Biocon Q1 net profit up by 72% at INR 206 crore

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Biocon Q1FY20 Revenue at Rs 1,490 crore, up by 25%; EBITDA Up 51% at Rs 462 crore.

Biocon Ltd, Asia’s premier biopharmaceuticals company, announced its consolidated financial results for the fiscal first quarter ended June 30, 2019.

Highlights:

• In Q1FY20, our Consolidated Revenue grew 25% to Rs 1,490 crore from Rs 1,193 crore in Q1FY19.
• Net Profit (excluding exceptional item) stood at Rs 223 crore reporting a growth of 86%.
• Net Profit was impacted due to an exceptional item on account of tax on group entities restructuring.
• Net Profit reported a growth of 72% at Rs 206 crore (vs. Rs 120 crore in Q1FY19).
• Earnings before Interest, Depreciation and Amortization (EBITDA) increased 51% to Rs 462 crore (vs. Rs 307 crore in Q1FY19).
• We reported a better quality of earnings this quarter as reflected in the consolidated EBITDA margin of 31% in Q1FY20 (vs. 26% in Q1FY19).
• Core EBITDA margin for Q1FY20 (net of licensing, impact of forex and R&D) stood at 36% (vs. 27% in Q1FY19).
• Net Profit margin (excluding exceptional item) stood at 15%.
• Net Profit margin stood at 14% (vs.10% in Q1FY19).
• Net R&D expenses for the quarter at Rs 79 crore was up by 78% (vs. Rs 44 crore in Q1FY19).
• Gross R&D expenses were Rs 110 crore, corresponding to 11% of our revenue (excluding Syngene).

Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated “Robust performance by our Biologics and Small Molecules business segments fuelled the 25% growth in Q1FY20 Revenue to Rs 1,490 crore. Our long-term investments in biosimilars are delivering expected results as demonstrated by the 96% growth in our Biologics revenue at Rs 490 crore this quarter, led by the expansion of our geographical footprint and increased penetration of our products in key developed and emerging markets. Small Molecules Revenue at Rs 480 crore was driven by steady API sales and a multi-fold growth in Generic Formulations. Our Research Services business continues to provide profitable growth. The consolidated EBITDA for Q1 stood at Rs 462 crore up by 51% and Net Profit (excluding exceptional item) at Rs 223 crore grew by 86%.

“We remain committed to develop high quality bio-therapeutics and enable affordable access to patients across world markets”.

Highlights:

• Fulphila®, biosimilar Pegfilgrastim co-developed by Biocon and Mylan, captures 21% volume share of the Pegfilgrastim syringes market in the U.S.
• Ogivri®, co-developed by Biocon and Mylan, becomes the first biosimilar Trastuzumab to be approved in Canada.
• Phase 1b/2 trial with Itolizumab in patients with acute graft-versus-host disease (aGVHD) and a Phase 1b trial in patients with uncontrolled moderate to severe asthma are being conducted by our partner Equillium.
• A greenfield project for a fermentation- based manufacturing facility initiated at Visakhapatnam, Andhra Pradesh to cater to the anticipated strong volume growth in the Small Molecules APIs and Generic Formulations business.