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Biocon Earnings Call Highlights Q4 FY21 | Yadnya Investment Academy

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

 

 

Management Updates:

  • 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

 

 

 

Other Updates:

  • 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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