Biocon shares fall 3% after Q1 net profit slumps 30%

Biocon’s topline surged 60 percent on year, aided by a two-fold rise in biosimilars sales and strong double-digit growth in the generics and research services segments.

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Shares of Biocon fell 3 percent in early trade on August 11, bogged down by a decline in the company’s net profit for the April-June quarter.

The biopharmaceutical company’s net profit for the quarter slipped 30 percent on the year to Rs 101.40 crore as compared to Rs 144.40 crore during the corresponding quarter of FY23. The drop in net profit was attributed to an increase of Rs 353 crore in depreciation, amortisation and interest costs over last year, primarily related to the biosimilar business acquisition cost.

Regardless, the company’s topline surged 60 percent on year to Rs 3,423 crore as against Rs 2,139.50 crore. The jump in revenue was led by a two-fold increase in the biosimilars business, accompanied by double-digit growth in the generics and research services segments.

“The generics business delivered a healthy 15 percent year-on-year revenue growth, driven by growth in our formulations business in the US and new product launches. We also saw a volume increase in immunosuppressant APIs (Active Pharmaceutical Ingredients),” Siddharth Mittal, CEO & Managing Director of Biocon stated in a press release.

Shreehas Tambe, CEO & Managing Director, Biocon Biologics- the biosimilar arm of the company attributed the strong growth in the segment to be driven by the acquisition of Viatris’ biosimilars business and growth in market shares for products in the US and Europe.

Nonetheless, the company’s topline as well as bottomline missed CNBC-TV18’s estimates of Rs 3,597.70 crore and Rs 170 crore, respectively.

At 09.25 am, shares of Biocon were trading 2.31 percent lower at Rs 255.35 on the National Stock Exchange.

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Meanwhile, the company’s operating metrics also improved in the quarter gone by as EBITDA margin expanded to 23 percent from 22 percent in the year-ago period. Core EBITDA margins stood at 28 percent, up from just 3 percent a year ago.

Research and development investments in the quarter also rose by Rs 117 crore to Rs 315 crore this quarter, which the management believes will support future growth and advance the product pipeline for the company.

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