Biocon (BIOCON) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 FY26 results with double-digit year-on-year growth in biosimilars and generics, and steady CRDMO performance.

• Strengthened balance sheet by settling structured debt with Goldman Sachs and Kotak, executing an agreement with Edelweiss, and early redemption of NCDs.

• Launched multiple biosimilars globally, including Ustekinumab, aspart, Bevacizumab, and Aflibercept; imminent launch of Denosumab and key regulatory milestones.

• Entered strategic partnerships, including with Civica Inc. for affordable insulin glargine under California's CalRx initiative.

• Improved ESG scores, received the Golden Peacock Award for Excellence in Corporate Governance, and maintained five consecutive quarters of revenue growth.

Financial highlights

• Operating revenue grew 20% year-on-year to INR 4,296 crores (₹42,955 million), with total revenue reaching ₹4,389 crores.

• Biosimilars revenue up 25% year-on-year to INR 2,721 crores; generics up 24% to INR 774 crores; CRDMO up 2% to INR 911 crores.

• Core EBITDA rose 23% year-on-year to INR 1,218 crores (28% margin); reported EBITDA at INR 928 crores (21% margin).

• Net profit before exceptional items was INR 92 crores, compared to a loss of INR 13 crores last year; reported net profit at INR 85 crores.

• R&D investment was INR 251 crores (7% of revenues, excluding Syngene).

Outlook and guidance

• Full benefit of debt reduction expected from FY27, with annual interest savings of INR 300 crores.

• Expect continued margin improvement and strengthening of generics performance in H2 FY26 with new launches and expanded reach.

• Syngene maintains annual guidance for FY26, with medium to long-term growth opportunities.

• Board actions and capital allocation signal focus on strengthening balance sheet and supporting subsidiary growth.

• Ongoing investments in Biocon Biologics and CRDMO segments to drive future growth.