Biocon Q1 Results 2024: Biocon Limited on Thursday announced its consolidated financial results for the fiscal first quarter ended June 30, 2024. The company’s consolidated profit after tax rose over six-fold to Rs 660 crore in the first quarter ended June 2024, on account of a one-time gain from the collaboration between Biocon Biologics and Eris Lifesciences.
The Bengaluru-based firm had reported a profit after tax of Rs 101 crore in the June quarter of last fiscal.
Revenue from operations stood at Rs 3,433 crore during the period under review as against Rs 3,423 crore in the year-ago period, Biocon said in a regulatory filing. The company said the Q1 figures included proceeds of Rs 1,057 crore on account of the strategic collaboration between Biocon Biologics and Eris Lifesciences.
“This strong performance was primarily on account of a one-time gain from the strategic collaboration between Biocon Biologics and Eris Lifesciences. The underlying business performance of Biocon has been in line with our expectations,” Biocon Executive Chairperson Kiran Mazumdar-Shaw said.
The outlook for this fiscal remains positive as the company anticipates stronger growth in the second half of FY25, with new product launches in the biosimilars and generics businesses, including Liraglutide for diabetes and obesity in the UK and other markets, she added.
“Additionally, we expect improved business prospects for Syngene, supported by a resurgent biotech funding environment in the US,” Mazumdar-Shaw stated. The company stated that two separate GMP inspections of the company’s API facilities (Sites 5 and 6) at Visakhapatnam by the US Food and Drug Administration concluded with four and three observations, respectively, to which it has responded with a Corrective and Preventive Action (CAPA) plan.
An Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) has been received for Site 5 and agency feedback for Site 6 is awaited, it added.
Siddharth Mittal, CEO & Managing Director, Biocon Limited stated that the Generics business continued to encounter pricing pressure and demand contraction, which impacted our first quarter’s performance of both APIs and Generic Formulations.
“The business made progress on its Most of the World (MoW) expansion strategy with the signing of a partnership agreement with Handok in South Korea for the commercialization of Liraglutide. We also obtained our first injectable approval in the U.S. for Micafungin and secured some key customer contracts in the region. Looking ahead, our focus will be directed towards commercializing products for which we have received approvals, including Liraglutide, in the second half of this fiscal, as indicated previously. We will also continue to accelerate our cost improvement initiatives and expedite on-going capex projects,” Mittal said.
Meanwhile, Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited revealed that having successfully integrated the acquired business last year, Biocon Biologics’ focus in FY25 now shifts to consolidation and setting up the business for growth.
“We began the fiscal year on a strong note with the business delivering year-on-year growth of 11% on a like-for-like basis. This growth was underpinned by an increase in market shares, tender wins in Europe and Emerging Markets and 15 new product launches. This quarter YESAFILITM, our bAflibercept, became the 1st interchangeable biosimilar to be approved by the U.S. FDA. Our manufacturing facilities in Bengaluru, India and Johor, Malaysia received GMP certifications from leading regulatory agencies such as the European Medicines Agency (EMA) and Therapeutic Goods Administration (TGA), Australia. These milestones will serve as growth catalysts and allow us to expand our reach to millions of patients globally,” Tambe said.
