Hold Biocon, target of Rs 139: Reliance Money
Reliance Money has recommended a hold rating on Biocon with a target price of Rs 139 in its March 25, 2009 research report. “Certainly going ahead, the commercial commencement of long awaited BMS research contract would emerge as a money spinner for Biocon, it also projects the research capabilities of the company in Global pharma industry. Apart from this, Biocon has few more medium-term revenue triggers that would maintain growth momentum. In fact, the commencement of Tacrolimus and mycophenolate mofetil (patent expires in May 2009) API supply to US during Q1FY10 and launching of Glargine (a basal insulin having market potential of Rs 400 million and only cometitor Sanofi-Aventis) in domestic market Q1FY10 onwards would power the earnings growth of the company.”
“Biocon has already got the Drug Controller General of India (DGCI) approval for Glargine. However, looking at the revenue triggers in the pipeline we maintain our positive stance on Biocon and recommend a Hold rating with a target price of Rs 139 (10x FY10E),” says Reliance Money’s research report.
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