Biocon Ltd., an innovation-led global biopharmaceuticals company. has announced Q3 FY23 revenue at Rs.3,020 crore, up 36%.

 

“Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on Nov 29, 2022. We are now implementing country-wise integration of the business to maximize the value of the combined entity to propel growth. Biosimilars as a business segment offers differentiated growth to Biocon Biologics based on vertical integration and a unique portfolio of Insulins and antibody based immunotherapeutics. This quarter captures a fraction of the acquired business, but from Q4FY23 onwards, the financials will recognise the entire Biosimilars business," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. 

 

“Biocon’s consolidated revenues for the quarter grew 36% to Rs. 3,020 crore on the back of robust performance across all its three businesses. The biggest contribution came from the Biosimilars business, which reported a 54% increase in revenues to Rs. 1,507 crore. Research Services revenues at Rs 786 crore and Generics business revenues at Rs 718 crore, grew 23% and 18%, respectively. The advancement of our research pipeline led to Rs. 337 crore Net R&D investments this quarter, which will drive Biocon’s future growth. We reported a strong EBITDA growth of 35% to Rs. 723 crore, representing a healthy EBITDA margin of 24%. Core EBITDA grew 49% to Rs. 1,069 crore. As a part of our strategy to reduce the acquisition debt, Biocon has raised funds through a partial divestment of its stake in Syngene," commented Mazumdar-Shaw. 

 

“We expect to end FY23 on a strong note with healthy growth across businesses. Biocon Biologics is tracking towards exiting the year at a USD 1 billion trajectory, excluding vaccines,” added Mazumdar-Shaw. 

 

Our focus remains on geographical expansion, new product launches, strengthening our product pipeline and executing on key capex projects,” said Siddharth Mittal, CEO & Managing Director, Biocon Limited.

 

“We have drawn up a comprehensive plan to integrate the acquired Viatris business into Biocon Biologics and migration of business operations is scheduled in a phased manner to ensure business continuity and uninterrupted service to customers and patients,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics Ltd.

 

“We continue to see good demand in the main client markets of US and Europe which - combined with strong execution and forward planning - has helped us deliver solid revenue growth in the third quarter. We are pleased to report positive performances from all divisions this quarter. Growth in our research divisions, Discovery Services and the Dedicated Centres, was solid. In Development Services, repeat orders from existing clients, as well as an increase in the number of collaborations with emerging biopharma companies drove a robust performance. In Manufacturing, the highlight of the quarter was the successful inspection of our biologics facilities by the U.S. FDA, EMA and MHRA. Based on our strong performance to date, we are confident of meeting the upgraded annual revenue growth guidance of high teens,” said Jonathan Hunt, CEO & Managing Director, Syngene.