Latest news with #SiddharthMittal
Time of India
4 days ago
- Business
- Time of India
Profit margins, US medicine supplies may get hit: Biocon
BENGALURU: is gearing up to manage potential challenges arising from US govt's proposed tariffs on pharma imports. The company cautioned that these higher duties could impact profit margins and disrupt the availability of affordable generic medicines for American patients. Tired of too many ads? go ad free now The US remains Biocon's largest market, contributing a significant share of its overall sales. However, the company manufactures most of its products outside the country. Biocon operates two facilities in the US. Biocon CEO Siddharth Mittal said the final impact of the proposed tariffs would depend on several variables, including the tariff rate, whether other countries are targeted, and how competitors react. "If the margins are high, you can absorb it... if there are multiple players for a drug, then there will be some desperate company which might want to say okay, I'll absorb the impact to gain new business. Now the US tariff with Malaysia will impact our insulin business because insulin comes from Malaysia," Mittal told TOI. Some products with higher margins or limited competition may allow cost increases to be passed on to customers, while others could force manufacturers to absorb the cost or risk losing market share. Biocon is also looking to strengthen its presence in other regions. Europe, which already contributes around 35% of revenues, has been identified as a key growth market.
Business Standard
4 days ago
- Business
- Business Standard
Biocon drops after Q1 PAT tumbles 95% YoY to Rs 31 cr
Biocon fell 1.15% to Rs 360.40 after the company reported a 95.2% decline in consolidated net profit to Rs 31.40 crore despite of 15.8% jump in Net sales to Rs 3,910.10 crore in Q1 FY26 over Q1 FY25. Profit before tax (PBT) dropped 91.5% to Rs 96.90 crore in Q1 FY26 compared with Rs 1145.50 crore in Q1 FY25. The company reported a one-time gain of Rs 1,075 crore in Q1 FY25 from divestment of its branded formulations India (BFI) business. Core EBITDA stood at Rs 1,003 crore in Q1 June 2025, registering the growth of 11% compared with Rs 903 crore in Q1 FY25. Core EBITDA excludes impact of forex, R&D expense, licensing income, BFI divestment gain, and mark-to-market movement on investments. Core EBITDA margin fell to 25% in Q1 FY26 compared with Rs 26% in Q1 FY25. Revenue from generics business increased 6% YoY to Rs 697 crore during the quarter. Revenue from biosimilars business stood at Rs 2,458 crore, registering the growth of 18% YoY, driven by robust demand for the companys products across geographies. The companys contract research development & manufacturing organization (CRDMO) business reported a positive start to FY26 with revenue from operations growing 11% year-on-year to Rs 875 crore and EBITDA rising 19%. Growth was primarily driven by the continued conversion of pilot programs into long-term contracts within the Research Services business. Kiran Mazumdar-Shaw, chairperson, Biocon Group, said, Biocon opened FY26 with a strong performance, driven by continued gains in Biosimilars and CRDMO, and a steady showing in Generics. Operating Revenue rose 15% YoY to Rs 3,942 crore, with EBITDA up 19% on a like-for-like basis, demonstrating operating leverage and the robustness of our businesses. The recent QIP has strengthened our balance sheet and enables us to increase our ownership in Biocon Biologics by facilitating the exit of structured equity investors, aligning capital structure with long-term strategic priorities. Key developments this quarter include the launch of Yesafili in Canada, our tenth biosimilar globally, and USFDA approval for Insulin Aspart, our second interchangeable biosimilar Insulin, further deepening our presence in the U.S. insulin market. With execution momentum across all businesses and expanded capacity through acquisitions in the U.S. by Syngene and Biocon Generics, we are well-positioned to drive long-term value creation in FY26 and beyond. Siddharth Mittal, CEO & managing director, Biocon, said, Biocon Biologics started FY26 on a strong footing, delivering 18% year-on-year revenue growth, driven by robust demand across key markets. EBITDA rose 36% Y-o-Y on a like-to-like basis to Rs 645 crore, with a 300 bps sequential margin improvement, driven by improved operating leverage. Peter Bains, CEO & managing director, Syngene International, said, We delivered a strong first-quarter performance in line with expectations, with revenue from operations growing 11% year-on-year to Rs 875 crore and EBITDA at Rs 224 crore, reporting a growth of 19%. Growth was driven by continued momentum in research services, as pilot programs transitioned into long-term contracts. Meanwhile, the companys board approved entering into power purchase agreement and share purchase/ subscription agreement/ shareholders agreement with Pro-zeal Green Power Sixteen (PGPSPL) for purchase of solar power from captive off-site solar energy power plant. As part of this arrangement, the company will acquire a 26% stake in PGPSPL Biocon is a global biopharma company dedicated to improving affordable access to therapies for chronic conditions like diabetes, cancer, and autoimmune diseases.
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
Biocon Q1 results: Net profit down 95%, revenue rises 15% to ₹4,022 cr
Bengaluru-based biopharma company Biocon on Thursday reported a 95.2 per cent year-on-year (Y-o-Y) decline in consolidated net profit at Rs 31 crore in the first quarter of FY26, compared to Rs 660 crore in the same period last year. The Q1 FY25 profit included a one-time divestment gain, impacting this year's base. The company posted profit before tax (PBT) of Rs 97 crore, down 91.3 per cent Y-o-Y in Q1 FY26. Consolidated revenue rose 15 per cent to Rs 4,022 crore on a like-for-like basis after adjusting for the one-time gain in the base quarter. Operating revenue increased 15 per cent to Rs 3,942 crore in Q1 FY26, up from Rs 3,433 crore in Q1 FY25. EBITDA stood at Rs 829 crore, up 19 per cent, with a maintained margin of 21 per cent. 'Biocon opened FY26 with a strong performance, driven by continued gains in biosimilars and CRDMO, and a steady showing in generics. The recent QIP has strengthened our balance sheet and enables us to increase our ownership in Biocon Biologics by facilitating the exit of structured equity investors, aligning capital structure with long-term strategic priorities,' said Kiran Mazumdar-Shaw, chairperson, Biocon Group. During the quarter, key developments included the launch of Yesafili in Canada and US Food and Drug Administration (FDA) approval for Insulin Aspart—marking Biocon's second interchangeable biosimilar insulin. The generics business reported revenue of Rs 697 crore, a 6 per cent Y-o-Y increase, supported by new launches such as Liraglutide in the EU and Dasatinib and Lenalidomide in the US, along with higher volumes in the API segment. 'The sequential financial performance reflects the one-time positive impact of Lenalidomide launch quantities in Q4 FY25. Capitalisation of new manufacturing facilities in the previous fiscal impacted margins. We remain focused on launching new products, including the commercialisation of Liraglutide across key strategic markets,' said Siddharth Mittal, chief executive officer and managing director, Biocon Limited. Biocon Biologics, the group's biosimilars business, reported revenue of Rs 2,458 crore, up 18 per cent Y-o-Y. EBITDA rose 36 per cent on a like-for-like basis to Rs 645 crore, with a 300-basis-point sequential margin improvement, driven by improved operating leverage. With regulatory approvals for its Denosumab products—Vevzuo and Efraxy—in Europe and the UK, Biocon Biologics now has a global portfolio of 12 approved biosimilar molecules. 'The US FDA approval of Kirsty™ (bAspart) builds on the strong foundation established with Semglee (bInsulin Glargine), enabling us to offer patients the full range of affordable short- and long-acting insulin therapies. The launch of Yesafili (bAflibercept) in Canada marked our entry into ophthalmology and the successful commercialisation of our 10th biosimilar globally. As we enter the 'Accelerate' phase, we are confident in our ability to scale, deepen market presence, and deliver sustained growth,' said Shreehas Tambe, chief executive officer and managing director, Biocon Biologics Limited. The CRDMO business, Syngene, reported revenue of Rs 875 crore, up 11 per cent Y-o-Y, driven by continued momentum in research services as pilot programmes transitioned into long-term contracts. 'In biologics manufacturing, operations have commenced at our Unit III facility in Bengaluru, and preparations are advancing for the Bayview facility in the US, scheduled to launch later this year. With a positive first quarter start and strategic investments in scientific capabilities, we remain confident in our ability to deliver on our guidance for the year,' said Peter Bains, CEO and managing director, Syngene International. In the US, Biocon launched Micafungin, an injectable echinocandin anti-fungal for treating and preventing a range of fungal and yeast infections, along with Everolimus (Zortress) tablets, indicated for the prevention of kidney and liver transplant rejection. Final approval was also received for Rivaroxaban tablets, used in treating deep vein thrombosis in adults. Domestically, Biocon received approval for Liraglutide (gVictoza) under the Government of India's newly introduced 'Reliance on Recognised Regulatory Authorities' framework, which acknowledges approvals granted by established global regulators. This marks Biocon's first Indian approval for its vertically integrated GLP-1 drug product. Preparations for launch are underway with commercialisation partners. In Bengaluru, the oral solid dosage facility underwent an EU-GMP inspection by the Malta Medicines Authority, which issued one major observation. A response has been submitted, according to the company. Biocon highlighted that its emerging markets business remained robust, driven by a sharper focus on eight high-impact, self-led markets, which delivered a notable increase in revenue contribution in Q1 FY26. The company executed 12 product launches from its existing portfolio across the region and secured several strategic regulatory approvals. It also continued to file new product applications, laying the foundation for future growth.
Reuters
16-07-2025
- Business
- Reuters
Biocon eyes generic Wegovy obesity drug launch in India, Canada in next 2 years, CEO says
HYDERABAD, July 16 (Reuters) - Biocon ( opens new tab aims to launch generic copies of the blockbuster weight-loss drug Wegovy in India and Canada within the next two years, a top executive told Reuters, seeking to tap into a market that is estimated to grow to $150 billion globally by the early 2030s. The push comes after Danish drugmaker Novo Nordisk ( opens new tab and U.S.-based rival Eli Lilly (LLY.N), opens new tab saw skyrocketing demand for their obesity drugs Wegovy and Zepbound. Biopharmaceutical company Biocon plans to submit a request for approval to India's drug regulator by the end of 2026 and potentially launch in 2027 through a partner, CEO Siddharth Mittal said in an email interview on Tuesday. The company, which also makes insulin products, expects to complete late-stage trials within the next 12 to 18 months, he added. "Biocon is actively progressing with filings for semaglutide in Canada as well as many other emerging markets," Mittal said. Semaglutide is the active ingredient in Novo's drugs Ozempic and Wegovy, used for diabetes and weight-loss management. Indian generic drugmakers, including Dr Reddy's ( opens new tab and Cipla ( opens new tab, have been racing to produce cheaper versions of Wegovy when semaglutide goes off patent in 2026. Novo launched Wegovy in India for diabetes and weight-loss management in June after Lilly's Mounjaro sales doubled within a few months following its launch in the south Asian country. Biocon plans to file with Canadian regulatory authorities this quarter for generic versions of Ozempic and later this year for Wegovy versions. "Subject to approval, we could look at a market launch in late 2026 or early 2027," he said. Canada has not approved any such therapies yet, the company said. In addition to Canada, Biocon will focus on large emerging markets such as Brazil and Mexico in Latin America, Malaysia and Hong Kong, countries in the Middle East, as well as Australia, and New Zealand to launch obesity drugs, according to the CEO. In markets where Biocon does not have a direct presence, it is seeking local partnerships to commercialise its products, Mittal said.
Al Arabiya
16-07-2025
- Business
- Al Arabiya
Biocon aims to launch generic Wegovy drug for weight loss in India, Canada within two year
Biocon aims to launch generic copies of the blockbuster weight-loss drug Wegovy in India and Canada within the next two years, a top executive told Reuters, seeking to tap into a market that is estimated to grow to $150 billion globally by the early 2030s. The push comes after Danish drugmaker Novo Nordisk and US-based rival Eli Lilly saw skyrocketing demand for their obesity drugs Wegovy and Zepbound. Biopharmaceutical company Biocon plans to submit a request for approval to India's drug regulator by the end of 2026 and potentially launch in 2027 through a partner, CEO Siddharth Mittal said in an email interview on Tuesday. The company, which also makes insulin products, expects to complete late-stage trials within the next 12 to 18 months, he added. 'Biocon is actively progressing with filings for semaglutide in Canada as well as many other emerging markets,' Mittal said. Semaglutide is the active ingredient in Novo's drugs Ozempic and Wegovy, used for diabetes and weight-loss management. Indian generic drugmakers, including Dr Reddy's and Cipla, have been racing to produce cheaper versions of Wegovy when semaglutide goes off patent in 2026. Novo launched Wegovy in India for diabetes and weight-loss management in June after Lilly's Mounjaro sales doubled within a few months following its launch in the south Asian country. Biocon plans to file with Canadian regulatory authorities this quarter for generic versions of Ozempic and later this year for Wegovy versions. 'Subject to approval, we could look at a market launch in late 2026 or early 2027,' he said. Canada has not approved any such therapies yet, the company said. In addition to Canada, Biocon will focus on large emerging markets such as Brazil and Mexico in Latin America, Malaysia and Hong Kong, countries in the Middle East, as well as Australia, and New Zealand to launch obesity drugs, according to the CEO. In markets where Biocon does not have a direct presence, it is seeking local partnerships to commercialize its products, Mittal said.
