Sell Biocon; target of Rs 900: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Biocon

Biologics remained flat YoY in 4Q due to delay in approvals in some emerging markets. In FY17, Biologics sales stood at USD75m, with management maintaining its segmental sales guidance of USD200m by FY19E (primarily driven by Ems). Syngene (29% of revenue) declined 14% YoY due to temporary disruptions led by fire in Dec-16.

Outlook

Recent stock price run-up is mainly led by positive developments in Biosimilars. Although the progress is impressive, we believe there are some uncertainties capping upside potential. In the near term, commissioning of Malaysia plant would pressurize profits. Maintain Sell with revised a TP of INR 900 @ 20x FY19E EPS (v/s INR 800 @ 20x 1HFY19E EPS).

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