Biocon shares up 10% in 2 days post Q2 show; Brokerages see further upside; check targets
JM Financial reiterated its ‘Buy’ rating, citing confidence in the company’s outlook, biosimilar scale-up and deleveraging efforts. It has raised its 12-month target price.
- Nov 13, 2025,
- Updated Nov 13, 2025 11:41 AM IST
Biocon extended its winning run on Thursday, rising as much as 3.9 per cent to a day’s high of Rs 422.60 against its previous close of Rs 406.35. The stock has surged nearly 10 per cent over the past two sessions, fuelled by its Q2 FY26 performance, and is up 20 per cent over the past month.
The pharma major delivered a solid second quarter, with revenue increasing about 20 per cent year-on-year to Rs 4,296 crore. EBITDA rose around 20–22 per cent YoY, while margins held steady at roughly 19 per cent. The company also swung back to profit from a loss in the year-ago period.
Growth was powered by strong traction in both the Biosimilars and Generics divisions. The Biosimilars vertical led the charge with a robust 25 per cent YoY jump, supported by market share gains and a string of new launches, including bustekinumab, bAspart, bBevacizumab, and bAflibercept. The rollout of bDenosumab is also expected to be imminent.
The Generics business turned in an impressive 24 per cent YoY growth, aided by the launch of Liraglutide and Sacubitril+Valsartan. Syngene, which houses the CRDMO operations, posted a modest 2 per cent YoY growth, though it broadened its international presence and secured its first global Phase-III clinical trial mandate from a US biotech player, JM Financial said.
Biocon has settled structured debt with Goldman Sachs and Kotak and completed an agreement with Edelweiss. This has already begun lowering finance costs, with management projecting annual interest savings of Rs 300 crore that will be fully realised from FY27, it added.
Brokerages remain upbeat following the strong quarter. JM Financial reiterated its ‘Buy’ rating, citing confidence in the company’s outlook, biosimilar scale-up and deleveraging efforts. It has raised its 12-month target price to Rs 476 from Rs 424, implying an upside of 13 per cent from current levels.
Axis Direct struck a similar tone, reiterating its ‘Buy’ call and lifting its target price to Rs 450 from Rs 380. The brokerage highlighted the "resilient momentum in biosimilars", adding that Biocon is "well-positioned to sustain its growth trajectory in H2FY26" with profitability expected to improve on the back of new generic launches and operating leverage.
Biocon extended its winning run on Thursday, rising as much as 3.9 per cent to a day’s high of Rs 422.60 against its previous close of Rs 406.35. The stock has surged nearly 10 per cent over the past two sessions, fuelled by its Q2 FY26 performance, and is up 20 per cent over the past month.
The pharma major delivered a solid second quarter, with revenue increasing about 20 per cent year-on-year to Rs 4,296 crore. EBITDA rose around 20–22 per cent YoY, while margins held steady at roughly 19 per cent. The company also swung back to profit from a loss in the year-ago period.
Growth was powered by strong traction in both the Biosimilars and Generics divisions. The Biosimilars vertical led the charge with a robust 25 per cent YoY jump, supported by market share gains and a string of new launches, including bustekinumab, bAspart, bBevacizumab, and bAflibercept. The rollout of bDenosumab is also expected to be imminent.
The Generics business turned in an impressive 24 per cent YoY growth, aided by the launch of Liraglutide and Sacubitril+Valsartan. Syngene, which houses the CRDMO operations, posted a modest 2 per cent YoY growth, though it broadened its international presence and secured its first global Phase-III clinical trial mandate from a US biotech player, JM Financial said.
Biocon has settled structured debt with Goldman Sachs and Kotak and completed an agreement with Edelweiss. This has already begun lowering finance costs, with management projecting annual interest savings of Rs 300 crore that will be fully realised from FY27, it added.
Brokerages remain upbeat following the strong quarter. JM Financial reiterated its ‘Buy’ rating, citing confidence in the company’s outlook, biosimilar scale-up and deleveraging efforts. It has raised its 12-month target price to Rs 476 from Rs 424, implying an upside of 13 per cent from current levels.
Axis Direct struck a similar tone, reiterating its ‘Buy’ call and lifting its target price to Rs 450 from Rs 380. The brokerage highlighted the "resilient momentum in biosimilars", adding that Biocon is "well-positioned to sustain its growth trajectory in H2FY26" with profitability expected to improve on the back of new generic launches and operating leverage.