Biocon share price plunged more than 9 percent after the pharma company’s December quarter earnings failed to meet Street estimates with the net profit and operating income declining.
The domestic pharma major reported a 19 percent fall in consolidated net profit year-on-year (YoY) basis at Rs 186.6 crore for the third quarter of fiscal 2021 as compared to Rs 230.3 crore in the same period last fiscal. CNBC-TV18 analysts' poll had estimated a net profit of Rs 216 crore.
Speaking in an interview with CNBC-TV18, Kiran Mazumdar Shaw, Executive Chairperson of Biocon said that are many opportunities to be unlocked in emerging markets (EMs) when it comes to biosimilars business.
“Biosimilars business has grown 11 percent this quarter and it has shown 14 percent sequential increase in revenues and 37 percent increase in profit before tax. However, the pace of acceleration that we wanted is not at the level it should be. Therefore, we believe that there are large number of opportunities that we need to unlock especially in emerging markets where we have recently received a large number of regulatory approvals,” she said.
However, said Mazumdar-Shaw, COVID has dampened the pace of growth, but we hope things will return to normalcy by end of FY21. “We will then pursue low hanging opportunities in a very aggressive and successful manner,” she said.
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