Biocon's Sales Soar By 58%, PAT Falls By 11% YoY In Q1

Bangalore-based pharmaceutical company Biocon on Thursday announced its consolidated financial results for the first quarter that ended 30 June 2023, the company registered a 58 per cent rise in its consolidated revenues from operations year on year. 

The company's total revenue for the June quarter stood at Rs 3,516 crores against Rs 2,217 crores in the same quarter last year. While the company's Profit After Tax (PAT) stood at Rs 148 crores in Q1FY24 against a net profit of 167 crores in the same quarter last year, a dip of 11 per cent YoY

In Q1FY24, Biocon's total expenses rose by 66.8 per cent YoY to Rs 3,299 crores against Rs 1,977 crores recorded in the same quarter last year. 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 69 per cent YoY to Rs 808 in Q1FY24 against Rs 478 crores registered in the June quarter of FY23. The EBITDA margins increased to 23 per cent in Q1FY24 from 22 per cent in Q1FY23. 

The company's sales were led by its biosimilar business which doubled (106 per cent) YoY to Rs 2,015 crores in Q1FY24 from Rs 977 crores in Q1FY23. Followed by its research services which clocked Rs 808 crores in Q1FY24 up by 25 per cent YoY against Rs 645 crores in the same quarter last year. 

The company's generics business was up 15 per cent YoY registering Rs 700 crores in the June quarter compared to Rs 607 crores recorded in Q1FY23.

Biocon's R&D expenses were clocked at Rs 315 crore for the fourth quarter amounting to 12 per cent of its revenues.

"Our key biosimilars are gaining traction in both U.S. and Europe with Fulphila becoming the leading biosimilar Pegfilgrastim in the U.S. and biosimilar Glargine’s market share crossing the 12 per cent mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars.” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

On Thursday the company's stock closed 3.06 per cent lower at Rs 261.55 per scrip on BSE.