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Biocon Ltd announced its consolidated financial results for the fourth quarter and fiscal year ended on March 31st, 2020. Q4FY20 witnessed a muted growth of 6 per cent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on the biologics business.
Small molecules and research services businesses, however, delivered robust growth of 15 and 14 per cent, respectively. On a full-year basis, Biocon reported a revenue growth of 15 per cent led by a strong performance by biologics which grew by 29 per cent, small molecules by 18 per cent and research services by 10 per cent.
In the small molecules business, the company crossed an annual revenue milestone of Rs 2,000 crore for the first time. The revenue from generic formulations more than doubled during the quarter. Biocon commissioned a new research facility at Biocon Park in Bengaluru. It also repurposed one of its high-end laboratories to conduct RT-PCR tests for COVID-19, helping scale up testing capacity in Bengaluru, offering free testing services to city hospitals. The company partnered with Pune-based Mylab Discovery Solutions to supply reagents for use in its COVID-19 RT-PCR testing diagnostic kits.
