BofA maintains buy on Biocon, check target share price here

Bank of America (BofA) has reaffirmed its buy rating on Biocon, increasing the target price to ₹435 from ₹400. The current market price (CMP) of the stock is ₹360, implying significant upside potential.

Key Insights:

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  1. USFDA Clearance:
    • The Malaysia facility has now received USFDA clearance, following the earlier clearance of the Bengaluru facility.
    • This development boosts confidence in Biocon’s bio-similar launch pipeline.
  2. Revenue Growth Outlook:
    • BofA projects an increase in annualized revenue from $1 billion in H1FY25 to $1.2 billion by FY26, reflecting strong growth potential.
  3. Pipeline and Focus Areas:
    • The company is now focusing on deleveraging and delivering results on new product launches.
    • The cleared facilities enhance the outlook for upcoming launches in the bio-similar segment.

Biocon’s steady progress with regulatory approvals and strong revenue projections make it a compelling investment opportunity, according to BofA’s analysis.

Disclaimer: The above information is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.