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Biocon Q1 Pre-Tax Profit Declines 21% To 252.30 Cr

Net Profit (from continuing operations) was at Rs 153 Crore.

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Biocon, biotech major, has posted a profit before tax (PBT) of Rs 252.30 crore for the first quarter of FY21, a dip of 21 percent compared to the same quarter of the previous year.

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%, driven by robust performances by the Biosimilars and Generics business segments which grew by 19% and 16%, 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%. 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.”  

“It has been a breakthrough quarter for Biocon as we 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, our 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 added.

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