Anand Rathi
Biocon, is one the largest and fully-integrated, innovation-led bio pharmaceutical company emerging globally bio pharmaceutical enterprise serving customers in over 120 countries.
The Top 10 brands in its India portfolio reported a strong double digit growth.
The key developments during the quarter were approval of Fulphila (Pegfilgrastim) Biosimilar co-developed by Biocon and Mylan for launch in
US markets.
The company’s sterile Drug Product manufacturing facility in Bengaluru received EIR from USFDA and EUGMP certification.
Syngene extended its collaboration with Baxter upto 2024 and strengthens its growing client base amongst others.
Going ahead, we continue to expect company to get benefits of first wave of Biosimilar commercialization in the next two years which should drive higher revenues along with higher growth in formulation business on back of new launches and deeper penetration.
We expect company to grow at a CAGR of around 29 percent over next two years which should also improve better profit margins going ahead.
We have a buy rating with a target price of Rs 823 per share (61x FY19e EPS of 13.50).
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