Biocon Q4 Review - Biosimilars Performance Below Expectations: ICICI Direct
Biosimilars manufactured by Biocon Ltd. (Source: Company website)

Biocon Q4 Review - Biosimilars Performance Below Expectations: ICICI Direct


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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:

ICICI Direct Biocon Q4FY21 Result Update.pdf


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