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Biocon Ltd. reported better traction in Q3 FY22 results.
Revenues grew 17.5% YoY to Rs 2174.2 crore. Biosimilars grew 27.6% YoY to Rs 981.4 crore, on the back of robust demand across geographies and commencement of supplies of interchangeable bGlargine in U.S.
Biocon’s research services segment grew 9.7% YoY at Rs 641.4 crore, mainly due to growth in discovery services and dedicated centres while generic sales increased 7.1% YoY to Rs 607.4 crore, driven by U.S. launch of Everolimus tablets and ramp-up of demand in active pharma ingredient business.
Ebitda margins saw 87 basis points YoY improvement to 22.5%, mainly due to decline in gross margin at 67.2% and higher other expenditure being offset by lower employee cost and research and development expenditure.
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