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Nirmal Bang Report
Biocon Ltd. delivered strong revenue growth (11% QoQ), driven by generics and research services businesses, but the biosimilar business was flattish QoQ.
Ramp-up in insulin Glargine’s prescription volume in the U.S. was potentially offset by lower revenue in other geographies/lower supply revenue in the U.S.
We believe that Biocon's build-up in market share to over 50% in Everolimus was the key factor in driving growth in the generics business, which was up 18% QoQ.
As new generic players enter Everolimus, the generics business base might correct from current levels.
Viatris, Teva and Par Pharma are other companies that have an approval for Everolimus 10mg, but are yet to launch.
We estimate contribution of Everolimus to the generics business to be ~15%.
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