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Citigroup has buy on Biocon, target price Rs 350

Citi gave the buy rating after the company and Mylan announced launch of Ogivri in the US.

ETMarkets.com|
Updated: Dec 04, 2019, 08.33 AM IST
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Citigroup has buy rating on Biocon in the long term with a target price of Rs 350. The stock ended flat at Rs 285.90 on Tuesday while BSE Sensex closed 126.72 points down at 40,675.45.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1572.20 crore, up 7.25% from last quarter sales of Rs 1465.90 crore and up 19.02% from last year same quarter sales of Rs 1321.00 crore. The company has reported net profit after tax of Rs 263.20 crore in the latest quarter.

The company’s top management includes Dr.Arun Chandavarkar, Dr.Vijay Kuchroo, Mr.Bobby Kanubhai Parikh, Mr.Daniel M Bradbury, Mr.John Shaw, Mr.Kiran Mazumdar Shaw, Mr.M Damodaran, Mr.Mary Harney, Mr.Russel Walls, Prof.Ravi Mazumdar. Company has B S R & Co. LLP as its auditors. As on 30-09-2019, the company has a total of 1,200,000,000 shares outstanding.

Investment Rationale

Citi gave the buy rating after the company and Mylan announced launch of Ogivri in the US. This ticks off another box in Biocon’s biosimilars journey in developed markets — it was the first to market with biosimilar PegFilgrastim and the first to launch both strengths of biosimilar Trastuzumab, the brokerage said.

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