Biocon Earnings Call Highlights Q4 FY21 | Yadnya Investment Academy
Published on 29 June 2021
Financial Performance Quarter 4:
Revenue Growth for the quarter increased by 26% from 1621 Cr to 2044 Cr Year on Year basis.
Revenue from Operations increased by 18% at 1839 Cr, driven majorly by 53% exponential growth in biosimilars business
Gross R&D @12% of revenue being 136 Cr other than Syngene due to higher spending in novel biologics, biosimilars, and generics.
Net profit for the Quarter stands at 257 Cr.
Valuation Gain due to ceding control of Bianca is 160 Cr
EBITDA margin excluding Bianca Valuation Gain stands at 26% in contrast to 24% Year on Year basis.
Core EBITDA Margin excluding Bianca Valuation Gain stands at 32% as against 29% Year on Year.
Net profit from Continuing operations for the quarter declined to 97 Cr from 132 Cr last year
Net profit margin excluding Bianca Valuation Gain declined from 8% to 5% in current quarter Year on Year basis
Fiscal Year 2021
Total Consolidated Revenues grew to ₹7,360 Cr, up by 14% compared to ₹6,462 Cr previous year.
Revenue from Operations stands at ₹7,106 Cr, up by 13%.
Gross R&D spend stands at ₹627 Cr during the year, corresponding to 13% of revenues excluding Syngene.
Gross R&D spend increased 19% in FY 2021 from 527 Cr to 627 Cr as compared to previous year.
Forex loss of ₹9 Cr compared to a gain of ₹65 Cr in the previous year.
Growth in EBITDA at 8% for the year being ₹1,907 Cr.
EBITDA margin excluding Bianca Valuation Gain stands at 24% in contrast to 27% last year.
Core EBITDA Margin excluding Bianca Valuation Gain stands at 32% as against 33% in the previous year.
Net profit margin excluding Bianca Valuation Gain declined to 8% from 12% in the previous year.
Revenue by segments
Biosimilars has shown exponential growth in revenue of 53% in the 4th Quarter YOY basis. 21% growth has been reported as compared to previous year 2020
Generics Business has shown a tad bit of growth of 3% in revenue in Quarter 4 YOY basis. Overall growth of 6% has been shown the financial year as well
Research business has shown revenue growth of 8% in Quarter 4 YoY basis. Overall Growth of 9% has also been recorded in the fiscal year
Shreehas Tambe, former COO of Biocon Biologics promoted to Deputy CEO.
Sushil Umesh has been appointed as CCO of emerging markets
Indranil Sen has been appointed as CFO
Company has Received Market Authorization approval from European Commission for both biosimilar Insulin Aspart and biosimilar Bevacizumab developed in cooperation with Viatris
USFDA Approval has been granted in Generic Business for Everolimus used to treat renal cancer & rejection of organ transplant
Biocon has Entered into partnership with Libbs Farmaceutica in Brazil for diversification of Generics Business
Syngene, the research business, has extended collaboration with BMS till 2030. New agreement includes a 40% increase in the number of scientists, and an additional 50,000 sq. ft. of dedicated laboratory space.
In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara Therapeutics Inc. to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS.
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