Karnataka, India - Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the fiscal third quarter ended December 31, 2023.
Leadership Comments
BIOCON GROUP
Biocon delivered Consolidated Revenue of Rs 4,519 crore for Q3FY24, driven by 65% growth in Biosimilars and 9% growth in Research Services. Consolidated EBITDA at Rs 1,492 crore grew by 106%. Net Profit, boosted by other income, stood at Rs 660 crore.
A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of USD 200 million towards the acquisition-related debt reduction. Steady market shares for key biosimilars in the U.S. and EU were complemented by the Emerging Markets performance which saw a number of new product launches and tender wins.
We continue to make steady progress towards strengthening the foundation for a sustainable growth across all three business segments.
Kiran Mazumdar Shaw, Executive Chairperson, Biocon and Biocon Biologics
BIOCON GENERICS
The Generics business delivered 4% sequential revenue growth in the third quarter, driven by higher API sales.
The year-on-year performance, however, was muted on account of continued pricing pressure that impacted customer offtake in our API business, compared to the previous fiscal. This was partially offset by growth in our Generic Formulations portfolio. While we expect pricing pressure in the API business to persist, we continue our focus on driving cost and execution efficiencies throughout the business, to mitigate future impact.
We received a tentative approval of our ANDA for Dasatinib tablets from the U.S. FDA recently, which reinforces our strategy to vertically integrate complex, difficult-to-make products.
Siddharth Mittal, CEO & Managing Director, Biocon Limited
BIOCON BIOLOGICS
Biocon Biologics successfully completed the complex, accelerated integration of the entire acquired business across 120+ countries, one year ahead of plan, transforming us into a unique, fully integrated, lab-to market leading global biosimilars player. Our focus has been on preserving value, business continuity and ensuring a seamless experience for our patients, customers, and partners across the world. This success is a testament to the hard work and dedication of our team and advisors.
During the quarter, the business delivered 65% year-on-year growth as we continued to see robust demand for our products with market shares increasing across geographies. We onboarded new customers and won several key tenders.
Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited
SYNGENE
Syngene reported a revenue growth of 9% year-on-year in the third quarter on the back of good performance by Dedicated Centers, Development and Manufacturing divisions. Though demand in our Discovery Services division was impacted during the quarter by headwinds in the U.S. biotech segment, we are starting to see early signs of funding levels stabilizing. Our business model remains resilient, and we are continuing to invest in scientific capabilities and important enterprise projects as industry fundamentals for pharma outsourcing remain positive for the medium-to-long term.
About Biocon Limited
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
Biocon Biologics Limited (BBL), a subsidiary of Biocon Ltd., is a unique, fully integrated, global biosimilars company committed to transforming healthcare and transforming lives by enabling affordable access to high quality biosimilars for millions of patients worldwide. It is leveraging cutting-edge science, innovative tech platforms, global scale manufacturing capabilities and world-class quality systems to lower costs of biological therapeutics while improving healthcare outcomes. BBL has integrated the acquired global biosimilars business of its long-standing partner Viatris, which is a historic milestone in its value creation journey. Biocon Biologics has commercialized eight biosimilars in key emerging markets and advanced markets like U.S., Europe, Australia, Canada, and Japan. The Company has a pipeline of 20 biosimilar assets across diabetology, oncology, immunology, ophthalmology, and other non-communicable diseases. It has many firsts to its credit in the biosimilars industry. As part of its environmental, social and governance (ESG) commitment, BBL is advancing the health of patients, people, and the planet to achieve key UN Sustainable Development Goals (SDGs).
Contact:
Tel: +91 80 2808 2808
Fax: +91 80 2852 3423
Email: contact.us@biocon.com
Web: www.biocon.com
BIOCON LIMITED 
