Biocon Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues declined 1.5% YoY to | 931 crore (I-direct estimate: | 1055 crore) due to elongated approval timelines in emerging markets, discontinuance of in-licensed products and fire incident at Syngene EBITDA margins contracted 70 bps YoY to 20.1% (I-direct estimate: 25%) mainly due to higher raw material & employee cost. EBITDA declined 4.8% YoY to | 188 crore (I-direct estimate: | 264 crore) Net profit increased 106% YoY to | 127.5 crore (I-direct estimate:...

Q3FY17 PAT (up 67% YoY) was 21% higher than our estimate due to 2.5x increase in licensing income (directly flows to PBT). While EBITDA margin improved to 25.7% (up 401 bps YoY), margin (ex-licensing) improved slightly (up 93 bps YoY) to 19.5%. Much-awaited Insulin facility in Malaysia is commercial..

Revenue grew by 9.7% to Rs. 1022.5 Cr in Q3FY17 when compared to the previous quarter. Also, it grew by 29.59% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research Revenues grew 29% YoY to | 1044 crore (I-direct estimate: | 996 crore) mainly due to a sharp jump in licensing income and robust growth in biologics. Licensing income increased to | 79 crore from | 32 crore in Q3FY16. Biologics revenues grew 60% to | 120 crore EBITDA margins improved 354 bps YoY to 26.4% (I-direct estimate: 24.2%) mainly due to lower raw material & other expenses. Higher licensing income was also contributed to EBITDA...

ICICI Securities Ltd | Retail Equity Research Revenues grew 19.8% YoY to | 954 crore (I-direct estimate: | 1043 crore) mainly due to higher licensing income & growth in biological business. Biological segment revenues grew 26.3% YoY to | 96 crore (I-direct estimate: | 120 crore) EBITDA margins improved 392 bps YoY to 25.2% (I-direct estimate: 23.9%) due to higher licensing income and lower R&D; expenses...

Biocon is one of the largest insulin's producer in Asia and its rh-Insulin today, has marketing approvals in 60 countries & over 20 countries for Insulin Glargine. As on 25th Aug. 2016, European Medicines Agency (EMA) has accepted to review Mylan and Biocon's application for a biosimilar called Trastuzumab, used for certain breast and gastric cancers. Marketing approval for the drug is likely to come in next 12-18 months having an addressable market close to USD 7 billion, which opens up a huge opportunity for Biocon and Mylan both. This is the second biosimilar submission developed by partnership that has been accepted for review in Europe. Last month, Mylan's...

Biocon and Mylan have received European Medicines Agency’s (EMA) acceptance to review Mylan’s marketing authorisation application (MAA) for a proposed biosimilar Trastuzumab used to treat certain HER2-positive breast and gastric cancers. This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe. In July, Mylan’s MAA for the proposed biosimilar Pegfilgrastim was accepted for review by EMA.

ICICI Securities Limited have introduced FY19 estimates (both for Biocon and Syngene) on account of better visibility and proven capability. SOTP target price is now | 1030.

ICICI Securities Ltd | Retail Equity Research Revenues grew 20.7% YoY to | 982 crore (I-direct estimate: | 951 crore) mainly due to 41.1% YoY growth in branded formulations to | 158 crore, 70.8% growth in biologics to | 123 crore and 17.4% growth in Syngene to | 263 crore. Growth in branded formulations was due to conversion from IGAAP to Ind AS EBITDA margins improved 119 bps YoY to 26.8% (I-direct estimate: 24.5%) mainly due to lower other expenditure...

9 Kick starts the regulatory filing of its first biosimilar Pegfilgrastim with EU regulators and expects to file with USFDA subsequently. More so, it reiterates for regulatory submissionofotherbiosimilars(Trastuzumab,Adalimumab,InsulinGlargine)intheUS aswellasEuropeinFY17.Thesefourhasaddressablemarketof>US$30bn. Keyhighlights:INDASsalessaw21%growthledbystrongperformanceacrossallsegment Biopharma(includesSmallmoleculesandBiologics)up19%yoydrivenbyhealthysalesof biosimilarsinemergingmarkets.Brandedformulationsandresearchserviceswereup41% and 18% yoy, respectively. EBITDA was 14% better than our estimates, as the margins at...

Biocon is India's largest biotech company run by Kiran Mazumder Shaw. It has presence in more than 100 countries. Biocon has been driven by its strategy to provide affordable access to advanced biopharmaceuticals for global patient populations. It aspires to become a US $ 1 billion company by FY 18. As a fully integrated biopharma company it delivers innovative biopharmaceutical solutions, ranging from discovery to development and commercialization, leveraging the cutting edge science, costeffective drug development capabilities and global scale manufacturing...