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Revenue
₹3,462 Cr
verified against source
Revenue YoY
49%
reported change
EBITDA
₹900 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Biocon's Q2 FY24 consolidated revenue from operations grew 49% YoY to INR 3,462 crore, driven by biosimilars revenue nearly doubling post-Viatris acquisition. Core EBITDA rose 35% to INR 1,100 crore with a 32% margin, but reported PAT fell to INR 126 crore due to higher depreciation and interest costs. Biosimilar market share gains in the US (Fulphila 19%, Ogivri 12%, insulin glargine 11%) were offset by slower-than-expected adalimumab uptake and a CRL for insulin aspart. Management guided for Biocon Biologics to achieve $1 billion revenue for FY24, mid-teen constant currency growth in Syngene, and improved H2 performance in generics. Key risks include regulatory delays at the Malaysia facility and pricing pressure in the US biosimilar market.
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Guidance to track
- Management reaffirmed full-year revenue guidance of $1 billion for Biocon Biologics, driven by market share gains and new product launches.
- Syngene is expected to deliver mid-teen constant currency growth for the full year, supported by strong performance in development and manufacturing services.
- Generics business expects improved second half performance, with formulations steady at ~INR 400 crore per half and API recovery, but full-year growth revised to low teens/high single digit.
- Biocon Biologics remains on track to file ustekinumab (Stelara biosimilar) before the end of 2023, with denosumab filing expected by end of next year.
Risks flagged
- FDA issued a CRL for insulin aspart due to pre-approval inspection deficiencies at the Malaysia facility; resolution timeline uncertain.
- Market adoption of adalimumab biosimilars has been slower than anticipated, impacting Hulio's revenue contribution; management expects improvement only in 2024-25.
- API business faced pricing pressure and muted offtake due to customer inventory stocking; recovery expected but uncertain.
- Net debt to EBITDA elevated; interest costs rising due to high rate environment; deferred payments in FY25 may require additional funding.
Key quotes
- We are pleased with the accelerated progress in transitioning the acquired business and with the growth in market share of our commercialized products.
- The market adoption of biosimilars has very clearly been slower than anticipated across the market, and of course, this has also affected Hulio.
- We are fully aware of what has worked, what hasn't worked, and we will make sure that these things even out over time.
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