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Biocon Q4 review – Strong growth in generics business and research services: Nirmal Bang

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Biocon Ltd. recorded strong revenue growth (11% QoQ), driven by generics and research services activities, but the biosimilar activity was stable QoQ.

The surge in US insulin Glargine prescription volume was potentially offset by lower revenue in other geographies/lower US supply revenue

We believe that Biocon’s increase in market share to over 50% in everolimus was the key driver of growth in the generics business, which increased 18% quarter-on-quarter.

As more generic players enter Everolimus, the generics business base may correct from current levels.

Viatris, Teva, and Par Pharma are other companies that have an approval for Everolimus 10mg, but have yet to launch.

We estimate the contribution of Everolimus to the generics business at approximately 15%.

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