BENGALURU: Biocon on Thursday posted a 30% drop in consolidated net profit for the first quarter of this fiscal at Rs 101 crore. It has missed analysts' estimates.
The biopharmaceutical company's revenue for the first quarter stood at Rs 3,516 crore, up 59%. Its EBITDA margin stood at 23%.
"We have had a strong start to the year. At a consolidated level, revenues rose 59% YoY to Rs 3,516 crore driven primarily by the 106% jump in Biosimilars revenue. Research Services revenue rose 25%, and Generics reported 15% growth. Our Core EBITDA for the quarter was up 42% at Rs 936 crore, reflecting a margin of 28%. R&D investments at Rs 315 crore increased by Rs 117 crore this quarter, reflecting our advancing pipeline, which will support future growth," Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said.
"Our key biosimilars are gaining traction in both US and Europe with Fulphila becoming the leading biosimilar Pegfilgrastim in the US and biosimilar Glargine’s market share crossing the 12% mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars," she added.
The Generics business delivered a 15% year-on-year revenue growth, driven by growth in its formulations business in the US and new product launches in a few key MoW markets.
“Our product pipeline continues to advance with an approval for Vigabatrin tablets and a tentative approval for Lenalidomide capsules in the US, and for Mycophenolic acid tablets in Europe. The positive outcome of the two US FDA inspections at our Hyderabad API and Bengaluru OSD sites will help in accelerating new product approvals," Siddharth Mittal, CEO & Managing Director, Biocon Limited said.
“We continue to make investments for future growth, with work having commenced on the expansion of our peptide and fermentation capacities in Bengaluru, with a timeline for completion in the second half of FY25," he added.