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Slower-than-expected Hulio uptake in U.S.
View Risks →Biocon Limited — Q1 FY24
Biocon Group delivered a strong revenue-led Q1 FY24, with consolidated revenue up 59% YoY to INR 3,516 crore, driven by the Viatris biosimilars acquisition and robust growth across all segments.
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Biocon Group delivered a strong revenue-led Q1 FY24, with consolidated revenue up 59% YoY to INR 3,516 crore, driven by the Viatris biosimilars acquisition and robust growth across all segments. Biosimilars revenue more than doubled, while Syngene grew 25% and Generics 15%. Core EBITDA margin was 28%, but reported EBITDA margin improved 100bps YoY to 23%. PAT stood at INR 101 crore, impacted by higher depreciation and interest from the acquisition. Management highlighted strong market share gains for key biosimilars (Semglee 12%, Fulphila 16%) and guided for core EBITDA margins in biosimilars to return to mid-thirties by year-end. The integration of Viatris' biosimilars business is ahead of schedule, with all markets expected to be integrated by fiscal year-end. Key risks include slower-than-expected Hulio uptake and regulatory delays for insulin aspart and bevacizumab approvals.
बायोकॉन ग्रुप ने पहली तिमाही में शानदार कमाई की। कंपनी की कुल आय पिछले साल से 59% बढ़कर 3,516 करोड़ रुपये हो गई। यह वृद्धि विआट्रिस से बायोसिमिलर (महंगी दवाओं के सस्ते विकल्प) खरीदने और सभी कारोबारों में मजबूत प्रदर्शन से आई। बायोसिमिलर से आय दोगुनी से अधिक हुई, सिंजीन 25% और जेनेरिक दवाएं 15% बढ़ीं। कंपनी का मुनाफा 101 करोड़ रुपये रहा, जो नई दवा खरीद के कारण ब्याज और घिसावट खर्च बढ़ने से कम हुआ। प्रबंधन ने कहा कि बायोसिमिलर में मुनाफा साल के अंत तक 35% तक पहुंच जाएगा। विआट्रिस का कारोबार जोड़ने का काम तय समय से पहले चल रहा है। मुख्य जोखिम: कुछ दवाओं की बिक्री धीमी रहना और नई दवाओं के लिए मंजूरी में देरी।
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Semglee U.S. market share
12%
+4pp YoY
Insulin glargine market share in June 2023 vs 8% last year; new prescription share over 15%.
Fulphila U.S. market share
16%
+8pp YoY
Pegfilgrastim market share in June 2023 vs 8% last year; weekly share crossed 19% in July.
Ogivri U.S. market share
11%
+2pp YoY
Trastuzumab biosimilar market share in June 2023 vs 9% last year.
Adalimumab market share in Germany
18%
Hulio market share in Germany; 10% in France, reflecting strong European uptake.
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Guidance and risk preview
Management expects core EBITDA margins for Biocon Biologics to recover to mid-thirties as legacy rebate issues normalize and integration completes.
Adalimumab biosimilar uptake has been gradual across the industry; Biocon's Hulio launched July 1, 2023, and payer decisions are still evolving, wi...
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