Update on Indian equity market:
\nAfter the steep fall on Monday, markets were in a recovery mode for the second straight day as Nifty50 rose 65 points higher at 11,535. Among the index, ZEEL (+7.5%), M&M (+6.1%) and TATAMOTORS (+5.1%) were the top performing stocks while BAJAJAUTO (-2.4%), HEROMOTOCO (-1.4%) and ASIANPAINT (-1.4%) were the laggards. The negative market reaction to two-wheeler stocks came as a surprise as companies delivered good performance in the monthly volumes. Within the sectoral indices, MEDIA (+3.4%), METALS (+1.8%) and IT (+1.5%) were the top performing sectors whereas PSU BANK (-0.4%) and FIN SERVICES (-0.03%) were the only the sectors closed the day in red.
\nExcerpts of an interview with Kiran Mazumdar Shaw, Executive Chairperson, Biocon published on CNBC TV18 dated 2nd September 2020:
\nBiocon and Mylan announced the launch of Semglee (Insulin Glargine injection) in the U.S. to expand access for patients living with Diabetes. Ms Mazumdar Shaw said that the commercialization of insulin glargine in the U.S. represents another milestone achievement for the company in making insulin based therapy globally.
\nThe company is leveraging science and global scale manufacturing expertise to expand affordable access of biosimilar insulins to patients in Japan, Australia, Europe, India and key emerging markets. The U.S. launch of Semglee takes the company closer to realizing its aspirations of reaching \u2018one in five\u2019 insulin dependent people with diabetes worldwide.
\nThe company expects Semglee to contribute significantly to the company\u2019s goal of impacting 5 million patients\u2019 lives and achieving $1bn revenues by the end of FY22E.
\nThe company rigorously compared Semglee to the reference insulin glargine in participants with type-1 and 2 diabetes and found similar glycemic results in both groups. As a result, this insulin was approved by the FDA for the same indications as its reference product Lantus, thus expanding access for millions of people within this important patient community.
\nSemglee has an identical amino acid sequence as Sanofi\u2019s Lantus and is approved for the same indications. This product has now received regulatory approval in more than 45 countries around the world and is the third product approved by FDA through the Mylan- Biocon collaboration.
\nShe mentioned that this product already has a $6bn market opportunity in terms of Lantus sales and the company expects it to be $2.2bn opportunity.
\nConsensus Estimate: (Source: market screener website)
\nThe closing price of Biocon was \u20b9 410\/- as of 24-Aug-2020. It traded at 46x\/ 31x\/ 26x the consensus EPS estimate of \u20b9 8.9\/ 13.4\/ 15.8 for FY21E\/ FY22E\/ FY23E respectively.
\nConsensus target price of \u20b9 413\/- implies a P\/E multiple of 26x on FY23E EPS of \u20b9 15.8.
\nDisclaimer: \u201cThe views expressed are for information purposes only. The information provided herein should not be considered as investment advice or research recommendation. The users should rely on their own research and analysis and should consult their own investment advisors to determine the merit, risks, and suitability of the information provided.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Update on Indian equity market: After the steep fall on Monday, markets were in a recovery mode for the second straight day as Nifty50 rose 65 points higher at 11,535. Among the index, ZEEL (+7.5%), M&M (+6.1%) and TATAMOTORS (+5.1%) were the top performing stocks while BAJAJAUTO (-2.4%), HEROMOTOCO (-1.4%) and ASIANPAINT (-1.4%) were the […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[247,85],"tags":[529,326,528,530],"_links":{"self":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/1335"}],"collection":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/comments?post=1335"}],"version-history":[{"count":1,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/1335\/revisions"}],"predecessor-version":[{"id":1336,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/1335\/revisions\/1336"}],"wp:attachment":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/media?parent=1335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/categories?post=1335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/tags?post=1335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}