26 July 2021 | Monday | News
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Biocon Ltd , an innovation-led global biopharmaceuticals company, announced its consolidated financial results for the first quarter ended June 30, 2021.
Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said:
“Biocon has seen a strong 41% YoY growth in Research Services and a steady growth in its Biosimilars business, reporting revenue of Rs 758 Crore, up 10% over the same period last year, and 14% over the preceding quarter. Consolidated revenues, at Rs 1,808 Crore, saw a muted growth on account of COVID-related operational challenges at Biocon’s API facilities, both in Bengaluru and Hyderabad. Q1FY22 P&L was also impacted by a share of loss in its Boston-based associate start-up entity, Bicara Therapeutics Inc. Excluding this share of loss, Profit before Tax was a healthy Rs 224 Crore. Novel Biologics are investment intensive and we will explore external venture funding to support clinical development for long-term value creation. Business sentiments are favorable for Biosimilars, Generics and Research Services. Globally, we see a strong demand for biosimilars and generic drugs, given the growing emphasis on affordable drug pricing. Net Profit, excluding the share of loss from Bicara, was at Rs 142 Crore and reported Net profit was at Rs 84 Crore.”
“The outlook for the rest of the year is promising with several drug approvals on the anvil, contingent to timely U.S. FDA onsite inspections in India and Malaysia, whilst Research Services continue to see rising demand.”
“John Shaw has decided to step down from the Board effective the end of the Annual General Meeting this year, due to health reasons. My colleagues on the Board, join me to place on record our heartfelt appreciation for the critical and invaluable role he has played in building Biocon,” she added.
PERFORMANCE REVIEW: Q1FY22