Revenue from operations jumped 35.3% to Rs 2,941.10 crore in the quarter ended 31 December 2022 from Rs 2,174.20 crore reported in the same period a year ago.

Net profit (before exceptional items) stood at Rs 140 crore, down 25% from Rs 187 crore reported in the same period in last fiscal. Profit was impacted due to dilution of Biocon's stake in Biocon Biologics and Syngene, said the company.

Exceptional items during Q3 FY23 amounted to Rs 271 crore, primarily pertaining to deal related expenses of the Viatris transaction.

Consolidated EBITDA grew 35% to Rs 723 crore in Q3 FY23 as against Rs 537 crore reported in Q3 FY22. EBITDA margin was consistent at 24% in the third quarter.

Core EBITDA surged 49% year on year to Rs 1,069 crore in Q3 FY23. Core EBITDA margins improved to 36% in Q3 FY23 as compared to 33% posted in the corresponding quarter previous year.

The company's revenue from Generics was at Rs 718 crore (up 18% YoY), Biosimilars revenue stood at Rs 1,507 crore (up 54% YoY) and revenue from Research services was Rs 786 crore (up 23% YoY).

As a part of its plan to reduce the acquisition debt, Biocon said that it had raised $420 million of mezzanine financing to part finance the $650 million equity infusion into Biocon Biologics. Biocon has entered into a definitive agreement with Kotak Strategic Situations Fund for a structured funding upto Rs 1,200 crore. This funding together with recently concluded stake sale in Syngene will help reduce net debt.

Kiran Mazumdar-Shaw, executive chairperson of Biocon and Biocon Biologic, said, "Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on November 29, 2022. We are now implementing country-wise integration of the business to maximize the value of the combined entity to propel growth.

Biosimilars as a business segment offers differentiated growth to Biocon Biologics based on vertical integration and a unique portfolio of Insulins and antibody based immunotherapeutics. This quarter captures a fraction of the acquired business, but from Q4FY23 onwards, the financials will recognise the entire Biosimilars business.

We expect to end FY23 on a strong note with healthy growth across businesses. Biocon Biologics is tracking towards exiting the year at a $1 billion trajectory, excluding vaccines.”

Biocon is an innovation-led, global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune diseases.