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Biocon Limited (BIOCON)

₹349.20 -0.80% last close, 16 Oct

📊 NSE: BIOCON 🏢 Pharmaceuticals - Indian - Bulk Drugs & Formln 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Biocon's revenue was ₹4,336 Cr (+10.0% year on year, -4.0% on the previous quarter), and net profit ₹137 Cr (+53.4% year on year); the operating margin was 19.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹4,336	+10.0%	-4.0%
Operating profit	₹847	+13.1%	-16.9%
Net profit	₹137	+53.4%	-31.3%
EPS (₹)	0.87	+234.6%	+11.5%
Operating margin	19.5%	—	—

Full quarterly financials → Results calendar →

BIOCON delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 60.25% of the BIOCON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.72%. That is close to its usual level. In BIOCON futures, open interest fell 0.93% while the futures price fell 0.81%: long unwinding (longs closing out).

60.25%Delivery, 16 Oct

51.72%Own 20-session average

0.6×Volume vs its average

-0.93%Futures open interest

₹349.20NSE close · -0.80%

Delivery in the last 5 sessions: 54.4% · 53.1% · 63.5% · 48.6% · 60.2%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Biocon Inks Global Patent Settlement with Genentech for Pebrilzo; Launch from CY2027

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 14 Oct 2026, 08:31 AM

Biocon has entered into a global settlement and license agreement with Genentech, resolving all pending patent disputes regarding Pebrilzo (biosimilar Pertuzumab). Under the agreement, Biocon has secured licensed launch dates for the HER2-positive breast cancer biosimilar starting in Q1 CY 2027 in the EU and UK, followed by Q3 CY 2028 in the US. Launches across other Rest of the World (RoW) countries are slated for CY 2026-2028. Financial terms and settlement payments remain confidential.

Resolved all pending patent disputes with Genentech in the U.S., Canada, and other jurisdictions
Secured licensed launch date for Pebrilzo in Q1 CY 2027 in the European Union and UK
U.S. licensed launch date confirmed for Q3 CY 2028
Rest of the World (RoW) launches planned between CY 2026 and CY 2028

💡 Track regulatory approval milestones for Pebrilzo across the US FDA and EMA, as launches remain subject to standard health authority approvals.

Biocon Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 08:16 PM

Biocon Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent KFin Technologies confirms that all dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within 15 days of receipt. The security certificates have been verified, cancelled, and depositories updated accordingly. This is a standard quarterly regulatory filing with no operational or financial impact.

Compliance certificate submitted for the quarter ended September 30, 2026
RTA KFin Technologies confirmed demat processing within 15 days of receipt
Covers dematerialization requests received from 1st July, 2026 to 30th September, 2026
RTA confirmation certificate dated October 07, 2026

💡 No action required. Investors should track upcoming Q2 FY27 financial results and core operational updates for performance insights.

Biocon Receives GST Demand of ₹3.21 Cr (Tax, Interest & Penalty) for FY23

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 10 Oct 2026, 03:09 PM

Biocon Limited received an Order-in-Original (DRC-07) from the Andhra Pradesh State GST authority confirming a total liability of approximately ₹3.21 crore. The demand includes GST of ₹1,85,28,762, interest of ₹1,17,59,033, and a penalty of ₹18,52,476 for FY 2022-23. The issues pertain to non-submission of SEZ endorsements, input tax credit reversals, and input service distribution credits. The company stated that the order has no material impact on operations or financials and intends to file a rectification application or appeal.

Confirmed GST demand of Rs. 1,85,28,762 along with interest of Rs. 1,17,59,033 and penalty of Rs. 18,52,476
Total financial implication stands at approximately Rs. 3.21 crore for FY 2022-23
Demand arose from non-submission of SEZ endorsements and ITC reversal discrepancies
Company intends to contest the order through a rectification application or appeal

💡 Track the filing of the rectification application or appeal with the appellate tax authority and any updates in upcoming quarterly disclosures.

Biocon Grants 94.6 Lakh Stock Options Under Unity Long Term Incentive Plan 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Oct 2026, 09:32 PM

Biocon Limited has granted 94,60,232 stock options to eligible employees under the Biocon Unity Long Term Incentive Plan 2026 and its notified plans, effective October 1, 2026. The options carry an exercise price of Rs 5 per option (equal to face value), entitling holders to one equity share per option upon exercise. The scheme will be administered through the Biocon India Limited Employees Welfare Trust via direct allotment or secondary acquisition. Total options granted represent approximately 0.77% of current outstanding equity capital, resulting in minimal potential equity dilution.

Granted 94,60,232 stock options effective October 01, 2026
Each option confers the right to acquire 1 equity share of Rs 5 face value
Exercise price set at Rs 5 per stock option
Exercise period is 12 months from the date of respective vesting
Administered via trust route (Biocon India Limited Employees Welfare Trust)

💡 Track subsequent quarterly financial statements for share-based compensation expense impact under employee benefit costs.

Biocon Malaysia Receives UK MHRA Approval for New Fill-Finish Unit for Semglee (Insulin Glargine)

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 25 Sep 2026, 08:35 AM

Biocon has secured regulatory approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) for its new drug product fill-finish unit for Semglee® (insulin glargine) at its Malaysia manufacturing facility. This follows approval received from the European Medicines Agency (EMA) in July 2026 for the same fill-finish line. The clearance strengthens supply chain flexibility and capacity for Biocon's biosimilar insulin franchise in the UK and European markets. Biocon reported TTM revenue of ₹17,322 Cr and TTM PAT of ₹417 Cr, with biosimilars forming a core growth engine.

UK MHRA approval secured on September 25, 2026, for new drug product fill-finish unit
Approval covers Semglee® (insulin glargine) at the Malaysia manufacturing facility
Follows earlier European Medicines Agency (EMA) approval obtained in July 2026 for the same line

💡 Monitor commercial supplies ramp-up to the UK market from this new line and track any subsequent US FDA audits or approvals for this facility.

Biocon Receives EMA CHMP Positive Opinion for Pertuzumab Biosimilar Pebrilzo®

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 21 Sep 2026, 08:26 AM

Biocon Biologics, a wholly owned subsidiary of Biocon Limited, received a positive opinion from the EMA's CHMP recommending marketing authorization for Pebrilzo® (Pertuzumab biosimilar, 420 mg concentrate). It marks the first monoclonal antibody biosimilar recommended under EMA's new tailored clinical development approach for HER2-positive breast cancer. The final approval now rests with the European Commission. This strengthens Biocon's European biosimilar portfolio alongside its existing base of 12 commercialized biosimilars globally.

CHMP issued a positive recommendation for marketing authorisation of Pertuzumab 420 mg concentrate solution under brand name Pebrilzo®
First monoclonal antibody biosimilar to secure a positive CHMP opinion under EMA's tailored clinical development approach
Product targets HER2-positive breast cancer across early and metastatic disease stages in combination with Trastuzumab
Adds to Biocon's global footprint spanning 12 commercialized biosimilars and an R&D pipeline of 20+ biosimilar assets

💡 Track the formal European Commission final marketing authorization decision, which typically follows CHMP opinions within 60 days, and watch for commercial launch timing and distribution partnerships in Europe.

Biocon Remits ₹0.50 Per Share Final Dividend for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 09 Sep 2026, 01:58 PM

Biocon Limited has issued a communication confirming the electronic remittance of its final dividend of ₹0.50 per equity share (face value ₹5) for FY 2025-26. The dividend was previously approved by shareholders at the 48th Annual General Meeting held on August 6, 2026. Entitlement was determined based on the record date of Friday, July 3, 2026. This filing serves as an intimation regarding physical dispatch of dividend advice to shareholders without registered email addresses.

Final dividend remitted at ₹0.50 per equity share of face value ₹5
Shareholder approval secured at the 48th AGM on August 6, 2026
Record date for dividend entitlement was July 3, 2026
Intimation sent to shareholders without registered email IDs on September 9, 2026

💡 Eligible shareholders should verify credit in their registered bank accounts; if not received, contact registrar KFin Technologies Limited.

Biocon Schedules In-Person Investor Roadshow in Mumbai for September 11, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:57 PM

Biocon Limited has scheduled an in-person Investor Roadshow with analysts and institutional investors on September 11, 2026, in Mumbai. The interaction will take place in both 1x1 and group meeting formats. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during these interactions. Given that this is a standard regulatory intimation of an investor meeting, it has no direct financial impact.

Investor Roadshow scheduled for September 11, 2026
Format consists of 1x1 and group in-person meetings
Location of interaction is Mumbai
No Unpublished Price Sensitive Information (UPSI) to be shared

💡 Track whether any presentation materials or transcripts are subsequently filed on stock exchanges following the roadshow.

Biocon Secures 10-Year Exclusive Supply Contract for Pertuzumab in Brazil

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 08 Sep 2026, 08:31 AM

Biocon, in consortium with Bahiafarma and Bionovis, has received a 100% allocation under Brazil's 10-year Productive Development Partnership (PDP) program for Pertuzumab, a breast cancer biosimilar. The deal grants exclusive access to Brazil's public healthcare system (SUS), which accounts for approximately 70% of the country's Pertuzumab demand. Under the agreement, Biocon will receive milestone payments and a share of revenues over the 10-year term, alongside phased local manufacturing in Brazil. Absolute financial contract figures were not disclosed.

10-year supply partnership agreement secured under Brazil's Productive Development Partnership (PDP) program
Consortium received 100% allocation, granting exclusive access to public healthcare representing ~70% of Brazilian demand
Commercial structure includes milestone payments and a share of generated revenues over 10 years
Product will undergo phased localization and technology transfer in Brazil over the mid to long term

💡 Watch for disclosures on initial milestone payments and commercial rollout timelines in upcoming quarterly calls, alongside updates on the technology transfer milestones.

Biocon Schedules Virtual Group Investor Meeting on September 4, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 06:04 PM

Biocon Limited has announced its schedule to participate in the Nomura Asian Credit Corporate Day 2026 on September 4, 2026. The meeting will be conducted in a group format virtually. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the interaction.

Scheduled meeting date: September 4, 2026
Event: Nomura Asian Credit Corporate Day 2026
Meeting format: Group interaction conducted virtually
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared

💡 Track subsequent post-meet presentation filings or disclosures on the stock exchanges for any operational updates discussed.

Biocon Remits Final Dividend of ₹0.50 Per Share for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 28 Aug 2026, 08:59 PM

Biocon Limited has issued a communication to shareholders confirming the electronic remittance of its final dividend for FY 2025-26. The dividend of ₹0.50 per equity share (face value ₹5 per share) was previously approved at the 48th Annual General Meeting held on August 06, 2026. The record date for determining eligibility was July 03, 2026. Shareholders are advised to verify their bank accounts for the credited amount or reach out to KFin Technologies Limited in case of discrepancies.

Final dividend remitted at ₹0.50 per equity share of face value ₹5 each for FY 2025-26
Dividend was approved at the 48th AGM on August 06, 2026
Record date for entitlement was July 03, 2026
Remittance executed electronically to registered shareholder bank accounts

💡 Eligible shareholders should verify bank credit of the dividend; future focus remains on biosimilar pipeline commercialization and US FDA audit outcomes.

Biocon Biologics Receives Japan MHLW Marketing Approval for Pegfilgrastim Biosimilar

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 25 Aug 2026, 08:28 AM

Biocon Biologics Ltd., a subsidiary of Biocon Limited, has received marketing approval for its pegfilgrastim biosimilar from Japan's Ministry of Health, Labour and Welfare (MHLW). The product is a biosimilar to Amgen's Neulasta and is developed and manufactured by Biocon Biologics. Sandoz K.K. has been appointed to exclusively promote, sell, and distribute the product in the Japanese market. This approval strengthens Biocon's biosimilar oncology portfolio in developed markets outside the US and Europe.

Received marketing approval from Japan's Ministry of Health, Labour and Welfare (MHLW) on August 25, 2026
Product is a biosimilar to Neulasta (pegfilgrastim), developed and manufactured by Biocon Biologics
Global Regulatory Partners Japan will serve as Marketing Authorization Holder on behalf of Biocon
Sandoz K.K. holds exclusive promotion, sales, and distribution rights in Japan

💡 Track the commercial launch timeline in Japan and monitoring commentary in upcoming quarterly earnings regarding revenue contribution from Japanese market rollouts.

Biocon Secures US FDA Approval for Yesintek Autoinjector in 45 mg and 90 mg Dosages

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 18 Aug 2026, 08:40 AM

Biocon Limited's U.S. subsidiary has received supplemental U.S. FDA approval for Yesintek (ustekinumab-kfce) single-dose prefilled autoinjector in 45 mg/0.5 ml and 90 mg/ml presentations. Yesintek was originally approved by the U.S. FDA on November 29, 2024, for indications including plaque psoriasis, psoriatic arthritis, Crohn's disease, and ulcerative colitis. The newly approved autoinjector format enhances Biocon's immunology offerings in the United States by providing an additional delivery option for patients.

Received US FDA supplemental approval for Yesintek 45 mg/0.5 ml and 90 mg/ml single-dose prefilled autoinjector formats.
Yesintek was originally approved by the U.S. FDA on November 29, 2024.
Approved for adult and pediatric patients 6 years and older with plaque psoriasis and active psoriatic arthritis, plus adults with Crohn's disease and ulcerative colitis.

💡 Track the commercial launch timeline in the US and monitor market share ramp-up in the ustekinumab biosimilar category during upcoming quarterly results.

Biocon Q1 FY27: 245% Surge in Pre-Exceptional Net Profit; Biosimilars Revenue Up 16%

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 08:06 PM

Biocon reported a 10% YoY growth in group operating revenue for Q1 FY27, reaching Rs 4,517 Cr (based on financial context). The performance was led by the Biosimilars segment, which grew 16% to Rs 2,855 Cr, and the Generics segment, which rose 21% to Rs 760 Cr. Net profit before exceptionals surged 245% YoY to Rs 145 Cr, significantly aided by a 23% reduction in interest costs to Rs 213 Cr. However, the Services segment (Syngene) faced a 16% revenue decline due to lower offtake from a major biologics client.

Biosimilars revenue grew 16% YoY to Rs 2,855 Cr, contributing ~63% of total group revenue.
Net profit before exceptional items increased by 245% YoY to Rs 145 Cr.
Interest costs reduced by 23% YoY to Rs 213 Cr following balance sheet deleveraging.
Generics segment EBITDA margin improved by 250 bps over Q4 FY26 to reach 7%.
Syngene (Services) revenue declined 16% YoY to Rs 736 Cr with EBITDA margins at 12%.

💡 Monitor the recovery of Syngene's margins in H2 FY27 and the commercial ramp-up of newly launched biosimilars like Denosumab and Aflibercept in the US and EU markets.

245% YoY Net Profit Growth in Q1 FY27 as Biocon Focuses on Debt Reduction

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 08:03 PM

Biocon reported a 10% YoY growth in operating revenue for Q1 FY27, led by a 17% surge in the Biopharmaceuticals segment which offset a 16% decline in Services (Syngene). Net profit (pre-exceptional) rose 245% YoY to ₹145 crore, primarily driven by a 23% reduction in interest costs to ₹213 crore. Management indicated that the heavy investment and integration phase following the Viatris acquisition is largely complete, with a shift in focus toward cash generation and deleveraging. The company also clarified that current US laws exempt generics and biosimilars from proposed tariffs, mitigating immediate policy concerns.

Net profit (pre-exceptional) surged 245% YoY to ₹145 crore in Q1 FY27.
Interest costs declined 23% YoY and 8% QoQ to ₹213 crore, reflecting active debt repayment.
Biopharmaceuticals segment grew 17% YoY, while Services revenue declined 16% YoY.
EBITDA for the quarter stood at ₹902 crore with a margin of 21%.
Management is targeting the acquisition of the remaining 23.3% stake in Biocon Biologics for $773 million.

💡 Watch for the recovery of the Services (Syngene) segment and the execution of the $773 million minority stake buyout in Biocon Biologics, which aims to eliminate minority interest leakages.

View All BIOCON Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 10.6% YoY to INR 16,319 Cr in FY2025. The Biosimilars segment (Biocon Biologics) grew 14.2% YoY (INR 9,465 Cr), driven by US demand and the Viatris integration. Generics grew 8% YoY (INR 3,100 Cr) due to volume recovery in APIs. Research Services (Syngene) grew 4.4% YoY (INR 3,753 Cr), slowed by subdued US biotech funding.

Geographic Revenue Split

The US market is the largest contributor at 46% of consolidated revenue. The remaining 54% is diversified across the European Union (EU), India, and Rest of World (MoW) markets, providing a hedge against regional economic downturns.

Profitability Margins

Operating Profit Margin (OPM) improved to 26.8% in FY2025 from 22.6% in FY2024. This was significantly boosted by a one-time gain of INR 1,057 Cr from the sale of the branded formulations business to Eris Lifesciences. Net Profit Margin (PAT/OI) stood at 8.8% in FY2025 compared to 9.4% in FY2024.

EBITDA Margin

Core EBITDA margin (excluding one-offs) is approximately 22%. The reported EBITDA margin was 20.7% in fiscal 2025 vs 22.2% in fiscal 2024. Management expects margins to improve to ~25% over the medium term as high-margin biosimilars contribute more to the mix.

Capital Expenditure

Biocon plans to fund capital commitments through internal accruals and cash reserves of INR 4,922.7 Cr. Expected cash accrual for FY2026 is INR 2,500-3,000 Cr, which will cover debt obligations of INR 1,900 Cr and ongoing capacity expansions in Malaysia and Syngene research centers.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook from ICRA and CRISIL. Debt restructuring, including a INR 4,500 Cr QIP and a $800M bond issuance, is expected to reduce annual interest costs by approximately INR 300 Cr (a significant reduction in borrowing costs).

⚙️ Operational Drivers

Raw Materials

Key inputs include Active Pharmaceutical Ingredients (APIs), fermentation-based chemicals, and specialty biopharmaceutical precursors. Specific chemical names and their exact % of total cost are not disclosed in the available documents.

Import Sources

Not specifically disclosed, though the company operates global manufacturing hubs in India and Malaysia, suggesting a global procurement network for specialty chemicals.

Capacity Expansion

Current expansion includes the insulin facility in Malaysia and increased capacity for Syngene's research centers and manufacturing facilities for both large and small molecules to meet growing CDMO demand.

Raw Material Costs

Raw material costs are influenced by the volume-led recovery in the API business. Procurement strategies focus on vertical integration to mitigate pricing volatility in the generics segment.

Manufacturing Efficiency

Efficiency is driven by high utilization levels in the Malaysia facility and operational synergies from the Viatris acquisition, which simplified the group structure and shared services.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be achieved by consolidating Biocon Biologics into a 100% owned subsidiary, eliminating minority interest leakages. The company is ramping up the Viatris biosimilars portfolio, launching new products in the US/EU, and expanding Syngene’s research services. Deleveraging via a INR 4,500 Cr QIP will save INR 300 Cr in interest, which will be reinvested into R&D.

Products & Services

Biosimilars (Insulin Glargine, Trastuzumab, Bevacizumab), Generic APIs (Lovastatin, Statins), Generic Formulations, and Contract Research and Manufacturing Services (CRO/CDMO) via Syngene.

Brand Portfolio

Biocon, Biocon Biologics, Syngene.

New Products/Services

New biosimilar launches and generic formulations are expected to drive revenue, though specific contribution percentages per product are not disclosed.

Market Expansion

Expansion is targeted in the US, Europe, and Emerging Markets (MoW) through a robust biosimilar pipeline and global footprint expansion.

Market Share & Ranking

Biocon is India's leading biopharma company and a top global player in the biosimilars space.

Strategic Alliances

Acquisition of Viatris' biosimilars business ($3B+ deal) and a partnership with Eris Lifesciences (divestment of branded formulations for INR 1,057 Cr).

🌍 External Factors

Industry Trends

The biosimilar industry is poised for healthy growth as biological patents expire. Biocon is positioning itself as a fully integrated 'lab-to-market' player to capture this shift, moving away from pure generics toward complex biologics.

Competitive Landscape

Faces competition from cost-competitive Indian generic players and global pharmaceutical giants in the biosimilars space.

Competitive Moat

Moat is built on high entry barriers in biosimilars (complex R&D and manufacturing) and a 76% stake in a globally integrated subsidiary. This is sustainable due to the high capital intensity and technical expertise required for biologics.

Macro Economic Sensitivity

Highly sensitive to US healthcare policy changes and biotech funding trends, which impacted Syngene's growth in H1 FY2025.

Consumer Behavior

Shift toward affordable healthcare is increasing global demand for biosimilars over expensive innovator biologics.

Geopolitical Risks

Vulnerable to regulatory changes in the US and EU; trade barriers or changes in 'access to medicine' laws could impact the biosimilars segment.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence to US FDA, EMA, and other global regulatory standards for manufacturing compliance. Price caps and government intervention in pharmaceutical pricing remain a key social and regulatory risk.

Environmental Compliance

High risk related to waste management and pollution norms; breaches could lead to mandatory capital expenditure for infrastructure upgrades.

Taxation Policy Impact

Not specifically disclosed, but subject to standard Indian and international corporate tax rates.

Legal Contingencies

The company has a put option obligation to private equity investors totaling INR 1,418.6 Cr as of March 31, 2025. Failure to honor these could impact credit metrics.

⚠️ Risk Analysis

Key Uncertainties

Uncertainty regarding the payoff of the R&D-driven model for biosimilars and the timing of regulatory approvals for new molecules, which can cause revenue volatility.