Biocon shares get a double downgrade from Citi to “sell” based on these factors

Citi has lowered its target multiple for Biocon’s biosimilars business to 14 times EBITDA from 20 times earlier, to reflect the worsening market dynamics and changes in the USFDA guidelines. It has also lowered the target multiple of the generics business to 14 times from 16 times earlier to reflect lower margins.