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:
moderation in performance of biosimilars, and
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:
approvals for biosimilars in the U.S.,
award of tenders in emerging markets,
gradual build-up of the insulin glargine business, and
increased competition in already commercialised products.
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