Sharekhan's research report on Biocon
Biocon reported weak performance for Q1FY23 and results missed estimates; while double-digit topline growth supported performance, higher cost pressures dragged down OPM. Market share gains in Semglee, biosimilar launches in the US, EU and other emerging markets and growth in acquired biosimilars portfolio from partner would drive the Biologics sales higher, making it a key growth driver An expected pick-up in generics segment and healthy growth in research could add to overall momentum that is well supported by capex plans, providing ample growth visibility.
Outlook
The management expects to unlock the potential of several investments it has made, in FY23.We retain Buy on the stock with a revised PT of Rs 362.
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