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ICICI Direct Report
Biocon Ltd. reported steady Q2 FY22 results. Revenue was up 5.5% YoY to Rs 1,840.4 crore. Ebitda in Q2 FY22 was Rs 445.8 crore, down 13.9% YoY with margins at 24%. Consequent profit after tax was at Rs 138.3 crore (down 18.3% YoY).
Key triggers for future price performance
Biosimilars - 1) market share gains in existing biosimilar products in U.S., 2) expected approvals and launches of bBevacizumab and bAspart, 3) bGlargine ramp up post interchangeability approval and formulary registration in the U.S.
Geographical expansion and marketing authorisation for bBevacizumab in Australia, U.K. and overall biosimilar performances in MOW markets.
Developments on the vaccines front post strategic alliance with Serum.
CRAMs - Syngene Mangalore facility customer validations and approvals.
Generics - Ramp-up of Tacrolimus along with Labetalol & Esomeprazole opportunity in U.S. with market-size ~ $63 million & $230 million, respectively.
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