Biocon releases Q1FY21 results; Revenue up by 14 per cent at Rs 1,690 Cr

Biocon Biologics recently released its consolidated financial report for Q1FY21. While the company’s revenue jumped by 14 per cent at Rs 1,690 Cr, its net profit (from continuing operations) stood at Rs 153 Cr.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, said, “Our consolidated revenue for Q1FY21 stood at Rs 1,690 Crore, recording a strong growth of 14 per cent, driven by robust performances by the Biosimilars and Generics business segments which grew by 19 per cent and 16 per cent, respectively. The Research Services business reported flat revenue growth at Rs 422 Crore due to slowdown of operations impacted by the COVID-19 crisis. EBITDA for the quarter stood at Rs 432 Crore and EBITDA margin was at 26 per cent. Net Profit (from continuing operations) was at Rs 153 Crore. Profitability for the quarter was impacted due to higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the Research Services segment.”

She also added that it has been a breakthrough quarter for Biocon as the company made a significant contribution to the global efforts aimed at addressing the pandemic through our innovative science. Earlier this month, the Drugs Controller General of India (DCGI) granted ‘restricted emergency use approval’ for Itolizumab, Biocon’s novel anti-CD6 biologic therapy for the treatment of cytokine release syndrome (CRS) in COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS). The ‘proof of concept’ pivotal study data is encouraging and highlights the urgent importance of further evaluating the potential therapeutic efficacy of Itolizumab in a larger number of COVID-19 patients.

“As a part of our commitment to the DCGI, we have planned a 200-patient, pan-India Phase IV trial to be conducted across 10-15 hospitals with a high caseload of serious COVID-19 patients. The study protocol has been submitted to the DCGI and we will commence the trial soon.” she further added.