Consolidated revenues for Q1 FY24 grew 59% year-on-year (YoY) to Rs 3,516 crore. On the segmental front, income from Generics was Rs 700 crore (up 15% YoY), Biosimilars income was Rs 2,015 crore (up 106% YoY) and Research services income was Rs 808 crore (up 25% YoY).

EBITDA for the quarter increased by 69% to Rs 808 crore, representing an EBITDA margin of 23% versus 22% in the same period last year.

Depreciation, amortisation and interest increased by Rs 353 crores over last year. This is primarily related to the biosimilar business acquisition cost.

Consequently, profit before tax in Q1 FY24 stood at Rs 184 crore, down by 7% from Rs 197 crore in Q1 FY23.

Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics, said: “We have had a strong start to the year. Our Core EBITDA for the quarter was up 42% at Rs 936 crore, reflecting a margin of 28%. R&D investments at Rs 315 crore increased by Rs 117 crore this quarter, reflecting our advancing pipeline, which will support future growth.

Our key biosimilars are gaining traction in both U.S. and Europe with Fulphila® becoming the leading biosimilar Pegfilgrastim in the U.S. and biosimilar Glargine's market share crossing the 12% mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars.”

Siddharth Mittal, CEO & Managing Director, Biocon, stated: “The Generics business delivered a healthy 15% year-on-year revenue growth, driven by growth in our formulations business in the U.S. and new product launches in a few key MoW markets. We also saw a volume increase in immunosuppressant APIs.

Our product pipeline continues to advance with an approval for Vigabatrin tablets and a tentative approval for Lenalidomide capsules in the U.S., and for Mycophenolic acid tablets in Europe. The positive outcome of the two U.S. FDA inspections at our Hyderabad API and Bengaluru OSD sites will help in accelerating new product approvals.

We continue to make investments for future growth, with work having commenced on the expansion of our peptide and fermentation capacities in Bengaluru, with a timeline for completion in the second half of FY25.”

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. 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, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.