Business

Biocon Q4FY24 Revenue at Rs 3,966 Cr, EBITDA at Rs 964 Cr; Net Profit (before exceptional items) at Rs 144 Cr

FY24 Revenue at Rs 15,621 Cr, Up 35%; EBITDA at Rs 4,164 Cr, Up 44% Net Profit (before exceptional items) at Rs 1,030 Cr, Up 31% Biosimilars Revenue in FY24 Crosses USD 1 Bn

• By Newsdesk
• Bengaluru
• May 20, 2024

Business

Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, on Thursday announced its consolidated financial results for the fiscal fourth quarter and the financial year ended March 31, 2024.

Leadership Comments 

BIOCON GROUP

“Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the Biosimilars acquisition from Viatris. Increased market shares of key products in the U.S., Europe and Emerging Markets coupled with significant volumes growth were the highlights of the Biosimilars business this quarter. With the recent approval of Liraglutide in the UK, we added to our list of 'global firsts' and demonstrated our capability in developing complex GLP-1 products which will be the key growth driver for the Generics business, going forward. Syngene is well positioned to benefit from the ‘China Plus One’ strategy which is being rapidly adopted by U.S. Pharma & Biotech companies.

“For the full year FY24, we reported consolidated revenue growth of 35% at Rs 15,621 crore and an EBITDA growth of 44 % at Rs 4,164 crore with healthy EBITDA margins of 27%. This growth was largely driven by Biosimilars which grew 58% to Rs 8,824 crore. 

“The Biocon Group has strengthened business operations, expanded global reach and is now increasingly well positioned to deliver a new phase of growth spanning Biosimilars, GLP-1 peptides and CDMO services.” 

--Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

BIOCON GENERICS 

“We concluded FY24 with the Generics business posting a modest revenue growth. Generic Formulations reported a healthy 36% growth, as our products, particularly statins and immunosuppressants, gained traction across multiple geographies. This was offset by a degrowth in APIs on account of pricing pressure the business encountered, which impacted demand.  

“Our preparations for entering the GLP-1 market opportunity is building momentum and we are   pleased with the recent approval of Liraglutide in the UK, making Biocon the first generics Company to be approved for this product in an ICH or major regulated market. More importantly, the approval validates our scientific and development capability in bringing vertically integrated, complex peptide drug-device products to the market. This augurs well for us to capture GLP-1 opportunities that will drive our future growth. 

“Our focus in FY25 will be directed towards launching new products and expanding our geographic reach through a direct presence and strategic partnerships. We will continue to focus on multiple cost improvement initiatives. We also intend to build upon our initial regulatory success in our peptide and GLP-1 focused pipeline in strategic markets.”    

-- Siddharth Mittal, CEO & Managing Director, Biocon Limited.

BIOCON BIOLOGICS 

"This has been a remarkable year for Biocon Biologics, as we evolved into a fully integrated global company with a presence in over 120 countries. We successfully integrated the acquired business 1 year ahead of plan, while ensuring business continuity and a seamless experience for our patients, customers, and partners. This is reflected in the numbers as our revenues crossed USD 1 billion for the full year with a healthy EBITDA margin, underpinned by a significant increase in market shares of our key products in the U.S., Europe, and Emerging Markets. Our R&D pipeline too has progressed as planned and having secured market entry dates for 2 new products in U.S. and Canada, these products will serve to accelerate growth in the coming years. 

“During the year, we reduced our acquisition debt. We also entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights. FY24 has been a transformational year as we leverage our expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders."

-- Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited. 

SYNGENE 

“Despite the reduced demand for research and development services within the U.S. biotech sector, stemming from a difficult funding environment, we delivered a 9% growth for the full year. This resilience is the result of our broad operating span and the investments made to establish our development and manufacturing divisions with biologics, in particular, delivering a strong performance throughout the year.” 

--Jonathan Hunt, CEO & Managing Director, Syngene International Limited.  

FINANCIAL HIGHLIGHTS (CONSOLIDATED): Q4FY24 & Full Year FY24

In Rs Crore

Financial Commentary: Q4FY24

Total Consolidated Revenue for Q4FY24 grew 1% year-on-year (YoY) to Rs 3,966 crore. 

Core EBITDA at Rs 1,176 crore, represents core operating margins of 30%. 

Net R&D investments for the quarter were Rs 246 crore, representing 8% of revenue ex-Syngene.

EBITDA for the quarter stood at Rs 964 crore, representing an EBITDA margin of 24%. 

Profit Before Tax and exceptional items stood at Rs 328 crore. 

Net Profit for the quarter, before exceptional items, stood at Rs 144 crore.

Reported Net Profit for the quarter stood at Rs 136 crore. 

Dividend for FY24 

The Board of Directors has recommended a final dividend of Rs 0.50 per share at the rate of 10% of the face value of the share, for the financial year ended March 31, 2024.