Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the fiscal third quarter ended December 31, 2019.
Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: 'We witnessed a strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses. We continued our journey of increasing access to high quality biosimilars and commercialized our biosimilar Trastuzumab in U.S., Canada and many EU markets this quarter. Net Profit before exceptional item at Rs 225 Crore reported a 6% growth. EBITDA at Rs 480 Crore reported a growth of 18%. Core margins were strong at 33% with EBITDA margin of 27% and Net Profit margin of 11%.
'Importantly, we have initiated value unlocking of our biosimilars business with the dilution of a minority stake to True North for a primary equity investment of USD 75 million, which gives a pre-money equity valuation of USD 3 billion for Biocon Biologics. We plan to raise further capital at an opportune time in the near future.'
MANAGEMENT & BOARD UPDATES
The Board of Directors of Biocon Limited have approved the appointment of Kiran Mazumdar Shaw as Executive Chairperson of the Company for a period of five years subject to shareholders approval, effective April 1, 2020.
The Board has also approved the change in designation of Siddharth Mittal from Joint Managing Director to Managing Director of Biocon Ltd effective April 1, 2020.
M.B. Chinappa has been appointed Chief Financial Officer of Biocon Biologics India Ltd, effective Jan. 6, 2020.
BUSINESS HIGHLIGHTS
The board of Biocon Biologics approved a primary equity investment of Rs 536.25 Crore by True North, for a 2.44% equity stake valuing the entity at Rs 21,450 Crore or USD 3 billion on a pre-money equity basis.
Our biosimilar Trastuzumab, Ogivri, co-developed by Biocon and Mylan, launched in U.S. in both 420 mg and 150 mg strengths; the second biosimilar from our partnered portfolio commercialized in the U.S. after Fulphila (Pegfilgrastim) in 2018.
Received U.S. FDA approval for supplemental Biologics License Application (sBLA) for Pegfilgrastim Drug Substance to be manufactured at new Biologics manufacturing facility in Bengaluru.
Received Establishment Inspection Report (EIR) from U.S. FDA stating the agency has closed its inspection of our Biologics Drug Product facility in Bengaluru, which had undergone a Post-Approval Inspection in August 2019.
Generic Formulations business crossed the Rs 100 Crore revenue milepost in Q3FY20.
License agreement with Equillium for novel molecule, Itolizumab, was expanded to include Australia and New Zealand.
About Biocon Ltd
Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. Biocon has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as generic formulations in the U.S. and Europe. It is a leading global player for APIs including statins, immunosuppressants and specialty molecules. It also has a pipeline of promising novel assets in immunotherapy under development. Biocon Biologics is a subsidiary of Biocon Ltd. It is uniquely positioned as a fully integrated 'pure play' biosimilars organization in the world and aspires to transform patient lives through innovative and inclusive healthcare solutions. The Company has a large portfolio of biosimilars under global clinical development with three of these commercialized in developed markets like EU, Australia, U.S. and Japan. Biocon is committed to pursue the path of innovation to develop products that have the potential to benefit a billion lives.
Disclaimer
This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India.
Contact:
Ms. Seema Ahuja
Tel: 080 2808 2808
Email: seema.ahuja@biocon.com
BIOCON LIMITED 
