The broker trimmed valuation multiples across key business segments. The biosimilars business multiple was cut to 14x EBITDA from 20x, citing deteriorating market conditions and evolving USFDA guidelines. The generics division multiple was reduced to 14x from 16x due to weaker margins.
The brokerage acknowledged Biocon's strong global position in biosimilar R&D and execution, but warned that pricing pressure and an increasingly crowded competitive pipeline may hold back sales and keep earnings below earlier expectations.
Biocon is a global biopharma company dedicated to improving affordable access to therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.
On a consolidated basis, Biocon reported net profit of Rs 84.50 crore in Q2 September 2025 as against net loss of Rs 16 crore in Q2 September 2024. Net sales rose 20.24% YoY to Rs 4262.50 crore in Q2 September 2025.
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