Biocon • •TOP Muhurat 2011 PICK ::ICICI Securities,

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Biocon
• The out-licensing deal with Pfizer to launch four human insulin
products in emerging and advanced markets post patent expiry
augurs well for Biocon. It has started supplying Fidaxomicin (antiinfective) API to US based Optimer’s patented product Dificid for
which the company is a sole supplier. The recent launch of
reusable pen in the domestic market is a promising move for the
company. Divestment in Axicorp is expected to boost EBITDA
margins
• The R&D services business is witnessing a consistent
improvement both in terms of revenues and profitability over the
last three quarters. The key trigger will be the unlocking of R&D
business through IPO.
• We expect sales and profits (after adjusting Axicorp numbers in
FY11) to grow by 22% and 20%, respectively, between FY11 and
FY13E. Biocon is currently trading at ~18x FY12E EPS of | 19.3
and ~15x FY13E EPS of | 24




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