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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.
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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