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ICICI Direct Report
Biocon Ltd. posted below par numbers for Q1 FY22.
While revenues were below estimates due to Covid-related operational challenges at active pharmaceutical ingredient facilities, profitability was lower due to a below expected operational performance and share of loss from Bicara Therapeutics.
Revenues grew 5.3% YoY to Rs 1760.6 crore (our estimate: Rs 1895 crore).
Biosimilars grew 9.6% YoY to Rs 758 crore, better than our estimates of Rs 706 crore.
Biocon's research services segment grew 41% YoY at Rs 595 crore, in line with our estimates of Rs 590 crore.
Generic sales de-grew 18.8% YoY to Rs 486 crore (our estimate: Rs 599 crore) due to Covid-related operational challenges at API facilities.
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