Nirmal Bang: Biocon Q2 Review - Slowdown In Biologics Segment 
A technician works at Biocon facility in Bengaluru. (Photographer: Namas Bhojani/ Bloomberg)

Nirmal Bang: Biocon Q2 Review - Slowdown In Biologics Segment 

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Nirmal Bang Report

Biocon Ltd.’s revenue in Q2 FY21 stood at Rs 17,450 million, which is 5.5%/4.9% below our/consensus estimate and up 4.4%/11% QoQ/YoY.

Underperformance was on account of a QoQ decline in biosimilar sales. Biosimilar sales were impacted by operational challenges.

Ebitda for the quarter stood at Rs 3,910 million (excluding other income) and was 24%/18% lower than our/consensus estimate.

Higher research and development spend during the quarter impacted Ebitda adversely. R&D spend was up 38% QoQ.

Click on the attachment to read the full report:

Nirmal Bang Biocon- Q2FY21 Result Update- 23 October 2020.pdf


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