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  • Biocon net profit...

Biocon net profit declines 57 percent to Rs 136 crore in Q4

Ruchika SharmaWritten by Ruchika Sharma Published On 2024-05-20T17:45:33+05:30  |  Updated On 20 May 2024 5:45 PM IST
Biocon Pharma gets USFDA nod for  deep vein thrombosis drug Rivaroxaban
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New Delhi: Biocon, a biotech company has recorded a 57 percent decrease in its consolidated net profit to Rs 136 crore for the fourth quarter that concluded in March 2024, primarily due to higher expenses

In the January-March quarter of the previous fiscal year, the company posted a net profit of Rs 313 crore.

Total revenue rose marginally to Rs 3,966 crore in the fourth quarter compared with Rs 3,929 crore in the year-ago period, Biocon said in a statement.

The company said its total expenses rose to Rs 3,635 crore in the fourth quarter from Rs 3,389 crore in the same period of FY23.

According to a PTI report, For the year ended on March 31, 2024, the company said its consolidated net profit rose to Rs 1,022 crore as against Rs 463 crore a year ago.

Total revenue rose to Rs 15,621 crore for the last fiscal as against Rs 11,550 crore in the 2022-23 fiscal.

"Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the biosimilars acquisition from Viatris," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

Increased market shares of key products in the US, Europe and emerging markets coupled with significant volume growth were the highlights of the biosimilars business the quarter, she added.

"During the year, we reduced our acquisition debt. We also entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights," Biocon Biologics Chief Executive Officer and Managing Director Shreehas Tambe said.

FY24 has been a transformational year as the company leverages its expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders, he added.

The company's board has recommended a final dividend of 50 paise per share of face value of Rs 5 each for the financial year ended on March 31, 2024.

Read also: Biocon Limited signs an exclusive licensing and supply agreement for generic Ozempic (Semaglutide) commercialization in Brazil with Biomm S.A.

bioconbiocon newsnet profitfinancial resultsKiran Mazumdar Shaw
Source : with inputs
Ruchika Sharma
Ruchika Sharma

    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

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