Large Cap Pharma Major Posts 168% Jump In Net Profit, Shares Dip 17% In 1-Yr

Large cap pharmaceuticals major Biocon Ltd declared a surge of 168% in its net profit on Friday to Rs 126 crore for the July to September quarter of the current FY 2023-24. The Bengaluru-based company announced a growth of 52% year-on-year in its revenue to Rs 3620 crore led mainly by a revenue surge of 97% in its biosimilars segment. Generic segment witnessed a 4% annual revenue growth during the quarter to Rs 676 crore.

Share Performance & Return: Last trading price of Biocon Ltd share on BSE is Rs 227.35 per share with intraday surge of 0.11%. Its 52-week high price is Rs 293.30 per share and 52-week low price is Rs 191.60 per share, respectively. The company has a market capitalisation of Rs 27,295.64 crore. Biocon shares gained over 2% in last 2-weeks, fell 17% in last 1-year, declined 35% in last 2-years, and slipped 44% in last 3-years.

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."

Siddharth Mittal, CEO & Managing Director, Biocon Limited, said: "The Generics business delivered a modest year-on-year revenue growth. Our Generic Formulations business gained momentum on the back of an uptick in statin volumes, recently launched products and expansion in MoW markets."

About: Biocon Limited, publicly listed in 2004, is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets.