Biocon posts net profit at Rs 660 cr in Dec qtr

Biotech firm Biocon on Thursday reported a consolidated net profit of Rs 660 crore for the third quarter ended December 31, 2023, on the back of robust sales.

The company had reported a net loss of Rs 42 crore in the October-December period of last fiscal.

Total revenue rose to Rs 4,519 crore in the third quarter as against Rs 3,020 crore in the year-ago period, Biocon Ltd said in a statement.

''A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of USD 200 million towards the acquisition-related debt reduction,'' Biocon Executive Chairperson Kiran Mazumdar Shaw said.

Steady market shares for key biosimilars in the US and EU were complemented by the emerging markets performance which saw a number of new product launches and tender wins, she added.

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