Biocon revenue up 59% at Rs 3,929 crore in Q4FY23

New Delhi: The biopharma major, Biocon has reported the net revenue from operations for the Q4FY23 at Rs 3,929 crore, registering an increase by 59% YoY. Overall FY23 revenue stood at Rs 11,550 crore, up 38%; EBITDA stood at Rs 2,888 crore up 32% and net profit (before exceptional Items) was at Rs 787 Cr, up 9%.

Over two-fold growth in the biosimilars business contributed 56% on the total topline. Immunosuppressants, specialty APIs (active pharmaceutical ingredients), and a ramp-up of some recently launched generic formulation products also aided the strong topline.

The company’s revenue in biosimilars is up 114%; research services up 31% and EBITDA at Rs 1,152 crore up 75%. The net profit (before exceptional Items) stood at Rs 335 crore, up 28%.

“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, 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,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

“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,” added Shaw.

“The Generics business performance in FY23 was in line with our expectations, delivering healthy year-on-year revenue growth that was driven by immunosuppressants, specialty APIs, and a ramp-up of some of our recently launched generic formulation products. Profitability for the year was muted, mainly on account of pricing pressure in our key markets, as well as increased input costs, that was partially mitigated by cost improvement initiatives,” said Siddharth Mittal, CEO & Managing Director, Biocon Limited.

Riding the biosimilar wave

On the biosimilars front, Biocon Biologics Limited (BBL) reported a YoY growth of 114% for Q4FY23 with revenues at Rs 2,102 crore, led by a strong performance across global markets and the consolidation of the acquired biosimilars business. Q4FY23 is the first quarter reflecting the full financial impact of the consolidated business.

“This has been a landmark year for Biocon Biologics with the closure of our transformational acquisition of Viatris’ global biosimilars business. This acquisition coupled with strong growth in our underlying business and over 35 new launches has translated to a significant step-up in revenues and expanded global reach,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics.

“As we look ahead, we will be integrating the acquired business in a phased manner with over 70 Emerging Markets transitioning to Biocon Biologics shortly followed by the U.S. and EU thereafter. FY24 will also see several important new launches, a key driver of growth. We are confident that our strong business fundamentals, fully integrated global capabilities, and rich pipeline will allow us to capitalize on the rapidly expanding global biosimilars opportunity, drive profitable growth and unlock value for all stakeholders,” added Tambe.