Karnataka - Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the fourth quarter and the fiscal year ended March 31, 2023.
Leadership Comments
BIOCON GROUP
'FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon's robust consolidated financials. Revenues grew 38% to Rs 11,550 crore, EBITDA was at Rs 2,888 Crore, reporting a 32% growth. Revenue growth was led by Biosimilars at 61%, Research Services at 23% and Generics at 13%. R&D Investments have nearly doubled to Rs 1,119 crore, as we seek to drive future growth.
'We ended FY23 with a strong Q4 performance where Revenues grew by 59% to Rs 3,929 crore and EBITDA by 75% to Rs 1,152 crore. Biosimilars continue to be the largest business segment for Biocon, with revenues of Rs 2,102 crore, a growth of 114%, exiting the year on a USD 1 billion revenue trajectory.'
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.
BIOCON GENERICS
'The Generics business performance in FY23 was in line with our expectations, delivering healthy year-on-year revenue growth that was driven by immunosuppressants, specialty APIs, and a ramp-up of some of our recently launched generic formulation products. Profitability for the year was muted, mainly on account of pricing pressure in our key markets, as well as increased input costs, that was partially mitigated by cost improvement initiatives.
'We continue to launch new products in the U.S., while gaining market share for existing products by securing new contracts. Our regional expansion strategy saw good progress during the fiscal as we entered into partnerships with Zentiva in Europe and Farmanguinhos in Brazil.
'In the quarters ahead, we will continue to focus on operationalizing ongoing capex projects, advancing our product pipeline and expanding our commercial footprint.'
Siddharth Mittal, CEO & Managing Director, Biocon Limited.
BIOCON BIOLOGICS
'This has been a landmark year for Biocon Biologics with the closure of our transformational acquisition of Viatris' global biosimilars business. This acquisition coupled with strong growth in our underlying business and over 35 new launches has translated to a significant step-up in revenues and expanded global reach.
'As we look ahead, we will be integrating the acquired business in a phased manner with over 70 Emerging Markets transitioning to Biocon Biologics shortly followed by the U.S. and EU thereafter. FY24 will also see several important new launches, a key driver of growth. We are confident that our strong business fundamentals, fully integrated global capabilities, and rich pipeline will allow us to capitalize on the rapidly expanding global biosimilars opportunity, drive profitable growth and unlock value for all stakeholders.'
Shreehas Tambe, CEO & Managing Director, Biocon Biologics Ltd.
SYNGENE
'Strong growth in the fourth quarter, added to a positive performance over the course of the year, delivered full-year results ahead of Syngene's upgraded guidance. All business divisions delivered growth through the year, triggering investment in additional laboratory capacity and new facilities at our campuses in Bengaluru and Hyderabad, as well as creating over 1,000 new jobs.
'Manufacturing Services had a particularly strong year, led by our commercial-scale biologics manufacturing business which had a busy fourth quarter supporting our partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities.'
Jonathan Hunt, CEO & Managing Director, Syngene.
About Biocon Limited
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US,Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
Biocon Biologics Ltd. (BBL), a subsidiary of Biocon Ltd., is a unique, fully integrated, global biosimilars company committed to transforming healthcare and transforming lives by enabling affordable access to high quality biosimilars for millions of patients worldwide. It is leveraging cutting-edge science, innovative tech platforms, global scale manufacturing capabilities and world- class quality systems to lower costs of biological therapeutics while improving healthcare outcomes.
BBL has acquired the global biosimilars business of its long-standing partner Viatris, which is a historic milestone in its value creation journey. Biocon Biologics has commercialized eight biosimilars in key emerging markets and advanced markets like U.S., EU, Australia, Canada, Japan.
The Company has a pipeline of 20 biosimilar assets across diabetology, oncology, immunology, and other non-communicable diseases. It has many 'firsts' to its credit in the biosimilars industry. It has also signed a strategic alliance with Serum Institute Life Sciences for vaccines (subject to certain closing conditions) to address the inequitable access to lifesaving vaccines. As part of its environmental, social and governance (ESG) commitment, BBL is advancing the health of patients, people and the planet to achieve key UN Sustainable Development Goals.
Forward-Looking Statements: Biocon
This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India.
Contact:
Tel: +91 80 2808 2808
Fax: +91 80 2852 3423
Web: www.biocon.com
BIOCON LIMITED 
