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Biocon’s active pharma ingredients (APIs) and generic formulations business has posted revenues of ₹578 crore for the fourth-quarter (Q4) of FY 2020-21, a 3 per cent growth compared with ₹562 crore revenues posted last year.
Siddharth Mittal, CEO & Managing Director, Biocon Limited, said, “The FY21 performance was in line with our expectations. Revenues grew by 6 per cent over the previous year, with a profit before tax of 13 per cent, supported by double digit growth in generic formulations and a modest single digit growth in APIs. I am pleased that we were able to ensure continuity of our business operations and serve patients and partners through a challenging year.”
“Our Q4 performance delivered a moderate 3 per cent growth over the previous year. This was mainly on account of headwinds we encountered by way of pricing pressure on both APIs and formulations, particularly in the US, and travel restrictions that delayed regulatory approvals, and consequently new product launches. Our API revenues were also relatively subdued, as compared to the first-half of the fiscal, due to our customers stockpiling during this period, anticipating pandemic-related disruptions in supply chain,” he added.
Also read: Biocon posts profit of ₹254 crore for Q4
Despite these challenges, the company continued to progress on strengthening its product portfolio and expanding its global footprint. “We received USFDA approval for Everolimus (the generic to Afinitor), an immunosuppressant used to treat cancer. We received a GMP compliance certificate from MHRA, UK, which boosts our efforts to establish a strong global formulations portfolio. We also partnered with Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to develop and market our generic drugs in Brazil,” said Mittal.
He added, “We remain committed to invest in building new capabilities and capacities across functions, including R&D, manufacturing and quality, as well as strengthen our product portfolio. We are confident that focus on our strategic priorities and execution excellence will ensure that we deliver long-term, sustainable growth.”
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