Financial Results (Q3 FY2022) - QoQ Comparison

The company has reported total income of Rs. 2,222.5 crore during the period ended December 31, 2021 as compared to Rs. 1945.3 crore during the period ended September 30, 2021.

The company has posted net profit of Rs. 187.1 crore for the period ended December 31, 2021 as against net profit of Rs. 138.3 crores for the period ended September 30, 2021.

Financial Results (Q3 FY2022) - YoY Comparison

The company has reported total income of Rs. 2222.5 crore during the period ended December 31, 2021 as compared to Rs.1885.3 crore during the period ended December 31, 2020.

The company has posted net profit of Rs.187.1 crores for the period ended December 31, 2021 as against net profit of Rs.168.6 crore for the period ended December 31, 2020.

Financial Results (9 Months Ended FY2022) - YoY Comparison

The company has reported total income of Rs.5920.6 crore during the 9 Months period ended December 31, 2021 as compared to Rs.5357.1 crores during the 9 Months period ended December 31, 2020.

The company has posted net profit of Rs.409.8 crores for the 9 Months period ended December 31, 2021 as against net profit of Rs.487.3 crores for the 9 Months period ended December 31, 2020.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “Biocon’s consolidated Q3FY22 revenues grew by 18% YoY to Rs 2,223 crore, driven by a strong performance across all business segments. Biosimilars grew by 28% to Rs 981 crore, Research Services was up 10% at Rs 641 crore and generics delivered a 7% growth at Rs 607 crore. 

 “EBITDA at Rs 537 crore grew by 25%, which was impacted by mark- to- market loss attributed to Biocon Biologics’ equity investment in Adagio. Core EBITDA stood at Rs 715 crore with a healthy margin of 33%. PBT for the quarter stood at Rs 269 crore. Adjusted for Adagio related loss, PBT was higher at Rs 346 crore, indicating a healthy operating profitability.”

“Biocon Biologics achieved a key milestone with the commercialization of the world's first interchangeable biosimilar, our Insulin Glargine, in the U.S.. Approvals for several of our generics and biosimilars in global markets, and renewal of key long-term research service agreements at Syngene, position us for a strong close to this fiscal,” she added.

Key Updates: Q3FY22

The company’s Environment, Sustainability & Governance (ESG)efforts and initiatives were recognized with the induction of Biocon into the Dow Jones Sustainability Index (DJSI) for Emerging Markets with a 93-percentile for the industry sector, placing us amongst the top 15 companies to feature in the 2021 listing.  The company also secured an improved Carbon Disclosure Project (CDP) rating of ‘B’ from ‘C’ earlier as per the 2021 CDP report.

Biocon has been selected to participate in the Production Linked Incentive (PLI) scheme announced by the Government of India, which will provide financial incentives linked to investments in manufacturing infrastructure and corresponding revenue growth. Biocon is amongst one of 55 companies selected for the scheme. 

Management Update

Biocon Biologics has appointed Matthew Erick as the Chief Commercial Officer - Advanced Markets. Matthew's appointment reflects the company’s strategic intent to build commercial capabilities in the advanced markets of North America, Europe, Australia and New Zealand. He has over two decades of experience in the pharmaceuticals and healthcare industry in the U.S., with a demonstrated track record of driving business growth, managing large teams and developing a collaborative work culture.

Dr Mandar Ghatnekar has joined as Chief Digital Transformation Officer to lead all IT & Digital Solutions initiatives at Biocon Biologics. He has over two decades of IT Advisory and Consulting experience across the life sciences industry.

Ajit Pal Singh has joined as Head of Branded Formulations, India business. He brings rich experience in sales and marketing having worked in leading Indian and global pharmaceutical companies during his 26-year career.