Biocon Q4 Review - Approvals, Faster Traction To Lead To Better Future Growth: 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)

Biocon Q4 Review - Approvals, Faster Traction To Lead To Better Future Growth: Motilal Oswal

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Motilal Oswal Report

Biocon Ltd. delivered lower-than-expected Q4 FY21 results due to:

  1. moderation in performance of biosimilars, and

  2. sluggish growth in generics.

While the business environment remains challenging on account of Covid-19, it continues to build a product pipeline of biosimilars/generics to create a foundation for growth over the next four to five years.

We lower our FY22E/FY23E earnings per share estimate by 10%/3%, factoring in a delay in:

  1. approvals for biosimilars in the U.S.,

  2. award of tenders in emerging markets,

  3. gradual build-up of the insulin glargine business, and

  4. increased competition in already commercialised products.

Click on the attachment to read the full report:

Motilal Oswal Biocon Q4FY21 Result Review.pdf


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