HSBC has upgraded Biocon to a ‘Buy’ rating, raising its target price from ₹290 to ₹430, citing the company’s operational turnaround fueled by upcoming biosimilar launches and a recovery in generics sales. The brokerage highlighted multiple earnings growth triggers ahead, including the recent US FDA clearance of its Malaysia facility, which resolved the Good Manufacturing Practice (GMP) overhang.
HSBC identified the launch of Insulin Aspart from the Malaysia facility as the next critical milestone for Biocon. These developments, alongside a robust pipeline of biosimilars, are expected to drive significant growth and support the company’s renewed operational focus. The brokerage remains optimistic about Biocon’s trajectory as it leverages these catalysts to strengthen its market position.
