Biocon Limited , a leading biopharmaceutical company, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth across its key business segments.

Financial Highlights

All financial figures in INR crores

Segment Performance

Biosimilars

• Revenue: INR 2,721.00 crores (25% YoY growth)
• EBITDA: INR 669.00 crores (over 40% growth)
• EBITDA Margin: 25% (up approximately 400 basis points)

Generics

• Revenue: INR 774.00 crores (24% YoY growth)
• R&D Investment: INR 71.00 crores (9% of segment revenues)

CRDMO (Contract Research, Development, and Manufacturing Organization)

• Revenue: INR 911.00 crores (2% YoY growth)
• Reported EBITDA: INR 215.00 crores (23% margin)

Key Developments

1. Debt Reduction: Biocon has strengthened its balance sheet by settling structured debt obligations with Goldman Sachs and Kotak using QIP proceeds. The company expects annual savings of around INR 300.00 crores in interest costs from FY27.

2. Biosimilars Progress:

   • Successful launches of biosimilar Ustekinumab, Aspart, Bevacizumab, and Aflibercept across geographies.
   • U.S. FDA approval for biosimilar Denosumab and a license agreement with Amgen for U.S. commercialization.
   • Strong market traction for Yesintek (biosimilar Ustekinumab) in the U.S., with over 70% commercial formulary coverage.

3. Insulin Partnership: Entered a partnership with the California government through Civica Inc. to supply affordable insulin glargine under the CalRx initiative.

4. ESG Performance: Improved S&P Global Corporate Sustainability Assessment score to 71, up 3 points from the previous year.

5. Generics Expansion: Inaugurated an oral solid dosage manufacturing facility in Cranbury, New Jersey, expanding capacity for the U.S. market.

6. CRDMO Advancements: Syngene secured its first global Phase III clinical trial from a U.S.-based biotech company and expanded its clinical trials footprint globally.

Kiran Mazumdar-Shaw, Executive Chairperson of Biocon, commented on the results, stating, "We've already started to see margin improvement in Q2 following the Goldman Sachs exit, and we expect this trend to continue through quarters 3 and 4 as we see the impact of both Kotak and Edelweiss exits."

Shreehas Tambe, CEO of Biocon Biologics, highlighted the company's strong position in the insulin market, saying, "The only other player outside of that which is a biosimilar insulin player and is in a position to bring in GLP-1s is Biocon. So, it does place us in a very unique position."

Outlook

With a strong pipeline of biosimilars, ongoing expansion in generics, and a growing CRDMO business, Biocon is poised for continued growth. The company's focus on debt reduction and improved profitability is expected to further strengthen its financial position in the coming quarters.

Biocon , a prominent biopharmaceutical company, has seen SBI Mutual Fund increase its stake through a significant market purchase. This move has pushed the fund's holding above the crucial 5% threshold, triggering disclosure requirements.

Key Details of the Transaction

Impact on Ownership Structure

The strategic acquisition by SBI Mutual Fund has resulted in a marginal but significant increase in its ownership of Biocon. This move demonstrates the fund's continued confidence in the biopharmaceutical company's prospects.

Biocon's Share Capital

Biocon's total equity share capital consists of 1,336,963,635 equity shares, each with a face value of Rs. 5.

Recent Corporate Activities

Biocon recently held its Q2 FY26 Earnings Call on November 12, 2025. The company has made the audio and video recordings of this call available on its website, demonstrating its commitment to transparency and investor communication.

This earnings call may provide additional context for investors regarding Biocon's recent performance and future outlook, which could have influenced SBI Mutual Fund's decision to increase its stake.

Biocon Shares Hit 52-Week High Amid Merger Speculation

In a separate development, Biocon shares jumped 2.6% to a new 52-week high of Rs 416.85 following reports that the company is evaluating an internal merger of its biosimilars arm, Biocon Biologics, with the parent entity. The potential $4.5 billion transaction is being reviewed alongside alternative options including an IPO and share swap with minority investors.

Biocon is reportedly restructuring its wholly owned subsidiary to unlock shareholder value and reduce acquisition-related debt of $1.2 billion from the 2022 acquisition of Viatris' global biosimilars business for $3.3 billion. Chairperson Kiran Mazumdar-Shaw confirmed that the company is exploring all value creation routes and has appointed Morgan Stanley to identify the best alternative.

Currently, Biocon owns a 90.2% stake in Biocon Biologics, with Serum Institute of Life Sciences holding 5.97%. The IPO route has reportedly been deprioritized due to market volatility, with the board now examining a merger as a more viable alternative.

Clarification on Biocon Biologics Merger

Despite the market speculation, Biocon's Co Managing Director has stated that the company's board has not yet taken any action regarding a potential merger with Biocon Biologics. This statement clarifies the current status of any merger discussions involving the biologics subsidiary.

The stake increase by SBI Mutual Fund, coupled with Biocon's recent earnings call and the ongoing speculation about potential corporate restructuring, suggests continued investor interest in the company. However, as with all investments, stakeholders should conduct their own research and consider their financial goals before making investment decisions.