The company's medium-term growth outlook remains intact on new product launches and strong pipeline despite challenges amidst COVID19 pandemic. Therefore, we upgrade our rating to BUY on the stock with a revised target price of Rs. 390 based on 31x FY22E adj. EPS. Growth in topline despite Corona-led lockdowns Biocon recorded revenue growth of 3.4% YoY to Rs. 1,581cr, primarily driven by Small molecule segment (+14.6% to Rs. 541cr) on strong growth in generic formulation and steady increase in API sales. Research services business also grew 13.7% YoY to Rs. 607cr backed by robust growth in discovery services and development services. This...