December 2023 \ Business & Investment \ Business News
Rs 172.7 crore Q2 profit for Biocon

Bengaluru: Indian pharmaceutical giant Biocon in November reported a net profit of Rs 172.7 crore in the September quarter of financial year 2023-24, more than double its profit of Rs 81.8 crore in the same period of the previous year. According to the company statement, the company’s revenue increased by 52 per cent YoY to Rs 3,462.3 crore in the quarter.

Biocon and Biocon Biologics Biocon Executive Chairperson Kiran Mazumdar-Shaw said: “Biocon reported a strong revenue growth this quarter of 52 per cent YoY at Rs 3,620 crore led largely by a revenue rise of 97 per cent in Biosimilars. EBITDA increased by 68 per cent YoY to Rs 900 crore, a margin of 25 per cent.

“Biocon Biologics is now driving the business in North America and most of the Emerging Markets, and integration of the acquired business in Europe and a few remaining countries is expected to be completed during the year. The Generics business has expanded its geographic manufacturing presence with the acquisition of an oral solid dosage manufacturing facility in the US. Syngene expects Bio-manufacturing to drive future growth which will be bolstered by the proposed acquisition of a large- scale facility in Bengaluru. The three businesses are focused on their strategic goals aimed at profitable growth, going forward.”