Biocon Q1 Profit Soars 6-Fold to Rs 660 Cr on One-Time Gain

New Delhi, Aug 8 (PTI) Biotechnology firm Biocon on Thursday said its consolidated profit after tax rose over six-fold to Rs 660 crore in the first quarter ended June 2024, on account of a one-time gain from the collaboration between Biocon Biologics and Eris Lifesciences.

The Bengaluru-based firm had reported a profit after tax of Rs 101 crore in the June quarter of last fiscal.

Revenue from operations stood at Rs 3,433 crore during the period under review as against Rs 3,423 crore in the year-ago period, Biocon said in a regulatory filing.

The company said the Q1 figures included proceeds of Rs 1,057 crore on account of the strategic collaboration between Biocon Biologics and Eris Lifesciences.

"This strong performance was primarily on account of a one-time gain from the strategic collaboration between Biocon Biologics and Eris Lifesciences. The underlying business performance of Biocon has been in line with our expectations," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

The outlook for this fiscal remains positive as the company anticipates stronger growth in the second half of FY25, with new product launches in the biosimilars and generics businesses, including Liraglutide for diabetes and obesity in the UK and other markets, she added.

"Additionally, we expect improved business prospects for Syngene, supported by a resurgent biotech funding environment in the US," Mazumdar-Shaw stated.

The company stated that two separate GMP inspections of the company's API facilities (Sites 5 and 6) at Visakhapatnam by the US Food and Drug Administration concluded with four and three observations, respectively, to which it has responded with a Corrective and Preventive Action (CAPA) plan.

An Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) has been received for Site 5 and agency feedback for Site 6 is awaited, it added. Shares of Biocon on Thursday ended 2.25 per cent down at Rs 339.20 apiece on the BSE.