Companies

Biocon posts profit of ₹254 crore for Q4

Our Bureau Bengaluru | Updated on April 29, 2021

Performance driven by biosimilars, research services and generics businesses

Global biopharma company Biocon Limited has posted 106.50 per cent profit for the fourth quarter (Q4) of FY 2020-21 on a consolidated basis, at ₹254 crore as against ₹123 crore posted last year, driven by biosimilars, research services and generics businesses.

The company’s revenues are higher by 26 per cent, at ₹2,044 crore as against ₹1,621 crore in the same period last year.

The company has gained ₹160 crore arising on the fair valuation of Bicara Therapeutics Inc (Bicara) due to loss of control from subsidiary to associate reported under ‘other income’ for the quarter.

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Dividend

The company said on account of the uncertainty created by the unprecedented second wave of the Covid-19 pandemic and the continued investments in R&D and capex, the Board of Directors has decided it would not be appropriate to declare a dividend for FY21.

New CFO

The Board has appointed Indranil Sen as the CFO in place of Anupam Jindal who resigned as Chief Financial Officer of Biocon Limited due to personal reasons. Indranil was earlier the Vice-President of Finance at Biocon Ltd and has held various key leadership roles in the finance function since joining Biocon in 2014.

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Commenting on company’s performance, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “In Q4FY21 our revenues grew 26 per cent year on year (y-o-y) to ₹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 9 per cent and generics by 6 per cent. For FY21, EBITDA was at ₹1,907 crore 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 per cent rise in our gross R&D spends in the year.”

Fight against Covid

“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 immunisation services for Biocon Group employees as well as 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.

Published on April 29, 2021

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