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Biocon slips after recording loss of Rs 16 crore in Q2

31-Oct-24 09:36 Hrs IST

Revenue from operations rose by 4% year-over-year (YoY) to Rs 3,590 crore during the quarter.

On the segmental front, Generics business revenue was Rs 624 crore (down 8% YoY), Biosimilars revenue was Rs 2,182 crore (up 11% YoY) and Research Services revenue was Rs 891 crore (down 2% YoY).

Net R&D expenses aggregated to Rs 200 crore, down 24% YoY.

EBITDA declined by 20% to Rs 718 crore in Q2 FY25 from Rs 900 crore in Q2 FY24. EBITDA margin was 20% in Q2 FY25 as against 25% in Q2 FY24.

Profit before tax in Q2 FY25 stood at Rs 98 crore, down by 54% from Rs 214 crore in Q2 FY24.

Kiran Mazumdar-Shaw, chairperson, Biocon Group, said: 'Biocon Group's overall Q2FY25 financial and operational performance provides a foundation for improved performance as we move into the second half of the fiscal.

Reported Operating Revenues of Rs 3,590 Cr reflect YoY growth of 8% on a like for like basis and core EBITDA and EBITDA margins of 28% and 20% respectively remain healthy.

We had a robust performance in the Biosimilars business, up 19% on a like for like revenue basis, driven by strong market share gains in our US Oncology and Insulins franchises.

Syngene has returned to sequential growth and has good visibility of a pickup in momentum in the coming quarters led by its Discovery Services and Biomanufacturing CMO business. Generics has continued to face price and demand pressures that have supressed performance, but key new formulation launches in Q3 and Q4 provide the basis of a turnaround before the year end.

All three businesses are tracking towards a better performance in the second half of the year, on the back of product approvals and unfolding market opportunities.

Biocon Biologics' successful refinancing of its long-term debt of US$ 1.1 billion through a combination an $800 million USD bond listed on the Singapore Stock Exchange and a new $300 million syndicated loan facility was a credible success. This was Biocon Group's debut bond issue and to be 3x oversubscribed speaks to strong investor confidence in our Biosimilars growth potential.'

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.