The result is underwhelming - generics/formulations business did not do well.
My rough notes from the concall
Biologics revenue growth is 10% but profit growth is impressive at 47% (127 crores approx) reflecting capacity utilisation and increasing growth in the developed markets where margins are high.
Insulin glargine will be stocked in the leading USA pharmacy chain from January - this is excellent news indeed. Interchangeability status helped obviously. This will be the main driver in 2022. (Lantus market size was 7 billion in 2015 - it will be interesting to see how much market share biocon gains from the innovator)
Everolimus and esomeprazole launch in the US will help in the short term…
API manufacturing facility being built at Vishakapatanam - this will contribute from 2023. Capex 350 crores…
Partnership with serum institute will contribute from 2nd half of 2022
Covid affected biocon adversely - generics as well as biologics. Post-covid recovery will surely help biocon in a major way in my view. Share price has corrected 33% from the top.
Discl - accumulating since 2016