Biocon (BIOCON) Q1 24/25 earnings summary

Executive summary

• Group revenue grew 30% year-on-year to INR 4,567 crore, primarily due to the Eris Lifesciences business transfer, while underlying operations were flat and biosimilars delivered robust like-for-like growth; generics and research services faced declines.

• Net profit for Q1 FY25 stood at Rs. 8,618 million, a significant increase from Rs. 1,489 million in Q1 FY24, driven by the Eris Lifesciences transaction.

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

Financial highlights

• Total revenue: INR 4,567 crore, up 30% year-on-year, including INR 1,057 crore from the Eris Lifesciences transfer.

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

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

• Net profit: INR 660 crore; adjusted net profit: INR 19 crore.

• Earnings per share (consolidated, basic) for Q1 FY25 was Rs. 1.13, compared to Rs. 0.85 in Q1 FY24.

Outlook and guidance

• Q2 expected to mirror Q1 trends, with acceleration 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.