Biocon’s full-year net profit falls 39%

Biocon’s consolidated net profit for the fiscal year ended March 31 fell 39% to ₹372 crore due to pricing challenges in the generic business and operational expenses at its Malaysian facility, according to a company statement.

Net profit for the fourth quarter, however, rose 2.3% to ₹130 crore on revenues which grew 27% to ₹1,237 crore.

The Bengaluru-based company’s total revenue for the fiscal year ended March 31, 2018, grew 27% to ₹4,336 crore, according to the statement.

“The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shutdown for requalification and lower licensing income in the biologics business,” Kiran-Mazumdar Shaw, chairperson and managing director said.

“In addition, operational expenses related to our Malaysia facility impacted the bottomline,” she said. “However, a positive Q4 is indicative of a normalised business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19.”