Biocon Q4 Review - Biosimilars Performance Below Expectations: ICICI Direct
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.
ICICI Direct Report
Biocon Ltd.'s Q4 FY21 revenues grew 16.3% YoY to Rs 1,839 crore.
Biosimilars grew 53.2% YoY to Rs 664 crore due to low base effect. Research services segment grew 8.4% YoY at Rs 659 crore.
Generic sales grew 2.7% YoY to Rs 578 crore due to pricing pressure and stockpiling by customers in H1 FY21.
Ebitda margins improved 355 basis points YoY to 23.7% mainly due to strong gross margins and lower research and development cost.
Ebitda grew 36.8% YoY to Rs 436 crore versus our estimate of Rs 470 crore.
Delta vis-a-vis Ebitda was due to higher other income, which included Rs 160 crore gain from fair valuation of Bicara Therapeutics.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.