Full Year 2024 Biocon Ltd Earnings Call Transcript
Key Points
- Biocon Ltd (BOM:532523) achieved a 35% year-on-year growth in total revenues for fiscal 2024, reaching INR15,621 crores.
- The Biologics segment saw a significant 58% growth in operating revenues, contributing INR8,824 crores.
- The company successfully completed the full transition of the acquired Biosimilar business globally, crossing the $1 billion revenue threshold.
- Biocon Ltd (BOM:532523) secured approval for liraglutide in the UK, marking the first generic approval of a GLP-1 receptor agonist in a major regulated market.
- Syngene, a segment of Biocon Ltd (BOM:532523), delivered a 9% year-on-year revenue growth, despite a sector-wide funding slowdown in research services.
- The Generics segment reported only a modest 1% year-on-year growth, impacted by pricing pressures and regulatory delays.
- Net profit for the quarter, excluding exceptional items, stood at INR144 crores, a significant drop from INR335 crores in the previous fiscal quarter.
- The biosimilar adalimumab market in the United States faced inertia, with no material opening expected until calendar year 2025.
- The company prepaid $250 million of acquisition-related debt, indicating a focus on debt reduction but also highlighting financial strain.
- R&D investments for the full year were INR1,154 crores, representing 10% of revenues, which could be seen as a high expenditure relative to revenue.
Good evening, everyone. I'm Saurabh Paliwal from Biocon's Investor Relations team and I would like to welcome you to today's earnings call for the fourth quarter and full year fiscal 2024. (Operator Instructions)
I would like to bring to your attention that this conference is being recorded and the recording will be made available on our website within a day, and the transcript would be made available subsequently. As part of today's representation, we have Group CEO, Mr. Peter Bains; Mr. Siddharth Mittal, CEO and MD of Biocon Limited; Mr. Shreehas Tambe, CEO and MD of Biocon Biologics Limited, along with other senior management colleagues from across our business segments to discuss this quarter's business performance and future outlook for the company.
Before we begin, I would like to remind everyone regarding the Safe Harbor link to this conference call. Comments made during the call may be forward-looking in nature based on management's current beliefs and expectations. They must be viewed in relation to the risks that our
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