Biocon (BIOCON) Q1 24/25 earnings summary

Executive summary

• Group revenue grew 30% year-on-year to INR 4,567 crore, driven by the Eris Lifesciences business transfer, with EBITDA up 117% and PBT up over 500%.

• Underlying group performance was flat, with biosimilars growth offsetting declines in generics and Syngene.

• Biosimilars delivered strong like-for-like operating revenue growth, while generics and research services saw declines due to pricing and funding pressures.

• Q1 FY25 trends are expected to persist into Q2, with growth acceleration anticipated in H2 FY25.

• Net profit for Q1 FY25 stood at Rs. 8,618 million, a significant increase from previous quarters.

Financial highlights

• Total revenue: INR 4,567 crore (Rs. 34,329 million), up 30% year-on-year and 15% sequentially, including INR 1,057 crore from Eris Lifesciences transfer.

• Revenue from operations (excluding Eris): INR 3,433 crore, flat year-on-year.

• Core EBITDA: INR 903 crore, down 4% year-on-year (margin 26%); reported EBITDA: INR 1,755 crore, up 117% (margin 38%).

• Net profit: INR 660 crore; adjusted net profit: INR 19 crore; consolidated net profit: Rs. 8,618 million.

• Earnings per share (consolidated, basic) for Q1 FY25 was Rs. 1.13.

Outlook and guidance

• Q2 expected to mirror Q1 trends, with acceleration in growth anticipated in H2 FY25, led by biosimilars, new generics launches, and Syngene recovery.

• High single-digit growth expected for generics in FY25, with significant H2 ramp-up from new launches, especially liraglutide.

• Final dividend of Rs. 0.50 per equity share recommended, subject to shareholder approval.