Biocon Q4 net profit down 56% at Rs 135.5 crore

Pharma major Biocon on May 16 reported a consolidated net profit of Rs 135.5 crore for the March quarter of FY 24, down 56 percent from a year ago.

The company reported a net profit of Rs 313.2  crore in the same period a year ago.

The company’s revenue from operations rose 3 percent to Rs 3917 crore from last year’s Rs 3774 crore in the same period.

Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) declined 8 percent YoY to Rs 916 crore. The consolidated EBITDA margin came in at 23.4 percent, showing a decline from 26.4 percent in the same period last year.

On February 27, 2022, Biocon Biologics had entered into a definitive agreement with its collaboration partner Viatris Inc. to acquire Viatris’ biosimilars business to create a fully integrated global biosimilars enterprise, at a total consideration of  $3.335 billion, including cash up to $2.335 billion and Compulsorily Convertible Preference Shares in Biocon Biologics of $1 billion. The acquired business have been consolidated in these results effective November 29, 2022, the consummation date. The Group based on its assessment of the final purchase price allocation had recorded goodwill amounting to Rs. 160,940 million.

Biocon, founded in 1978, is one of India’s leading biopharma company. It is fully integrated and delivers biopharma solutions, ranging from discovery to development and commercialisation. It has diversified revenue streams covering biosimilars (including branded formulations), contract research, and small molecules and APIs.

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