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Biocon Results: Latest Quarterly Results & Analysis

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Biocon Ltd. 12 Nov 2025 11:53 AM
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Q2FY26 Quarterly Result Announced for Biocon Ltd.

Biotechnology company Biocon announced Q2FY26 results

  • Operating Revenue for Q2FY26 grew 20% YoY to Rs 4,296 crore.
  • Core EBITDA at Rs 1,218 crore, grew 23% with core operating margins of 28%.
  • Net R&D investments for the quarter were Rs 251 crore, representing 7% of revenue ex-Syngene.
  • EBITDA for the quarter at Rs 928 crore, grew by 29 % with an EBITDA margin of 21%.
  • Profit Before Tax before exceptional items stood at Rs 183 crore, an increase of 153%.
  • Net Profit for the quarter, before exceptional items, stood at Rs 92 crore with a growth of 579%.
  • Reported Net Profit for the quarter stood at Rs 85 crore, up 428%.

Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said: “Business performance in Q2FY26 remained strong, with operating revenue up 20% year-onyear to Rs 4,296 crore, driven by robust growth in Biosimilars, improved momentum in Generics, and a steady contribution from the CRDMO segment. EBITDA grew 29% to Rs 928 crore, while Profit before Tax (PBT), excluding exceptional items, surged 153% to Rs 183 crore.

“With the Board approval of the settlement of structured debt obligations, we will strengthen our balance sheet, enhance financial flexibility, and improve profitability.

“Our partnership with the State of California through Civica Inc. under the CalRx initiative, marks a landmark step in expanding affordable insulin access in the U.S., with potential to extend to other states.

“With a resilient foundation, differentiated portfolio, and clear strategy, we are well positioned to sustain growth and deliver long-term value to our stakeholders.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The Generics business continued its steady performance in Q2 with a growth of 24% driven primarily by an uptick in recently launched products in the U.S. and EU, as well as growth in the generic formulations base business, and the API business.

“A key highlight of this quarter was the inauguration of Biocon’s first OSD manufacturing facility in the United States, a significant step towards expanding access to our vertically integrated portfolio for patients in the region. We commenced filings for Semaglutide (gOzempic) in various markets, including Canada and Brazil.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: “Biocon Biologics delivered a strong performance in Q2 FY26, achieving 25% year-on-year revenue growth and an over 40% increase in EBITDA. Sequentially, revenues grew 11%, driven by market share expansion in key therapy areas and successful new product launches. In the U.S., we continue to expand access to biosimilars by leveraging the strength of our commercial platform. In FY26, we launched four biosimilars across key global markets and remain on track for the bDenosumab launch.”

Peter Bains, CEO & Managing Director, Syngene International, said: “Our Q2 results reflect strong underlying revenue growth in research services, which has offset the expected inventory correction in biologics manufacturing. We continue to maintain our annual guidance for FY26.

“We are also building a GMP bioconjugation suite at our Bengaluru biologics facility, which will enable end-to-end manufacturing of Antibody Drug Conjugates (ADCs), positioning us among a select group of CRDMOs offering comprehensive ADC services.”

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Biotechnology company Biocon announced Q1FY26 results

  • Operating Revenue for Q1FY26 grew 15% YoY to Rs 3,942 crore.
  • Core EBITDA at Rs 1,003 crore, grew 11% with core operating margins of 25%.
  • Net R&D investments for the quarter were Rs 205 crore, representing 7% of revenue exSyngene.
  • EBITDA for the quarter at Rs 829 crore, grew by 19 % with an EBITDA margin of 21% on a like for like basis.
  • Profit Before Tax before exceptional items stood at Rs 97 crore, an increase of 72% on a like for like basis.
  • Net Profitfor the quarter, before exceptional items, stood at Rs 31 crore with a growth of 342% on a like for like basis.
  • Reported Net Profit for the quarter stood at Rs 31 crore, up 65% on a like for like basis.

Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said: “Biocon opened FY26 with a strong performance, driven by continued gains in Biosimilars and CRDMO, and a steady showing in Generics. Operating Revenue rose 15% YoY to Rs 3,942 crore, with EBITDA up 19% on a like-for-like basis, demonstrating operating leverage and the robustness of our businesses.

The recent QIP has strengthened our balance sheet and enables us to increase our ownership in Biocon Biologics by facilitating the exit of structured equity investors, aligning capital structure with long-term strategic priorities.

Key developments this quarter include the launch of Yesafili™ in Canada, our tenth biosimilar globally, and USFDA approval for Insulin Aspart, our second interchangeable biosimilar Insulin, further deepening our presence in the U.S. insulin market.

With execution momentum across all businesses and expanded capacity through acquisitions in the U.S. by Syngene and Biocon Generics, we are well-positioned to drive long-term value creation in FY26 and beyond.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The generics business’ performance in the first quarter was in line with expectations, delivering a 6% revenue growth over the previous year. Growth in the quarter was primarily driven by revenues from recent drug product launches, including Liraglutide in the E.U., and Dasatinib and Lenalidomide in the U.S., supported by higher volumes in our API business. The sequential financial performance reflects the one-time positive impact of Lenalidomide launch quantities in Q4FY25. The capitalization of new manufacturing facilities in the previous fiscal impacted margins.We remain focused on launching new products, including the commercialization of Liraglutide across key strategic markets.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: Biocon Biologics started FY26 on a strong footing, delivering 18% year-on-year revenue growth, driven by robust demand across key markets. EBITDA rose 36% Y-o-Y on a like-to-like basis to Rs 645 crore, with a 300 bps sequential margin improvement, driven by improved operating leverage.

The U.S. FDA approval of Kirsty™ (bAspart) builds on the strong foundation established with Semglee® (bInsulin Glargine), enabling us to offer patients the full range of affordable short and long-acting insulin therapies. With regulatory approvals for our bDenosumab products — Vevzuo® and Efraxy® — in Europe and the UK, Biocon Biologics now has 12 approved biosimilar molecules globally. The launch of Yesafili® (bAflibercept) in Canada marked our entry into ophthalmology and the successful commercialization of our 10th biosimilar globally. As we enter the ‘Accelerate’ phase, we are confident in our ability to scale, deepen market presence, and deliver sustained growth.”

Peter Bains, CEO & Managing Director, Syngene International, said: “We delivered a strong first-quarter performance in line with expectations, with revenue from operations growing 11% year-on-year to Rs 875 crore and EBITDA at Rs 224 crore, reporting a growth of 19%. Growth was driven by continued momentum in Research Services, as pilot programs transitioned into long-term contracts. In Biologics manufacturing, operations have commenced at our Unit III facility in Bengaluru, and preparations are advancing for the Bayview facility in the U.S., scheduled to launch later this year. With a positive first quarter start and strategic investments in scientific capabilities, we remain confident in our ability to deliver on our guidance for the year.”

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Biotechnology company Biocon announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Consolidated Total Revenue for Q4FY25 was Rs 4,454 crore, a growth of 12% over last year and 15% sequentially. On a like-for-like basis, Total Revenue grew 15% YoY after adjusting for revenues from Branded Formulations India (BFI).
  • Group Core EBITDA for the quarter stood at Rs 1,363 crore, Up 16% from last year, with a healthy Core Operating margin of 31%.
  • Quarterly R&D Investment stood at Rs 231 crore corresponding to 7% of revenues ex -Syngene.
  • EBITDA for the quarter stood at Rs 1,115 crore, Up 16% with a margin of 25%.
  • Profit Before Tax at Rs 487 crore was Up 53%.
  • Net Profit after exceptional item for the quarter stood at Rs 344 crore, Up 153%. On a like for like basis Net profit was up 162%.

FY25 Financial Highlights:

  • Consolidated Total Revenue for FY25 came in at Rs 16,470 crore, a growth of 5% YoY.
  • Total Revenue grew 8% YoY on a like-for-like basis, after adjusting for revenues and divestment gain from BFI and stake dilution gain in Bicara.
  • Group Core EBITDA was up 2% to Rs 4,264 crore, representing a core operating margin of 28%.
  • R&D investments for the full year stood at Rs 859 crore, and representing 7% of revenues ex-Syngene.
  • EBITDA for the year was up 5% at Rs 4,374 crore vs Rs 4,164 crore in the same period last year, with an EBITDA margin of 27%.
  • Profit Before Tax stood at Rs 1,887 crore, up 24% YoY.
  • Net Profit for FY25 is Rs 1,013 crore vs last fiscal's Rs 1,022 crore, which included Bicara gain & income from part divestment of BFI business by Biocon Biologics.
  • On a like-for-like basis, Net Profit grew 30% after adjusting for the revenues from BFI, BFI divestment gain and dilution/fair valuation gain in Bicara.

Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said: “The Biocon Group ended the year with a strong performance across its businesses. The launch of Liraglutide in the UK market heralded our entry into the GLP-1 therapy segment. Our Biosimilars continue to build impressive shares in global markets with four biosimilars recording sales of USD 200 million each in FY25. We also launched our fifth biosimilar product Yesintek™ (bUstekinumab) in the U.S. market. This quarter marked the expansion of Syngene’s biologics manufacturing footprint through an acquisition of a state-of-the-art manufacturing facility in the U.S.

“FY25 has been a year of consolidation and transition. We are now on a path of accelerating growth with a commitment to innovation, digital augmentation and operational excellence.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The Generics business delivered a healthy 46% YoY and a robust 53% sequential growth in Q4, concluding FY25 with an overall 8% growth over the previous year. The performance was primarily driven by contributions from new product launches, notably Lenalidomide and Dasatinib in the U.S., supported by modest growth in our API business.

“Looking ahead, we remain focused on the strategic expansion of our differentiated GLP-1 portfolio into new markets, which will position us well for growth. In FY26, we also expect to see a recovery in the API business, aided by our cost improvement initiatives, enhancement of operational efficiencies, and new capacities coming on-stream.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: “Biocon Biologics continued its growth momentum in Q4FY25, delivering a robust 9% YoY revenue increase driven by significant market share gains in the U.S. and key tender wins in Emerging Markets. Regulatory approvals of our manufacturing facilities from USFDA and EMA have enabled the launch of Yesintek™, our bUstekinumab, in the U.S. and Europe. The successful settlement of our patent litigation has allowed us to secure a market entry date for Yesafili™, our bAflibercept, in the U.S.

"On a full-year basis, the Company has recorded a strong 15% growth in FY25 and we have successfully consolidated our business worldwide. Having built a strong foundation, we are well positioned to launch 5 new products in the next 12-18 months and expand patient access.”

Peter Bains, CEO & Managing Director, Syngene International, said: “Syngene reported Q4FY25 revenue growth of 11% YoY, and 8% sequentially, crossing the Rs. 1,000 crore in a quarter threshold for the first time. At the EBITDA level, growth was 9% YoY reflecting good underlying fundamentals. The full year results, led by reported revenue growth of 4%, are in line with our earlier guidance, reflecting a resilient performance in a challenging year marked by a sectoral downturn in U.S. biotech funding. We continued to make strategic investments to enhance our capabilities and capacities across business while maintaining a strong balance sheet and an improved net cash position.

“Looking at the year ahead, while the wider global market dynamics remain uncertain, the positive momentum that drove Syngene's return to growth in the latter half of FY25 is expected to continue into FY26, with projected revenue growth in the mid-single digits.”

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Biotechnology company Biocon announced Q3FY25 results

  • Consolidated Total Revenue for Q3FY25 was at Rs 3,856 crore. Reported 7% YoY growth on a like-for-like basis, after adjusting for Branded Formulations India (BFI) revenues & income from BFI part divestment in Q3FY24 and gain from Biocon’s stake dilution in Bicara Therapeutics.
  • Revenue from Operations at Rs 3,821 crore was up 10% YoY on a like-for-like basis.
  • Core EBITDA at Rs 1,007 crore, Up 4% on a like-for-like basis, with core operating margins of 26%.
  • Net R&D investments for the quarter were Rs 199 crore, representing 7% of revenue ex-Syngene.
  • EBITDA for the quarter stood at Rs 787 crore, Up 16% on a like for like basis, an EBITDA margin of 20%.
  • Profit Before Tax (before exceptional items) stood at Rs 138 crore, improved significantly from a marginal loss last year, on a like-for-like basis.
  • Reported Net Profit for Q3FY25 was Rs 25 crore. Adjusting for exceptional items, Net Profitstands at Rs 13 crore.

Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said: “The Biocon Group reported Q3FY25 Operating Revenue of Rs 3,821 crore, with performance driven by a sustained double-digit growth of 14% on a like-for-like basis in Biosimilars and a return to growth in Research services, which grew by 11%. The growth trajectory is clearly visible with sequential growth across all the three business segments this quarter. EBITDA at Rs 787 crore, reported a growth of 16% while Profit before Tax and Exceptional Items at Rs 138 crore, improved significantly from a marginal loss last year, on a like-for-like basis.

“Syngene’s return to growth, combined with global approvals for bUstekinumab and European approval for gLiraglutide, will pave the way for launches and drive growth in Q4 and beyond. These developments will strategically position the Biocon Group for enhanced long-term growth.”

Peter Bains, Group CEO, Biocon, said: “Biocon Group’s Q3FY25 financial performance was led by 10% like-for-like growth in Operating Revenue. The strengthening of operational building blocks has improved growth visibility across all three businesses, reinforcing our confidence in continued growth for the rest of this fiscal year and beyond.

“The Biosimilars business sustained its growth momentum in this quarter and now has clear line of sight for multiple new product launches beginning in Q4FY25. Syngene’s growth rebound this quarter sets a positive trajectory for the remainder of the year. Recovery in the Generics business in the fourth quarter will be driven by the launch of our first GLP-1 generic in the UK and EU, coupled with new speciality product launches in the U.S.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The 10% sequential revenue growth in the Generics business was primarily driven by API sales, supported by an improved performance from generic formulations.

“We crossed important milestones in the quarter with the European Union (EU) DCP approval for Liraglutide and the successful regulatory outcomes of the U.S. FDA inspections of both our Bengaluru API sites.

“We expect to see an improved performance in the quarters ahead, on the back of the launch of our GLP-1 product Liraglutide in the UK and EU, as well as new product launches in the U.S.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: “This quarter marked the completion of one year since the successful integration of the acquired business. The business delivered a robust 14% year-on-year growth on a like-for-like basis, underpinned by an increase in market shares in North America demonstrating strong customer confidence and geographic expansion in Europe, and 14 launches in Emerging Markets. During the quarter we received several regulatory approvals for our bUstekinumab, YESINTEK, including from the U.S. FDA, Japan and a positive recommendation for approval by the CHMP to EMA. The U.S. FDA classified our manufacturing facilities in India, and Malaysia, as VAI, thereby paving the way for new product approvals in the United States. Several key milestones that we achieved this quarter will consolidate the business and drive growth in the coming quarters."

Jonathan Hunt, CEO & Managing Director, Syngene International, said: “Syngene’s third quarter performance saw a return to growth across all business divisions that sets us up well for the next quarter. Our revenue from operations was up by 11% and reported profit after tax (before exceptional items) grew by 14%.

“Our Discovery Services division saw the initial “China 1” pilot projects, with large and midsize pharma companies, starting to convert into longer term contracts. This underscores Syngene’s ability to build strong partnerships through a combination of great science and high operating and quality standards. The quarter also saw positive momentum in our CDMO division led by biologics. Growth in the quarter suggests that market dynamics, particularly in U.S. biotech, are stabilising, albeit later than expected.”

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Biotechnology company Biocon announced Q2FY25 results

Financial Highlights:

  • Total Consolidated Revenue for Q2FY25 was flat YoY at Rs 3,623 crore.
  • Revenue from Operations was up 4% YoY at Rs 3,590 crore, (Up 8% YoY after adjusting Q2FY24 revenue for Branded Formulations, India business).
  • Core EBITDA at Rs 992 crore, represents core operating margins of 28%.
  • Net R&D investments for the quarter were Rs 200 crore, representing 7% of revenue exSyngene.
  • EBITDA for the quarter stood at Rs 718 crore, representing an EBITDA margin of 20%.
  • Profit Before Tax and exceptional items stood at Rs 72 crore.
  • Reported Net Loss for the Quarter was Rs 16 crore on account of higher tax based on geographical split of profits and minority interest. Adjusting for exceptional items, the loss stands at Rs 13 crore.

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 crore 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 USD 1.1 billion through a combination an USD 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.”

Peter Bains, Group CEO, Biocon, said: “With like for like Operating Revenue growth of 8%, Biocon Group’s consolidated performance in Q2FY25 was balanced and in line with our expectations. Healthy double-digit growth in Biosimilars more than offset a relatively muted performance in the Generics business and a marginal decline in Syngene’s revenues. Reported Net Loss for the quarter was Rs 16 crore on account of higher tax, based on geographical split of profits and minority interest. Adjusting for exceptional items, the loss stands at Rs 13 crore.

“We maintain our outlook for a transition to accelerating growth in the second half of the year with Syngene returning to growth, building momentum in our Biosimilars business and a recovery in Generics in the latter part of H2 driven by the launch of our first GLP-1 generic in the UK. The highly successful Biocon Biologics bond issue was a standout achievement and has significantly strengthened its mid-term financial foundation.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The Generics business continues to face pricing pressure and demand contraction. This quarter we also carried out a planned shut-down of one of our API facilities, which further impacted revenues. We received a few drug product approvals in the U.S., UK, EU and MoW markets, which will support our near-term sales. The licensing agreements signed with two leading pharmaceutical companies in the Middle East and Brazil, for the commercialization of our GLP-1 products will enable mid and long-term growth in these regions.

“As stated earlier, we expect a transition to growth in the second half of this fiscal on the back of new product launches, including Liraglutide in the UK, as well as other injectable products, such as Micafungin and Daptomycin.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: "The strategic refinancing of our long-term debt through a US$800 million USD bond issuance and a new syndicated loan facility was the highlight this quarter. This provides greater financial liquidity and allows us to re-deploy investments into the business to fuel growth. It is an important milestone for Biocon Group as well as the industry, as it is the first USD bond issuance by any biopharmaceutical company in Asia.

“The business delivered a robust 19% year-on-year growth on a like for like basis, underpinned by an increase in market shares in North America, expansion in Europe, and 15 new launches in Emerging Markets. On the regulatory front, EMA has validated our filing for bDenosumab. We also signed a settlement and license agreement for Yesintek, our bUstekinumab, with the originator that paves the way for launch in Europe, UK, Canada, and Japan.”

Jonathan Hunt, CEO & Managing Director, Syngene International, said: “Syngene’s performance in the second quarter was broadly flat, in line with our expectations, the operating EBITDA margin stood at 27%. We are witnessing early positive signs of recovery in Discovery Services, largely driven by collaborations on pilot projects with large and midsized biopharma clients who are looking for alternatives to China. With recent investments in the research and CDMO businesses, we are in a good position to leverage opportunities to drive medium to long-term growth. We remain on track to deliver within our guidance range for the full year.”

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Biotechnology company Biocon announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Biocon Q4FY24 reported consolidated revenue of Rs 3,966 crore with an EBITDA of Rs 964 crore.
  • The net profit for Q4FY24, before exceptional items, stood at Rs 144 crore.
  • Biocon Biologics' revenue for Q4FY24 was Rs 2,358 crore, marking an 18% growth.
  • Research services through Syngene contributed Rs 917 crore to the revenue.
  • Generics, including APIs and Generic Formulations, accounted for Rs 719 crore.

FY24 Financial Highlights:

  • FY24 revenue saw a significant 35% rise, reaching Rs 15,621 crore.
  • FY24 EBITDA and Net profit grew by 44% and 31%, respectively, with Biosimilars revenue crossing USD 1 billion.
  • Throughout FY24, Biosimilars produced a remarkable revenue of Rs 8,824 crore, witnessing a 58% increase.
  • Research Services saw an annual revenue of Rs 3,489 crore.
  • Generics marginally grew to Rs 2,799 crore for the financial year.
  • The Board has recommended a final dividend of Rs 0.50 per share for FY24.
  • Significant investment in R&D, with net expenses accounting for 10% of revenue in FY24.
  • Despite challenges in the U.S. biotech sector, Syngene's FY24 revenue incremented by 9%.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics said, BIOCON GROUP “Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the Biosimilars acquisition from Viatris. Increased market shares of key products in the U.S., Europe and Emerging Markets coupled with significant volumes growth were the highlights of the Biosimilars business this quarter. With the recent approval of Liraglutide in the UK, we added to our list of 'global firsts' and demonstrated our capability in developing complex GLP-1 products which will be the key growth driver for the Generics business, going forward. Syngene is well positioned to benefit from the ‘China Plus One’ strategy which is being rapidly adopted by U.S. Pharma & Biotech companies. 

For the full year FY24, we reported consolidated revenue growth of 35% at Rs 15,621 crore and an EBITDA growth of 44 % at Rs 4,164 crore with healthy EBITDA margins of 27%. This growth was largely driven by Biosimilars which grew 58% to Rs 8,824 crore.

The Biocon Group has strengthened business operations, expanded global reach and is now increasingly well positioned to deliver a new phase of growth spanning Biosimilars, GLP-1 peptides and CDMO services.”

Siddharth Mittal, CEO & Managing Director, Biocon said, “We concluded FY24 with the Generics business posting a modest revenue growth. Generic Formulations reported a healthy 36% growth, as our products, particularly statins and immunosuppressants, gained traction across multiple geographies. This was offset by a degrowth in APIs on account of pricing pressure the business encountered, which impacted demand.

Our preparations for entering the GLP-1 market opportunity is building momentum and we are pleased with the recent approval of Liraglutide in the UK, making Biocon the first generics Company to be approved for this product in an ICH or major regulated market. More importantly, the approval validates our scientific and development capability in bringing vertically integrated, complex peptide drug-device products to the market. This augurs well for us to capture GLP-1 opportunities that will drive our future growth.

Our focus in FY25 will be directed towards launching new products and expanding our geographic reach through a direct presence and strategic partnerships. We will continue to focus on multiple cost improvement initiatives. We also intend to build upon our initial regulatory success in our peptide and GLP-1 focused pipeline in strategic markets."

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said, This has been a remarkable year for Biocon Biologics, as we evolved into a fully integrated global company with a presence in over 120 countries. We successfully integrated the acquired business 1 year ahead of plan, while ensuring business continuity and a seamless experience for our patients, customers, and partners. This is reflected in the numbers as our revenues crossed USD 1 billion for the full year with a healthy EBITDA margin, underpinned by a significant increase in market shares of our key products in the U.S., Europe, and Emerging Markets. Our R&D pipeline too has progressed as planned and having secured market entry dates for 2 new products in U.S. and Canada, these products will serve to accelerate growth in the coming years.

During the year, we reduced our acquisition debt. We also entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights. FY24 has been a transformational year as we leverage our expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders."

Result PDF

Biotechnology company Biocon announced Q3FY24 results:

  • Consolidated Revenue for Q3FY24 grew 50% YoY to Rs 4,519 crore. This growth was supported by income from the divesture of two non-core business assets of Biocon Biologics' Branded Formulations India business amounting to Rs 350 crore and a gain of Rs 456 crore from Biocon’s stake dilution in Bicara Therapeutics.
  • EBITDA for the quarter increased by 106% to Rs 1,492 crore, representing an EBITDA margin of 33% versus 24% in the same period last year.
  • Depreciation, amortisation, and interest increased by Rs 260 crore last year. This is primarily related to the biosimilars business acquisition cost.
  • Net R&D investments for the quarter were Rs 329 crore, representing 11% of revenue exSyngene.
  • Core EBITDA at Rs 983 crore, represents core operating margins of 27%.
  • Profit Before Tax and exceptional items stood at Rs 787 crore.
  • Reported Net Profit for the quarter stood at Rs 660 crore versus a Net Loss of Rs 42 crore in the same quarter of the previous year.

"Biocon delivered Consolidated Revenue of Rs 4,519 crore for Q3FY24, driven by 65% growth in Biosimilars and 9% growth in Research Services. Consolidated EBITDA at Rs 1,492 crore grew by 106%. Net Profit, boosted by other income, stood at Rs 660 crore.

A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of ~USD 200 million towards the acquisition-related debt reduction. Steady market shares for key biosimilars in the U.S. and EU were complemented by the Emerging Markets performance which saw a number of new product launches and tender wins.

We continue to make steady progress towards strengthening the foundation for sustainable growth across all three business segments”,  Kiran Mazumdar Shaw, Executive Chairperson, Biocon and Biocon Biologics.

“The Generics business delivered 4% sequential revenue growth in the third quarter, driven by higher API sales.

The year-on-year performance, however, was muted on account of continued pricing pressure that impacted customer offtake in our API business, compared to the previous fiscal. This was partially offset by growth in our Generic Formulations portfolio. While we expect pricing pressure in the API business to persist, we continue focusing on driving cost and execution efficiencies throughout the business, to mitigate future impact.

We received a tentative approval of our ANDA for Dasatinib tablets from the U.S. FDA recently, which reinforces our strategy to vertically integrate complex, difficult-to-make products”, Siddharth Mittal, CEO & Managing Director, Biocon.

Result PDF

Biotechnology company Biocon announced Q2FY24 results:

  • Consolidated Revenues for Q2FY24 grew 52% YoY to Rs 3,620 crore.
  • Core EBITDA grew 35% to Rs 1,100 crore, representing healthy core operating margins of 32%.
  • Net R&D investments for the quarter grew by 9% to Rs 264 crore, representing 10% of revenues exSyngene.
  • EBITDA for the quarter increased by 68% to Rs 900 crore, representing an EBITDA margin of 25% versus 22% in the same period last year.
  • Depreciation, amortisation and interest increased by Rs 376 crore over last year. This is primarily related to the biosimilar business acquisition cost.
  • Profit Before Tax and exceptional items stood at Rs 238 crore. Reported Net Profit for the quarter stood at Rs 126 crore vs Rs 47 crore last year.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, and Biocon Biologics, said, “Biocon reported a strong revenue growth this quarter of 52% YoY at Rs 3,620 crore led largely by a revenue rise of 97% in Biosimilars. EBITDA increased by 68% YoY to Rs 900 crore, a margin of 25%. Biocon Biologics is now driving the business in North America and most of the Emerging Markets, and integration of the acquired business in Europe and a few remaining countries is expected to be completed during the year. The Generics Business has expanded its geographic manufacturing presence with the acquisition of an oral solid dosage manufacturing facility in the U.S. Syngene expects Biomanufacturing to drive future growth which will be bolstered by the proposed acquisition of a largescale facility in Bengaluru. The three businesses are focused on their strategic goals aimed at profitable growth, going forward.”

 

Result PDF

Biotechnology company Biocon announced Q1FY24 results:

  • Consolidated revenues for Q1FY24 grew 59% YoY to Rs 3,516 crore.
  • Core EBITDA grew 42% to Rs 936 crore, representing healthy core operating margins of 28%
  • Net R&D investments for Q1FY24 grew by 59% to Rs 315 crore, representing 12% of revenues ex-Syngene.
  • EBITDA for Q1FY24 increased by 69% to Rs 808 crore, representing an EBITDA margin of 23% versus 22% in Q1FY23.
  • Depreciation, amortisation, and interest increased by Rs 353 crores over last year. This is primarily related to the biosimilar business acquisition cost.
  • Consequently, profit before tax stood at Rs 184 crore.
  • Net profit for Q1FY24, before minority interest was Rs 149 crore.
  • Net profit for Q1FY24 stood at Rs 101 crore. 

"We have had a strong start to the year. At a consolidated level, revenues rose 59% YoY to Rs 3,516 crore driven primarily by the 106% jump in Biosimilars revenue. Research Services revenue rose 25%, and Generics reported 15% growth. Our Core EBITDA for the quarter was up 42% at Rs 936 crore, reflecting a margin of 28%. R&D investments at Rs 315 crore increased by Rs 117 crore this quarter, reflecting our advancing pipeline, which will support future growth.

Our key biosimilars are gaining traction in both U.S. and Europe with Fulphila becoming the leading biosimilar Pegfilgrastim in the U.S. and biosimilar Glargine’s market share crossing the 12% mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars.” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

“The Generics business delivered a healthy 15% YoY revenue growth, driven by growth in our formulations business in the U.S. and new product launches in a few key MoW markets. We also saw a volume increase in immunosuppressant APIs.

Our product pipeline continues to advance with an approval for Vigabatrin tablets and a tentative approval for Lenalidomide capsules in the U.S., and for Mycophenolic acid tablets in Europe. The positive outcome of the two U.S. FDA inspections at our Hyderabad API and Bengaluru OSD sites will help in accelerating new product approvals.

We continue to make investments for future growth, with work having commenced on the expansion of our peptide and fermentation capacities in Bengaluru, with a timeline for completion in the second half of FY25.” said Siddharth Mittal, CEO & Managing Director, Biocon.

 

Result PDF

Biotechnology company Biocon announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Consolidated Revenues for Q4FY23 increased 59% year-on-year (YoY) to Rs 3,929 crore. The revenue for the quarter includes Rs 109 crore of stake dilution gain in Bicara, pursuant to its fundraising during Q4FY23
    • Core EBITDA (excluding R&D expense, licensing income, forex, dilution gain in Bicara, and mark-to-market movement on financial instruments) grew 56% to Rs 1,260 crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year.
    • Net R&D investments for the quarter grew by 79% to Rs 342 crore, representing 12% of revenues exSyngene.
    • EBITDA for the quarter increases 75% to Rs 1,152 crore, representing an EBITDA margin of 29% versus 27% in the same period last year.
    • Profit Before Tax and Exceptional Items increased 30% YoY to Rs 500 crore
    • Net Profit for the quarter, before exceptional items, increased 28% YoY to Rs 335 crore
  • FY23:
    • Consolidated Revenues for FY23 increased 38% year-on-year (YoY) to Rs 11,550 crore. The revenue for the year includes Rs 217 crore of stake dilution gain in Bicara, pursuant to its fundraising during the year.
    • Core EBITDA (excluding R&D expense, licensing income, forex, dilution gain in Bicara, and mark-to-market movement on financial instruments) grew 43% to Rs 3,807 crore, representing healthy core operating margins of 34% versus 32% last year.
    • Net R&D investments for the year grew by 88% to Rs 1,119 crore, representing 14% of revenues exSyngene. This demonstrates Biocon’s advancing pipeline that will drive its future growth.
    • EBITDA for the year was up 32% YoY at Rs 2,888 crore, with the EBITDA margin at 25%.
    • Profit Before Tax and Exceptional Items stood at Rs 1,189 crore, up 9% YoY.
    • Net Profit for the year, before exceptional items, stood at Rs 787 crore versus Rs 722 crore in FY22.

“FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon’s robust consolidated financials. Revenues grew 38% to Rs 11,550 crore, and EBITDA was at Rs 2,888 crore, reporting a 32% growth. Revenue growth was led by Biosimilars at 61%, Research Services at 23%, and Generics at 13%. R&D Investments have nearly doubled to Rs 1,119 crore, as we seek to drive future growth.

We ended FY23 with a strong Q4 performance where Revenues grew by 59% to Rs 3,929 crore and EBITDA by 75% to Rs 1,152 crore. Biosimilars continue to be the largest business segment for Biocon, with revenues of Rs 2,102 crore, a growth of 114%, exiting the year on a USD 1 billion revenue trajectory.” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

 

 

 

Result PDF

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