Biocon sees strong Q2 FY26 growth, biosimilars surge 25%

Biocon Limited reported a 20% year-on-year increase in operating revenue for Q2 FY26, reaching INR 4,296 crores. This growth was primarily fueled by a 25% surge in biosimilars revenue to INR 2,721 crores and a 24% rise in generics revenue to INR 774 crores. The CRDMO business recorded a modest 2% year-on-year growth. Core EBITDA grew 23% to INR 1,218 crores with a 28% margin, while overall EBITDA increased 29% to INR 928 crores, achieving a 21% margin. Profit before tax, excluding exceptionals, rose 153% year-on-year to INR 183 crores.

Key strategic highlights include margin improvement following the Goldman Sachs exit, with further benefits expected from Kotak and Edelweiss exits, leading to estimated annual savings of INR 300 crores in interest costs from FY '27. The company successfully launched bUstekinumab, bAspart, bBevacizumab, and bAflibercept, with an imminent launch of bDenosumab after U.S. FDA approval and a license agreement with Amgen for its commercialization. Biocon also secured a pioneering partnership with the California government to supply affordable insulin glargine under the CalRx initiative.