Long-term investments in biosimilars delivering expected results: Biocon
Robust performance by the Biologics and Small Molecules business segments has fuelled a 25% growth in Q1FY20 revenues at Biocon Ltd., to Rs. 1,490-crore.
Revenue from Biologics grew by 96% to Rs. 490-crore, confirming the validity of the company’s long-term investment strategy of expansion of geographical footprint and increased penetration of products in key developed and emerging markets. Revenue from Small Molecules at Rs. 480-crore was driven by steady API sales and a multi-fold growth in Generic Formulations.
The consolidated EBITDA for Q1FY20 stood at Rs. 462-crore, up by 51%, and Net Profit (excluding exceptional item) at Rs. 223-crore, up by 86%.
Commenting on the results, Chairperson & Managing Director, Dr. Kiran Mazumdar-Shaw stated: “We remain committed to develop high quality bio-therapeutics and enable affordable access to patients across world markets.”
During the quarter the company initiated a greenfield project for a fermentation-based manufacturing facility at Visakhapatnam, Andhra Pradesh to cater to the anticipated strong volume growth in the Small Molecule APIs and Generic Formulations business.
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