Updated Jan 22, 2021 | 12:00 IST
Shares of Biocon saw a steep fall after the drugmaker s results missed analyst estimates in the quarter ended December. Net profit declined 19% year-on-year as expenses rose significantly. Biocon earnings | Photo Credit: BCCL
Key Highlights
Biocon says it continues to face headwinds across operational, regulatory and commercial function Dr. Christiane Hamacher steps down as the Managing Director of Biocon Biologics Limited due to professional differences with the Chairperson on strategic priorities and vision for the company
Mumbai: Biocon was one of the top laggards on Dalal Street today as the company declared it’s earnings, however, the earnings were a miss compared to the consensus street estimates that were pencilled in. Below are the key highlights of the earnings report by Biocon.
Biocon Biologics reports topline of ₹769 crore in Q3
January 22, 2021
The subsidiary of Biocon Ltd raised raised $330 million in the quarter, says CEO Hamacher
Biocon Biologics Limited, a subsidiary of Biocon Limited, has seen revenue growth in Q3 FY21 mainly driven by steady marketshare of products in the US and growth in key MoW markets including AFMET and India.
“Through our partners, we continue to expand sales for rHI (recombinant human insulin) in key markets like Mexico and Malaysia, and Insulin Glargine in Algeria and Malaysia. We continue to be the leading player for biosimilar Trastuzumab in Brazil’s private market and are reporting strong performance in other markets like Turkey and Algeria,” said Christiane Hamacher, CEO, Biocon Biologics Ltd.
Biocon Q3 net profit falls 17% to Rs 169 crore, revenue up 7%
The biosimilars and research services segment posted 11 per cent and 13 per cent growth, respectively, in their income during the quarter, while the generics business recorded a 3 per cent decline
BusinessToday.In | January 22, 2021 | Updated 17:39 IST
Biocon Executive Chairperson Kiran Mazumdar-Shaw
Biocon Ltd on Thursday reported a 17 per cent decline in consolidated net profit for October-December quarter of the ongoing financial year at Rs 169 crore. The company had posted a net profit of Rs 203 crore in the year-ago quarter.
However, its revenue rose 7 per cent to Rs 1,879 crore during the quarter ended December, led by double-digit growth in research services and biosimilars business segments.
The benchmark indices slumped on Friday, dragged by heavy selling in banks and financial stocks. The Nifty gave up the crucial 14,400 mark. Negative global cues triggered profit booking in domestic shares.
As per the provisional closing data, the S&P BSE Sensex, tumbled 746.22 points or 1.5% at 48,878.72. The Nifty 50 index dropped 218.45 points or 1.5% at 14,371.75.
The broader market tumbled. The S&P BSE Mid-Cap index fell 1.19% while the S&P BSE Small-Cap index slipped 1.04%.
Sellers outnumbered buyers. On the BSE, 984 shares rose and 1,996 shares fell. A total of 137 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,614.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,039.48 crore in the Indian equity market on 21 January 2021, provisional data showed.