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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Biocon mainly operates in biologics (biosimilars), small molecules (generics), branded formulations and contract research (Syngene).</li><li>Biocon Biologics (BBL), a subsidiary of Biocon, entered into an arrangement to acquire Viatris’ biosimilars assets for US$3.34 billion.</li><li>Biocon Biologics entered into a strategic alliance with SILS for access to 100 million vaccine doses per annum for 15 years.</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 mainly operates in biologics (biosimilars), small molecules (generics), branded formulations and contract research (Syngene).Biocon Biologics (BBL), a subsidiary of Biocon, entered into an arrangement to acquire Viatris’ biosimilars assets for US$3.34 billion.Biocon Biologics entered into a strategic alliance with SILS for access to 100 million vaccine doses per annum for 15 years.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 (BIOCON) - Steady Performance; Focus on Viatris Integration...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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 reported a Consolidated EBITDA of Rs 471 Cr (EBITDA margins: 20.3%), which stood below our expectations.</li><li>The numbers got majorly impacted due to an increase in the R&amp;D Cost by 59% during the quarter.</li><li>The overall R&amp;D Costs have increased to Rs 242 Cr from Rs 146 Cr on a YoY basis, impacting the EBITDA margins which declined to 20.3% from expectations of 24.2%.</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 reported a Consolidated EBITDA of Rs 471 Cr (EBITDA margins: 20.3%), which stood below our expectations.The numbers got majorly impacted due to an increase in the R&amp;D Cost by 59% during the quarter.The overall R&amp;D Costs have increased to Rs 242 Cr from Rs 146 Cr on a YoY basis, impacting the EBITDA margins which declined to 20.3% from expectations of 24.2%.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.

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><div><div><div><ul><li>Biosimilar Business: If all goes well, the closure of Viatris transaction (acquisition of its biosimilar portfolio) may happen as early as 2HFY23.</li><li>The acquired business would have a topline of US$800mn and EBITDA of US$175mn.</li><li>Biocon will be able to build on the Viatris acquisition as it has multiple launches lined up in the biosimilar space and the same should help it to build on the base.</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>

Biosimilar Business: If all goes well, the closure of Viatris transaction (acquisition of its biosimilar portfolio) may happen as early as 2HFY23.The acquired business would have a topline of US$800mn and EBITDA of US$175mn.Biocon will be able to build on the Viatris acquisition as it has multiple launches lined up in the biosimilar space and the same should help it to build on the base.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>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

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 Ltd (BIOCON) - Steady Performance; Focus on Viatris Integration...

Biocon mainly operates in biologics (biosimilars), small molecules (generics), branded formulations and contract research (Syngene).

ICICI Securities Limited

Biocon - Margins Outlook on Lower Side

The overall R&D Costs have increased to Rs 242 Cr from Rs 146 Cr on a YoY basis, impacting the EBITDA margins which declined to 20.3% from...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Biocon- Management Meet Update

We hosted the Biocon management at our Annual Investor Conference to discuss the company’s business outlook. The company has multiple opportunities...

Nirmal Bang

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

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