BENGALURU: Biocon has reported a 25% y-o-y decline in Q3 net profit at Rs 140 crore compared to Rs 187 crore in the previous year. The profit was also impacted due to the dilution of Biocon's stake in Biocon Biologics and Syngenue. Its total revenue stood at Rs 3,020 crore, a 36% increase from Q3FY22.
The pharmaceutical firm said Q3FY23 includes a forex loss of Rs 44 crore vs a gain of Rs 19 crore in Q3FY22.
“Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on Nov 29, 2022. We are now implementing country-wise integration of the business to maximize the value of the combined entity to propel growth," Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said.
The company's net R&D investments for the quarter grew by 144% to Rs 337 crore, representing 16% of revenues ex-Syngene.
"We have drawn up a comprehensive plan to integrate the acquired Viatris business into Biocon Biologics and migration of business operations is scheduled in a phased manner to ensure business continuity and uninterrupted service to customers and patients," said Shreehas Tambe, CEO & Managing Director, Biocon Biologics.
The company's core EBITDA stood at Rs 1,069 crore, up 49% y-o-y, representing core operating margins of 36%.