Bengaluru-based biopharma company Biocon Limited reported a rise in consolidated revenues by 30 per cent year-on-year (y-o-y) at ₹4,567 crore for Q1FY25, compared to ₹3,516 crore in the corresponding quarter of the previous fiscal.
The EBITDA grew by 117 per cent y-o-yto ₹1,755 crore from ₹808 crore in Q1 FY24. The company recorded a net profit of ₹660 crore with a 551 per cent y-o-y increase from last year’s ₹101 crore.
“This strong performance was primarily because of a one-time gain from the strategic collaboration between Biocon Biologics and Eris Lifesciences. Our underlying business performance of Biocon has been in line with our expectations,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, and Biocon Biologics.
She added that post-integration, the Biosimilars business delivered a healthy performance with 11 per cent like- for- like growth, as it consolidated business across global markets. This helped the company offset the challenges of pricing pressures in the Generics segment and the difficult U.S. Biotech funding environment, which impacted the growth trajectory of its research services business.
Outlook
Saying that the outlook for this fiscal remains positive as Biocon anticipates stronger growth in H2 FY25 with new product launches in the Biosimilars and Generics businesses, including Liraglutide for diabetes and obesity in the UK and other markets, she said, “We expect improved business prospects for Syngene, supported by a resurgent biotech funding environment in the U.S.”
Net research and development (R&D) investments stood at ₹228 crore for the quarter ended on 30 June reflecting a dip by 28 per cent from ₹315 crore in Q1FY24.
The business made progress on its Most of the World (MoW) expansion strategy with the signing of a partnership agreement with Handok, noted Siddharth Mittal, CEO & Managing Director, Biocon Limited.