Biocon Q4 2024 Results: Consolidated PAT detained 46% while Revenue increased marginally by 0.94% on a YOY basis

Synopsis:

Biocon Limited announced its quarterly results for March 2024 on 16th May. It reported a consolidated PAT of ₹222.90 cr for Q4 FY2024. Its consolidated total revenue for Q4 FY2024 increased by 0.94% on a YOY basis reaching ₹3965.70 cr. The company’s Biosimilars also crossed the $1 billion mark for FY 2024.

Quarter result performance

The company’s consolidated total revenue for Q4 FY2024 declined by 0.94% on a YOY basis, reaching ₹3965.70 cr from ₹3928.80 cr in Q4 FY2023. The quarterly consolidated revenue was also down by 12.25%. Biocon reported a consolidated PAT of ₹222.90 cr for Q4 FY2024 against ₹414.50 cr in Q4 FY2023, which is a decline of 46.22%. On a quarterly basis, the consolidated PAT was down by 70.41%. The company’s PAT margin stood at 7.48%. Its EBITDA stood at ₹964 cr while its EBITDA margin was 24%.

For the full financial year ending in March 2024, the consolidated PAT stood at ₹1297.80 cr compared to ₹643.00 cr in FY 2023, up by 101.84%. For FY 2024, its consolidated total revenue stood at ₹15621.20 cr compared to ₹11550.10 cr in FY 2023, up by 35.25%. EBITDA for FY 2024 increased by 44% reaching ₹4164 cr.

Biocon announced a dividend of ₹0.50 per share having a face value of ₹5. During the Board Meeting, the company also declared the reappointment of its Executive Director Kiran Show. Its Managing Director Mr. Siddharth Mitta has also been reappointed.

Biocon’s Biosimilars under Biocon Biologics Limited contributed 59% to the total operational revenue at ₹2358 cr. Its two other business segments Research Services under Syngene and Generic APIs & Generic Formulations contributed 23% and 18% at ₹917 cr and ₹719 cr, respectively during Q4 FY2024.

Commenting on the quarterly results, Mr. Siddharth Mittal, CEO & Managing Director Bioconsaid, “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.”

Also, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics added, “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.”

About Biocon Limited

Biocon Limited is a leading global biopharmaceutical company based in Bangalore, Karnataka, India. The company is known for its focus on research and development of therapies for chronic conditions such as cancer, diabetes, and autoimmune diseases. Biocon's offerings include a wide range of products and services, including active pharmaceutical ingredients (APIs), branded formulations, complex biologics, and biosimilars, including monoclonal antibodies (MAbs), rh-Insulin, and insulin analogues.