose 1,389.31% to Rs 473.60 crore (accounting for 29.03% of total PBIT). PBIT of Research service segment rose 6.45% to Rs 631.90 crore (accounting for 38.73% of total PBIT). PBIT margin of Generics segment fell from 9.56% to 8.23%. PBIT margin of Biosimilars segment fell from 7.22% to 3.35%. PBIT margin of Research service segment fell from 18.59% to 18.11%. Overall PBIT margin fell from 11.18% to 10.80%. Operating profit margin has declined from 22.48% to 22.36%, leading to 31.33% rise in operating profit to Rs 3,298.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 28.17% to 32.49%. Purchase of finished goods cost fell from 5.53% to 4.37%. Employee cost decreased from 19.25% to 17.06%. Other expenses rose from 24.88% to 24.95%. Preoperation capitalised expenses fell from 3.46% to 0.54%. Other income rose 130.25% to Rs 865.5 crore. PBIDT rose 44.21% to Rs 4164.2 crore. Provision for interest rose 132.55% to Rs 974.4 crore. Loan funds declined from Rs 18,018.80 crore as of 31 March 2023 to Rs 16,276.70 crore as of 31 March 2024. Inventories rose to Rs 4,943.90 crore as of 31 March 2024 from Rs 4,243.70 crore as of 31 March 2023. Sundry debtors were higher at Rs 6,230.60 crore as of 31 March 2024 compared to Rs 3,573.20 crore as of 31 March 2023. Cash and bank balance declined from Rs 2,400.10 crore as of 31 March 2023 to Rs 2,258.70 crore as of 31 March 2024. Investments declined from Rs 2,068.80 crore as of 31 March 2023 to Rs 999.70 crore as of 31 March 2024. PBDT rose 29.21% to Rs 3189.8 crore. Provision for depreciation rose 40.94% to Rs 1568.8 crore. Fixed assets declined from Rs 20,648.50 crore as of 31 March 2023 to Rs 11,977.80 crore as of 31 March 2024. Intangible assets increased from Rs 16,136.20 crore to Rs 26,659.10 crore. Profit before tax grew 19.59% to Rs 1,621.00 crore. Share of profit/loss was 49.58% higher at Rs -84.2 crore. Extraordinary items were increased to Rs -11.60 crore. Provision for tax was expense of Rs 227.4 crore, compared to Rs 254.1 crore. Effective tax rate was 14.91% compared to 28.32%. Minority interest increased 52.69% to Rs 275.30 crore. Net profit attributable to owners of the company increased 120.99% to Rs 1,022.50 crore. Equity capital stood at Rs 600.30 crore as of 31 March 2024 to Rs 600.30 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 31 March 2024 ,compared to 60.64% as of 31 March 2023 . Cash flow from operating activities increased to Rs 2,953.90 crore for year ended March 2024 from Rs 1,852.50 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,931.60 crore, compared to Rs 1,726.30 crore during the year ended March 2023. Other Highlights
In
Q1 FY25, Generics business went down 6% compared to Q1 FY24. Biosimilars
segment went up 3% and Research services down 2% on YoY basis.
In
Q1 FY25, Generics business contributed 19% to total revenue, Biosimilars 59%
and Research services 22%.
Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson,
Biocon and Biocon Biologics, said: “Biocon has reported consolidated revenues
of Rs 4,567 crore for Q1FY25, delivering a strong 30% YoY growth, with EBITDA
growing 117% to Rs 1,755 crore and a Net Profit of Rs 660 crore. This strong performance
was primarily on account of a one-time gain from the strategic collaboration
between Biocon Biologics and Eris Lifesciences. The underlying business
performance of Biocon has been in line with our expectations. Post integration,
the Biosimilars business has delivered a healthy performance with 11% like-
for- like growth, as it consolidates business across global markets. This has
helped offset the challenges of pricing pressures in the Generics segment and
the difficult U.S. Biotech funding environment, which has impacted the growth
trajectory of our Research Services business. "The outlook for this fiscal
remains positive as we anticipate stronger growth in H2FY25, with new product
launches in the Biosimilars and Generics businesses, including Liraglutide for
diabetes and obesity in the UK and other markets. Additionally, we expect
improved business prospects for Syngene, supported by a resurgent biotech
funding environment in the U.S."
Siddharth Mittal, CEO & Managing
Director, Biocon said, “The Generics business continued to encounter pricing
pressure and demand contraction, which impacted our first quarter’s performance
of both APIs and Generic Formulations. The business made progress on its Most
of the World (MoW) expansion strategy with the signing of a partnership
agreement with Handok in South Korea for the commercialization of Liraglutide.
We also obtained our first injectable approval in the U.S. for Micafungin and
secured some key customer contracts in the region. “Looking ahead, our focus
will be directed towards commercializing products for which we have received
approvals, including Liraglutide, in the second half of this fiscal, as
indicated previously. We will also continue to accelerate our cost improvement
initiatives and expedite on-going capex projects.”
Shreehas Tambe, CEO & Managing
Director, Biocon Biologics said, “Having successfully integrated the acquired
business last year, Biocon Biologics’ focus in FY25 now shifts to consolidation
and setting up the business for growth. We began the fiscal year on a strong
note with the business delivering year-on-year growth of 11% on a like-for-like
basis. This growth was underpinned by an increase in market shares, tender wins
in Europe and Emerging Markets and 15 new product launches. This quarter
YESAFILI™, our bAflibercept, became the 1st interchangeable biosimilar to be
approved by the U.S. FDA. Our manufacturing facilities in Bengaluru, India and
Johor, Malaysia received GMP certifications from leading regulatory agencies
such as the European Medicines Agency (EMA) and Therapeutic Goods
Administration (TGA), Australia. These milestones will serve as growth
catalysts and allow us to expand our reach to millions of patients globally.”
Jonathan Hunt, CEO & Managing Director,
Syngene International said, “First quarter performance was broadly flat, in
line with our expectations, reflecting the dip in funding for U.S. biotechs
that has impacted our sector over the last two years. However, the value of
U.S. biotech funding has seen a marked improvement in the first half of 2024.
It will take a while for this funding to flow through into outsourcing
activities and Syngene is in a strong position to capture a significant share
of the upturn in biotech spending in the months ahead.”
| Biocon : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 3,432.90 | 3,422.60 | 0.30 | 14,755.70 | 11,174.20 | 32.05 | | OPM (%) | 18.07 | 20.87 | -280 bps | 22.36 | 22.48 | -12 bps | | OP | 620.40 | 714.40 | -13.16 | 3,298.70 | 2,511.70 | 31.33 | | Other Inc. | 1,134.50 | 93.50 | 1,113.37 | 865.50 | 375.90 | 130.25 | | PBIDT | 1,754.90 | 807.90 | 117.22 | 4,164.20 | 2,887.60 | 44.21 | | Interest | 236.00 | 233.00 | 1.29 | 974.40 | 419.00 | 132.55 | | PBDT | 1,518.90 | 574.90 | 164.20 | 3,189.80 | 2,468.60 | 29.21 | | Depreciation | 405.4 | 358 | 13.24 | 1568.8 | 1113.1 | 40.94 | | PBT | 1,113.50 | 216.90 | 413.37 | 1621 | 1355.5 | 19.59 | | Share of Profit/(Loss) from Associates | 0 | -33.2 | - | -84.2 | -167 | 49.58 | | PBT before EO | 1113.5 | 183.7 | 506.15 | 1536.8 | 1188.5 | 29.31 | | EO Income | 32 | 0 | - | -11.6 | -291.4 | 96.02 | | PBT after EO | 1145.5 | 183.7 | 523.57 | 1525.2 | 897.1 | 70.01 | | Taxation | 283.7 | 34.8 | 715.23 | 227.4 | 254.1 | -10.51 | | PAT | 861.8 | 148.9 | 478.78 | 1297.8 | 643 | 101.84 | | Minority Interest (MI) | 202.1 | 47.5 | 325.47 | 275.3 | 180.3 | 52.69 | | Net profit | 659.7 | 101.4 | 550.59 | 1022.5 | 462.7 | 120.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 659.7 | 101.4 | 550.59 | 1022.5 | 462.7 | 120.99 | | EPS (Rs)* | 5.34 | 0.84 | 532.42 | 8.58 | 5.29 | 62.24 | | | * EPS is on current equity of Rs 600.30 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Biocon : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202406 | 202306 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Generics | 18.66 | 659.30 | 0.00 | - | 18.52 | 2,798.50 | 2,764.40 | 1.23 | | Biosimilars | 58.98 | 2,083.40 | 0.00 | - | 58.39 | 8,824.20 | 5,583.80 | 58.03 | | Novel Biologics | 0.00 | 0.00 | 0.00 | - | | Research service | 22.36 | 789.70 | 0.00 | - | 23.09 | 3,488.60 | 3,192.90 | 9.26 | | Total Reported Sales | 100.00 | 3,532.40 | 3,523.20 | 0.26 | 100.00 | 15,111.30 | 11,560.30 | 30.72 | | Less: Inter segment revenues | | 99.50 | 100.60 | -1.09 | | 355.60 | 386.10 | -7.90 | | Net Sales | 100.00 | 3,432.90 | 3,422.60 | 0.30 | 100.00 | 14,755.70 | 11,174.20 | 32.05 | | PBIT | | Generics | 1.47 | 16.90 | 0.00 | - | 14.12 | 230.40 | 264.40 | -12.86 | | Biosimilars | 92.51 | 1,064.80 | 0.00 | - | 18.12 | 295.70 | 403.00 | -26.63 | | Novel Biologics | 0.00 | 0.00 | 0.00 | - | 29.03 | 473.60 | 31.80 | 1,389.31 | | Research service | 6.02 | 69.30 | 0.00 | - | 38.73 | 631.90 | 593.60 | 6.45 | | Total PBIT | 100.00 | 1,151.00 | 205.10 | 461.19 | 100.00 | 1,631.60 | 1,292.80 | 26.21 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -37.50 | -21.40 | -75.23 | | -94.80 | -104.30 | 9.11 | | PBIT Margin(%) | | Generics | | 2.56 | 0.00 | 256.33 | | 8.23 | 9.56 | -133.15 | | Biosimilars | | 51.11 | 0.00 | 5,110.88 | | 3.35 | 7.22 | -386.63 | | Novel Biologics | | 0.00 | 0.00 | 0.00 | | 0.00 | 165.63 | -16,562.50 | | Research service | | 8.78 | 0.00 | 877.55 | | 18.11 | 18.59 | -47.80 | | PBT | 100.00 | 1,113.50 | 183.70 | 506.15 | 100.00 | 1,536.80 | 1,188.50 | 29.31 |
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