Bengaluru, Aug 10 : Indian pharmaceuticals giant Biocon registered Rs 3,516 crore revenues for Quarter 1 of FY 2024. An official statement issued by the company on Thursday said that the profits were up by 59 per cent year-on-year. The revenues of biosimilars are up by 106 per cent while that of research services are up by 25 per cent, the statement said. "We have had a strong start to the year. At a consolidated level, revenues rose 59 per cent YoY to Rs 3,516 crore driven primarily by the 106 per cent jump in biosimilars revenue. Research services revenue rose 25 per cent , and Generics reported 15 per cent growth. "Our core EBITDA for the quarter was up 42 per cent at Rs 936 crore, reflecting a margin of 28 per cent. R&D investments at Rs 315 crore increased by Rs 117 crore this quarter, reflecting our advancing pipeline, which will support future growth. "Our key biosimilars are gaining traction in both the US and Europe with Fulphila becoming the leading biosimilar Pegfilgrastim in the US and biosimilar Glargine's market share crossing the 12 per cent mark. A higher new prescription share reflects the prescriber confidence in our portfolio and the overall improvement in the adoption of biosimilars.' Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said in the statement. Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, 'The Generics business delivered a healthy 15 per cent year-on-year revenue growth, driven by growth in our formulations business in the US and new product launches in a few key MoW markets. We also saw a volume increase in immunosuppressant APIs. "Our product pipeline continues to advance with an approval for Vigabatrin tablets and a tentative approval for Lenalidomide capsules in the US, and for Mycophenolic acid tablets in Europe. The positive outcome of the two US FDA inspections at our Hyderabad API and Bengaluru OSD sites will help in accelerating new product approvals." "The recent launch of our fourth biosimilar in the US demonstrates our commitment to expand access to life-changing treatments. Having successfully transitioned the acquired business from Viatris in over 70 countries in emerging markets, we are now looking forward to integrating the business in North America by the end of Q2 FY24,' said Shreehas Tambe, CEO and Managing Director, Biocon Biologics Ltd. /IANS