Great analysis in the Morgan Stanley report. Liked the Celltrion comparison .
However worrying thing is Humira US sales will most likely start only by 2022 . Also they have assumed 35% of revenues (only) for Biocon
There is not much mention of FCF analysis in this report. Just a FCF yield no. All of the story is based on revenue realization expectations. Have a few questions
1) Is the $200 M capex for Malaysia plant already incurred or is some portion of it due ?
2) The research expenses for the current pipeline have been incurred. However, what are the expenses in Filing and approval ?
3) What are the costs of production and scaling post approval ? Is it going to be along the lines of generics or are the cost of production higher for biosimilars?