Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the second quarter ended September 30, 2022.
BIOCON GROUP
We reported a strong consolidated revenue growth of 23% YoY for Q2FY23 at Rs 2,384 Crore driven by 34% growth in Biosimilars, 26% in Research Services and 18% in the Generics business. 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.'
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics
BIOCON GENERICS
I am pleased with the sequential as well as YoY growth of the Generics business in Q2, on the back of the stabilization of our API business, with immunosuppressants being a significant contributor. Our statins portfolio continued to encounter pricing pressures.
Our Generic Formulations business delivered a healthy performance in the quarter, with both base business as well as new product launches gaining traction. The business also secured several key approvals for our vertically integrated products in the EU and the rest of the world (RoW) markets, providing further impetus to our geographical expansion plans in the quarters ahead.
Siddharth Mittal, CEO & Managing Director, Biocon
BIOCON BIOLOGICS
Biocon Biologics maintained a healthy operating performance in Q2FY23 with revenues increasing 34% YoY to Rs 997 Crore, driven by higher sales of our biosimilar insulins and antibodies in advanced and emerging markets. We have seen an uptick in new prescription share for Semglee and volume market share for Fulphila in the U.S. Core EBITDA at Rs 449 Crore was up 48% YoY, representing strong margins of 46%. R&D investments at Rs 184 Crore, an increase of 142% YoY, reflects the good progress of our pipeline laying the foundation for future growth of our business.
In preparation for a direct commercial presence in the advanced markets, we have made key leadership appointments this quarter. We believe the conclusion of the strategic transactions with Viatris and Serum Institute, expected to be closed in Q3FY22, will position Biocon Biologics as a fully integrated, leading global biosimilars player.'
Dr Arun Chandavarkar, Managing Director, Biocon Biologics
SYNGENE
'Our performance in the first half of the year was good. We started the year with strong momentum and delivered a robust first quarter. Performance in the second quarter was ahead of market expectations. All our divisions performed well and revenue from operations grew by 26%. We continue to see good demand for our services, which has helped us deliver strong revenue growth and puts us on a solid track for the rest of the year.'
Jonathan Hunt, CEO & Managing Director, Syngene
Awards & Recognitions
Biocon (including Biocon Biologics) improved its ESG score to 52 from 45 in the previous year in the 2022 S&P Global Corporate Sustainability Assessment released in October on the back of key initiatives undertaken during the past year.
Biocon (including Biocon Biologics) has been named among the Top 10 global employers in the biotech, pharma and biopharma sectors by the U.S.-based prestigious Science magazine Biocon has been in the Top 20 global biotech employers ranking since 2012.
Biocon Biologics has been recognized for world class Intellectual Property (IP) management and IP value creation in the Asia-Pacific region and included on the prestigious Asia IP ELITE list for 2022.
About Biocon Limited
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex 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 and Europe. It also has a pipeline of promising novel assets in immunotherapy under development. Website: www.biocon.com; Follow-us on Twitter: @bioconlimited for company updates.
Biocon Biologics Ltd., a subsidiary of Biocon Ltd., is a unique, fully integrated global biosimilars organization. It is leveraging cutting-edge science, innovative tech platforms and advanced research & development capabilities to lower costs of biologics therapies while improving healthcare outcomes. It has a strong research pipeline of biosimilar molecules across diabetes, oncology, immunology and other non-communicable diseases. Seven molecules from Biocon Biologics' portfolio have been commercialized in key emerging markets and advanced markets like U.S., EU, Australia, Canada, Japan. It has many firsts to its credit including the most recent U.S. FDA approval of the world's first interchangeable biosimilar, awarded to its Insulin Glargine, which has been commercialized in the U.S. in 2021. Biocon Biologics has entered into a strategic transaction with Viatris to acquire its global biosimilars business and has also signed a strategic alliance with Serum Institute Life Sciences for vaccines (both are subject to certain closing conditions). This will enable the Company to address the inequitable access to lifesaving vaccines and biologics globally. With a team of over 5,000 people, Biocon Biologics is committed to transforming healthcare and transforming lives by enabling affordable access to millions of patients' worldwide. Website: www.bioconbiologics.com; Follow us on Twitter: @BioconBiologics for company updates.
Forward-Looking Statements: Biocon
This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India.
Contact:
Tel: +91 80 2808 2808
Email: info@biocon.com
BIOCON LIMITED 
