BIOCON / Q3-FY25 / claim-ledger

Audit the questions that mattered.

Biocon · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ3-FY25 · 2025-01-31Back to quarter ↗

Questions audited

Answered directly

54%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Damayanti Kerai · HSBC

evasive

What is the expected uptake for Stelara biosimilar launch?

We will be amongst that wave of products that will be coming to the United States. ... Our teams are working very hard with customers, both commercial as well as the government customers as well. And we believe we will be very competitive in this space.

Damayanti Kerai · HSBC

partial

Why is profitability not matching revenue growth in existing biosimilars?

I wouldn't say that it's a low margin business... growth has come because of the large increase in market share... That growth has not necessarily come in from low margin business.

Neha Manpuria · Bank of America

direct

What will be Biocon's diluted holding in BBL after buying 1.5% stake?

We were closer to a little over 71%, so. ... I think we'll get closer to 73%-74% after the acquisition.

Neha Manpuria · Bank of America

direct

What is the net debt after the short-term bridging loan?

At Biocon Biologics, it's roughly $1.25 billion. This is now December. So, you'll add another $65 million of the commercial papers, so that'll get you to $1.3 billion.

Neha Manpuria · Bank of America

direct

When will generics business return to mid-teens growth?

Fiscal 2026 itself, you'll start seeing fiscal.

Neha Manpuria · Bank of America

direct

What is pending from FDA for Bevacizumab and Aspart approvals?

The only piece that was remaining was the site GMP status. With that achieved, we've responded to them... and our regulatory team is in conversation with them to see how we can move this in an expedited manner.

Shyam Srinivasan · Goldman Sachs

partial

Why hasn't revenue grown proportionally to market share gains?

The market share growth reflects a volume growth... Now, whether that increased volume directly reflects in increased revenues as a proportional thing is not an expectation because as you look at how markets evolve, not every product will retain the value that it has a year ago.

Shyam Srinivasan · Goldman Sachs

evasive

What is the capital allocation strategy and debt reduction plan?

We will continue to balance meeting the obligations that we have... But we are committed to and will continue to look to pare down debt as we move forward. But it's not a straight line.

Love Sharma · JPMorgan

declined

What other liquidity options exist for investors and what is the near-term liability?

We have a number of investors. We're working with all of them. ... I think it would be inappropriate to go into details individually here.

Love Sharma · JPMorgan

direct

What amount was settled with Viatris in December quarter?

And now we have closed the remaining $160 million. So, with this now, there is a full and final settlement and closure of all transactions that was related to the Viatris acquisition.

Vivek Agarwal · Citibank

partial

Are margin guidance of 20-23% conservative given new launches?

We certainly have a lot of things moving in the right direction... The year ahead, we have five new launches coming up in the U.S. and three globally, so certainly, whenever you have a new product launch, you will see a slightly better than expected performance.

Bharat Sheth · Quest Investment Advisors

evasive

What is the long-term growth trajectory for biosimilar business?

While I do not want to provide specific guidance, we believe the future will also be predictably positive as we look to bring more products into the market.