Biocon Biologics To Close Viatris Deal Soon, IPO Plan Likely In 12-24 Months

Biocon Biologics Ltd (BBL) reported Q2FY23 revenue at Rs 997 Crore, which was up 34% (YoY) from Rs 743 Crore in Q2FY22. Biocon Biologics’ YoY revenue growth was led by a strong performance of its biosimilar portfolio in advanced and emerging markets. Continued progress on two of BBL’s own research assets, bDenosumab and bUstekinumab, which are undergoing global clinical trials, as well as other pipeline molecules, raised BBL’s R&D investments this quarter by 142% YoY to Rs 184 Crore, representing 18% of BBL revenue. Core EBITDA (excluding R&D, forex, licensing income, and mark-to-market loss on investments) stood at Rs 449 Crore, reflecting a growth of 48% YoY. Core EBITDA margin was at 46% for the quarter versus 42% last year. Profit Before Tax and Exceptional Items stood at Rs 78 Crore. Biocon Biologics Ltd., a subsidiary of Biocon Ltd., is a unique, fully integrated global biosimilar organization. It is leveraging cutting-edge science, innovative tech platforms, and advanced research & development capabilities to lower the costs of biologics therapies while improving healthcare outcomes. It has a strong research pipeline of biosimilar molecules across diabetes, oncology, immunology, and other non-communicable diseases. Seven molecules from Biocon Biologics’ portfolio have been commercialized in key emerging markets and advanced markets like the U.S., EU, Australia, Canada, and Japan. It has many firsts to its credit including the most recent U.S. FDA approval of the world’s first interchangeable biosimilar, awarded to its Insulin Glargine, which has been commercialized in the U.S. in 2021. Biocon Biologics has entered into a strategic transaction with Viatris to acquire its global biosimilar business and has also signed a strategic alliance with Serum Institute Life Sciences for vaccines (both are subject to certain closing conditions). This will enable the Company to address the inequitable access to lifesaving vaccines and biologics globally. With a team of over 5,000 people, Biocon Biologics is committed to transforming healthcare and transforming lives by enabling affordable access to patients. Sakshi Batra speaks to Shreehas Tambe, Deputy CEO of Biocon Biosimilars to find out more about the IPO plans going forward, the business outlook, and an update on the USFDA observations on the company's India and Malaysia facilities.