Nandan Madhiwalla of Punctilious One presented his investment thesis on Biocon (India: BIOCON) at Asian Investing Summit 2022.

Thesis summary:

Biocon is a global biopharmaceutical company based in India. It recently traded at a market cap of $5.2 billion, with trailing revenue of ~$1 billion.

Biocon has three businesses: biosimilars (~80% stake in Biocon Biologics), a contract research organization (~70% stake in Syngene), and generics (active pharmaceutical ingredients and formulations).

The company has a history in enzyme production and pivoted towards pharmaceuticals in the early 1990s. Since then, Biocon has successfully scaled three separate businesses. As of fiscal 2021, biosimilars, Syngene, and generics accounted for 38%, 30%, and 32% of revenue, respectively.

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About the instructor:

Nandan Madhiwalla is the founder of Punctilious One and has more than a decade of experience in the investment industry. He has previously worked as a research analyst with PPFAS Mutual Fund – Mumbai, Roosevelt Investment Group and Lebenthal Asset Management in New York. He holds a Bachelor’s degree in Computer Science from D.J.Sanghvi School of Engineering, Mumbai University and a Master’s degree in Financial Engineering from NYU Tandon School of Engineering and is also a CFA Charterholder.

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