Biocon posted net profit in the third quarter beating street expectations, with robust growth across all business segments.
The net profit of the company came in at ₹217.2 crore, a 136 per cent growth compared with the same period last year. Adjusted for an exceptional item, the net profit was ₹211 crore, a growth of 130 per cent.
Its consolidated revenue from operations came in at ₹1,540.8 crore for the quarter, against ₹1,057.9 crore.
Biocon’s third-quarter revenues were ₹1,540.8 crore, a 45 per cent risecompared with the ₹1,057.9 crore in the same period last year. EBITDA grew 71.7 per cent to ₹380.7 crore.
EBITDA margins in the third quarter stood at 24.7 per cent.
Revenue in its small molecules business went up by 27.1 per cent to ₹468.9 crore.
This was led by robust sales of core APIs, growth in the US generic formulations business as well as increase in API sales in Latin America, Europe and its domestic customers in the US market.
Additionally, biologics revenue, which got a strong push due to ramp-up of Fulphila, clocked ₹448.6 crore.
Branded formulations business grew by 35.9 per cent year-on-year to ₹212.2crore and research services business continued its growth by 20.5 per cent.
Strong traction
Further, the company has launched Atorvastatin Calcium tablets in the US and has seen strong traction in Rosuvastatin and Simvastatin formulations.
The fair valuation of its investment in Equillium led to Exceptional gain of ₹5.5crore in Q3FY19.
Biocon also announced that its biosimilar insulin Glargine (Semglee) and biosimilar Adalimumab have been launched by Mylan in Europe.
Kiran Mazumdar-Shaw, Chairperson and MD, Biocon said: “Our biosimilars strategy is beginning to pay off with the launch of our biosimilars in the US and EU and we are encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like EU, Australia and Canada.’’