Biocon, which had closed yesterday at Rs.335.30, opened lower today at Rs.325.05 and went down to an intraday low at Rs.320.90, slipping over 4%.

The company announced its Q4FY20 earnings late in the night. It posted a 42% (YoY) decline in net profit at Rs.123 crore though revenue was up 3% at Rs.1581 crore.

EBITDA for the quarter came in at Rs.382 crore, down 11% while margins slipped by a huge 500 bps to 23% from 28%. Its R&D expenses rose 36% at Rs.125 crore.

For FY20, the company’s revenue was up 15% at Rs.5659 crore and net profit was at Rs.760 crore, up 4%.

Commenting on the performance, Dr Christiane Hamacher, CEO & Managing Director, Biocon Biologics India Ltd, said, “We had excellent growth for three consecutive quarters in FY20 until the COVID-19 pandemic impacted our Q4 earnings. However, we expect the biosimilars business to recover Q1FY21 onwards on the back of growth opportunities of our key biosimilars supplemented by the expected U.S. launch of Insulin Glargine in mid-CY20.”