Biocon Q1 Review – Biosimilars Recover; Generics Slip: ICICI Securities

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Biocon Ltd. reported revenue in line with estimates but profitability was lower than expected for the Q1 FY22 results.

Biosimilar segment recovered supported by Covid-19 related drugs however, generics impacted due to lockdown.

Consolidated revenues grew 3.9% year-on-year to Rs 17.6 billion (our estimate: Rs 17.4 billion), adjusted Ebitda margin dropped 230 basis points YoY (down 160 basis points QoQ) to 22.1% (our estimate: 25.0%) and adjusted profit after tax declined 43.5% YoY to Rs 844 million (our estimate: Rs 1.5 billion).

Lower gross margin and higher expenses kept Biocon’s margins in check.

However, new launches coupled with recovery in the environment would support margins in the near term.

Click on the attachment to read the full report:

ICICI Securities Biocon Q1FY22 Results Update.pdf


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