Biocon’s shares will be in focus on Friday after the firm disclosed its Q3 results for FY25, with a 96% YoY fall in net profit at Rs 25 crore, and announced the purchase of an additional 1.5% equity investment in its subsidiary Biocon Biologics.
Biocon Q3 Results:
Biocon reported a 96% year-on-year (YoY) decrease in net profit to Rs 25 crore in Q3 FY25. The firm posted a net profit of Rs 660 crore in Q3FY24, which was boosted by an exception item of Rs 566 crore. Meanwhile, Biocon’s income from operations increased 10% year on year to Rs 3821 crore in Q3FY25.
EBITDA for the quarter increased 16% YoY to Rs 787 crore, indicating a 20% EBITDA margin. The core EBITDA increased 4% YoY at Rs 1007 crore. Core EBITDA margins fell 400 basis points YoY to 26%. The company’s biosimilar business (Biocon Biologics), which accounts for 58%, increased 14% year on year on a like-for-like basis to Rs 2289 crore, driven by market share increases for biosimilars such as Ogivri (anti-cancer), Fulphila, and Semglee. Generics and API revenue fell 2% YoY to Rs 686 crore. Syngene’s research service revenue increased by 11% to Rs 944 crore.
Acquiring an ownership position in Biocon Biologics:
Biocon said on Thursday that its board has authorized the acquisition of 1.5% equity share capital of Biocon Biologics for Rs 550 crore from one of its current investors who chose to exercise the liquidity option in an all-cash transaction. Biocon’s ownership in Biocon Biologics will be 90.2%, and the transaction is scheduled to be finalized on or before February 1, 2025, subject to fulfillment of all procedures. Biocon’s shares finished unchanged at Rs 357.15 on the BSE on Thursday.
