Biocon on Wednesday reported below estimate earnings during the second quarter of FY27, with a sharp fall in its net profit and steady revenue growth.
The biopharmaceuticals company reported a consolidated net profit of Rs 41.3 crore in the September quarter, registering a fall of 51.1% from Rs 84.5 crore in the year-ago quarter. Net Profit before exceptional items was Rs 44 crore.
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The company's consolidated revenue from operations in Q2FY27 grew 2.2% to Rs 4,389 crore from Rs 4,296 crore, year-on-year (YoY). Biosimilars revenue increased 3% YoY to Rs 2,809 crore and Generics revenue grew 10% YoY Rs 774 crore.
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At the operational front, earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter fell 0.5% to Rs 831 crore from Rs 835 crore, while EBITDA margin contracted to 18.9% from 19.4%, YoY.
Biocon Q2 results were below Street estimates on all fronts. NDTV Profit had estimated a net profit of Rs 165 crore and revenue of Rs 4,580 crore. EBITDA was expected at Rs 925 crore and EBITDA margin was estimated to be 20.2%.
The company's biopharma business secured earliest licensed launch dates for Pebrilzo® (biosimilar Pertuzumab) across the EU, UK, U.S. and other Rest of the World countries through a global patent settlement with Genentech.
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“This quarter we continued to make significant progress on our strategic priorities, laying the foundation for a stronger second half of FY27,” said Shreehas Tambe, CEO & Managing Director, Biocon.
iocon said its North America business continued to gain market share for Yesintek® (biosimilar Ustekinumab) in the US. It secured over $100 million in new contracts and major payor wins for commercialized products across the US and witnessed strong demand for Insulin Glargine.
The business also secured regulatory approvals for the Yesintek® autoinjector in the US and Canada.
In Europe, Biocon said it received a positive CHMP opinion for Pertuzumab, the first monoclonal antibody biosimilar recommended under the EMA's new tailored clinical development approach.
In Emerging Markets, the company secured a landmark 10-year biosimilar Pertuzumab PDP partnership in Brazil valued at ~$400 million, supporting long-term adoption across the country's public oncology network.
It executed 13 successful product launches across multiple therapeutic areas in APAC, LATAM and AFMET-CIS regions, and secured 13 regulatory approvals across key markets.
"Together with the upcoming European launch of Pertuzumab, expanded insulin manufacturing capacity in Malaysia to support growing US demand, and the strong early momentum of Yesafili™ and Yesintek® in the US, we are well positioned for growth in the second half of FY27," Tambe added.
At 1:35 PM, Biocon share price was trading 0.68% higher at Rs 345.70 apiece on the BSE.
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