Biocon in focus:🚨

USFDA classifies Biocon Biologics Site in Johor Bahru, Malaysia as Voluntary Action Indicated (VAI)

Inspection was conducted between Sept 15 – 27, 2024

Inspection concluded with the issuance of a form 483 with 5 observations

BofA view:
Buy, Target Raised to Rs 435 vs Rs 400.
Facility clearance paves way for launches.
Biologics revenues to improve from $1bn in 1HFY25 to $1.2 bn in FY26.
Increase Target multiple to 15X EV/EBITDA vs 13.5X earlier.