Biocon reported its Q4FY21 earnings on Wednesday. Detailing the numbers, Kiran Mazumdar Shaw, Executive Chairperson of the company, said they have seen some headwinds in biosimilars but is confident of delivering a stronger biosimilar growth in FY22.
“We had to go in for a management change in the last quarter of this year. With this new management change that we have made, we are very confident that we will deliver stronger growth than what FY21 has delivered,” she said in an interview to CNBC-TV18.
She also said that year-on-year (YoY) Q4 saw a 53 percent growth. “The quarter was very strong compared to last financial year; but even last financial year we had a very serious impact of the COVID pandemic. We would have liked to see a better growth and not a sequential decline, but we have seen this for many reasons."
"So, there have been some headwinds which have caused muted growth. But compared to last financial year, we have seen a 53 percent YoY growth this quarter,” she said.
According to Shaw, the $1 billion revenue target will take a few more quarters to forecast. “To get back to the $1 billion growth trajectory will take us a few more quarters of business performance to accurately forecast when we can get back to that target,” she said.
She is expecting Q1FY22 to be better. “We feel that we will have a good Q1, but let’s hope there are no surprises,” she said.Watch the video for more.