Biocon Q4FY18 Net Profit Up 2% at Rs 130 crore

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FY18 Revenue Rs 4,336 Cr; EBITDA at Rs 1,035 Cr, Net Profit at Rs 372 Cr

Biocon Ltd (BSE code: 532523, NSE: BIOCON), Asia’s premier biopharmaceuticals company, today announced its consolidated financial results for the fourthquarter and fiscal year ended March 31st, 2018.

Highlights:

  • Semglee™, Insulin Glargineco-developed by Biocon and Mylan,is the first biosimilar from the partnered portfolio to be approved in the developed markets of EU and Australia.
  • Biocon also receivedInsulin Glargineapprovalin South Korea and biosimilar Trastuzumab approval in Turkey.
  • Biocon and Mylan agreed to accelerate the introduction of biosimilar Adalimumab in Europe through Mylan’s in-licensing arrangement with Fujifilm Kyowa Kirin Biologics, to enable launch in EU,around market formation.
  • Biocon and Mylanhave agreed to expandtheir long-standing collaboration to add two new next-generation biosimilar programswith Insulin Glargine 300 units/mL and Pertuzumab.

FINANCIAL HIGHLIGHTS (CONSOLIDATED): Q4& FULL YEAR FY18

Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated:

“We concluded the year with a strong revenue growth of 27% in Q4FY18 led by Biologics and Research Services businesses, which grew 47% and 45%, respectively. Our traditional Small Molecules and Branded Formulations businesses also turned in a positive performance this quarter. We crossed a key milestone in Q4 when our Insulin Glargine, received regulatory approvals in the developed markets of Europe and Australia. Our biosimilar Trastuzumab also got approval in Turkey.

“The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shut down for requalification and lower licensing income in the biologics business. In addition, operational expenses related to our Malaysia facility impacted the bottomline. However, a positive Q4 is indicative of a normalized business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19.”

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