Biocon Q4FY22 results : Indian pharma firm net profit down by 6% to Rs 239cr
Biocon Q4FY22 results : Biocon Ltd has reported a net profit of INR 239 crores for the fourth quarter of the fiscal year 2022 (Q4FY22), a 6% decrease, compared to a net profit of INR 253 crores in the same period of the previous fiscal year.
The Indian biopharma company earned total revenue of INR 2,476 crores in Q4FY22, which is an increase of 21%, compared to INR 2,048 crores in Q4FY21.
Its biosimilars business contributed INR 982 crores revenue in the reported quarter ended 31 March 2022, which is a 48% increase year-over-year (YoY).
Through its research services, Biocon earned revenue of INR 758 crores in Q4FY22, which is a 15% increase YoY.
Biocon’s generics business earned INR 717 crores in the reported quarter, which is a 26% increase YoY.
The company’s FY22 net profit was INR 648 crores, which is a 12% decline, compared to INR 740 crores in FY21. On the other hand, its FY22 revenue was INR 8,397 crores, a 14% increase, compared to INR 7,398 crores in FY21.
Biocon Q4FY22 results : Indian pharma firm net profit down by 6% to Rs 239cr. Photo courtesy of Biocon.
Company CEO comments on Biocon Q4FY22 results
Commenting on Biocon Q4FY22 results, Siddharth Mittal — CEO and Managing Director of Biocon, said: “The business saw robust sequential as well as YoY growth in Q4, on the back of contributions from new product launches in the U.S., particularly Everolimus, an uptick in our API business and a normalization of supply challenges that impacted us in the first half of the fiscal.
“However, our FY22 performance was muted, largely due to supply and operational challenges earlier in the year, as well as headwinds in the form of pricing pressures, and escalating costs of solvents, raw material and logistics.”
Recently, the company’s subsidiary Biocon Biologics signed a deal worth up to $3.3bn to acquire the biosimilars business of US-based pharma company Viatris.