Biosimilars portfolio monetisation key for Biocon

March quarter performance weak due to delay in product approvals

Ujjval Jauhari  |  Mumbai 

Biocon’s results for the quarter ending March 2017 was muted due to longer timelines for product approvals in some emerging markets, discontinuance of some in-licenced products and impact of the fire at Syngene, its subsidiary. Research arm Syngene, which contributed about 30 per cent to overall sales, saw a 14 per cent year-on-year (y-o-y) decline in business in the March quarter as a fire in December led to a temporary disruption. The small molecules and biologics business, contributing about half to revenues, also saw flat sales. Only branded formulations saw growth of 25 ...

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Biosimilars portfolio monetisation key for Biocon

March quarter performance weak due to delay in product approvals

Biocon's results for the quarter ending March 2017 was muted due to longer timelines for product approvals in some emerging markets, discontinuance of some in-licensed products and impact of the fire at Syngene, its subsidiary.The research arm, Syngene, which contributed about 30 per cent to overall sales, saw a 14 per cent year-on-year decline in business in March quarter as a fire incident in December last year led to a temporary disruption. The small molecules and biologics business, contributing about half to revenues, also saw flat sales. Only branded formulations saw good growth of 25 per cent, but since it forms only 15 per cent of revenues, it was not enough to prevent overall sales from declining two per cent year-on-year to Rs 925 crore. Bloomberg consensus estimates had pegged revenues at Rs 1,061 crore.With lower sales, Ebitda at Rs 182 crore came significantly lower than estimates of Rs 253 crore. So did net profit, which at Rs 127 crore missed consensus estimates of Rs .. Biocon’s results for the quarter ending March 2017 was muted due to longer timelines for product approvals in some emerging markets, discontinuance of some in-licenced products and impact of the fire at Syngene, its subsidiary. Research arm Syngene, which contributed about 30 per cent to overall sales, saw a 14 per cent year-on-year (y-o-y) decline in business in the March quarter as a fire in December led to a temporary disruption. The small molecules and biologics business, contributing about half to revenues, also saw flat sales. Only branded formulations saw growth of 25 ... image
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