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Biocon posts revenue of ₹1,566 crore at Q3FY19

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The net profit is reported at ₹ 217 crore, up 136 per cent

Biocon announced its consolidated financial results for the third quarter ended on December 31, 2018.

Biocon reported a strong revenue growth of 43 per cent at 1,566 Cr in Q3 FY19, led by robust growth across all business segments: Biologics, small molecules, branded formulations and research services.

Net profit for the quarter recorded a growth of 136 per cent at 217 crore. Net profit, adjusted for exceptional item, stood at 211 crore reflecting a growth of 130 per cent. EBITDA rose 59 per cent to 406 crore, despite a Forex Loss of 28 crore. EBITDA margin was 26 per cent in Q3FY19 versus 23 per cent in Q3FY18. Core EBITDA margin, which is net of licensing, forex and R&D, improved to 32 per cent in Q3FY19 from 27 per cent in Q3FY18.

The strong operating performance in Q3FY19 was led by a higher contribution of biologics segment driven by our biosimilars portfolio. This segment recorded the highest ever EBIT margins of 30 per cent this quarter.

The small molecules business delivered a revenue growth of 27 per cent at 469 crore, led by robust sales of our core APIs and continued growth in the US generic formulations business. The company recorded an increase in API sales in Latin America, Europe and to India-based customers delivering to the US market.

Revenue from the Biologics segment, comprising biosimilars and novel biologics, more than doubled to 449 crore, recording a strong growth of 136 per cent YoY during the quarter.

The branded formulations business, which includes sales in India and the UAE, reported a quarterly revenue growth of 36 per cent YoY at 212 crore.

The branded formulations business in the UAE reported a strong revenue growth YoY, driven by branded generic products. NeoBiocon is the No. 1 generic company in the UAE in the cardiovascular and diabetes markets and is ranked No. 13 amongst the overall pharma companies. (IMS MAT Nov 2018). During the quarter, we launched our biosimilar Trastuzumab under the brand name CANHERA in the UAE.

The research services business continues to do well with a revenue growth of 20 per cent YoY at Rs 467 crore, buoyed by good growth in discovery services and increased traction in the biologics business.

Commenting on the quarterly performance and highlights, Kiran Mazumdar-Shaw, CMD, Biocon, stated, “We have delivered the highest ever revenue and profit growth in absolute terms in Q3FY19, driven by strong business performance. Our biologics segment more than doubled in revenue and recorded an EBIT margin of 30 per cent driven by increased penetration of our Pegfilgrastim in the US Small Molecules, Branded Formulations and Research Services also registered a robust growth this quarter. Our biosimilars strategy is beginning to pay off with the launch of our biosimilars in the US and the EU and we are greatly encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like EU, Australia and Canada. We are committed to play a significant role in enhancing access to our high quality, affordable biologics for patients across the world.”

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