Thursday, September 28, 2023

Biocon Q1FY23 sales up 23% to Rs 2,217 cr

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Global Biopharmaceutical Company biocon on Wednesday it reported a 23 percent increase in revenue for the first quarter of the fiscal year 2023, at Rs 2,217 crore.

“We started the year strong. At a consolidated level, YoY revenue grew 23 percent, supported by robust growth in both biosimilars (29 percent) and Generics (19 percent). Core earnings before interest, taxes, depreciation and amortization (EBITDA) grew 25 percent and margin improved to 31 percent compared to 30 percent in Q1FY22 and net profit grew 71 percent to Rs 144 crore.

“Our financial performance this quarter included the impact of annual increases in personnel costs and higher input and freight costs, due to pandemic and geopolitical disruptions to global supply chains.

“All of our three companies are poised for the next phase of strong and sustainable growth that has been put to the test during the two years of the Covid-19 pandemic,” said Biocon and Biocon Biologics Executive Chairman Kiran Mazumdar-Shaw said.

Sales of Glargine in the US and key biosimilars in emerging markets were the main drivers for Biocon Biologicalsstrong performance.

Biocon Biologics Ltd Director Arun Chandavarkar said: “The initiation of global clinical trials for two monoclonal antibodies and the improvement of our other pipeline assets led to a 120 percent increase in our R&D investments this quarter. While this will have a near-term impact on EBITDA, such investments create a strong portfolio to secure our future growth.

“Our strategic alliance with Serum Institute Life Sciences for vaccines and the acquisition of Viatris’s global biosimilar business is on track for closure in the second half of this calendar year.”

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