Biocon’s revenue in Q3FY19 grew by 45.6% yoy to Rs1,540.8cr vs. Rs1,057.9cr in Q3FY18. EBITDA grew by 71.7% yoy to Rs380.7cr in Q3FY19 vs. Rs221.7cr in Q3FY18. EBITDA margins in Q3FY19 stood at 24.7% vs. 21% in Q3FY18 and 25.7% in Q2FY19. PAT grew by 136.3% yoy to Rs217.2cr in Q3FY19 vs. Rs91.9cr in Q3FY18. We had expected revenue/EBITDA/PAT of Rs1,444cr/Rs364cr/Rs159cr in Q3FY19, and hence, Biocon’s results are a beat our expectations.
Revenue from small molecules segments grew by 27.1% yoy to Rs468.9cr, while biologics revenue grew by 136.4% yoy to Rs448.6cr. Biologics revenue received strong growth thrust due to ramp-up of Fulphila.
Small molecules segment grew due to robust sales of core APIs and continued growth in the US generic formulations business as well as increase in API sales in LATAM, Europe and to its domestic customers delivering to the US market.
Biocon has launched Atorvastatin Calcium tablets in the US and has seen strong traction in Rosuvastatin and Simvastatin formulations.
Branded formulations business grew by 35.9% yoy to Rs212.2cr.
Research services business grew by 20.5%.
The fair valuation of its investment in Equillium led to Exceptional gain of Rs5.5cr in Q3FY19.
Biosimilar Insulin Glargine (Semglee) and biosimilar Adalimumab (in-licensed from Fujifilm Kyowa Kirin Biologics) has been launched by Mylan in Europe.
Biocon’s local South Korean partner has launched Insulin Glargine (Glarzia) in South Korea.
Its new OSD manufacturing facility in Bengaluru completed a pre-approval inspection by the USFDA, while API manufacturing facility in Telangana successfully completed a GMP audit by the USFDA.
Biocon Ltd is currently trading at Rs. 670, down by 0.3 points or 0.04% from its previous closing of Rs. 670.30 on the BSE.
The scrip opened at Rs. 673.80 and has touched a high and low of Rs. 674.10 and Rs. 666 respectively. So far 15,84,711 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.
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