External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Biocon’s Q3FY24 reported Revenue/EBITDA/PAT are below expectations by -1%/-15%/- 76%. Biocon divested two assets in the last quarter 1.) Rs350 Cr brands to ERIS Life Sciences 2.) Rs456 Cr gain in Bicara therapeutics. After adjusting these two assets reporting Revenue Rs 3,604 Cr (+ 22.5%/4.1%, YOY/QoQ), EBITDA margins are 18% (-746bps/- 246bps YoY/QoQ).</li><li>Reported PAT Rs 54 Cr versus Rs 190 Cr YoY. Gross margins, 65.8%, decreased by -162bps/-163bps YOY/QoQ.</li><li>The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Biocon’s Q3FY24 reported Revenue/EBITDA/PAT are below expectations by -1%/-15%/- 76%. Biocon divested two assets in the last quarter 1.) Rs350 Cr brands to ERIS Life Sciences 2.) Rs456 Cr gain in Bicara therapeutics. After adjusting these two assets reporting Revenue Rs 3,604 Cr (+ 22.5%/4.1%, YOY/QoQ), EBITDA margins are 18% (-746bps/- 246bps YoY/QoQ).Reported PAT Rs 54 Cr versus Rs 190 Cr YoY. Gross margins, 65.8%, decreased by -162bps/-163bps YOY/QoQ.The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).</li><li>The Biosimilars segment included Viatris’ Sales in the last quarter.</li><li>The company’s gross margins increased by 183bps YoY due to changes in the product mix and price erosion in the business while EBITDA margins improved by 185bps due to the decrease in Other Expenses.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).The Biosimilars segment included Viatris’ Sales in the last quarter.The company’s gross margins increased by 183bps YoY due to changes in the product mix and price erosion in the business while EBITDA margins improved by 185bps due to the decrease in Other Expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - Aggressive Capital Allocation Leads to Suppressed Return Ratios

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Thematic (Sector/Industry)

<ul><li>The Pharma companies under our coverage are likely to report aggregate Revenue/EBITDA/PAT growth of 17.4%/23.8%/25.2% YoY in Q2FY24E.</li><li>The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.</li><li>A high double-digit growth in the US market was led by gRevlimid and other value-added launches despite intense competition and low singledigit growth witnessed in the basic generic business. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Pharma companies under our coverage are likely to report aggregate Revenue/EBITDA/PAT growth of 17.4%/23.8%/25.2% YoY in Q2FY24E.The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.A high double-digit growth in the US market was led by gRevlimid and other value-added launches despite intense competition and low singledigit growth witnessed in the basic generic business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><div><div><div><ul><li>The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.</li><li>The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.</li><li>High double-digit growth was seen in the US market, which was led by gRevlimid and other value-added launches despite intense competition and high single-digit growth in the basic generic business. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.High double-digit growth was seen in the US market, which was led by gRevlimid and other value-added launches despite intense competition and high single-digit growth in the basic generic business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

Biocon Ltd (BIOS IN)

Biocon Ltd - More Challenges Ahead

The company got Rs 106 Cr one-time expenses, on behalf of the integration of Biocon Bioologics business across the globe.

Axis Direct

Biocon Ltd - Aggressive Capital Allocation Leads to Suppressed Return Ratios

The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).

Axis Direct

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Pharma - Q2FY24 - Earnings Preview

The Pharma companies under our coverage are likely to report aggregate Revenue/EBITDA/PAT growth of 17.4%/23.8%/25.2% YoY in Q2FY24E.

Axis Direct

Pharma - Q1FY24 - Earnings Preview

The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.

Axis Direct