Biocon registers Rs 660cr net profit, consolidated revenue of Rs 4,519cr in Q3

Bengaluru, Feb 9 (SocialNews.XYZ) Biocon Ltd, the Bengaluru-based pharmaceutical giant on Thursday announced its consolidated financial results for the fiscal third quarter ended December 31, 2023.

Kiran Mazumdar Shaw, Executive Chairperson, Biocon and Biocon Biologics said that Biocon delivered consolidated Revenue of Rs 4,519 crore for Q3FY24, driven by 65 per cent growth in Biosimilars and 9 per cent growth in Research Services. Consolidated EBITDA at Rs 1,492 crore grew by 106 per cent. Net Profit, boosted by other income, stood at Rs 660 crore.

"A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of $200 million towards the acquisition-related debt reduction. Steady market shares for key biosimilar in the US and EU were complemented by the Emerging Markets performance which saw a number of new product launches and tender wins.

"We continue to make steady progress towards strengthening the foundation for sustainable growth across all three business segments," Shaw stated.

"The Generics business delivered 4 per cent sequential revenue growth in the third quarter, driven by higher API sales. The year-on-year performance, however, was muted on account of continued pricing pressure that impacted customer offtake in our API business, compared to the previous fiscal. This was partially offset by growth in our Generic Formulations portfolio. While we expect pricing pressure in the API business to persist, we continue our focus on driving cost and execution efficiencies throughout the business, to mitigate future impact," said Siddharth Mittal, CEO and Managing Director, Biocon Limited.

Source: IANS