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Motilal Oswal Report
We recently met with Biocon Ltd.'s management to understand its business outlook in greater detail. Here are the key takeaways:
After two years (FY20/FY21) of earnings decline, Biocon is well-positioned to revive earnings growth meaningfully.
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In addition to steady traction in already launched Biosimilars, Biocon has insulin Glargine (Semglee) contracts starting Q4 FY22. This would be further supported by bAspart, subject to regulatory clearance.
The recent agreement with the Serum Institute of India to market its Covid-19 vaccine further increases its business prospects from H2 FY23E onwards.
We expect 36% earnings compound annual growth rate over FY21-23E, led by Insulin Glargine, scaling up of the Biologics business in emerging markets, and ramp-up in research services. We are yet to factor in the vaccine business in our estimates.
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DISCLAIMER
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.
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