Kiran Mazumdar-Shaw
| Photo Credit: V. Sreenivasa Murthy
Biocon, a biopharmaceuticals firm, reported a 25% decline in Q3FY23 net profit at ₹140 crore, as against ₹187 crore in the year earlier period.
The net profit was impacted due to dilution of Biocon’s stake in Biocon Biologics and Syngene, the company said on Tuesday.
However, consolidated revenue jumped 36% to ₹3,020 crore from ₹2,223 crore in the previous year.
Biocon’s consolidated revenues for December ended quarter grew 36% to ₹3,020 crore on the back of robust performance across all its three businesses including biosimilars, research services and generics, said Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics.
The biggest contribution came from the biosimilars business, which reported a 54% increase in revenues to ₹1,507 crore. Research Services revenues at ₹786 crore and generics business revenues at ₹718 crore, grew 23% and 18%, respectively, she said.
In her commentary, Ms. Mazumdar-Shaw said, “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.”
During the quarter, Biocon Biologics recorded its highest ever quarterly revenue of ₹1,507 crore, reflecting a growth of 54% on the back of its acquisition of Viatris’ biosimilars business and continued growth in BBL led markets, the company said. “While our biosimilars portfolio continues to gain market share in the U.S. and EU, our business in the emerging markets is also on a growth trajectory with product launches in 8 new markets this quarter,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics Ltd.
He said the company had chalked out a comprehensive plan to integrate the acquired Viatris business into Biocon Biologics and migrated business operations in a phased manner to ensure business continuity.
