Biocon posts Rs 257 crore profit for Q4 on strong biosimilar business

Biopharmaceuticals major Biocon Ltd on Thursday reported net profit of Rs 257 crore in the fourth quarter of FY21, up 95 per cent from Rs 132 crore in Q4 FY20.

The was largely driven by biosimilars, research services and generics businesses. The company's Q4 FY21 consolidated revenue grew 26 per cent to Rs 2,044 crore from Rs 1,621 crore in Q4 FY20.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was Rs 641 crore versus Rs 382 crore in the same period.

Biocon gained Rs 160 crore arising on fair valuation of Bicara Therapeutics Inc due to loss of control from subsidiary to associate reported under 'other income' for the quarter.

Executive Chairperson Kiran Mazumdar-Shaw said the company's determination to keep investing in science to stay a step ahead of the pandemic is reflected in 19 per cent rise in our gross R&D spends.

"As a science-led company, we are contributing to the national fight against the pandemic through several initiatives spanning diagnostic tests, vaccination and therapies towards combating Covid-19," she said.

The Biocon Group is catering to the countrywide demand for Remdesivir, Itolizumab and CytoSorb. Syngene, through its vaccination centre, is offering immunisation services for Biocon Group employees as well as others operating in Electronic City at Bengaluru.

"Despite the challenges posed by the second Covid-19 wave in India, we will endeavour to have safe and uninterrupted operations and enable access to life-saving medicines for our patients and customers," said Mazumdar-Shaw.

On account of the uncertainty created by unprecedented second wave of Covid-19 pandemic and continued investments in R&D and capex, the board of directors decided it will not be appropriate to declare a dividend for FY21.

( With inputs from ANI )