External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Biocon reported revenue of Rs24,088mn, up 31% YoY and 10.8% QoQ. EBITDA stood at Rs5,919mn, up 35.8% YoY and 21.2% QoQ</li></ul><div><div><div><div><ul><li>Biosimilars: Biosimilar business reported revenue of Rs9,823mn, up 48% YoY and 0.1% QoQ.</li></ul><div><div><div><div><ul><li>Generics: Generics revenue stood at Rs7,172mn, up 24.2% YoY and 18.1% QoQ.</li></ul></div></div></div></div></div></div></div></div></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>

Biocon reported revenue of Rs24,088mn, up 31% YoY and 10.8% QoQ. EBITDA stood at Rs5,919mn, up 35.8% YoY and 21.2% QoQBiosimilars: Biosimilar business reported revenue of Rs9,823mn, up 48% YoY and 0.1% QoQ.Generics: Generics revenue stood at Rs7,172mn, up 24.2% YoY and 18.1% QoQ.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 - Strong Growth in Generics Business and Research Services

Thematic (Sector/Industry)

<ul><li>4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.</li><li>We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.</li><li>Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.</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>

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.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.

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> is also facing competition for its marketed biosimilars.</li>
<li>The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.</li>
<li>With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.</li>
</ul>


Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, Celltrion Inc (068270 KS) is also facing competition for its marketed biosimilars.
The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.
With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.


Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Biocon is a leading biopharma company operating in biologics, contract research (Syngene), small molecules and branded formulations.</li><li>Biosimilar US pipeline: (approvals - Pegfilgrastim, Trastuzumab, Glargine, Adalimumab); filed - Aspart and Bevacizumab</li><li>Target Price and Valuation: We value Biocon at Rs 390 on SOTP basis</li></ul><div class="content-highlight"><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></div>

Biocon is a leading biopharma company operating in biologics, contract research (Syngene), small molecules and branded formulations.Biosimilar US pipeline: (approvals - Pegfilgrastim, Trastuzumab, Glargine, Adalimumab); filed - Aspart and BevacizumabTarget Price and Valuation: We value Biocon at Rs 390 on SOTP basisContent 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: Viatris Deal - High Risk-Reward Play with Leverage

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>BBL (a subsidiary of BIOS) will acquire Viatris' Biosimilar business to create a vertically integrated company in the Biologics segment.</li><li>With this acquisition, BBL will acquire the commercial infrastructure in developed/emerging markets, rights for all Biosimilar assets (including the in-licensed portfolio), and the option to acquire rights of bAflibercept.</li><li>This also fills BBL's gap in regulatory development and supply chain management of Biosimilars in the developed market.</li></ul><div class="content-highlight"><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></div>

BBL (a subsidiary of BIOS) will acquire Viatris' Biosimilar business to create a vertically integrated company in the Biologics segment.With this acquisition, BBL will acquire the commercial infrastructure in developed/emerging markets, rights for all Biosimilar assets (including the in-licensed portfolio), and the option to acquire rights of bAflibercept.This also fills BBL's gap in regulatory development and supply chain management of Biosimilars in the developed market.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.

Biosimilar deal with Viatris completes the value chain in its Biologics business

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.

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Biocon Ltd (BIOS IN)

Biocon - Strong Growth in Generics Business and Research Services

Biocon delivered strong revenue growth (11% QoQ), driven by Generics and Research Services businesses, but the Biosimilar business was flattish QoQ.

Nirmal Bang

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

Celltrion is facing increasing competition for its marketed products in both EU and the U.S. Price erosion coupled with inflated SG&A and R&D...

Tina Banerjee

Biocon: Viatris Deal - High Risk-Reward Play with Leverage

Biocon is a leading biopharma company operating in biologics, contract research (Syngene), small molecules and branded formulations.

ICICI Securities Limited

Biosimilar deal with Viatris completes the value chain in its Biologics business

BBL (a subsidiary of BIOS) will acquire Viatris' Biosimilar business to create a vertically integrated company in the Biologics segment. With...

Motilal Oswal

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52-week Range

Market Cap (USDm)

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Biocon - Strong Growth in Generics Business and Research Services

Biocon delivered strong revenue growth (11% QoQ), driven by Generics and Research Services businesses, but the Biosimilar business was flattish QoQ.

Nirmal Bang

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

Celltrion is facing increasing competition for its marketed products in both EU and the U.S. Price erosion coupled with inflated SG&A and R&D...

Tina Banerjee

Biocon: Viatris Deal - High Risk-Reward Play with Leverage

Biocon is a leading biopharma company operating in biologics, contract research (Syngene), small molecules and branded formulations.

ICICI Securities Limited

Biosimilar deal with Viatris completes the value chain in its Biologics business

BBL (a subsidiary of BIOS) will acquire Viatris&#x27; Biosimilar business to create a vertically integrated company in the Biologics segment. With...

Motilal Oswal

BBL (a subsidiary of BIOS) will acquire Viatris' Biosimilar business to create a vertically integrated company in the Biologics segment. With...