Biocon Looks To Pipeline For Growth

Biocon, the multifaceted Indian pharmaceutical company, has posted impressive FY06 financial results but it is not resting on its laurels, identifying its pipeline as the source for future prosperity. BMI believes this approach is commendable but we caution the company may be spreading itself too thinly, with operations in licensing/partnering, biotechnology, small molecules and research services. We recommend that Biocon de-couple one or more of its low-margin divisions, such as enzymes, and focus on biosimilars, which BMI expect to out-pace all other sub-sector of the pharmaceutical

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