- 24 May 2023
- ICICIdirect Research
BIOCON REPORTS BEAT ACROSS THE BOARD DRIVEN BY BIOSIMILARS
BIOCON - 334 Change: -6.95 (-2.04 %)News: Revenues grew 56.7% YoY to Rs 3773.9 crore . Biosimilars grew 114 % YoY to Rs 2102 crore. Research services segment grew 31.2% YoY at Rs 994.4 crore while Generic sales remained flat YoY at Rs 717 crore. EBITDA margins improved 185 bps YoY to 26.4% . Overall EBITDA improved 68.5% YoY to Rs 997.3 crore. Adjusted PAT came in at Rs 313.2 crore
View: Numbers were higher than estimates even after considering the full impact of Viatris integration. Biosimilars sales at Rs 2100 crore were even higher than management guidance of Rs 2000 crore. On the margins front, while GPM were in line, significant beat was mainly on account of lower than expected R&D spend. Overall, progress on the biosimilars front in the backdrop of significant high leverage on the balance sheet will be the key determinant for investors sentiments
Impact: Positive