EBITDA is at Rs 641 crore
Biocon announced its consolidated financial results for the fourth quarter and the fiscal year ended March 31, 2021. The company posted an EBITDA at Rs 641 crore; up 68 per cent. The net profit (before exceptional item & discontinuing operations) was at Rs 257 crore. Biosimilars is up 53 per cent at Rs 664 crore; Research services is up 8 per cent at Rs 659 crore; Generics is up three per cent at Rs 578 crore.
Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: “In Q4FY21 our revenues grew 26 per cent YoY to Rs 2,044 crore driven by our biosimilars, research services and generics businesses. On a full-year basis, we reported a revenue growth of 14 per cent led by biosimilars which grew by 21 per cent, research services by nine per cent and generics by six per cent. For FY21, EBITDA was at Rs 1,907 xrore and core EBITDA margins at 33 per cent. Our determination to keep investing in science to stay a step ahead of the pandemic is reflected in the 19% rise in our Gross R&D spends in the year.“
“As a science-led company we are contributing to the national fight against the pandemic, through several initiatives spanning diagnostic tests, vaccination and therapies towards combating COVID-19. The Biocon Group is catering to the countrywide demand for Remdesivir, Itolizumab and CytoSorb. Syngene through its vaccination Centre is offering immunization services for Biocon Group employees as well to others operating in Electronic City, Bengaluru. Despite the challenges posed by the second COVID-19 wave in India, we will endeavour to have safe and uninterrupted operations and enable access to life-saving medicines for our patients and customers,” she added.
Commenting on the performance, Dr Arun Chandavarkar, Managing Director, Biocon Biologics, said, “We have reported a revenue growth of 53per cent YoY at Rs 664 crore for Q4FY21 led by a strong growth of our emerging markets business supported by market share gains for Pegfilgrastim and Trastuzumab biosimilars in the developed markets and contributions from Insulin Glargine introduced in the US earlier this fiscal. The marketing authorisation approvals for our biosimilar Insulin Aspart and biosimilar Bevacizumab in the EU augur well for our future business prospects.”
“For the full year, our revenues have grown 21 per cent to Rs 2,800 crore despite a challenging business environment aggravated in part by the pandemic. However, we are confident that our strong business fundamentals as a vertically integrated company with global scale will see us expanding our reach to patients globally. With five biosimilars approved in developed markets, we will continue to invest prudently in our product portfolio thereby enabling affordable access to high quality biosimilars,” he added.