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