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Biocon Q2 Review - Ramp-Up In Biosimilars Offset Lower Generic Sales: Motilal Oswal

Biocon Q2 Review - Ramp-Up In Biosimilars Offset Lower Generic Sales: Motilal Oswal

An employee in protective clothing arranges samples inside the research and development center at the Biocon Ltd. campus in Bengaluru, India. (Photographer Dhiraj Singh/Bloomberg)
An employee in protective clothing arranges samples inside the research and development center at the Biocon Ltd. campus in Bengaluru, India. (Photographer Dhiraj Singh/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

Biocon Ltd. delivered an operationally in line Q2 FY22, while higher other income led the earnings beat.

The healthy show in Research Services and ramp-up in Biosimilar sales was dragged down by the Generics segment on a YoY basis.

We lower our FY23E EPS estimate by 3%, factoring in:

a) pandemic-led delays in inspection, thereby having a subsequent impact on the approval timeline,

b) gradual pick-up in market share for Insulin Glargine

c) intense pricing pressure in Generics, and

d) an increase in raw material prices.

Click on the attachment to read the full report:

BIOS-20211022-MOSL-RU-PG012.pdf

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