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Biocon Q4 Result Review: Competition May Mire Down Potential Turnaround, Says ICICI Securities, Retains 'Sell'
In the near term, Biocon has five launches lined up, which should boost growth; however, competition challenges persist, says ICICI Securities.
12 May 2025, 05:19 PM IST 
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Biocon's revenue, in Q4 FY25, grew 12.8% YoY (+15.6% QoQ) to Rs 44.2 billion driven by an outperformance in the generic segment. (Photo source: Biocon website)
Inventory channel filing of gRevlimid in US was a key reason for the outperformance in Q4 FY25; besides, performance of other segments was in-line with our expectations. Ahead, Biocon has lined up five new biosimilars, which should help the company to reduce its revenue concentration (top-4 biologics account for 75% of biologic sales in FY25) and improve gross and Ebitda margins in the next couple of years.
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