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BIOCON Share Price Target
Biocon Ltd.
Sector: Pharmaceuticals and health care
Sector: Pharmaceuticals and health care
BIOCON Share Price *
288.25 -0.75 (-0.26%)
* (quote may be delayed)
BIOCON Share Price Forecast - Consensus
| No. of reports in last year | 14 |
| No. of analysts | 7 |
| Average Consensus Forecast | 307.71 |
| Consensus Potential | 2.80% |
BIOCON Share Price Target - Broker Reports - 2019
Geojit Financial Services
30-Oct-19
Price @ Call: 247.58
Target: 260
HOLD
We expect earnings to grow at healthy 34.6% CAGR over FY19-21E. Increasing R&D investment should support topline with new product launches and continued growth across the segments. However, concerns remain over FDA approvals for new facilities. We provide a HOLD rating on the stock with a target price of Rs. 260 based on ~24x FY21E adj. EPS.
ICICIdirect.com
24-Oct-19
Price @ Call: 246.04
Target: 310
BUY
Backed by a strong product pipeline (28 products under development) and expected new launches, we expects biologics growth to remain strong. The management is confident of achieving US$ 1 billion biological revenues by the end of FY22 (~US$140 million in H1FY20). With better visibility, the company has optically accelerated the scalability capex and R&D, which is likely to push related expenses higher in the near term. Timely launches and ramp up of biosimilars in the developed countries as well as EMs andSyngene’s performances remain key levers for the company. On an SoTP basis, we ascribe a target price of Rs 310/share.
Nirmal Bang
24-Oct-19
Price @ Call: 246.04
Target: 252
ACCUMULATE
Biocon 2QFY20 net earnings were lower than our expectations as margins of biologic business slipped on account of lower share of high margin US business and also higher R&D expense during the quarter. R&D expense should remain elevated as the company would continue to spend on augmenting the biosimilar pipeline. Biocon has shared an aspirational target of reaching US$1bn in biologic revenue by FY22, which implies more than trebling of existing revenue base. Our existing forecasts assume biologic revenue reaching US$650mn by FY22. Assuming the target is met, this would imply a US$350mn upside to our estimate and would potentially translate into an earnings upside of Rs5 per share to our FY22 EPS estimate of Rs12.3. We refrain from revising our estimates to guided targets as they remain contingent on timely / successful execution and potentially underestimates risks arising from any competitive response to Biocon launches and regulatory uncertainties (approval and manufacturing compliance related). Innovators would look to defend their market share aggressively, unlike in case of small molecules as capital costs are significant in case of biologics and facilities are not as fungible. We also do not model an upside from any biologic launch in China market, which potentially can happen only in FY23.
AnandRathi
2-Aug-19
Price @ Call: 224.64
Target: 321
BUY
We continue to expect company to get benefits of first wave of Biosimilar commercialisation in the next two years which should drive higher revenues and margins. We have updated our financials reflecting latest quarterly numbers and continue to remain positive on the stock and maintain our BUY rating with a revised target price of ₹321 per share.
Axis Direct
2-Aug-19
Price @ Call: 224.64
Target: 300
BUY
Valuation: We like Biocon for its long term earnings visibility, strong traction in biologics segment, healthy launch pipeline of biosimilar coupled with increasing market penetration of the existing products. In our view, Biocon is well placed to play the first mover advantage in evolving biosimilar market. Maintain BUY. We have revised our target price to Rs300 (Rs320 earlier) based on SoTP valuation. We expect robust earnings growth of ~30% EPS CAGR over FY19-21E. At CMP, the stock is trading at a PE of 32x/23x on FY20/FY21 earnings.
Nirmal Bang
29-Jul-19
Price @ Call: 241.6
Target: 257
ACCUMULATE
We have made minor changes to our estimates for Biocon based on 1QFY20 numbers/commentary. Biocon’s revenue and net profit growth should remain on positive trajectory in the near to medium term. The new launches should add to the topline, but existing high value launches (Fulphila) would be prone to price erosion as new competition enters market. We see challenges for biosimilar players including Biocon in gaining share in Trastuzumab. In view of the recent ~25% correction in the stock price we upgrade Biocon from Sell to Accumulate with a target price (TP) of Rs257 (adjusted for bonus issue), based on 22x FY21E earnings.
ICICIdirect.com
26-Jul-19
Price @ Call: 244.21
Target: 330
BUY
Like FY19, FY20 is also expected to be driven by growth segments i.e. 1) biologics mainly on the back of new launches across developed markets and geographical expansion in emerging markets and 2) Syngene on the back ofpersistent clients’ addition. With better visibility, the company has optically accelerated the scalability capex and R&D, which is likely to push related expenses higher in the near term. Biosimilar launches in developed as well as emerging markets and Syngene’s performances remain key levers for the company. On an SoTP basis, we ascribe a target price of Rs 330/share.
ICICIdirect.com
13-Jun-19
Price @ Call: 258.15
Target: 330
BUY
We remain positive on the stock on the back of strong prospects in both biologics and services (Syngene) segments. We believe the correction in the stock is overdone and the stock offers a compelling bet at the current level. We maintain our BUY recommendation on the stock. Our revised target price of Rs 330 is based on the SOTP methodology.
ICICIdirect.com
26-Apr-19
Price @ Call: 310.5
Target: 365
BUY
Robust FY19 numbers were primarily driven by growth segments i.e. 1) biologics mainly on the back of new launches across developed and emerging markets and geographical expansion in emerging markets and 2) Syngene on the back of persistent clients’ addition. With better visibility, the company has optically accelerated the scalability capex and R&D, which is likely to push related expenses higher in the near term. Biosimilar launches in developed as well as emerging markets and Syngene’s performances remain key levers for the company. On an SoTP basis, we ascribe a target price of Rs 730 per share.
Nirmal Bang
2-Feb-19
Price @ Call: 330.15
Target: 234
SELL
Motilal Oswal
28-Jan-19
Price @ Call: 331.55
Target: 342.5
NEUTRAL
ICICIdirect.com
28-Jan-19
Price @ Call: 331.55
Target: 380
BUY
BIOCON Share Price Target - Broker Reports - 2018
Edelweiss
19-Dec-18
Price @ Call: 320.33
Target: 215
REDUCE
AnandRathi
17-Dec-18
Price @ Call: 323.18
Target: 411.5
BUY
Motilal Oswal
27-Oct-18
Price @ Call: 311.03
Target: 325
NEUTRAL
Motilal Oswal
28-Jul-18
Price @ Call: 298.96
Target: 312.5
NEUTRAL
ICICIdirect.com
27-Jul-18
Price @ Call: 298.96
Target: 370
BUY
ICICIdirect.com
29-Jan-18
Price @ Call: 607.3
Target: 680
BUY
BIOCON Share Price Target - Broker Reports - 2017
ICICIdirect.com
4-Dec-17
Price @ Call: 446.55
Target: 560
BUY
Axis Direct
3-Nov-17
Price @ Call: 403.19
Target: 410
BUY
Axis Direct
24-Aug-17
Price @ Call: 330.15
Target: 380
BUY
Axis Direct
2-Aug-17
Price @ Call: 383.27
Target: 450
BUY
Motilal Oswal
28-Jul-17
Price @ Call: 390
Target: 330
SELL
Enochventures.com
27-Jul-17
Price @ Call: 399
Target: 450
HOLD
Motilal Oswal
28-Apr-17
Price @ Call: 368.33
Target: 300
SELL
ICICIdirect.com
27-Jan-17
Price @ Call: 341.23
Target: 373.33
BUY
Motilal Oswal
25-Jan-17
Price @ Call: 331.83
Target: 250
SELL
BIOCON Share Price Target - Broker Reports - 2016
ICICIdirect.com
24-Oct-16
Price @ Call: 335.33
Target: 343.33
HOLD
Dolat Capital
21-Oct-16
Price @ Call: 335.33
Target: 400
BUY
Centrum
21-Oct-16
Price @ Call: 326.67
Target: 260
SELL
ICICIdirect.com
26-Aug-16
Price @ Call: 288.67
Target: 343.33
BUY
Dynamic Levels
11-May-16
Price @ Call: 203.45
Target: 250
BUY
Axis Direct
28-Apr-16
Price @ Call: 190.33
Target: 226.67
BUY