Biocon Achieves 52% YoY Revenue Growth In Q2FY24

Biocon, a biopharmaceutical company, unveiled its consolidated financial results for the second quarter ending September 30, 2023, the company said in a press statement on Friday. The company showcased a consolidated revenue of Rs 3,620 crore, indicating a substantial 52 per cent year-on-year (YoY) growth.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, 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 financial highlights include robust performances in key areas. The Core EBITDA recorded a commendable 35 per cent YoY growth, reaching Rs 1,100 crore. Notably, the net profit exhibited remarkable growth, soaring by 168 per cent YoY and reaching Rs 126 crore. The core EBITDA margin stood at a healthy 32 per cent, the company's statement read.

In the generics segment, covering APIs and generic formulations, a 4 per cent YoY growth was reported, with revenue reaching Rs 676 crore. Biosimilars, represented by Biocon Biologics Limited, stole the spotlight with an exceptional 97 per cent YoY growth, achieving revenue of Rs 1,969 crore. The research services segment, led by Syngene, demonstrated an 18 per cent YoY growth, contributing Rs 910 crore to the overall revenue.

Biocon's financial commentary for Q2FY24 highlighted a robust performance, with consolidated revenues growing by 52 per cent YoY to Rs 3,620 crore. The Core EBITDA reached Rs 1,100 crore, showcasing healthy core operating margins of 32 per cent. The company's net R&D investments for the quarter grew by 9 per cent to  Rs 264 crore, representing 10 per cent of revenues.

Despite an increase in depreciation, amortization, and interest, primarily related to biosimilar business acquisition costs, Biocon reported an EBITDA margin of 25 per cent, up from 22 per cent in the same period last year. The profit before tax and exceptional items stood at Rs 238 crore.

The reported net profit for the quarter reached Rs 126 crore, a significant improvement from Rs 47 crore in the corresponding period last year, the company added.

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