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ICICI Securities Report
Biocon Ltd. has reported revenue in line with our estimates while profit beat estimates on the back of better margins and higher other income.
Biosimilar segment remained steady QoQ; however, generics was impacted due to continuous pricing pressure in the U.S.
Consolidated revenue grew 5.5% YoY to Rs 18.4 billion (our estimate: Rs 18.0 billion), adjusted Ebitda margin improved 180 basis points YoY (up 210 bps QoQ) to 24.2% (our estimate: 23.0%) and adjusted profit after tax grew 13.8% YoY to Rs 1.9 billion (our estimate: Rs 1.1 billion).
Biocon Biologics recently entered into an agreement with Serum Institute for vaccines by offering 15% stake which is valuation neutral, in our view.
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