news
Based on a geographical split of profits, Biocon Ltd. reported a consolidated net loss of Rs 16 crore for the second quarter that ended on September 30, 2024, due to higher taxes.
For the July–September period of the previous fiscal year, the company reported a net profit of Rs 126 crore.
According to a statement from Biocon Ltd, operating revenue for the September quarter was Rs 3,590 crore, up from Rs 3,462 crore in the same period last year.
Kiran Mazumdar-Shaw, the chairperson of the Biocon Group, stated that the company’s overall Q2FY25 financial and operational performance “provides a foundation for improved performance as we move into the second half of the fiscal.”
She pointed out that the group’s strong market share gains in the US Oncology and Insulin franchises drove its strong performance in the biosimilars business.
She claims that Syngene has resumed sequential growth and that its discovery services and biomanufacturing CMO business will be the main drivers of the company’s future growth in the coming quarters.
She said, “Key new formulation launches in Q3 and Q4 provide the basis of a turnaround before the year end, but generics have continued to face price and demand pressures that have suppressed performance.”
According to Mazumdar-Shaw, all three companies are on track to perform better in the second half of the year as a result of product approvals and emerging market opportunities.
According to Peter Bains, CEO of Biocon Group, “the reported net loss for the quarter was Rs 16 crore on account of higher tax, based on geographical split of profits and minority interest.”