Biocon Q1 results: Profit dips on losses at US subsidiary Bicara, revenue grows by 6%

Bengaluru: Biocon said first-quarter profits dipped to Rs 84 crore compared to Rs 149 crore last year due to share of losses at its US subsidiary Bicara Theraupatics, while revenue grew by 6 per cent to Rs 1808 crore led by sales of biosimilars and demand for research services. Before accounting for the loss at Bicara, a personal therapeutic company, Biocon's profits stood at Rs 142 crore.

“Business sentiments are favourable for biosimilars, generics and research services. Globally, we see strong demand for biosimilars and generic drugs, given the growing emphasis on affordable drug pricing,” said Kiran-Mazumdar-Shaw, Executive Chairperson, Biocon.

“Biocon has seen a strong 41 per cent year on year growth in research services and a steady growth in its biosimilars business, reporting revenue of Rs 758 Crore, up 10 per cent over the same period last year, and 14 per cent over the preceding quarter,” she added

Kiran said the muted growth was due to Covid-19 related operational challenges at Biocon’s API facilities in Bengaluru and Hyderabad. Shaw also said that the company, going forward, will explore external venture funding to support clinical development for long-term value creation.

She also expressed a positive outlook for the rest of the year with several drug approvals on the anvil, rising demand for research services and contingent to timely US FDA onsite inspections in India and Malaysia.

Biocon also announced the stepping down of Kiran’s husband John Shaw from the Board, effective the end of the annual general body meeting this year, owing to health reasons.