Total income jumped 29.9% to Rs 4,567.4 crore in Q1 FY25 as compared with Rs 3,516.1 crore in Q1 FY24. It includes proceeds of Rs 1,057 crore on account of the strategic collaboration between Biocon Biologics & Eris Lifesciences.
Profit before exceptional items and tax stood at Rs 1113.5 crore in Q1 FY25, steeply higher than Rs 183.7 crore in Q1 FY24. Exceptional items stood at Rs 320 crore in Q1 FY25.
During the quarter, EBITDA soared to Rs 1,755 crore as compared with Rs 808 crore posted in same quarter last fiscal. EBITDA margins expanded to 38% in Q1 FY25 as against 23% in Q1 FY24.
Net R&D expenses fell 28% to Rs 228 crore during the quarter from Rs 315 crore recorded in corresponding quarter last year, representing 9% of revenue ex-Syngene.
On segmental front, revenue from biosimilar stood at Rs 2,083 crore in Q1 FY25, up 3% from Rs 2,015 crore in Q1 FY24. On like-for-like basis, revenue jumped 11%. Revenue does not include proceeds of Rs 1,057 core on account of the strategic collaboration and business transfer to Eris Lifesciences which is booked as other income.
Income from generics business fell 6% to Rs 659 crore in the first quarter of FY25 as compared with Rs 700 crore in Q1 FY24 and Revenue from research services (Syngene) declined 2% YoY to Rs 790 crore in Q1 FY25.
Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics, said, “The outlook for this fiscal remains positive as we anticipate stronger growth in H2FY25, with new product launches in the Biosimilars and Generics businesses, including Liraglutide for diabetes and obesity in the UK and other markets. Additionally, we expect improved business prospects for Syngene, supported by a resurgent biotech funding environment in the U.S.
Siddharth Mittal, CEO & managing director, Biocon, said, “The Generics business continued to encounter pricing pressure and demand contraction, which impacted our first quarter’s performance of both APIs and Generic Formulations. The business made progress on its Most of the World (MoW) expansion strategy with the signing of a partnership agreement with Handok in South Korea for the commercialization of Liraglutide. We also obtained our first injectable approval in the U.S. for Micafungin and secured some key customer contracts in the region.
Looking ahead, our focus will be directed towards commercializing products for which we have received approvals, including Liraglutide, in the second half of this fiscal, as indicated previously. We will also continue to accelerate our cost improvement initiatives and expedite on-going capex projects.”
Shreehas Tambe, CEO & managing director, Biocon Biologics, said, “We began the fiscal year on a strong note with the business delivering year-on-year growth of 11% on a like-for-like basis. This growth was underpinned by an increase in market shares, tender wins in Europe and Emerging Markets and 15 new product launches.”
Jonathan Hunt, CEO & managing director, Syngene International, said, ““First quarter performance was broadly flat, in line with our expectations, reflecting the dip in funding for U.S. biotechs that has impacted our sector over the last two years. However, the value of U.S. biotech funding has seen a marked improvement in the first half of 2024. It will take a while for this funding to flow through into outsourcing activities and Syngene is in a strong position to capture a significant share of the upturn in biotech spending in the months ahead.”
Biocon is an innovation led global biopharmaceuticals company, engaged in the production of 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.
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