Shares of Biocon trades flat on the NSE during afternoon trade after the pharma company posted its Q2FY19 results. Reported PAT grew 4x yoy to Rs354.7cr in Q2FY19. Adjusted PAT rose 167.4% yoy to Rs184cr in Q2FY19.
Biocon’s revenue in Q2FY19 grew 36.4% yoy to Rs1,321cr led by growth in biologics, small molecules, and research services business segments.
EBITDA increased 86.3% yoy to Rs339.6cr in Q2FY19 vs. Rs182.3cr om Q2FY18. EBITDA margins in Q2FY19 stood at 25.7% vs. 21.2% in Q1FY19 and 18.8% in Q2FY18.
Exceptional income of Rs171cr was related to change in the fair value of our investment in US based Equillium Inc. Biologics business grew by 136% yoy to Rs367cr in Q2FY19.The company has received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) recommending approvals of Fulphila and Ogivri.
Biocon Ltd is currently trading at Rs611.80 down by Rs8.05 or 1.3% from its previous closing of Rs619.85 on the BSE.
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