Biocon Q1 Results: Net Jumps 6-fold to Rs 660 cr on one-time gain

Biocon on Thursday posted nearly six fold year-on-year (YoY) jump in net profit at ₹660 crore in Q1FY25, primarily on account of a one-time gain from sale of Biocon Biolgics' domestic branded formulation business to Eris Lifesciences for ₹1,057 crore.

The company reported ₹101 crore net profit during the corresponding quarter of the previous year. Revenue from operations growth was flat at ₹3,433 crore.

EBITDA for the quarter rose 117% YoY to ₹1,755 crore on account of one-off gain, representing an EBITDA margin of 38%. The core EBITDA declined 4% YoY to ₹903 crore. The core EBITDA margins declined 200 basis points YoY to 26%. Core Ebitda excludes proceeds from the Eris transaction, R&D, forex, licencing income and others.


The gross R&D spends declined 30% YoY to ₹228 crore in Q1FY25.

Biosimilar business (Biocon Biologics) that constitutes 61% rose 3% YoY to ₹2,083 crore. The company said on like-to-like basis the biosimilar business grew 11% YoY led by market share gains for biosimilars such as Ogivri (anti-cancer), Fulphila(anti-cancer), and Semglee (insulin glargine).

Generics and API business dropped 6% YoY to ₹659 crore. Research services business declined 2% to ₹790 crore.

"This (biosimilar business) has helped offset the challenges of pricing pressures in the generics segment and the difficult US biotech funding environment, which has impacted the growth trajectory of our research services business," said Kiran Mazumdar-Shaw, chairperson, Biocon and Biocon Biologics.