Biocon tumbled 8.85% to Rs 402.85 after the company's consolidated net profit fell 16.9% to Rs 169 crore on 8% rise in revenue from operations to Rs 1,851 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 FY21 stood at Rs 236 crore, down by 26% from Rs 318 crore in Q3 FY20. Tax expense during the quarter decreased by 22% year-on-year (YoY) to Rs 49 crore.EBITDA declined by 11% to Rs 427 crore in Q3 December 2020 from Rs 480 crore in Q3 December 2019. EBITDA margins was at 23% as on 31 December 2020 as against 27% as on 31 December 2019.
Revenue from Generics was Rs 561 crore (down 3% YoY), revenue from Biosimilars was Rs 769 crore (up 11% YoY) and revenue from Research services was Rs 585 crore (up 13% YoY).
R&D expenses in the third quarter jumped 30% to Rs 183 crore from Rs 131 crore in the same period last year. Manufacturing, staff & other expenses rose by 14% to Rs 1,452 crore in Q3 FY21 over Q3 FY20.
Commenting on the results, Kiran Mazumdar-Shaw, executive chairperson, Biocon, said: "The two recent investments of $225 million in Biocon Biologics by Goldman Sachs and ADQi endorse the value creation of our biosimilars business. These investments augur well for our business and will enable us to invest in expanding our research and manufacturing capacities across segments. The recent launch of Tacrolimus capsules in the US, as well as approvals in Most of the World (MoW) markets for Insulin Aspart, Bevacizumab and Trastuzumab biosimilars will also pave the way for expanding our business in future."
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"2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalization by next fiscal," she added.
Biocon said that Dr. Christiane Hamacher, has stepped down as the managing director of Biocon Biologics Limited, a subsidiary of the company, and has also ceased to be a member of the board of directors of Biocon Biologics, effective 20 January 2021.
Consequently, Dr Arun Chandavarkar, member of the board of Biocon Biologics will take over the mantle of managing director, effective 21 January 2021, for a period of up to two years, and Kiran Mazumdar Shaw will be the executive chairperson of Biocon Biologics effective from 21 January 2021 until 31 March 2022.
Further, Professor Peter Piot, MD, PhD, Director of the London School of Hygiene & Tropical Medicine and the Handa Professor of Global Health, had joined the Board of Biocon Biologics as an Independent Director for a period of three years starting 21 January 2021.
Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.
In the past one year, the stock has gained 37.30% while the benchmark S&P BSE Sensex has added 20.17% during the same period.
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