In This Article:
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Total Revenue: INR3,623 crore, flat year-on-year, 21% decline quarter-over-quarter on a reported basis.
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Revenue from Operations: INR3,590 crore, up 8% year-on-year on an adjusted basis, 5% sequentially.
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Biosimilars Revenue: INR2,182 crore, up 11% reported, 19% on a like-for-like basis.
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Generics Revenue: INR624 crore, decline of 8% year-on-year and 5% sequentially.
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Syngene Revenue: INR891 crore, down 2% year-on-year, up 13% sequentially.
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Group Core EBITDA: INR992 crore, down 10% year-on-year, core operating margin of 28%.
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Reported EBITDA: INR718 crore, margin of 20%.
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Profit Before Tax and Exceptional Items: INR72 crore, down from INR238 crore last year.
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Reported Net Loss: INR16 crore, adjusted loss at INR13 crore.
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R&D Investment: INR200 crore, 17% of revenues excluding Syngene.
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Biosimilars Core EBITDA: INR691 crore, margin of 32%.
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Biosimilars Reported EBITDA: INR469 crore, margin of 21%.
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Generics Core EBITDA: INR98 crore, margin of 15%.
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Generics EBITDA: INR36 crore, margin of 6%.
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Syngene EBITDA: INR261 crore, margin of 29%.
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Syngene Profit Before Tax: INR137 crore, down 13% year-on-year.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Biocon Ltd (BOM:532523) reported operating revenue growth of 4%, with an 8% increase on a like-for-like basis after adjustments.
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The biosimilars business showed healthy double-digit growth, with significant market share increases in the US for products like Ogivri and Fulphila.
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Successful refinancing of long-term debt by Biocon Biologics through a bond issue and a new syndicated loan facility on improved terms.
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Biosimilar revenue from operations grew 19% on an adjusted basis, reflecting strong underlying profitability.
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Biocon Biologics continues to expand its global footprint, achieving double-digit growth in the UK and Mediterranean regions.
Negative Points
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Overall performance was relatively muted due to continued pressures in the generic business and a marginal decline in Syngene's revenues.
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The generics business faced an 8% year-on-year revenue decline, impacted by demand and pricing challenges.
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Reported net loss for the quarter was INR16 crore, attributed to higher tax basis and geographical profit splits.
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US FDA inspections at two API facilities resulted in observations, requiring corrective actions and awaiting feedback.
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The company is facing challenges in ramping up market share in the Humira biosimilar market in the US.
Q & A Highlights
Q: Can you provide a breakdown of Biocon Biologics' revenue by region for the quarter? A: Kedar Upadhye, Chief Financial Officer, explained that approximately 40-41% of revenues come from North America, about 30% from Europe, and the remaining 30% from emerging markets.