Biocon Biologics Q1 Results Show A 29% YoY Growth, Revenues Touch Rs 977 Crore

Biocon Biologics, a Bengaluru based biopharmaceutical company has had a strong start to the year. On Wednesday the company reported a year-on-year growth of 29 per cent for Q1FY23 with revenues at Rs 977 Crore. Core EBITDA at Rs 361 Crore was up 33 per cent, representing healthy margins of 37 per cent. The strong performance was driven by sales of Glargine in the US, and key biosimilars in emerging markets. 

At a consolidated level, y-o-y revenues grew 23 per cent backed by robust growth in both Biosimilars (29 per cent) and Generics (19 per cent). Core EBITDA grew 25 per cent and margin improved to 31 per cent compared to 30 per cent in Q1FY22. and Net Profit grew 71 per cent to Rs 144 Crore.

“Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by Rs 87 Crore this quarter reflecting pipeline progression to deliver future growth. All our three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the COVID-19 pandemic,” Kiran Mazumdar Shaw, Executive Chairperson, Biocon and Biocon Biologics.

“Initiation of global clinical trials for two monoclonal antibodies and advancement of our other pipeline assets led to a 120 per cent increase in our R&D investments this quarter. Whilst this impacts EBITDA in the near term, such investments will create a strong portfolio to secure our future growth. Our strategic alliance with Serum Institute Life Sciences for vaccines and the acquisition of Viatris’ global biosimilars business are on track for closure in the second half of this calendar year,” Dr Arun Chandavarkar, Managing Director, Biocon Biologics Ltd.