Biocon's Q3 Net Profit Hits Rs 660 Crore, Revenue at Rs 4,519 Crore

By siliconindia  |  Friday, 09 February 2024, 08:49:58 AM IST

Biocon's Q3 Net Profit Hits Rs 660 Crore, Revenue at Rs 4,519 Crore
Bengaluru-based pharmaceutical giant, Biocon Ltd, has revealed its fiscal third-quarter financial results ending December 31, 2023. Executive Chairperson Kiran Mazumdar Shaw announced a consolidated revenue of Rs 4,519 crore for Q3FY24, propelled by a remarkable 65% growth in Biosimilars and a 9% surge in Research Services. The consolidated EBITDA soared by an impressive 106% to reach Rs 1,492 crore. The net profit, buoyed by other income, reached Rs 660 crore.
During the quarter, Biocon Biologics successfully completed the transition of the acquired business, and a significant pre-payment of $200 million was made towards reducing acquisition-related debt. Market stability in the US and EU for key biosimilars, along with strong performances in Emerging Markets through new product launches and tender wins, contributed to this success. Executive Chairperson Kiran Mazumdar Shaw highlighted the ongoing progress in strengthening the foundation for sustainable growth across all three business segments.
Biocon's Generics business reported a 4% sequential revenue increase in Q3, primarily driven by higher API sales. However, the year-on-year performance faced challenges due to persistent pricing pressure impacting customer offtake in the API business compared to the previous fiscal. CEO and Managing Director Siddharth Mittal emphasized the focus on driving cost and execution efficiencies throughout the business to mitigate the impact of ongoing pricing pressures in the API segment.

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