Biocon Limited reported its financial performance for the second quarter of FY25, achieving an 8% year-on-year growth in operating revenue on a like-for-like basis, reaching ₹3,590 crore. The company’s consolidated revenue for the quarter stood at ₹3,623 crore, with its core EBITDA margin at 28% and overall EBITDA margin at 20%.
However, Biocon reported a net loss of ₹16 crore for the period, attributed to higher tax expenses resulting from a geographical shift in profits and minority interest. Adjusted for exceptional items, the net loss stood at ₹13 crore.
Business Segment Highlights:
- Biosimilars: Biocon Biologics reported revenue of ₹2,182 crore, contributing 59% of the total revenue. The biosimilars segment saw robust growth, up 19% on a like-for-like basis, driven by strong market share gains in the US Oncology and Insulin franchises.
- Research Services (Syngene): Revenue from Syngene was ₹891 crore, showing sequential growth, with positive momentum anticipated in the coming quarters, led by its Discovery Services and Biomanufacturing CMO business.
- Generics: Revenue for generics stood at ₹624 crore. The segment continued to face pricing and demand pressures, but upcoming new formulation launches in Q3 and Q4 are expected to drive a turnaround.
Kiran Mazumdar-Shaw, Chairperson of Biocon Group, stated, “Biocon Group’s overall Q2FY25 financial and operational performance provides a foundation for improved performance as we move into the second half of the fiscal. Reported Operating Revenues of ₹3,590 crore reflect YoY growth of 8% on a like-for-like basis and core EBITDA and EBITDA margins of 28% and 20% respectively remain healthy. We had a robust performance in the Biosimilars business, up 19% on a like-for-like revenue basis, driven by strong market share gains in our US Oncology and Insulins franchises.”
She also highlighted Biocon Biologics’ recent achievement of refinancing its long-term debt of $1.1 billion, which included an $800 million USD bond listed on the Singapore Stock Exchange and a $300 million syndicated loan facility. “This was Biocon Group’s debut bond issue and the fact it was 3x oversubscribed speaks to strong investor confidence in our Biosimilars growth potential,” she added.
Looking forward, Biocon remains optimistic about the second half of FY25, with Syngene expected to sustain its growth trajectory, the biosimilars segment to build further momentum, and generics anticipated to see recovery driven by new product launches.
