Biocon recorded a net loss of ₹42 crore in Q3 FY23 as against a profit of ₹187 crore in the same quarter last year, on account of an extraordinary item of ₹271 crore related to expenses associated with the Viatris purchase.
The company saw its net revenue grow 35.28 per cent to ₹2,941 crore, compared with ₹2,174 crore in the December quarter last year.
“We expect to end FY23 on a strong note with healthy growth across businesses. Biocon Biologics is tracking towards exiting the year at a $1-billion trajectory, excluding vaccines,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.
The company said revenue grew on the back of robust performances across all three of its businesses. The biosimilars business reported a 54 per cent increase in revenue to ₹1,507 crore. Research services reported a 23 per cent revenue growth at ₹786 crore and the generics business grew 18 per cent to ₹18 crore.
“The advancement of our research pipeline led to ₹337 crore in net R&D investments this quarter, which will drive Biocon’s future growth. As a part of our strategy to reduce the acquisition debt, Biocon has raised funds through a partial divestment of its stake in Syngene,” according to a release.
In Q3, the company also announced negative earnings per share of ₹0.35 compared to ₹1.54 in Q3 FY22.