Biocon, an innovation-led global biopharmaceuticals company, Q3 FY21 revenue increased by 7% to reach Rs. 1,879 crore.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon said, "Consolidated revenue for Q3 FY21 increased 7% year on year to Rs. 1,879 crore driven by 13% growth in Research Services and 11% in Biosimilar business segments. EBITDA for the quarter stood at Rs. 427 crore and Net Profit was at Rs. 169 crore. Our Core EBITDA margins stood at 31%."

"2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalization by next fiscal," added Mazumdar-Shaw.

Commenting on the Q3 FY21 performance, Dr. Christiane Hamacher, CEO, Biocon Biologics said, "We have reported a topline of Rs. 769 crore for Q3 FY21, representing a growth of 11% versus Q3 FY20 and 14% versus Q2 FY21. We continue to maintain a steady market share for bTrastuzumab and bPegfilgrastim in the US despite a tough environment, while our insulins and mAbs portfolios in key MoW markets continue to do well. Despite various operational and commercial challenges, we are ensuring that we continue to address patients' needs for high quality biosimilars across diverse markets."

The Biosimilars segment revenue growth this quarter was driven by steady market share of our products in the US and growth in key MoW markets including AFMET and India. Through our partners, we continue to expand sales for rHI (recombinant human insulin) in key markets like Mexico & Malaysia, and Insulin Glargine in Algeria & Malaysia. We continue to be the leading player for biosimilar Trastuzumab in Brazil's private market and are reporting strong performance in other markets like Turkey & Algeria.

Commenting on the performance, Siddharth Mittal, CEO & Managing Director, Biocon said, "The Generics business experienced a subdued performance in Q3 as demand moderated following a period of advance buying by customers in the first half of this fiscal, apprehending supply disruptions in the wake of the pandemic."