Biocon Ltd, Asia’s premier biopharmaceuticals company, today announced its consolidated financial results for the fourth quarter and fiscal year ended March 31 st, 2018. Commenting on the strong growth, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated “We concluded the year with a strong revenue growth of 27% in Q4FY18 led by Biologics and Research Services businesses, which grew 47% and 45%, respectively. Our traditional Small Molecules and Branded Formulations businesses also turned in a positive performance this quarter. We crossed a key milestone in Q4 when our Insulin Glargine (for treating diabetes mellitus), received regulatory approvals in the developed markets of Europe and Australia. Our biosimilar Trastuzumab (for treating breast cancer) also got approval in Turkey.”
“We crossed a key milestone in Q4 when our Insulin Glargine, received regulatory approvals”
She further added that “The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shut down for requalification and lower licensing income in the biologics business. In addition, operational expenses related to our Malaysia facility impacted the bottom line. However, a positive Q4 is indicative of a normalized business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19.”
The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) grew 30% at Rs 300 crore, with an EBITDA margin of 24% for the fourth quarter.
FY18 Revenue Rs 4,336 Cr; EBITDA at Rs 1,035 Cr; Net Profit at Rs 372 Cr
Major highlights during Q4FY18 have been:
- Semglee™, Insulin Glargine co-developed by Biocon and Mylan, is the first biosimilar from the partnered portfolio to be approved in the developed markets of EU and
- Biocon also received Insulin Glargine approval in South Korea and biosimilar Trastuzumab approval in
- Biocon and Mylan agreed to accelerate the introduction of biosimilar Adalimumab in Europe through Mylan’s in-licensing arrangement with Fujifilm Kyowa Kirin Biologics, to enable launch in EU, around market formation.
- Biocon and Mylan have agreed to expand their long-standing collaboration to add two new next-generation biosimilar programs with Insulin Glargine 300 units/mL and