BENGALURU: Biocon on Wednesday posted an 84.3% decline in its consolidated net profit at Rs 27.1 crore for the second quarter of this fiscal compared to Rs 172.7 crore in Q2FY24.
Its consolidated revenue in the second quarter stood at Rs 3,623 crore. Its revenue from operations was at Rs 3,590 crore, up 3.7%, compared to Rs 3,462 crore in the year-ago period. Its EBITDA stood at Rs 718 crore.
“Biocon Group’s overall Q2FY25 financial and operational performance provides a foundation for improved performance as we move into the second half of the fiscal. Reported Operating Revenues of Rs 3,590 Cr reflect YoY growth of 8% on a like-for-like basis and core EBITDA and EBITDA margins of 28% and 20% respectively remain healthy," Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said.
She said the company had a robust performance in the Biosimilars business, up 19% on a like-for-like revenue basis, driven by strong market share gains in its US Oncology and Insulins franchises. "Syngene has returned to sequential growth and has good visibility of a pickup in momentum in the coming quarters led by its Discovery Services and Biomanufacturing CMO business. Generics has continued to face price and demand pressures that have suppressed performance, but key new formulation launches in Q3 and Q4 provide the basis of a turnaround before the year's end. All three businesses are tracking towards a better performance in the second half of the year, on the back of product approvals and unfolding market opportunities," she added.
“Syngene’s performance in the second quarter was broadly flat, in line with our expectations, the operating EBITDA margin stood at 27%. We are witnessing early positive signs of recovery in Discovery Services, largely driven by collaborations on pilot projects with large and mid-sized biopharma clients who are looking for alternatives to China," said Jonathan Hunt, CEO & Managing Director, of Syngene International Limited.