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Biotechnology company Biocon announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Biocon Q4FY24 reported consolidated revenue of Rs 3,966 crore with an EBITDA of Rs 964 crore.
• The net profit for Q4FY24, before exceptional items, stood at Rs 144 crore.
• Biocon Biologics' revenue for Q4FY24 was Rs 2,358 crore, marking an 18% growth.
• Research services through Syngene contributed Rs 917 crore to the revenue.
• Generics, including APIs and Generic Formulations, accounted for Rs 719 crore.

FY24 Financial Highlights:

• FY24 revenue saw a significant 35% rise, reaching Rs 15,621 crore.
• FY24 EBITDA and Net profit grew by 44% and 31%, respectively, with Biosimilars revenue crossing USD 1 billion.
• Throughout FY24, Biosimilars produced a remarkable revenue of Rs 8,824 crore, witnessing a 58% increase.
• Research Services saw an annual revenue of Rs 3,489 crore.
• Generics marginally grew to Rs 2,799 crore for the financial year.
• The Board has recommended a final dividend of Rs 0.50 per share for FY24.
• Significant investment in R&D, with net expenses accounting for 10% of revenue in FY24.
• Despite challenges in the U.S. biotech sector, Syngene's FY24 revenue incremented by 9%.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics said, BIOCON GROUP “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. Increased market shares of key products in the U.S., Europe and Emerging Markets coupled with significant volumes growth were the highlights of the Biosimilars business this quarter. With the recent approval of Liraglutide in the UK, we added to our list of 'global firsts' and demonstrated our capability in developing complex GLP-1 products which will be the key growth driver for the Generics business, going forward. Syngene is well positioned to benefit from the ‘China Plus One’ strategy which is being rapidly adopted by U.S. Pharma & Biotech companies. 

For the full year FY24, we reported consolidated revenue growth of 35% at Rs 15,621 crore and an EBITDA growth of 44 % at Rs 4,164 crore with healthy EBITDA margins of 27%. This growth was largely driven by Biosimilars which grew 58% to Rs 8,824 crore.

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, Biocon said, “We concluded FY24 with the Generics business posting a modest revenue growth. Generic Formulations reported a healthy 36% growth, as our products, particularly statins and immunosuppressants, gained traction across multiple geographies. This was offset by a degrowth in APIs on account of pricing pressure the business encountered, which impacted demand.

Our preparations for entering the GLP-1 market opportunity is 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. More importantly, the approval validates our scientific and development capability in bringing vertically integrated, complex peptide drug-device products to the market. This augurs well for us to capture GLP-1 opportunities that will drive our future growth.

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."

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, 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. This is reflected in the numbers as our revenues crossed USD 1 billion for the full year with a healthy EBITDA margin, underpinned by a significant increase in market shares of our key products in the U.S., Europe, and Emerging Markets. Our R&D pipeline too has progressed as planned and having secured market entry dates for 2 new products in U.S. and Canada, these products will serve to accelerate growth in the coming years.

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."

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