Biocon Q2FY22 revenue up by 10% at Rs 1,945 crore

Biocon, the global biopharmaceuticals company of India, on Friday said its Q2FY22 revenue growth was up by 10 per cent at Rs 1,945 crore, primarily driven by good performance of the Research Services and Biosimilars business segments.

Announcing consolidated financial results for the second quarter ending September 30, 2021, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said the factors responsible for the profit reported a growth of 17 per cent and 10 per cent respectively.

“EBITDA at Rs 551 crore was up by 35 per cent and PBT (before exceptional items) at Rs 276 crore went up by 27 per cent. The exceptional item relates to modification of the optionally convertible debentures of a PE investment in Biocon Biologics and reversal of SEIS claims relating to a prior period. Net Profit for Q2FY22, before such exceptional items, was Rs 188 crore, up 11 per cent. Our Core EBITDA margins for the quarter were at a healthy 33 per cent,” she explained.

Kiran claimed: “Biocon Biologics made strategic moves this quarter which will drive future growth of our Biosimilars business and deliver long-term value for our shareholders. The US FDA’s approval of Semglee as the first interchangeable biosimilar product under the 351(k) regulatory pathway, is a historic milestone for both Biocon and Viatris, and will enable us to expand patient access to our Insulin Glargine,” she said.

The Executive Chairperson stated, this has led to Semglee’s inclusion as a preferred Insulin Glargine brand on the National Preferred Formulary of Express Scripts, a leading Pharmacy Benefit Manager (PBM). We expect the formulary coverage to begin in January 2022 and believe Semglee has the potential to bring significant cost savings for patients, employers and PBMs,” she added.

“The quarter also marked Biocon Biologics’ strategic entry into vaccines and the infectious diseases segment through key partnerships with Serum Institute Life Sciences and Adagio Therapeutics,” she underlined.

Kiran said: “With the waning pandemic and improvements in supply chain conditions, I believe all three business segments, Generics, Biosimilars and Research Services, are well positioned for sustained growth in H2FY22.”