- Home
- Medical news & Guidelines
- Anesthesiology
- Cardiology and CTVS
- Critical Care
- Dentistry
- Dermatology
- Diabetes and Endocrinology
- ENT
- Gastroenterology
- Medicine
- Nephrology
- Neurology
- Obstretics-Gynaecology
- Oncology
- Ophthalmology
- Orthopaedics
- Pediatrics-Neonatology
- Psychiatry
- Pulmonology
- Radiology
- Surgery
- Urology
- Laboratory Medicine
- Diet
- Nursing
- Paramedical
- Physiotherapy
- Health news
- Fact Check
- Bone Health Fact Check
- Brain Health Fact Check
- Cancer Related Fact Check
- Child Care Fact Check
- Dental and oral health fact check
- Diabetes and metabolic health fact check
- Diet and Nutrition Fact Check
- Eye and ENT Care Fact Check
- Fitness fact check
- Gut health fact check
- Heart health fact check
- Kidney health fact check
- Medical education fact check
- Men's health fact check
- Respiratory fact check
- Skin and hair care fact check
- Vaccine and Immunization fact check
- Women's health fact check
- AYUSH
- State News
- Andaman and Nicobar Islands
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chattisgarh
- Dadra and Nagar Haveli
- Daman and Diu
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu & Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Lakshadweep
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttrakhand
- West Bengal
- Medical Education
- Industry
Biocon misses Q2 profit view on higher expenses
Hyderabad: Indian biopharmaceutical company Biocon reported a smaller-than-expected quarterly profit hurt by higher expenses.
The company's consolidated net profit rose to 1.26 billion rupees ($15.13 million) for the quarter ended Sept. 30 from 469 million rupees a year earlier.
Analysts, however, had expected a profit of 1.77 billion rupees, according to LSEG data.
Total expenses surged 59% to 33.58 billion rupees, the company said. Biocon also increased spending on research and development in the quarter.
Revenue from operations jumped 49.3% to 34.62 billion rupees, boosted by growth in the mainstay biosimilars segment.
Biosimilars are copies of costlier biological drugs used to treat major illnesses such as cancer, rheumatoid arthritis and psoriasis.
Although the biosimilars segment - company's biggest contributor, with North America being its key market - saw a 97.4% jump in revenue, it posted a loss of 152 million compared to a profit before tax of 778 million a year ago.
Biocon's acquisition of U.S.-based Viatris' biosimilars business last year, also aided the segment's revenue growth.
Market research firm Global Market Insights estimates that the global biosimilars market is poised to grow over $122 billion by 2032 from a valuation of $35 billion in 2022.
Additionally, revenue from the generic drugs segment rose 3.7% to 6.76 billion rupees, while research services business climbed 18.5% to 9.1 billion rupees.
Generic drug makers are gaining from easing price pressure environment in the United States, from where they draw the bulk of their revenue, aided by new launches of their products.
Its larger peers Dr Reddy's Laboratories and Cipla beat profit estimates for the second quarter on strong U.S. sales.
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751