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Global biopharmaceuticals company Biocon on Wednesday reported 23 per cent rise in revenue for the first quarter of financial year 2023, at Rs 2,217 crore.

"We have had a strong start to the year. At a consolidated level, YoY revenues grew 23 per cent backed by robust growth in both Biosimilars (29 per cent) and Generics (19 per cent). Core earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 25 per cent and margin improved to 31 per cent compared to 30 per cent in Q1FY22 and net profit grew 71 per cent to Rs 144 crore.

"Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains.

"All our three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the Covid-19 pandemic," Biocon and Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw said.

Sales of Glargine in the US, and key biosimilars in emerging markets were the main drivers for Biocon Biologicals' strong performance.

Biocon Biologics Ltd Managing Director Arun Chandavarkar said: "Initiation of global clinical trials for two monoclonal antibodies and advancement of our other pipeline assets led to a 120 per cent increase in our research and development investments this quarter. Whilst this impacts EBITDA in the near term, such investments will create a strong portfolio to secure our future growth.

"Our strategic alliance with Serum Institute Life Sciences for vaccines and the acquisition of Viatris' global biosimilars business are on track for closure in the second half of this calendar year."