Biocon Ltd, an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the fiscal third quarter ended December 31, 2019.

Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: "We witnessed strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses. We continued our journey of increasing access to high-quality biosimilars and commercialized our biosimilar Trastuzumab in U.S., Canada and many EU markets this quarter. Net Profit before exceptional item at Rs 225 Crore reported a 6% growth. EBITDA at Rs 480 Crore reported a growth of 18%. Core margins were strong at 33% with EBITDA margin of 27% and the Net Profit margin of 11%.

“Importantly, we have initiated value unlocking of our biosimilars business with the dilution of a minority stake to True North for a primary equity investment of ~USD 75 million, which gives a pre-money equity valuation of ~USD 3 billion for Biocon Biologics. We plan to raise further capital at an opportune time in the near future.”