Core EBITDA stood at Rs 715 crore
Biocon, an innovation-led global biopharmaceuticals company, announced its consolidated financial results for the third quarter ended December 31, 2021.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “Biocon’s consolidated Q3FY22 revenues grew by 18 per cent YoY to Rs 2,223 Crore, driven by a strong performance across all business segments. Biosimilars grew by 28 per cent to Rs 981 crore, research services was up 10 per cent at Rs 641 crore and Generics delivered a 7 per cent growth at Rs 607 crore.”
Mazumdar-Shaw added, “EBITDA at Rs 537 Crore grew by 25 per cent, which was impacted by mark-to-market loss attributed to Biocon Biologics’ equity investment in Adagio. Core EBITDA stood at Rs 715 crore with a healthy margin of 33 per cent. PBT for the quarter stood at Rs 269 Crore. Adjusted for Adagio related loss, PBT was higher at Rs 346 Crore, indicating healthy operating profitability.”
Dr Arun Chandavarkar, MD, Biocon Biologics, said, “Following the landmark approval of our interchangeable bGlargine, the first-ever such biosimilar approval, by the US FDA, we recorded another milestone this quarter with the commercialization of this product by our partner Viatris in the US.”
Dr Chandavarkar added, “Biocon Biologics reported revenue growth of 28 per cent YoY and 32 per cent QoQ at Rs 981 Crore. Core EBITDA rose 27 per cent to Rs 363 Crore with healthy Core EBITDA margins at 38 per cent. The strong growth in revenue is on the back of robust demand for our products across geographies and the commencement of supplies of interchangeable bGlargine to the US. Encouraged by the demand for our insulins globally and considering the new opportunities, we have initiated investments for the expansion of our insulin manufacturing facility in Malaysia. We have seen good progress on our R&D pipeline with a few molecules expected to enter the clinic in Q4FY22.”
