27 April 2016
4QFY16 Results Update | Sector: Healthcare
Biocon
Sell
BSE SENSEX
26,064
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, (INR m)
Free float (%)
S&P CNX
7,980
BIOS IN
200.0
114.2/ 1.7
581/397
20/29/35
313
39.3
CMP: INR571
TP:INR490 (-14%)
Mixed results; Development on Biosimilars portfolio is key
Financials & Valuation (INR b)
Y/E Mar
2016 2017E 2018E
Sales
34.5
39.4
46.5
EBITDA
7.9
9.4
11.4
Net Profit
4.6
5.2
6.1
Adj. EPS (INR)
23.2
26.2
30.6
EPS Gr. (%)
15.5
13.0
16.5
BV/Sh. (INR)
195.2 213.8 235.4
RoE (%)
11.9
12.3
13.0
RoCE (%)
21.1
12.6
14.0
P/E (x)
24.6
21.8
18.7
P/BV (x)
2.9
2.7
2.4
Estimate change
TP change
Rating change
Biocon’s 4QFY16 PAT at INR3.6b was boosted by a one-time deferred income of
INR2.6b, excluding which the PAT came in line with our estimate. Topline grew 17%
YoY (11% beat) to INR9.7b, aided by a strong growth in Syngene. EBITDA stood at
INR2b, while EBITDA margin was lower at 21.1% due to higher R&D expenses.
CRO leads in terms of Revenue:
The CRO/Syngene business continued to
witness strong momentum with a 32% YoY revenue growth, while the
Biopharma business (excluding India) also reported a higher than expected
growth (up 8% YoY) due to growing sales of biosimilars in emerging markets.
The India branded business remained sluggish with a growth of 3.4% YoY,
affected by portfolio rationalization and weak sales of in-licensed products.
Overall, we project a 15% YoY revenue growth over FY15-18E, supported by a
20% YoY growth in the Syngene business.
R&D investment at record high:
The EBITDA margin at 21.1% was down 36bp
YoY, owing to a spike in R&D expenses (10.3% of sales as against 6.7% in
4QFY15). We expect further margin improvement to be restricted by increased
R&D activities on account of higher number of ANDA filings and progression of
biosimilar projects in clinical trials (five molecules in Phase 3 clinical trial). We
project an EBITDA CAGR of 20% on the back of a slightly improved EBIDTA
margin at 24-25% by FY18E.
Biosimilars sales in regulated markets to kick off only post FY19:
Though Glargine
approval for Japan market is encouraging, approvals for US and EU region would be
key growth driver for the company and launches in these regulated market is only
possible post FY19. Until then, the company’s profitability is likely to remain under
pressure due to high R&D expenses, increasing capex and lower utilization levels of
new capacities. We maintain our SELL rating on the stock with a target price of
INR490 as the earnings outlook for Biocon remain modest over FY17/18E (15% EPS
CAGR as against ~20% for its peers), and big investment projects like the
biosimilars/Malaysia insulin plant are unlikely to generate significant revenue
before FY18.
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 3982 5584
Amey Chalke
(amey.chalke@motilaloswal.com); +91 22 39825423
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Biocon
CRO and Biopharma business drove topline
4Q Revenue growth at 17% YoY, was 11% ahead of our estimates and was aided by
superior performance of Biopharma and CRO business during this quarter.
Biopharma sales grew 8%YoY to INR4.5b (13% beat) on the back of substantial ramp
up in biosimilar portfolio in emerging markets. Going ahead, we believe improved
traction in insulins and MAbs products to lead 12% CAGR growth over FY15-18E.
However, significant scale would only happen in post FY18 with product launches in
regulated markets. India formulation business (11% of sales) registered 3%YoY
growth in 4QFY16, on account of portfolio rationalization steps taken by the
company, focuses on high margin specialty brands. We expect India business to
register 14% growth over FY15-18E.
Exhibit 1: Quarterly performance (sales mix)
(INR m)
4QFY16 4QFY15
% YoY 3QFY16
5,294
4,884
8.4
4,216
Bio-Pharma
54.6
58.8
50.9
% of sales
1,017
984
3.4
1,045
India Form.
10.5
11.9
12.6
% of sales
3,155
2,384
32.3
2,701
Contract Research
32.5
28.7
32.6
% of sales
233
50
-
320
Licensing Income
2.4
0.6
3.9
% of sales
9,699
8,302
16.8
8,282
Total Revenues
% QoQ 4QFY16E
25.6
-2.7
16.8
-
17.1
4,692
53.9
1,152
13.2
2,834
32.5
30
0.3
8,708
% var
12.8
-11.7
11.3
673.6
11.4
Source: Company, MOSL
Exhibit 2: Biopharma sales trend (In USDm)
Biopharma ex. branded form. (USD m)
72
70
72
69
79
74
70
79
64
Exhibit 3: CRO business ramp-up (sales in USDm)
CRO division (USD m)
30
32
35
38
35
39
41
30
29
Source: Company, MOSL
Source: Company, MOSL
Higher R&D to limit margins expansion
4Q EBITDA at INR2b (up 15% YoY) was in line with estimates. R&D expenses were at
10% of sales on the back of scale up in ongoing clinical trials and ANDA filings in
regulated markets. Management has guided for R&D expenses of 12-15% of
biopharma sales in FY17 (Gross R&D: 18-20% of Biopharma sales). Increase in R&D
spend is reflection of uptick in clinical activities. We believe R&D intensity is likely to
remain high as four biosimilar/novel projects has advanced into phase III clinical
trials in 4Q. However, the impact on P&L would be felt with a lag as the company
capitalizes large part of gross R&D spend. We expect EBITDA margins to stay in the
range of 23-24% over next two years.
27 April 2016
2

Biocon
Exhibit 4: R&D cost as % of sales to increase going forward
R&D cost (%)
49
46
48
46
46
47
42
Raw material cost (%)
41
44
44
43
41
10
21
20
23
23
Exhibit 5: Core EBITDA margins at 21%
EBITDA margin (%) - w/o licensing income
EBITDA margin (%) - with licensing income
24
24
24
24
23
21
22
21
20
19
21
21
25
23
23
23
22
19
21
19
6
5
3
4
4
5
6
7
6
7
8
Source: Company, MOSL
Source: Company, MOSL
Exhibit 6: EBITDA growth quarterly trend (INR b)
EBITDA (INR b)
61.8
45.0
25.1
18.6
1.7
1.7
1.7
14.4
(2.4)
1.5
1.7
1.6
(9.7)
1.5
21.9
4.6
1.8
2.0
14.4
1.9
18.6
1.8
14.9
2.0
EBITDA growth (%)
Source: Company, MOSL
Exhibit 7: Higher R&D cost being capitalized
Gross R&D (INR m)
6.2
430
470
5.3
2.9
4.0
4.3
Rev R&D (INR m)
4.7
6.2
470
660
6.7
560
6.1
500
% R&D capitalized
6.9
574
8.2
679
7.0
680
390
200
450
230
290
520
310
380
350
560
1000
930
905
912
913
Source: Company, MOSL
27 April 2016
3

Biocon
Adjusted profits were in line with our estimates
4Q net profits at INR3.6b were ahead of our estimates due to inclusion of INR2.6b of
exceptional income. Adjusted for the same, PAT was in line with our estimates at
INR1b.
Exhibit 8: Earnings quarterly growth trend
PAT (INR m)
Growth (%)
200
79
19
14
15
10
(55)
3,059
1,023
3,609
935
1,0501,130 1,0301,020 908 1,3051,260
1,030
(0) (13) 16
22
13
22
19
24
14
10
15
(55)
15
3
10
2
9
15
15
22
11
13
Exhibit 9: Sales growth v/s PAT growth
Sales gr. (%)
PAT gr. (%)
200
79
17
9
(0) (13) 16
Source: Company, MOSL
Source: Company, MOSL
Other key highlights
Malaysia facility
is in validation phase and expected to get commercialized by
2HFY17, once it receives approval from emerging markets. The company will
also stop capitalizing cost (including interest) for Malaysia facility from 2HFY17.
Overall capital expenditure incurred is estimated to be at INR12b for this plant.
ANDA filings:
The company filed 7-8 ANDAs till date and expected to file 5-6
ANDAs every year going ahead.
New facility:
Biocon has also started construction of potent solids facility in
Bangalore and expected to spend INR1.5b for its capex.
Partnered products:
Biocon will be filing Glargine through 505(b)2 route while
all other biosimilars will be file through 351(k) route. Biocon is on track to file
four monoclonal products in various markets by FY17. It is confident on the
prospects of MAb portfolio and expects biosimilars product to become
predictable growth driver for the company.
Capex:
On standalone basis, Biocon is likely to expend INR2-2.5b capex in FY17,
most of it will be used in the construction of oral and formulation facility.
27 April 2016
4

Biocon
Operating metrics
Exhibit 10: Key operating metrics
1QFY14 2QFY14
Revenue Mix (%)
Biopharma
India
Total Biopharma
CRO
Licensing income
Revenue Gr. (%)
Biopharma
India
Total Biopharma
CRO
Cost of sales (%)
Raw material
Staff cost
R&D cost
Other expenses
Tax Rate
Margins (%)
Gross Margins
EBITDA Margins
EBIT Margins
PAT margins
62.2
14.5
76.7
22.3
1.1
21.7
23.9
17.1
22.5
26.3
60.4
13.5
73.9
25.6
0.5
23.9
19.2
8.3
17.1
45.7
3QFY14 4QFY14
59.1
14.1
73.3
26.1
0.6
10.4
3.4
15.8
5.6
31.0
61.1
12.9
74.0
26.0
-
14.7
17.0
9.9
15.7
13.3
1QFY15 2QFY15
58.0
15.4
73.4
24.0
2.6
3.4
(3.5)
9.8
(1.0)
11.4
57.7
15.5
73.1
25.6
1.2
2.1
(2.6)
17.3
1.1
2.1
3QFY15
56.0
13.8
69.8
28.9
1.3
8.7
2.9
6.1
3.5
20.2
4QFY15 1QFY16
58.8
11.9
70.7
28.7
0.6
14.8
10.5
5.8
9.7
26.8
56.8
13.6
70.4
27.3
2.3
14.8
12.5
1.3
10.2
30.6
2QFY16 3QFY16 4QFY16
55.2
14.4
69.5
30.2
0.2
10.5
5.7
2.6
5.1
30.3
54.6
12.6
67.2
32.6
0.2
8.8
6.1
(0.5)
4.8
22.8
54.6
10.5
65.1
32.5
2.4
16.8
8.4
3.4
7.5
32.3
68.7
41.4
16.6
10.3
10.7
58.6
21.1
14.6
37.2
49.4
15.4
6.2
7.9
23.6
50.6
21.0
14.1
13.5
45.7
14.0
5.3
12.0
23.2
54.3
23.0
16.2
13.9
48.3
15.3
2.9
9.6
19.1
51.7
24.0
16.7
15.0
45.9
15.5
4.0
11.1
13.8
54.1
23.5
16.0
15.6
46.5
16.2
4.3
9.8
22.4
53.5
23.3
16.1
14.3
46.9
16.7
4.7
9.7
16.9
53.1
22.0
14.8
13.6
41.7
17.9
6.2
14.3
10.3
58.3
19.9
12.5
11.9
40.7
16.4
6.7
14.7
12.8
59.3
21.4
14.4
24.3
44.0
17.1
6.1
8.1
21.4
56.0
24.7
17.7
15.3
44.5
16.5
6.9
9.3
20.7
55.5
22.8
15.6
36.9
70.1
42.7
17.6
8.2
9.8
57.3
21.7
14.2
12.4
Source: Company; MOSL
27 April 2016
5

Biocon
Valuation and view
We expect BIOS earnings outlook to remain subdued (15% EPS CAGR over FY15-18E)
owing to (a) elevated R&D spend as molecules progress in clinical trials, (b) fixed
overheads at Malaysia facility (INR 12b spent) with no meaningful revenue
contribution till FY18E. While Biocon’s long term prospects in biosimilars space
continue to remain appealing, current valuations of 21x FY17E and 18x FY18E leave
limited valuation support. Maintain
Sell
rating with a target price of INR490.
We value BIOS at 16x FY18E EPS, at 25% discount to sector average P/E multiples (1
year forward) which is justified noting:
Weak earnings outlook of 14-15% EPS CAGR over FY15-18E (vs 20%+ for peers).
Below-par returns ratios (RoE of 12%, RoCE of 12%).
We believe that the following factors pose risks to our thesis:
Out-licensing of Itolizumab and partnership for rh-insulin (in regulated markets)
are potential R&D triggers.
Milestone receipt upon regulatory progress of key biosimilar projects (MAbs,
insulin portfolio) could provide one-time upside.
Exhibit 11: P/E valuation band (10 years)
60
45
30
15
0
17.3
7.3
17.7
PE (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
45.9
180
120
60
20.2
0
-60
4.3
29.0
Exhibit 12: Premium relative to Sensex
Biocon PE Relative to Sensex PE (%)
LPA (%)
Source: Company, MOSL
Source: Company, MOSL
27 April 2016
6

Biocon
Story in charts
Exhibit 13: Sales to pick up in FY17-18E
Sales (INR b)
47
20
14
14
15
11,799
16,389
18,705
21,380 22,367
YoY growth (%)
23,908
26,680
Exhibit 14: Biopharma sales trend (In INR m)
30,795
5
7
12
14,817
24
28
-33
20
24
29
31
35
39
46
FY10
FY11
FY12
FY13
FY14
FY15 FY16E FY17E FY18E
Source: Company, MOSL
FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
Exhibit 15: CRO business ramp-up (sales in INR m)
15,291
12,691
10,599
5,572
7,137
8,225
Exhibit 16: Return ratios trending lower with high capex
RoCE (%)
19.2
15.6
16.7
18.0
13.0
14.9
12.1
17.8
11.7
13.7
12.5
12.3
11.9
12.4
12.1
13.3
12.2
RoE (%)
21.1
2,807 3,180
4,101
FY10
FY11
FY12
FY13
FY14
FY15 FY16E FY17E FY18E
Source: Company, MOSL
FY10
FY11
FY12
FY13
FY14
FY15 FY16E FY17E FY18E
Source: Company, MOSL
Exhibit 17: R&D Expenses (annual trend)
R&D Expenses (INR m)
7.6%
6.8%
4.6%
6.5%
As a % of sales
8.0%
6.8% 7.2%
Exhibit 18: EBITDA margin trend
EBITDA (INR m)
21.2
23.4
5
23.2
EBITDA Margin (%)
21.7
22.8
24.0
24.5
19.9
20.0
3.3%
4.3%
784
FY10
1,180 1,566 1,640 1,312 2,000 2,750 2,779 3,441
FY11
FY12
FY13
FY14
FY15 FY16E FY17E FY18E
Source: Company, MOSL
5
FY10
6
FY11
FY12
5
FY13
7
FY14
7
8
9
11
FY15 FY16E FY17E FY18E
Source: Company, MOSL
27 April 2016
7

Biocon
Financials and Valuations
Income Statement (Consolidated)
Y/E March
Net Sales
Contract Research
Net Income
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
EBIT
Int. & Finance Charges
Other Income - Rec.
PBT
Tax
Tax Rate (%)
Minority Interest
Adjusted PAT
PAT
Change (%)
Margin (%)
2012
16,389
4,101
20,490
-26.0
15,691
4,799
-18.2
23.4
1,744
3,055
122
993
3,926
541
13.8
0
3,385
3,385
-7.6
16.5
2013
18,704
5,572
24,276
18.5
19,423
4,853
1.1
20.0
1,793
3,060
81
3,123
6,101
975
16.0
38
3,271
5,088
50.3
21.0
2014
21,390
7,137
28,527
17.5
21,902
6,625
36.5
23.2
2,036
4,589
17
805
5,377
1,069
19.9
170
4,137
4,137
-18.7
14.5
2015
22,367
8,225
30,592
7.2
23,940
6,652
0.4
21.7
2,210
4,442
89
1,888
6,241
957
15.3
310
4,023
4,974
20.2
16.3
2016
23,908
10,599
34,507
12.8
26,654
7,853
18.1
22.8
2,423
5,430
102
6,946
12,274
2,569
20.9
744
4,646
8,961
80.2
26.0
2017E
26,680
12,691
39,371
14.1
29,926
9,445
20.3
24.0
3,001
6,444
266
1,500
7,678
1,536
20.0
893
5,250
5,250
-41.4
13.3
(INR Million)
2018E
30,795
15,683
46,479
18.1
35,087
11,392
20.6
24.5
3,582
7,810
296
1,700
9,214
2,027
22.0
1071
6,115
6,115
16.5
13.2
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Revaluation Reserves
Other Reserves
Net Worth
Loans
Minority Interest
Deferred liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Intangibles
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans & Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
2012
1,000
9
21,715
22,724
2,571
38
5754
31,087
20,590
7,852
12,738
2,863
5,563
1,235
16,973
3,783
4,917
5,233
3,040
8,285
6,170
2,115
8,688
31,087
0
2013
1,000
9
25,937
26,946
2,488
653
4689
34,776
24,961
9,672
15,289
2,054
5,866
1,290
19,662
3,984
5,097
6,729
3,852
9,385
6,920
2,465
10,277
34,776
0
2014
1,000
9
29,258
30,267
8,497
823
6558
46,145
27,218
11,711
15,507
10,831
7,649
1,442
22,077
3,766
5,998
8,044
4,269
11,361
9,595
1,766
10,716
46,145
0
2015
1,000
9
31,697
32,706
10,306
1,722
5934
50,667
29,750
13,943
15,807
14,939
2,303
2,320
28,384
4,527
7,705
9,375
6,777
13,087
11,355
1,732
15,297
50,667
0
2016
1,000
9
38,037
39,046
12,806
1,722
5173
58,746
37,765
16,366
21,399
9,939
11,147
2,552
27,417
5,200
7,563
9,454
5,200
13,708
10,399
3,309
13,708
58,746
0
2017E
1,000
9
41,751
42,760
13,806
1,722
4771
63,058
42,265
19,367
22,898
9,939
11,773
2,807
31,281
5,933
8,629
10,787
5,933
15,641
11,865
3,775
15,641
63,058
0
(INR Million)
2018E
1,000
9
46,077
47,086
14,806
1,722
4219
67,833
47,765
22,950
24,816
9,939
11,526
3,088
36,928
7,004
10,187
12,734
7,004
18,464
14,007
4,457
18,464
67,833
0
27 April 2016
8

Biocon
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Working Capital (Days)
Leverage Ratio (x)
Current ratio
Debt/Equity
2012
16.9
25.6
113.6
5.0
34.3
33.7
22.3
5.0
5.2
22.1
0.9
14.9
13.0
1.7
88
67
62
2.0
0.1
12.1
17.8
1.7
77
60
53
2.1
0.1
13.7
11.7
1.9
77
48
34
1.9
0.3
2013
16.4
34.4
134.7
7.5
34.5
2014
20.7
30.9
151.3
5.0
28.3
2015
20.1
35.9
163.5
5.0
23.5
28.4
15.9
3.5
3.7
17.0
0.9
12.3
12.5
2.0
92
54
71
2.2
0.3
2016
23.2
56.9
195.2
11.2
29.3
24.6
10.0
2.9
3.1
13.5
2.0
11.9
21.1
1.9
80
55
45
2.0
0.3
2017E
26.2
41.3
213.8
6.6
29.3
21.8
13.8
2.7
2.7
11.2
1.1
12.3
12.6
1.8
80
55
45
2.0
0.3
2018E
30.6
48.5
235.4
7.6
29.3
18.7
11.8
2.4
2.3
9.2
1.3
13.0
14.0
1.9
80
55
45
2.0
0.3
Consolidated Cash Flow Statement
Y/E March
Oper. Profit/(Loss) before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(Incr)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from investments
Change in Net Worth
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2012
4,799
993
4,716
-3,836
6,673
-3,781
2,892
149
-3,632
174
-1,111
-122
-1,162
-2,221
819
4,414
5,233
2013
4,853
3,123
-2,040
-1,910
4,025
-3,535
490
-358
-3,893
2,706
494
-81
-1,755
1,364
1,496
5,233
6,729
2014
6,625
805
800
876
9,106
-11,031
-1,925
-1,935
-12,966
354
6,009
-17
-1,170
5,175
1,315
6,729
8,044
2015
6,652
937
-1,581
-3,251
2,758
-6,618
-3,861
4,468
-2,151
-414
2,397
-89
-1,170
724
1,331
8,044
9,375
2016
7,853
4,916
-3,330
1,668
11,107
-3,015
8,092
-9,076
-12,091
4,316
1,756
-102
-2,621
3,348
2,365
9,375
9,454
2017E
9,445
1,500
-1,938
-600
8,408
-4,500
3,908
-881
-5,381
0
107
-266
-1,536
-1,694
1,333
9,454
10,787
(INR Million)
2018E
11,392
1,700
-2,579
-876
9,637
-5,500
4,137
-33
-5,533
0
-71
-296
-1,789
-2,156
1,947
10,787
12,734
27 April 2016
9

Biocon
Corporate profile
Company description
Biocon is an integrated biotechnology company
encompassing all the three critical stages of drug
development - drug discovery, development and
manufacturing, and commercialization of bio-
pharmaceuticals. With over 25 years of expertise in
fermentation technology, the company has built a
strong presence in lucrative high-growth segments
like statins, immuno-suppressants and anti-diabetes.
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Promoter
DII
FII
Others
Dec-15
60.7
7.0
14.7
17.7
Sep-15
61.0
7.4
11.8
19.8
Dec-14
61.0
7.6
10.6
20.8
Exhibit 3: Top holders
Holder Name
Franklin Templeton Investment Funds
LIC of India
Kiran Mazumdar Shaw
Templeton Developing Markets Trust
Murali Krishnan K N
Arun Suresh Chandavarkar
% Holding
2.9
2.5
1.9
1.3
1.1
1.1
Source: Capitaline
Note: FII Includes depository receipts
Source: Capitaline
Exhibit 4: Top management
Name
Kiran Mazumdar Shaw
John Shaw
Arun Suresh
Chandavarkar
Kiran Kumar
Designation
Chairperson & Managing Direct
Vice Chairman
Joint Managing Director & CEO
Company Secretary
Exhibit 5: Directors
Name
Kiran Mazumdar Shaw
John Shaw
Arun Suresh Chandavarkar
Mary Harney*
Jeremy Levin*
Bala S Manian*
Ravi Mazumdar
Name
Russell Walls*
Suresh N Talwar*
Charles L Cooney*
Daniel M Bradbury*
Vijay Kumar Kuchroo*
Catherine Rosenberg
Peter Bains
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
S R Batliboi & Associates LLP
Rao & Murty
Type
Statutory
Cost Auditor
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
MOSL
forecast
26.2
30.6
Consensus
forecast
25.4
30.2
Variation
(%)
3.0
1.4
Source: Bloomberg
Source: Capitaline
27 April 2016
10

Biocon
NOTES
27 April 2016
11

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Biocon
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