Biocon Q2 profit zooms over two-fold to Rs 173 cr

Biocon on Thursday reported 168% YoY jump in net profit to Rs 126 crore in Q2FY24, driven by the acquisition of Viatris’ biosimilars business and research services.

The company reported net profit of Rs 47 crore during corresponding quarter of the previous year.

Revenue grew 49% YoY to Rs 3,462 crore.

EBITDA for the quarter increased by 68% YoY to Rs 900 crore, representing an EBITDA margin of 25% versus 22% in the same period last year.

The gross R&D spends grew 10% YoY to Rs 278 crore in Q2FY24.

Biosimilar business (Biocon Biologics) that constitutes 57% rose 97% YoY to Rs 1969 crore driven by the acquisition of Viatris biosimilars business and growth in market shares for products in the US and Europe.

Generics and API business rose 4% YoY to Rs 676 crore. Research services business rose 18% to Rs 910 crore.

“Biocon Biologics is now driving the business in North America and most of the Emerging Markets, and integration of the acquired business in Europe and a few remaining countries is expected to be completed during the

year,” said Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics.

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