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Revenue
₹3,590 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹718 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Biocon's Q2 FY25 consolidated revenue from operations grew 8% YoY to ₹3,590 crore, driven by biosimilars (up 19% like-for-like) but offset by generics decline (-8%) and flat Syngene performance. Group EBITDA margin was 20%, with core EBITDA at 28%. Reported net loss of ₹16 crore reflected higher tax and minority interest. Biosimilars saw strong US market share gains (Ogivry 18%, Fulphila 21%) and successful $1.1B debt refinancing. Generics faced pricing pressure but expects H2 recovery from Liraglutide UK launch and new injectables. Syngene showed early recovery signs with 13% sequential growth. Management reiterated H2 acceleration guidance. Key risk: USFDA plant clearances for Bengaluru and Malaysia facilities remain pending, delaying key biosimilar launches like Aspart and Bevacizumab.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects a transition to accelerated growth in H2, driven by Syngene returning to growth, maintained biosimilars momentum, and generics recovery from new launches.
- First generic Liraglutide approved in UK; launch expected in Q3 FY25, contributing to generics recovery.
- Biocon Biologics expects to launch biosimilar Ustekinumab in the US in Q4 FY25, pending FDA approval.
- Generics business targets mid-teens revenue growth over the next two years, driven by peptides, new OSDs, and injectables.
Risks flagged
- Bengaluru and Malaysia facilities have pending USFDA inspections; delays could impact Aspart, Bevacizumab, and other biosimilar launches in the US.
- Continued pricing pressure in the US generics market has impacted margins; recovery depends on cost improvements and new launches.
- Despite market share gains, Humira biosimilar adoption has been slower than expected; pricing competition may limit upside.
- Consolidated net debt increased to $1.4 billion despite refinancing; high capex (~₹900 crore in H1) may pressure free cash flow.
Key quotes
- We maintain our outlook for a transition to accelerating growth in the H2 of the fiscal year, with Syngene returning to growth, maintained momentum in our biosimilars business, and a recovery in generics in the latter part of the H2, driven by the launch of our first GLP-1 generic in the UK.
- We do not see any other biosimilar for Aspart at this point in time. We've said in the past as well that the agency has clearly given an indication that there is no outstanding question on the science or the dossier at this point in time on Aspart.
- I know it can be frustrating, and it can be very, very difficult sometimes to see how these things evolve. Believe me, it's very frustrating for us as well. But we are committed to this, and we will continue to work with it to make sure that we get to that finish line sooner than later.
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