Key Business & Strategic Updates

Business Consolidation & Integration:

  • The company has completed the integration of Biocon Limited and Biocon Biologics Limited, combining Generics and Biosimilars businesses.
  • The acquisition of Viatris' Biosimilars Business was a $3B+ transaction, described as one of the largest biopharma deals.
  • Business integration was completed in 1 year, stated to be among the fastest in the industry.
  • Biocon Limited now holds a 99.2% stake in Biocon Biologics, with in-principle board approval to acquire the remaining 0.8%.

Refinancing & Deleveraging:

  • The acquisition was refinanced through an offshore listed bond of $1.2B, which included an $800M Bond oversubscribed more than 3x.
  • This refinancing extended the debt maturity profile by 5 years.
  • A QIP (Qualified Institutions Placement) raised ₹4,500 Crores to redeem structured instruments.
  • FY26 Net Debt/EBITDA was reported at 2.7x, a reduction of approximately 1.6x from previous levels, attributed to deleveraging initiatives and robust EBITDA growth.
  • Projected annual savings in interest costs from these actions is ₹300 Crores per annum, with full annualized benefits expected from FY27.
  • Gross interest cost reduction is driven by deleveraging and refinancing.

Financial Performance (FY26):

  • Revenue from Operations: ₹16,927 Crores
  • Segment-wise Revenue Breakdown:
  • Biosimilars: ₹10,431 Crores (60% of business mix)
  • Generics: ₹3,168 Crores (18% of business mix)
  • CRDMO (Syngene): ₹3,739 Crores (22% of business mix)
  • Total Revenue (incl. other income): ₹17,270 Crores
  • R&D Spend (Net): ₹982 Crores (7% of Revenue, excluding Syngene)
  • EBITDA: ₹3,798 Crores
  • EBITDA Margin: 22%
  • Profit Before Tax (Before exceptional items): ₹851 Crores (5% margin)
  • Net Profit (Before exceptional items): ₹436 Crores
  • Reported Net Profit: ₹386 Crores (includes an exceptional item, net of tax & NCI, of -₹50 Cr)

Segment-wise EBITDA Performance (FY26):

  • Biosimilars: EBITDA of ₹2,751 Cr; Margin of 26%
  • Generics: EBITDA of ₹166 Cr; Margin of 5%
  • CRDMO: EBITDA of ₹989 Cr; Margin of 26%

Key Balance Sheet Items (as of March 31, 2026):

  • Borrowings (Current & Non-Current): ₹14,825 Cr
  • Financial Liabilities: ₹2,447 Cr
  • Net Debt: ₹10,332 Cr
  • Cash and Bank Balances: ₹4,493 Cr
  • Tangible Assets: ₹14,664 Cr
  • Goodwill and Intangible Assets: ₹28,809 Cr
  • Inventories: ₹6,086 Cr
  • Sundry Debtors: ₹5,987 Cr
  • Sundry Creditors: ₹6,772 Cr
  • Non-controlling Interests: ₹2,590 Cr

Operational & Product Highlights:

  • The company has a portfolio of 30+ biosimilars and 3 GLP-1s addressing a total market opportunity of $200B+.
  • It is the first company globally to obtain approval for a generic GLP Liraglutide in a major regulated market.
  • The group served over ~21 million patients globally in over 120+ countries in FY25.
  • A strong launch momentum is indicated for FY27, with 5 new biosimilars and key GLP-1s planned for launch in 2026 across Oncology, Immunology, and GLP-1 therapy areas.
  • The company claims a position among the top 5 biosimilar players globally and top 15 in global biomanufacturing capacity.
  • Manufacturing capacity includes 300+ KL Biosimilar drug substance, 100M+ units injectable, and 2Bn+ oral solid capacity.

Leadership:

The experienced leadership team is listed, including Chairperson Kiran Mazumdar-Shaw, CEO & MD Shreehas Tambe, and CFO Kedar Upadhye.