Biocon has released its earnings report and it was known that the company witnessed a strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses.

Commenting on the earnings, Kiran Mazumdar Shaw, Executive Chairperson of the Company, said, “We continued our journey of increasing access to high quality biosimilars and commercialized our biosimilar Trastuzumab in U.S., Canada and many EU markets this quarter. Net Profit before exceptional item at Rs 225 Crore reported a 6% growth. EBITDA at Rs 480 Crore reported a growth of 18%. Core margins were strong at 33% with EBITDA margin of 27% and Net Profit margin of 11%.”

“Importantly, we have initiated value unlocking of our biosimilars business with the dilution of a minority stake to True North for a primary equity investment of ~USD 75 million, which gives a pre-money equity valuation of ~USD 3 billion for Biocon Biologics. We plan to raise further capital at an opportune time in thenear future,”further said,Mazumdar Shaw

MANAGEMENT & BOARD UPDATES

• The Board of Directors of Biocon Limited have approved the appointment of Kiran Mazumdar Shaw as Executive Chairperson of the Company for a period of five years subject to shareholders approval, effective April 1, 2020.
• The Board has also approved the change in designation of Siddharth Mittal from Joint Managing Director to Managing Director of Biocon Ltd effective April 1, 2020.
• M.B. Chinappahas been appointed Chief Financial Officer of Biocon Biologics India Ltd, effective Jan. 6, 2020.

BUSINESS HIGHLIGHTS

• The board of Biocon Biologics approved a primary equity investment of Rs 536.25 Crore by True North, for a 2.44% equity stake valuing the entity at Rs 21,450 Crore or ~USD 3 billion on a pre-money equity basis.
• The biosimilar Trastuzumab, Ogivri, co-developed by Biocon and Mylan, launched in U.S. in both 420 mg and 150 mg strengths; the second biosimilar from our partnered portfolio commercialized in the U.S. after Fulphila® (Pegfilgrastim) in 2018.
• Received U.S. FDA approval for supplemental Biologics License Application (sBLA) for Pegfilgrastim Drug Substance to be manufactured at new Biologics manufacturing facility in Bengaluru.
• Received Establishment Inspection Report (EIR) from U.S. FDA stating the agency has closed its inspection of our Biologics Drug Product facility in Bengaluru, which had undergone a Post-Approval Inspection in August 2019.
• Generic Formulations business crossed the Rs 100 Crore revenue milepost in Q3FY20.
• License agreement with Equillium for novel molecule, Itolizumab, was expanded to include Australia and New Zealand.

Biocon has witnessed a strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses.