Biocon Q2 results: Revenue was recorded at 2384 crore grew by 26%

According to the company, the generics formulations recorded a revenue of ₹623 Crore up by 18% and 34% growth was recorded in Biosimilars along with 26% in research service sector. 

“We reported a strong consolidated revenue growth of 23% YoY for Q2FY23 at ₹2,384 Crore driven by 34% growth in Biosimilars, 26% in research services and 18% in the generics business. Our Gross R&D spends increased by 52% YoY this quarter to ₹252 crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 34% at ₹816 Crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. 

“We have delivered a resilient performance in H1FY23, with all segments delivering strong revenue growth. We expect to consolidate on this performance in the second half of FY23. Enhanced capacities and new launches will drive growth for our API and Generic Formulations business, while continued business momentum should help Syngene achieve its guidance for the full year,” Shaw added. 

While the consolidation of Viatris’ global biosimilars business and the strategic vaccines alliance with Serum Institute will add to the growth of the Biosimilars business in H2FY23, the company has secured necessary financing and obtained relevant approvals for the Viatris transaction, which is expected to close shortly. 

“Our Generic Formulations business delivered a healthy performance in the quarter, with both base business as well as new product launches gaining traction. The business also secured several key approvals for our vertically integrated products in the EU and the rest of the world (RoW) markets, providing further impetus to our geographical expansion plans in the quarters ahead,” said Siddharth Mittal, CEO & Managing Director, Biocon.