Highlights;
- Biocon Q2FY22 Revenue up 10% at Rs 1,945 Cr
- EBITDA up 35% at Rs 551 Cr
- Net Profit (before exceptional items) up 11% at Rs 188 Cr
- Biosimilars Up 10% at Rs 743 Cr; Research Services Up 17% at Rs 610 Cr
- Q2FY22 Consolidated Revenue up 10% at Rs 1,945 Crore YoY.
- Q2FY22 Earnings before Interest, Depreciation and Amortization (EBITDA) up 35% at Rs 551 Crore YoY. Core EBITDA margins at 33%.
- Q2FY22 Profit before Tax (PBT) before exceptional items, at Rs 276 Crore.
- Q2FY22 Net Profit (before exceptional items) at Rs 188 Crore.
- Q2FY22 Net Profit (after exceptional items) at Rs 138 Crore.
Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said “Biocon reported Q2FY22 revenue growth of 10% at Rs 1,945 Crore, primarily driven by good performance of the Research Services and Biosimilars business segments, which reported a growth of 17% and 10%, respectively. EBITDA at Rs 551 Crore was up by 35% and PBT (before exceptional items) at Rs 276 Crore went up by 27%. The exceptional item relates to modification of the optionally convertible debentures of a PE investment in Biocon Biologics and reversal of SEIS claims relating to a prior period. Net Profit for Q2FY22, before such exceptional items, was Rs 188 Crore, up 11%. Our Core EBITDA margins for the quarter were at a healthy 33%.
“Biocon Biologics made strategic moves this quarter which will drive future growth of our Biosimilars business and deliver long term value for our shareholders. The U.S. FDA's approval of Semglee® as the first interchangeable biosimilar product under the 351(k) regulatory pathway, is a historic milestone for both Biocon and Viatris, and will enable us to expand patient access to our Insulin Glargine. This has led to Semglee’s inclusion as a preferred Insulin Glargine brand on the National Preferred Formulary® of Express Scripts, a leading Pharmacy Benefit Manager (PBM). We expect the formulary coverage to begin in January 2022 and believe Semglee has the potential to bring significant cost savings for patients, employers and PBMs.
“The quarter also marked Biocon Biologics' strategic entry into vaccines & the infectious diseases segment through key partnerships with Serum Institute Life Sciences and Adagio Therapeutics.
“With the waning pandemic and improvements in supply chain conditions, I believe all three business segments, Generics, Biosimilars and Research Services, are well positioned for sustained growth in H2FY22,” she added.
