Regulatory issues delay niche approvals

Company
11 Mar 2024
5 Min read 
  • Biocon's 3QFY24 earnings came in below estimates due to increased operational costs.
  •  Regulatory issues have delayed niche approvals for the company's products.
  •  The company has cut its earnings estimates for FY24/FY25/FY26.
  •  Biocon is implementing performance improvement measures in key segments, but regulatory issues and other factors may affect the near-term outlook.
  •  Sales in 3QFY24 grew 23% YoY, with biosimilars contributing 63% of sales.
  •  EBITDA margin contracted 740bp YoY in 3QFY24.
  •  The company received product approvals in API and formulations, and has secured new contracts in the US.
  •  The shareholding pattern shows a majority stake held by promoters.
  •  The company's financials and valuations indicate a decline in profitability and a decrease in valuation multiples.
  •  The company's cash flow statement shows a decrease in cash and cash equivalents.
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