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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.
Mint
4 days ago
- Business
- Mint
Biocon revenue grows 15%, profit dips sharply
Biocon posted its financial results for the quarter ending 30 June with its revenue from operations up 15% year-on-year at ₹3,942 crore, driven by gains in its biosimilars and CRDMO businesses. Its net profit fell 95% compared to the same quarter in the previous year due to a one-time gain from the divestment of its branded formulations business in Q1FY25. Biocon's net profit for the quarter was at ₹31 crore, compared to ₹660 crore in Q1FY25. Excluding the divestment gain from Q1FY25, its profit increased by 65%, the company said in a release. The Bengaluru-based drugmaker's revenue and profit missed street estimates. A Bloomberg poll of 11 brokerages had pegged its revenue at ₹4,024 crore and profit after tax at ₹111.7 crore. The company reported an Ebitda of ₹829 crore, down 53% year-on-year. Excluding the divestment gain, its Ebitda was up 19%, the company said. Ebitda margins contracted to 21% from 38% in the same period last year. The company's biosimilars business, which accounts for 61% of its overall revenue, posted revenue of ₹2,458 crore, up 18% year-on-year. The generics business posted a revenue of ₹697 crore, up 6% YoY, and the CRDMO business, under Syngene International, posted a growth of 11% to ₹875 crore. Also Read | India restricts sale of TB drugs to government channels to curb resistance '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 ₹3,942 crore, with Ebitda up 19% on a like-for-like basis, demonstrating operating leverage and the robustness of our businesses,' Kiran Mazumdar-Shaw, chairperson, Biocon Group, said in a statement. Successful QIP raise During the quarter, the company raised ₹4,500 crore through a qualified institutional placement (QIP). The funds will be used to increase Biocon's holding in its subsidiary Biocon Biologics, and provide an exit to private equity investors, the company said in the release. '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,' Shaw said. Biocon had said in the last quarter that its board had set up a committee to evaluate a merger of Biocon Biologics with the parent firm. During the quarter, the company launched its tenth global biosimilar, Yesafili, which is used to treat ophthalmology conditions in Canada, and received USFDA approval for Insulin Aspart.
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Business Standard
4 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.
Business Standard
27-06-2025
- Business
- Business Standard
Biocon's biologics arm gets Health Canada approval for aflibercept biosimilar 'Yesafili'
Biocon said that its subsidiary Biocon Biologics has received a notice of compliance (NOC) for Yesafili (aflibercept), a biosimilar to Eylea (aflibercept) injection, in vial and prefilled syringe presentations, from Health Canada. This approval paves the way for the launch of YESAFILI in Canada, scheduled for 04 July 2025. YESAFILI is the first biosimilar to EYLEA to be approved by Health Canada. YESAFILI is a vascular endothelial growth factor (VEGF) inhibitor. It is prescribed for the treatment of several eye conditions. These include neovascular (wet) age-related macular degeneration (AMD). It also treats visual impairment caused by macular edema secondary to central retinal vein vein occlusion (CRVO). Visual impairment due to macular edema secondary to branch retinal vein occlusion (BRVO) is another indication. Furthermore, it is used for diabetic macular edema (DME). It also treats myopic choroidal neovascularization (myopic CNV). The approval is based on a comprehensive package of analytical, nonclinical, and clinical data, confirming that YESAFILI is highly similar with no clinically meaningful differences to EYLEA in terms of quality, safety, and efficacy. Shreehas Tambe, CEO & Managing Director, Biocon Biologics Ltd., said: The approval of YESAFILI by Health Canadathe first biosimilar to EYLEA in Canadais a proud moment for Biocon Biologics. We are excited that in July, Canada will be the first country where we will launch YESAFILI, making it our 10th biosimilar to be commercialized worldwide. Biocon is a global biopharma company dedicated to improving affordable access to therapies for chronic conditions like diabetes, cancer, and autoimmune diseases. The companys consolidated net profit surged 154.2% to Rs 344.50 crore on a 12.8% jump in net sales to Rs 4,358.10 crore in Q4 FY25 over Q4 FY24. The scrip rose 0.96% to currently trade at Rs 353.90 on the BSE.
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Business Standard
27-06-2025
- Business
- Business Standard
Biocon Biologics to launch Eylea biosimilar Yesafili in Canada next month
Biocon Biologics, a subsidiary of Biocon Ltd, has received approval from Health Canada for Yesafili (aflibercept), a biosimilar to Eylea, marking the first such approval for an Eylea biosimilar in the country. The authorisation, granted via a Notice of Compliance (NOC), covers both vial and prefilled syringe formats (2 mg/0.05 mL). Yesafili is set to launch in Canada on July 4. Shreehas Tambe, chief executive officer and managing director, Biocon Biologics, said: 'The approval of Yesafili by Health Canada—the first biosimilar to Eylea in Canada—is a proud moment for Biocon Biologics. We are excited that in July, Canada will be the first country where we will launch Yesafili, making it our 10th biosimilar to be commercialised worldwide. This milestone reflects our science-driven innovation, global commercialisation strength and continued commitment to expanding access to high-quality, affordable biologics for patients across the globe.' Yesafili is a vascular endothelial growth factor (VEGF) inhibitor indicated for treating several retinal conditions that cause visual impairment. These include neovascular (wet) age-related macular degeneration (AMD), macular oedema resulting from central or branch retinal vein occlusion (CRVO and BRVO), diabetic macular oedema (DME), and myopic choroidal neovascularisation (myopic CNV). Furthermore, the company said the approval is based on a comprehensive package of analytical, nonclinical and clinical data, confirming that Yesafili is highly similar with no clinically meaningful differences to Eylea regarding quality, safety and efficacy. In April this year, Yesafili received approval for launch in the United States. In May 2024, the US Food and Drug Administration approved Yesafili.
