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Motilal Oswal Report
Biocon Ltd. delivered lower-than-expected Q1 FY22 earnings, largely weighed by a weak performance from the generics segment.
Revenues grew 5.4% y-o-y to Rs 17.6 billion (estimate - Rs 19.2 billion), led by 41% y-o-y growth in research services (Rs 5.9 billion; 32% of sales), 9.6% y-o-y growth in biosimilars sales (Rs 7.5 billion; 41% of sales), and Rs 110 million in revenues from the novel biologics segment (nil y-o-y).
We lower Biocon's earnings per share estimate by 11%/6% for FY22/FY23, factoring in a delay in-
approvals for biosimilars in the U.S.,
pricing pressure in generics/delay in new approvals/operational issues in the generics segment on account of the pandemic.
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