The Board of Directors of Biocon Limited, at its meeting on October 21^st approved the unaudited consolidated financial results of the company for the period ended September 30, 2021.

For the quarter ended September 30, 2021(Q2 FY2022), the company's total income was Rs. 1945.3 crore, against Rs. 1765.3 crore in the corresponding quarter of the previous year (YoY) and Rs 1807.8 crore in the previous quarter (QoQ).

For the quarter ended September 30, 2021(Q2 FY2022), the company's net profit was Rs. 138.3 crore, against Rs. 169.3 crore in the corresponding quarter of the previous year (YoY) and Rs. 84.4 crore in the previous quarter (QoQ).

For the six months ended September 30, 2021 (Half Year Ended FY 2022), the company's total income was Rs. 3753.1 crore, against Rs. 3477.4 crore in the previous year (YoY) (Half Year Ended FY 2021).

The net profit was at  Rs. 222.7 crore for the six months ended September 30, 2021 (Half Year Ended FY 2022), compared to Rs 318.7 crore in the previous year (YoY) (Half Year Ended FY 2021).

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said “Biocon reported Q2FY22 revenue growth of 10% at Rs 1,945 crore, primarily driven by good performance of the Research Services and Biosimilars business segments, which reported a growth of 17% and 10%, respectively. EBITDA at Rs 551 crore was up by 35% and PBT (before exceptional items) at Rs 276 crore went up by 27%. The exceptional item relates to modification of the optionally convertible debentures of a PE investment in Biocon Biologics and reversal of SEIS claims relating to a prior period. Net Profit for Q2FY22, before such exceptional items, was Rs 188 Crore, up 11%. Our core EBITDA margins for the quarter were at a healthy 33%.

“Biocon Biologics made strategic moves this quarter which will drive future growth of our Biosimilars business and deliver long term value for our shareholders. The U.S. FDA’s approval of Semglee as the first interchangeable biosimilar product under the 351(k) regulatory pathway, is a historic milestone for both Biocon and Viatris, and will enable us to expand patient access to our Insulin Glargine.  This has led to Semglee’s inclusion as a preferred Insulin Glargine brand on the National Preferred Formulary of Express Scripts, a leading Pharmacy Benefit Manager (PBM). We expect the formulary coverage to begin in January 2022 and believe Semglee has the potential to bring significant cost savings for patients, employers and PBMs.

“The quarter also marked Biocon Biologics’ strategic entry into vaccines & the infectious diseases segment through key partnerships with Serum Institute Life Sciences and Adagio Therapeutics.

 “With the waning pandemic and improvements in supply chain conditions, I believe all three business segments, Generics, Biosimilars and Research Services, are well positioned for sustained growth in H2FY22,” she added.