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Last Updated : Apr 25, 2019 09:07 PM IST | Source: Moneycontrol.com

Riding on biosimilar sales, Biocon Q4 profit up 64% at Rs 214 crore

Total revenue during the quarter grew by 26 percent to Rs 1,557 crore.

Viswanath Pilla @viswanath_pilla
 
 
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Buoyed by strong performance in the biologics business, Biocon's net profit rose 64 percent year-on-year to Rs 214 crore for the fourth quarter ended March 31, 2019.

The company's net profit was Rs 130 crore in the in the same period of previous year.

Total revenue for the quarter grew 26 percent to Rs 1,557 crore in the fourth quarter on YoY basis.

Analysts polled by Reuters estimated Biocon's net profit at Rs 201.2 crore and revenues at Rs 1,594 crore for fourth quarter.

The gross spend on research and development rose 70 percent to Rs 166 crore on YoY basis.

The earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at 28 percent for Q4FY19 compared to the previous year's 24 percent.

For full year FY19, Biocon's revenues grew 31 percent to Rs 5,659 crore, and net profit soared 143 percent to Rs 905 crore.

"Our Q4 FY19 performance was led by robust growth in our Biologics and Research Services business segments, supported by a significant growth in the Small Molecules business," said Kiran Mazumdar-Shaw, Chairperson and Managing Director of Biocon.

“ FY19 was a landmark year for the Biologics business, which reported a growth of 97 percent, thus emerging as a key driver for Biocon’s incremental growth. Our three strategic business segments Small Molecules, Biologics and Research Services have reported a top-line of over Rs 1,500 Crore each this fiscal. A higher share of Biologics revenue boosted profitability as reflected in the consolidated EBITDA margin of 27 percent for the full year despite a 34 percent increase in Net R&D expenses," Mazumdar-Shaw added..

Revenues from the biologics vertical, that comprises biosimilars, rose 87 percent to Rs 451 crore, driven by the biosimilar Pegfilgrastim gaining market share in the US and sustained sales momentum of trastuzumab and insulins in key emerging markets.

Biocon's partner Mylan launched Fulphila or biosimilar Pegfilgrastim in July 2018. In terms of volumes, Fulphila market share rose to 16 percent.

Biocon and Mylan have set 25-30 percent market share in the next two years.

The sales of small molecules that constitute active pharmaceutical ingredient (APIs) and generic formulations, grew 11 percent to Rs 471 crore in Q4, led by sales of key APIs including immunosuppressants, and statins.

The branded formulations business, which includes sales in India and the UAE, reported a revenue of Rs 133 crore, a YoY decrease of 11 percent.

The Research Services business that’s housed under listed subsidiary Syngene International registered a growth of 30 percent to Rs 534 crore, buoyed by the performance of discovery services and increased traction in the dedicated R&D centres.

The results were announced after market hours.

Shares of Biocon rose 1.21 percent to close at Rs 621 on BSE.
First Published on Apr 25, 2019 09:01 pm
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