Biocon Ltd(BIOCON)

NSE: BIOCONBSE: 532523

₹ 326.6-0.96%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 53,226 crWebsite: www.biocon.comUpdated: 24 Oct 2026

About

Biocon Limited is an Indian biopharmaceutical company with three segments: Biosimilars, Generics (APIs and formulations) and CRDMO (Syngene International). It serves patients in 120+ countries. In FY26 it reported revenue of Rs 16,927 cr, and Biosimilars made up 60.2% of segment revenue. Biocon runs one of India's largest monoclonal antibody manufacturing sites and Asia's largest integrated insulin facility, in Johor, Malaysia.^[1][2]

Business segments

Biosimilars: 60.2% of segment revenue in FY26 (Rs 10431.2 cr). Revenue grew 16% in FY26.^[2][3]
CRDMO (Syngene): 21.6% of segment revenue in FY26 (Rs 3738.7 cr). Revenue grew 3% in FY26.^[2][3]
Generics (APIs and formulations): 18.3% of segment revenue in FY26 (Rs 3168.1 cr). Revenue grew 5% in FY26.^[2][3]

Products and brands

Biocon Biologics has commercialised eleven biosimilars in advanced markets (US, EU, Australia, Canada, Japan) and emerging markets. Its pipeline holds 20 biosimilar assets across four therapy areas.^[3]
The biosimilars portfolio spans 14+ brands across six therapy areas, including Yesintek, Yesafili, Bosaya, Aukelso and Semglee.^[3]
Generic APIs: 49 active APIs, 68 active US Drug Master Files and 29 valid Certificates of Suitability (CEPs), with a pipeline of more than 60 products.^[3]
Generic formulations cover diabesity (Liraglutide, Saxenda), oncology (Lenalidomide, Dasatinib, Everolimus), immunology (Tacrolimus) and cardiovascular (Sacubitril+Valsartan) therapies.^[3]
The oncology biosimilar pipeline includes Trastuzumab subQ, Nivolumab and Pembrolizumab. Management puts the opportunity at about US$75 billion, or about 35% of the global oncology pharma market.^[4]

Manufacturing and operations

Biosimilars capacity: more than 300 KL of drug substance and more than 100 million injectables a year of drug product. This includes one of India's largest mAb sites, in Bengaluru.^[3]
Generics capacity: about 3,500+ KL of API reactor volume, 2.5+ billion oral solid dosage units and more than 10 million injectable units a year.^[3]
Generics runs six API plants in Bengaluru, Hyderabad and Visakhapatnam. Its oral solid dosage plants are in Bengaluru and Cranbury, New Jersey; Cranbury was inaugurated in Q2 FY26.^[3]
The Malaysia insulin unit (Biocon Sdn. Bhd.) has over US$400 million of cumulative investment and about 750 employees.^[3]
In FY26 the EMA renewed GMP certificates for the Bengaluru biosimilars facility and the Malaysia insulin facility.^[3]
Syngene has over 2.5 million sq. ft. of facilities in India and the US. It employs over 8,300 people, including more than 5,700 scientists.^[3]

Key operating metrics

Biosimilars EBITDA margin was 25% in Q1 FY27, against 27% in Q1 FY26 and 26% for FY26. Q1 FY27 EBITDA was Rs 728 cr, up 10% year on year.^[5]
Generics EBITDA margin was 7% in Q1 FY27, against negative in Q1 FY26 and 5% in Q4 FY26.^[5]
Syngene EBITDA margin was 15% in Q1 FY27, against 25% in Q1 FY26. The fall reflects lower offtake by a key biologics client and forex hedge losses.^[5]
In Q1 FY27, R&D spend was 7% of segment revenue in Biosimilars and 6% in Generics; Generics was 11% in Q1 FY26.^[5]
The biosimilars business served 6.5+ million patients on a 12-month moving total basis (April 2025 to March 2026).^[3]
Biosimilars inventory days were about 280 - 290 in Q1 FY27, down from over 400 days previously.^[5]

Market share and customers

Yesintek (ustekinumab) held about 20% of the US biosimilar market by FY26.^[3]
In Q4 FY26, US oncology biosimilar share was 23 - 25% and Semglee's US share was about 11%.^[6]
In FY26 the insulin franchise crossed US$300 million and the adalimumab franchise exceeded US$250 million. Bevacizumab (ex-US) passed US$100 million.^[6]
Syngene has worked with over 400 global customers. Its Bristol Myers Squibb partnership was extended through 2035.^[3]
Biocon has a multi-year agreement to supply insulin glargine to California's CalRx initiative through Civica Inc.^[7]

Capacity expansion and capex

The EMA approved a second fill-finish line at the Malaysia insulin facility in Q1 FY27. It doubles drug product capacity, with ramp-up from Q2 FY27.^[5]
The UK MHRA approved the new Malaysia fill-finish unit for Semglee in September 2026.^[8]
Malaysia insulin drug substance capacity is targeted to double by end of FY27, earlier than the prior FY28 - FY29 guidance.^[6]
No major new greenfield capex is planned for FY27 and FY28.^[6]
Syngene acquired a biologics site in the USA from Emergent.^[9]

Recent developments

Biocon Biologics (BBL) has been merged into Biocon, which runs as one organisation, OneBiocon, from April 1, 2026. Biocon proposes to acquire the remaining ~1% of BBL.^[3][6]
After FY26 year-end, a share swap was approved for BBL shares held by current and former BBL employees.^[3]
Yesafili (aflibercept) launched in the US in August 2026.^[5]
Bosaya and Aukelso (denosumab) launched in the US in Q4 FY26. Health Canada approved Bosaya and Vevzuo.^[6]
Biocon secured full, exclusive global rights to Hulio (adalimumab) from Fujifilm Kyowa Kirin Biologics.^[4]
Structured equity-linked debt was retired by January 2026. Net debt fell from over US$1.5 billion in March 2025 to US$1.1 billion in March 2026.^[6]
Generic liraglutide received US FDA approval in Q4 FY26. It was launched in the Netherlands and, through Zentiva, in other EU markets.^[6]
Semaglutide was out-licensed to Ajanta Pharma for 26 countries. Regulatory filings were made in Canada, Brazil, Saudi Arabia and Turkey.^[4]

Market Cap

₹53,226 Cr

High / Low

₹447 / 319

Stock P/E

97.5

Price / Book

1.6

Book Value

₹210

EPS

₹2.4

No. of Shares

162.09 Cr

ROCE

3.6%

ROE

1.4%

OPM

10.7%

Debt / Equity

0.44

Sales

₹16,927 Cr

Net Profit

₹369 Cr

Promoter holding

44.7%

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Biocon Ltd(BIOCON)

About

Business segments

Products and brands

Manufacturing and operations

Key operating metrics

Market share and customers

Capacity expansion and capex

Recent developments

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