Companies

Biocon net profit down 18 per cent to ₹169 cr on Covid impact

Our Bureau Bengaluru | Updated on January 22, 2021

Kiran Mazumdar-Shaw, Chairperson, Biocon

Kiran Mazumdar-Shaw expects normalisation of operational functions by next fiscal

Biocon Limited, an innovation led global biopharma company, despite driven good revenues from research services and bio-similars business, has posted 18 per cent lower profits at ₹169 crore for the third-quarter of FY 2020-21 on consolidated basis as against ₹206 crore posted last year.

However, the company’s revenues are higher by 7 per cent to ₹1,879 crore as against ₹1,753 crore in the same period last year. EPS for the quarter stood at ₹1.43 compared with ₹1.74 last year.

Also read: ADQ to buy 1.8% stake in Biocon arm for ₹555 cr

Kiran Mazumdar-Shaw, executive chairperson, Biocon said, “The quarter was driven by 13 per cent growth in research services, and 11 per cent in bio-similar business segments. EBITDA for the quarter stood at ₹427 crore."

“The two recent investments of $225 million in Biocon Biologics by Goldman Sachs and ADQi endorse the value creation of our biosimilars business. These investments augur well for our business and will enable us in expanding our research and manufacturing capacities across segments. The recent launch of Tacrolimus capsules in the US, as well as approvals in Most of the World (MoW) markets for Insulin Aspart, Bevacizumab and Trastuzumab biosimilars will also pave the way for expanding our business in future,” she added.

Biocon launches Tacrolimus capsules in US

She further said “2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalization by next fiscal.”

Also read:  Biocon Biologics reports topline of ₹769 crore in Q3

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Published on January 22, 2021
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