Company Update : Biocon Ltd By Motilal Oswal Financial Services Ltd
Strong beat driven by higher generic sales
* BIOS’ 4QFY25 revenues grew 12.8% YoY to INR44.2b (est. INR41b).
* Revenue growth was led by:
* Generics sales, which rose 46% YoY to INR10.5b (23% of sales).
* Research services (23% of sales), which grew 11% YoY to INR10.2b.
* Biosimilars (54% of sales), which rose 5% YoY to INR24.5b.
* Gross margin (GM), which expanded 70bp YoY to 64.5%.
* EBITDA margin expanded 100bp YoY to 24.4% (est: 20.8%) due to lower R&D/ other expenses (-100bp/-300bp YoY as a % of sales) offset by higher employee costs (+370bp YoY as a % of sales).
* The EBITDA margin for Biocon Biologics stood at 21.9% in 4QFY25 (down 210bp YoY/up 70bps QoQ).
* The EBITDA margin of Syngene was 35.7% for the quarter (up 110bp YoY/560bp QoQ).
* The Generic business registered an EBITDA margin of 23.2% vs. 4.6% YoY and 2.8% QoQ.
* EBITDA grew 18% YoY to INR10.8b (est: INR8.5b) for the quarter.
* Adj. PAT grew 128% YoY to INR3.3b on the back of better operational performance and a lower tax rate for the quarter.
* During FY25, BIOS’ revenue/EBITDA/PAT grew 6%/7.6%/13.2% YoY to INR152b/INR32b/INR2.4b.
* Revenue/EBITDA/PAT beat BBG estimates by 7%/15%/63%.
Key highlights
* During the quarter, the generics business growth was driven largely by the sale of launch quantities of Lenalidomide (g-Revlimid) capsules, Dasatinib tablets, and Triamtrine capsules.
* The generics’ growth was also aided by the launch of Liraglutide in the UK.
* BIOS launched b-Stelara in the US market during the quarter.
* BIOS has reached a market share of 26% for b-Trastuzumab and 30% for bPegfilgrastim at the end of 4QFY25.
* Research services revenue growth was supported by commercial manufacturing alongside new development projects for the quarter.
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