External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Biocon's Q2FY25 results came in below our expectations.</li><li>Reported revenue grew by 3.7% YoY and 4.6% QoQ, primarily driven by weak sales in the generics segment, while the biosimilars segment grew by 10.8% YoY.</li><li>Gross margins of 67.1% decreased by 39 bps YoY but increaed by 150 bps QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon's Q2FY25 results came in below our expectations.Reported revenue grew by 3.7% YoY and 4.6% QoQ, primarily driven by weak sales in the generics segment, while the biosimilars segment grew by 10.8% YoY.Gross margins of 67.1% decreased by 39 bps YoY but increaed by 150 bps QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Debt Capital Markets

Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by S&P/Fitch. The proceeds will be used to refinance an outstanding syndicated loan facility obtained for the acquisition of Viatris' global biosimilars business for USD 3.335 bn in May 2022. We see fair value for the proposed 5NC2 bonds at 7%.

  Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by S&P/Fitch. The proceeds will be used to refinance an outstanding syndicated loan facility obtained for the acquisition of Viatris' global biosimilars business for USD 3.335 bn in May 2022.   We see fair value for the proposed 5NC2 bonds at 7%. 

Biocon Biologics - New Issue Assessment - Lucror Analytics

<ul><li>Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points YoY, indicating strong business performance.</li><li>Additionally, the launch of Liraglutide and Micafungin in the generics segment is expected to add value.</li><li>Continuous improvement in market share and launches in new geographies will further enhance sales of biosimilars. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points YoY, indicating strong business performance.Additionally, the launch of Liraglutide and Micafungin in the generics segment is expected to add value.Continuous improvement in market share and launches in new geographies will further enhance sales of biosimilars. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - Weak Operational Performance

<ul><li>Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.</li><li>The company has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and key global markets, as well as generic formulations in the US and Europe.</li><li>Additionally, it has a pipeline of promising novel assets in immunotherapy under development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.The company has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and key global markets, as well as generic formulations in the US and Europe.Additionally, it has a pipeline of promising novel assets in immunotherapy under development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Biocon Ltd. - 05 AUGUST 2024

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Biocon recently signed an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.</li><li>Liraglutide is an injection in pre-filled pen, used to treat chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.</li><li>Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory approvals and commercialization in the South Korean market.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon recently signed an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.Liraglutide is an injection in pre-filled pen, used to treat chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory approvals and commercialization in the South Korean market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - GLP Product Launch a Big Opportunity

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Biocon Ltd - Weak Operational Margins

Reported revenue grew by 3.7% YoY and 4.6% QoQ, primarily driven by weak sales in the generics segment, while the biosimilars segment grew by 10.8%...

Axis Direct

Biocon Biologics - New Issue Assessment - Lucror Analytics

Biocon Biologics launched a roadshow last week to market its USD 5NC2 144A/RegS notes offering. The expected issue rating is BB/BB by...

Lucror Analytics

Biocon Ltd - Weak Operational Performance

Despite flat overall results, biosimilars reported an 11% revenue growth YoY, and there was an improvement in gross margins by 100 basis points...

Axis Direct

Pick of the Week: Biocon Ltd. - 05 AUGUST 2024

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic...

Axis Direct

Biocon Ltd - GLP Product Launch a Big Opportunity

Biocon will undertake the development, manufacturing, and supply of the drug product, and Handok will be responsible for obtaining regulatory...

Sharekhan

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