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Biocon Q1 net profit declines to Rs 84 crore

The revenue from generics business has decreased from Rs 621 crore to Rs 486 crore
Last Updated 23 July 2021, 10:05 IST

Bengaluru-based pharma firm Biocon posted a decline in its net profits in Q1 of FY22 at Rs 84 crore versus Rs 149 crore in Q1 FY21. Excluding Bicara loss, the net profit stood at Rs 142 crore. The company’s total revenue stood at Rs 1,808 crore in Q1 FY22, marking an increase of 6% against Rs 1,712 crore in the same quarter in the previous fiscal.

“Consolidated revenues, at Rs 1,808 Crore, saw a muted growth on account of Covid-related operational challenges at Biocon’s API facilities, both in Bengaluru and Hyderabad. Q1FY22 P&L was also impacted by a share of loss in its Boston-based associate start-up entity, Bicara Therapeutics Inc," Biocon’s executive chairperson, Kiran Mazumdar- Shaw said.

In terms of the company’s businesses, while there is a 10% increase in the income from biosimilars from Rs 692 crore in Q1 FY21 to Rs 758 crore in Q1 FY22, revenue from the generics business has dropped 22%.

The revenue from generics business has decreased from Rs 621 crore to Rs 486 crore.

“The Generics business delivered a subdued performance as the second wave of the pandemic resulted in operational and supply chain challenges that impacted our API manufacturing. With the number of Covid-19 cases starting to decline, we expect operational and supply chain challenges to normalise in the coming quarter”, Siddharth Mittal, CEO & Managing Director, Biocon Limited said.

“Additionally, the comparable period in the previous fiscal benefited from customers stockpiling APIs on account of Covid-related uncertainties.”

Through its novel biologics, the company earned a revenue of Rs 11 crore in the first quarter of FY22.

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(Published 23 July 2021, 08:53 IST)

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