0.6 C
London
Friday, December 9, 2022

Biocon Q1FY23 sales up 23% to Rs 2,217 cr

Must read

Isaac Ortega: Facts About Wednesday Actress Jenna Ortega’s Brother

Isaac Ortega is the brother of an American actress Jenna Ortega (aka Jenna Marie Ortega). His sister is best known as a young...

Japan, Great Britain and Italy are going to build jet fighters together

Japan, Britain and Italy are merging their next-generation fighter jet projects in a pioneering partnership that spans Europe and Asia. This is Japan's...

The Climate Founder’s Guide to the Inflation Reduction Act • londonbusinessblog.com

David Russenko Contributor David Rusenko is a full-time investor in climate technology. He was previously the founder and CEO of Weebly, which was sold to...

2022: The good, the bad and the wake-up calls

Hello and welcome back to Equitythe podcast about the business of startups, where we unravel the numbers and nuances behind the headlines. We're almost at...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Global Biopharmaceutical Company biocon on Wednesday it reported a 23 percent increase in revenue for the first quarter of the fiscal year 2023, at Rs 2,217 crore.



“We started the year strong. At a consolidated level, YoY revenue grew 23 percent, supported by robust growth in both biosimilars (29 percent) and Generics (19 percent). Core earnings before interest, taxes, depreciation and amortization (EBITDA) grew 25 percent and margin improved to 31 percent compared to 30 percent in Q1FY22 and net profit grew 71 percent to Rs 144 crore.

“Our financial performance this quarter included the impact of annual increases in personnel costs and higher input and freight costs, due to pandemic and geopolitical disruptions to global supply chains.

“All of our three companies are poised for the next phase of strong and sustainable growth that has been put to the test during the two years of the Covid-19 pandemic,” said Biocon and Biocon Biologics Executive Chairman Kiran Mazumdar-Shaw said.

Sales of Glargine in the US and key biosimilars in emerging markets were the main drivers for Biocon Biologicalsstrong performance.

Biocon Biologics Ltd Director Arun Chandavarkar said: “The initiation of global clinical trials for two monoclonal antibodies and the improvement of our other pipeline assets led to a 120 percent increase in our R&D investments this quarter. While this will have a near-term impact on EBITDA, such investments create a strong portfolio to secure our future growth.

“Our strategic alliance with Serum Institute Life Sciences for vaccines and the acquisition of Viatris’s global biosimilar business is on track for closure in the second half of this calendar year.”

ALSO SEE:
Reduction of rice, grain-sown area worrying: Bank of Baroda

Oppo Pad Air review: sleek and stylish but little power

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Isaac Ortega: Facts About Wednesday Actress Jenna Ortega’s Brother

Isaac Ortega is the brother of an American actress Jenna Ortega (aka Jenna Marie Ortega). His sister is best known as a young...

Japan, Great Britain and Italy are going to build jet fighters together

Japan, Britain and Italy are merging their next-generation fighter jet projects in a pioneering partnership that spans Europe and Asia. This is Japan's...

The Climate Founder’s Guide to the Inflation Reduction Act • londonbusinessblog.com

David Russenko Contributor David Rusenko is a full-time investor in climate technology. He was previously the founder and CEO of Weebly, which was sold to...

2022: The good, the bad and the wake-up calls

Hello and welcome back to Equitythe podcast about the business of startups, where we unravel the numbers and nuances behind the headlines. We're almost at...

Medtech startup LiVac strikes US deal to transform surgery ahead of Series B

A medical invention created in regional Victoria has been picked up by US healthcare network Premier Inc. in a lucrative commercial deal for...