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ICICI Direct Report
Biocon Ltd. reported strong revenues driven by all three segments.
Revenues grew 31% YoY to Rs 2409 crore driven by biosimilars growing 48% YoY to Rs 982 crore on back of improved performance across geographies and market share gains by interchangeable bGlargine in the U.S.
Biocon's research services segment grew 15% YoY to Rs 758 crore driven by strong quarter for development services as it caught up on postponed projects in addition to planned work while generic sales increased 26% YoY to Rs 717 crore driven by contribution from new launch of Everolimus in U.S., uptick in active pharma ingredient business and normalisation of supply challenges.
Ebitda margins came in-line with our expectations amid a 91 basis points YoY improvement to 24.6% mainly due to decline in gross margin (down 296 bps YoY) at 65.6% and higher other expenditure being offset by lower employee cost.
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