The stock had declined 0.75% to end at Rs 283.85 on the BSE yesterday.

In the past one month, the scrip has gained 9.47% while the benchmark Sensex has added 7.07% during the same period.

On a year-to-date (YTD) basis, however, the stock has lost 21.54% while the Sensex has advanced by 6.46% over that same time frame.

Biocon had announced its financial results for the quarter and half year ended 30 September 2022 on 14 November 2022.

The company reported a net profit (before exceptional items) of Rs 168 crore in Q2 FY23, down by 10% from Rs 188 crore in Q2 FY22.

Exceptional items during Q2 FY23 comprise MAT credit balance charge of Rs 107 crore on adoption of new tax regime of 25% and Professional fees, net of tax of Rs 14 crore towards the Viatris deal.

Revenue from operations increased by 26% YoY to Rs 2,320 crore during the quarter. Generics segment recorded revenues of Rs 623 crore (up 18% YoY), Biosimilars revenue was Rs 997 crore (up 34% YoY) and revenue from Research services was Rs 768 crore (up 26% YoY) in the second quarter.

R&D Expenses jumped by 65% to Rs 242 crore in Q2 FY23 from Rs 146 crore in Q2 FY22.

EBITDA declined by 3% in Q2 FY23 to Rs 535 crore from Rs 551 crore in Q2 FY22. EBITDA margin was 22% in Q2 FY23 as against 28% in Q2 FY22.

Profit before tax in Q2 FY23 stood at Rs 229 crore, up by 11% from Rs 206 crore in Q2 FY22.

Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics, said: “Our Gross R&D spends increased by 52% YoY this quarter to Rs 252 Crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 34% at Rs 816 Crore, representing healthy core operating margins of 35% versus 33% in the same quarter last year.

We have delivered a resilient performance in H1FY23, with all segments delivering strong revenue growth. We expect to consolidate on this performance in the second half of FY23. Enhanced capacities and new launches will drive growth for our API and Generic Formulations business, while continued business momentum should help Syngene achieve its guidance for the full year.

The consolidation of Viatris' global biosimilars business and the strategic vaccines alliance with Serum Institute will add to the growth of the Biosimilars business in H2FY23. We have secured necessary financing and obtained relevant approvals for the Viatris transaction, which is expected to close shortly.”

Biocon is an innovation-led global biopharmaceuticals company. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US and Europe.