Motilal Oswal's research report on Biocon
Biocon (BIOS) reported lower-than-expected financial performance in 1QFY26, affected mainly by a sharp reduction in generics sales and increased opex related to new facilities. While it was a dismal quarter for the generics segment, BIOS has a pipeline of product approval/launches lined up for the near to medium term to improve growth prospects and profitability. Biologics sales witnessed improved traction from commercialized molecules in both advanced as well as emerging markets.
Outlook
We value BIOS on an SOTP basis (20x 12M forward EV/EBITDA for 73% stake in Biocon Biologics, 53% stake in Syngene, and 10x EV/EBITDA for the Generics business) to arrive at a TP of INR410.
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