Net profit has been posted at Rs 174 crore
Biocon has announced its consolidated financial results for the fiscal second quarter ended September 30, 2020.
Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: “Consolidated revenue for Q2FY21 increased 10 per cent to Rs 1,760-crore driven by 11 per cent growth in biosimilars, 12 per cent in research services and 8 per cent in generics, businesses. EBITDA for the quarter stood at Rs 407 crore and net profit (before exceptional item and discontinuing operations) was at Rs 174 crore. Our profitability was impacted on account of higher R&D expenses, staff costs, other expenses and forex losses. However, our core EBITDA margins stood at a healthy 32 per cent, indicating sound operational performance.”
“Our Insulin Glargine, Semglee, was commercialised in the US by our partner Mylan, during the quarter, thus heralding our entry into the US insulins market. With this launch, we have expanded our portfolio of biosimilars and occupy a position of impactful influence in the biosimilars segment.”
“As a part of our commitment to address the novel coronavirus pandemic in India, the Biocon Group is working on a comprehensive portfolio of products for treating mild to severely ill COVID-19 patients. We have introduced ARAFLU (Favipiravir) in addition to Cytosorb and ALZUMAB-L, and Syngene has started manufacturing Remdesivir under a voluntary licensing agreement with Gilead,” she added.
The generics business revenue during Q2FY21 is at Rs 599 crore, up 8 per cent (YoY) from Rs 553 crore in Q2FY20. In H1 FY21, the revenue is at Rs 1,198 crore; up 12 per cent.
Commenting on the performance, Siddharth Mittal, CEO and MD, Biocon, said, “Our Q2 performance was in line with expectations. I am pleased that we were able to ensure business continuity and serve patients across the world despite the challenges that Covid-19 brought with it. Looking ahead, we expect the generic formulations business to continue to drive growth, based on new launches in the US for products which are currently under regulatory review. We also plan to commercialise Remdesivir in India as part of our commitment towards providing treatment for COVID-19.”
In Biocon Biologics, the Q2FY21 revenue is at Rs 676 crore up 11 per cent (YoY) from Rs 607 crore in Q2FY20. The revenue has been posted at Rs 1368 crore; up 15 per cent and segment EBITDA for Q2FY21 is at Rs 176 crore.
Commenting on the performance, Dr Christiane Hamacher, CEO and MD Biocon Biologics, said, “Our biosimilars business recorded a quarterly revenue of Rs 676 crore with a growth of 11 per cent year-on-year, led by biosimilars Trastuzumab and Pegfilgrastim in developed markets including the US. We also launched Insulin Glargine, our third product in the US, to address the needs of patients with diabetes. As a part of our commitment to enable universal access to affordable insulins in low- and middle-income countries we also rolled out our ‘Mission 10 cents’ in the Philippines. While we continue to see strong demand for our products globally, we are experiencing some operational challenges which have prevented us from achieving our full potential. However, we are confident of addressing these, going forward, as a part of our commitment to expand access to life-saving, quality biosimilars including monoclonal antibodies and insulin analogs, for millions of patients across the globe.”
“Our value unlocking plans for Biocon Biologics progressed further with a private equity investment of Rs 225 Crore by Tata Capital pushing up Biocon Biologics’ equity valuation to $ 3.5 billion.”, she added.
