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Business News/ Companies / Company Results/  Biocon’s net profit climbs 71% to 144 in June quarter
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Biocon’s net profit climbs 71% to ₹144 in June quarter

The company further said that they have attained the revenue at ₹2,217 crore up by 23%.

Pharma giant Biocon on Wednesday announced its consolidated financial results for the first quarter ended June 30, 2022 (Mint )Premium
Pharma giant Biocon on Wednesday announced its consolidated financial results for the first quarter ended June 30, 2022 (Mint )

Pharma giant Biocon on Wednesday announced its consolidated financial results for the first quarter ended June 30, 2022. The company has reported at least 71% increase in its net profit at 144 crore across its business for the first quarter.

The company further said that they have attained the revenue at 2,217 crore up by 23%.

“We have had a strong start to the year. At a consolidated level, y-o-y revenues grew 23% backed by robust growth in both biosimilars (29%) and generics (19%). Core EBITDA grew 25% and margin improved to 31% compared to 30% in Q1FY22 and net profit grew 71% to 144 Crore," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics in a statement issued by the company.

“Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by 87 Crore this quarter reflecting pipeline progression to deliver future growth. All three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the COVID-19 pandemic," she said.

“Key new products launched in previous quarters continue to perform well. Our base business continued to encounter pricing pressure and rising input costs. Our commitment to bring affordable medicines to patients was reinforced with the launch of Mycophenolic Acid delayed release tablets, our vertically integrated formulation, for prophylaxis of organ rejection in adult patients who received kidney transplants," Siddharth Mittal, CEO & Managing Director, Biocon said.

“During the quarter, we undertook planned capacity expansions that required temporary manufacturing stoppages. These expansions will augment growth in the second half of this fiscal. “Looking ahead, we will continue to invest in strengthening our product pipeline, optimizing cost structures and operationalizing our capacity enhancement projects," Mittal added.

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ABOUT THE AUTHOR
Priyanka Sharma
Priyanka Shamra is a health and pharma journalist with nearly nine years of field reporting experience. She is a special correspondent with Mint. Her beat includes covering the Ministry of Health and Department of Pharmaceuticals. She also covers the Ministry of Women and Child Development and the Department of Biotechnology.
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Published: 27 Jul 2022, 10:36 PM IST
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