Biocon reports 26 per cent hike in revenue for Q4FY19

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Biocon recently released its consolidated financial results for the fourth quarter and the fiscal year, 2019; also witnessed a 31 per cent hike in its revenue for Fiscal year 19

Biocon has announced its consolidated financial results for the fourth quarter and fiscal year. The company reported a 26 per cent hike in revenue at Rs 1,557 Cr for Q4FY19 and 31 per cent hike at Rs 5,659 Cr for the fiscal year, 2019.

Kiran Mazumdar-Shaw, Chairperson & Managing Director, Biocon, comments, “FY19 was a landmark year for the Biologics business, which reported a growth of 97 per cent, thus emerging as a key driver for Biocon’s incremental growth. Our three strategic business segments Small Molecules, Biologics and Research Services have reported a top-line of over Rs 1,500 Crore each this fiscal.”

According to the company’s press release, the biologics segment revenue grew 87 per cent to Rs 451 Crore through sales of their biosimilars Pegfilgrastim and Trastuzumab in developed and emerging markets, along with Ogivri (biosimilar Trastuzumab) which was launched by their partner Mylan in Europe in Q4.

The company’s data for earnings before interest, tax, depreciation and amortization (EBITDA) shows upto a 43 per cent hike at Rs 431 Cr and a 64 per cent hike, at Rs 214 Cr, in net profits. “A higher share of Biologics revenue boosted profitability as reflected in the consolidated EBITDA margin of 27 per cent for the full year despite a 34 per cent increase in Net R&D expenses,” states Mazumdar-Shaw. She adds, “Looking ahead in FY20, we expect to sustain the growth momentum across our business segments led by biosimilars. We expect to sustain core EBITDA margins despite higher R&D investments to fuel our future growth.”

The company’s board has recommended a 1:1 for bonus shares.