Biocon’s net profit doubles to Rs 172.7 crore in Q2

Bengaluru, Nov 10 (SocialNews.XYZ) Indian pharmaceutical giant Biocon on Friday reported a net profit of Rs 172.7 crore in the September quarter of financial year 2023-24, more than double its profit of Rs 81.8 crore in the same period of the previous year.

According to the company statement, the company’s revenue increased by 52 per cent YoY to Rs 3,462.3 crore in the quarter.

Biocon and Biocon Biologics Biocon Executive Chairperson Kiran Mazumdar-Shaw said: "Biocon reported a strong revenue growth this quarter of 52 per cent YoY at Rs 3,620 crore led largely by a revenue rise of 97 per cent in Biosimilars. EBITDA increased by 68 per cent YoY to Rs 900 crore, a margin of 25 per cent.

"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 US. Syngene expects Bio-manufacturing to drive future growth which will be bolstered by the proposed acquisition of a large- scale facility in Bengaluru. The three businesses are focused on their strategic goals aimed at profitable growth, going forward."

Biocon Ltd CEO and Managing Director Siddharth Mittal 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 US 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 year with sustained delivery in Generic Formulations and some recovery in our API business.”

Biocon Biologics Ltd CEO and Managing Director Shreehas Tambe said: "Biocon Biologics has continued its growth momentum and delivered a nearly 100 per cent year-on-year revenue growth. This is largely driven by the acquisition of Viatris’ biosimilars business and the growth in market shares for our products in the US and Europe, as we win new customers.

"The robust demand for our Insulins portfolio in Emerging Markets will continue to drive growth in these markets and expand access to affordable life-changing treatments. This quarter we successfully transitioned the acquired business from Viatris in North America, and now look forward to integrating the remaining markets, including Europe, Japan, Australia, and New Zealand, later during the year, which is a significant acceleration over plan."

Syngene CEO and Managing Director Jonathan Hunt said: "I’m pleased with the positive performances across all divisions of Syngene, led by Development and Manufacturing Services. We continued to add capabilities and commissioned a non-GMP facility to meet market demand for agile, cost-efficient, early phase development and scale-up services. We also commissioned a state-of-the-art, digitally enabled Quality Control laboratory that will play a pivotal role in maintaining the standards that underpin all biologics operations."

Source: IANS