Biocon Ltd Q4 Results Update

On 28th April 2022, Biocon Ltd announced its quarterly results for the last quarter of FY2022.

Key Highlights:

Q4FY22:

- Biocon’s consolidated revenue grew by  21% to Rs 2,476 Crore in Q4FY22 from Rs 2,048 Crore in Q4FY21

- In Q4FY22, EBITDA was at Rs.659 Crore vs. Rs.641 Crore in Q4FY21 saw a growth of 3 %, EBITDA Margins were at 27% vs. 31% in Q4FY21.

- PBT before Exceptional Items was Rs 384 Crore in Q4FY22 vs. Rs 353 Crore in Q4FY21.

- In Q4FY22, Net Profit before Exceptional Items was Rs.262 Crore with a growth of 2%

- Net Profit was Rs.239 Crore vs. Rs 253 Crore in Q4FY21 

FY2022:

- The consolidated Revenue grew 14% to Rs.8,397 Crore from Rs.7,398 Crore in FY21 

- FY22 EBITDA was Rs.2,183 Crore vs. Rs 1,907 Crore in FY21with a growth of 14%, EBITDA Margins were at 26% 

- FY22 PBT before Exceptional Items was Rs 1094 Crore, up by 4% 

- FY22 Net Profit before Exceptional Items was Rs 722 Crore 

- FY22 Net Profit at Rs 648 Crore vs. Rs 740 Crore in FY21

Business segment review:

GENERICS: APIs & Generic Formulations 

- Q4FY22 Revenue at Rs.717 Crore, Up by 26% YoY 

- FY22 Revenue at Rs.2,341 Crore

Business Performance:

- Biocon received U.S. FDA approvals for Posaconazole, a vertically integrated anti-fungal drug, and Dorzolamide, an ophthalmic product, both of which were launched during the quarter.

- Biocon received its first approval in Singapore for Tacrolimus and in the UAE for Rosuvastatin and Tacrolimus. 

- It has also received Marketing Authorization (MA) for Everolimus tablets in Netherlands and Spain. 

Commenting on the Generics segment performance, Siddharth Mittal, CEO & Managing Director, Biocon Limited, 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 materials, and logistics. As we progress on our mission of providing high-quality affordable medicines to patients around the globe, we will continue to focus on expediting our product pipeline, operationalizing new capacities, and accelerating projects that drive cost and operational efficiencies across the organization. 

We will also commence work on important new projects in the current fiscal – a large-scale synthetic facility in Hyderabad and an injectable facility in Bangalore; as well as expand our fermentation capacities in Bangalore, all of which will provide further impetus to our future growth.”

The Board of Directors has recommended a final dividend at the rate of 10% of the face value per share, for the financial year ended March 31, 2022.

On Friday, the Biocon share price dropped by 0.85%.