Biocon share price gained 3.82 per cent at Rs 370.80 a piece on the BSE in Friday’s intraday trade after the company’s earnings for the third quarter of financial year 2024-25 (Q3FY25).
The pharma company’s Q3FY25 consolidated net profit dropped to Rs 25.1 crore, compared to Rs 660 crore in Q3FY24, while revenue for the quarter stood at Rs 3,820 crore, down from Rs 3,954 crore on a year-on-year (Y-o-Y) basis.
The company’s earnings in the same quarter last year included revenue from the Branded Formulations India (BFI) business in the corresponding quarter last year, which has since been divested. Additionally, the company recorded Rs 350 crore from Biocon Biologics’ partial divestment of BFI units and a Rs 456 crore gain from Biocon’s stake dilution in Bicara Therapeutics.
Adjusting for these factors, Biocon’s Q3 FY25 revenue saw a 10 per cent year-on-year growth. The company’s net research and development investments for the quarter stood at Rs 199 crore, representing 7 per cent of revenue excluding Syngene.
Moreover, Biocon’s biosimilars segment grew 14 per cent Y-o-Y to Rs 2,289 crore. Research Services (Syngene) also performed well, growing 11 per cent Y-o-Y to Rs 944 crore. However, Generics (APIs & Generic Formulations) saw a slight 2 per cent Y-o-Y decline but grew 10 per cent sequentially, generating Rs 686 crore in revenue.
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“Syngene’s return to growth, combined with global approvals for bUstekinumab and European approval for gLiraglutide, will pave the way for launches and drive growth in Q4 and beyond. These developments will strategically position the Biocon Group for enhanced long-term growth,” said Kiran Mazumdar-Shaw, Chairperson, Biocon Group.
In terms of segmental revenue contribution, Biosimilars led with 58 per cent, followed by Research Services at 24 per cent, and Generics at 18 per cent.
Biocon has a total market capitalisation of Rs 43,839.91 crore. Its shares are listed at a price to earnings multiple of 1043.29 and at an earning per share of Rs 0.35, according to BSE.
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At 10:58 AM, the stock price of the company was up 2.24 per cent at Rs 365.15 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.58 per cent to 77,208.58 level.