Biocon’s biosimilars revenue crosses milestone of US $1 Billion in FY 2024

New Delhi: Biocon Limited has recorded a revenue of Rs 3,966 Crore in Q4FY24, demonstrating a steady performance in a dynamic business environment.

The company’s EBITDA stood at Rs 964 Crore and Net Profit (before exceptional items) for the quarter was reported at Rs 144 Crore, indicating a solid bottom-line performance.

For the full financial year FY24, Biocon achieved a milestone with a revenue of Rs 15,621 Crore, marking a remarkable 35% growth compared to the previous year. The company’s EBITDA surged to Rs 4,164 Crore, representing a robust 44% increase year-on-year.

Net Profit (before exceptional items) for FY24 stood at Rs 1,030 Crore, reflecting a commendable 31% growth compared to the previous fiscal year.

One of the notable achievements for Biocon in FY24 was the crossing of Biosimilars revenue of over US $1 Billion, underscoring the company’s leadership in the biosimilar segment. This achievement reflects Biocon’s strong market presence and the successful integration of its biosimilar business, paving the way for continued growth and expansion in the global market.

Business segment-wise, Biocon’s Biosimilars segment emerged as a key growth driver, reporting a revenue of Rs 2,358 Crore in Q4FY24, up 12% year-on-year. The Research Services segment recorded a revenue of Rs 917 Crore in the same period. The Generics segment, despite facing challenges, reported a revenue of Rs 719 Crore in Q4FY24.

Kiran Mazumdar-Shaw, Executive Chairperson of Biocon and Biocon Biologics highlighted the successful transition of Biosimilars acquisition from Viatris leading to a billion-dollar annual revenue milestone. “Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the Biosimilars acquisition from Viatris,” she said. “The Biocon Group has strengthened business operations, expanded global reach and is now increasingly well positioned to deliver a new phase of growth spanning Biosimilars, GLP-1 peptides and CDMO services.”

Siddharth Mittal, CEO & Managing Director of Biocon Limited, emphasized “Our preparations for entering the GLP-1 market opportunity are building momentum and we are pleased with the recent approval of Liraglutide in the UK, making Biocon the first generics Company to be approved for this product in an ICH or major regulated market.” 

“Our focus in FY25 will be directed towards launching new products and expanding our geographic reach through a direct presence and strategic partnerships. We will continue to focus on multiple cost-improvement initiatives. We also intend to build upon our initial regulatory success in our peptide and GLP-1 focused pipeline in strategic markets,” added Mittal.

Shreehas Tambe, CEO & Managing Director of Biocon Biologics Limited said, “This has been a remarkable year for Biocon Biologics, as we evolved into a fully integrated global company with a presence in over 120 countries. We successfully integrated the acquired business 1 year ahead of plan, while ensuring business continuity and a seamless experience for our patients, customers, and partners.”

“During the year, we reduced our acquisition debt. We also entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights. FY24 has been a transformational year as we leverage our expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders,” added Tambe.

Biocon’s corporate highlights included the appointment of Atul Dhawan as an Independent Director on the Board of Biocon Limited, Vishal Nayyar as Head of Supply Chain Management at Biocon and key leadership appointments in various departments to drive the company’s growth agenda forward.

In regulatory inspections, Biocon Limited received GMP certificates from ANVISA for two products from its API facility at Visakhapatnam and one product from its Bengaluru API facility. The Board of Directors recommended a final dividend of Rs 0.50 per share for the financial year ending March 31, 2024.