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Motilal Oswal Report
Biocon Ltd. delivered a lower than expected Q1 FY23, led by reduced traction in the generics segment, stable performance in biosimilars, and higher operational cost.
Biocon continues to build its biosimilars pipeline on its own and via the partnership model, as well as launch molecules in the generics space.
We cut our FY23/FY24 earnings per share estimate by 20%/6%, factoring in:
a delay in commercialisation of b-Aspart,
shutdown related expenses in the generics segment,
higher research and development spends for biosimilars,
and the ongoing price erosion in the base business.
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