Slide 1: Cover letter to stock exchanges
Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T 91 80 2808 2808 F 91 80 2852 3423 CIN : L24234KA1978PLC003417 www.biocon.com BIO/SECL/TG/2025-26/134 December 09, 2025 To, To, The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Department of
Slide 2: Biocon Limited Investor Presentation: Business Consolidation – Overview
Biocon Limited Investor Presentation Business Consolidation – Overview December 2025
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by Biocon Limited (the “Company”). It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the Company’s business, financial condition, results of operations, trading
Slide 4: Overview of Consolidation Plan
Overview of Consolidation Plan
Slide 5: Biocon Group – A Leading Global Biopharmaceutical Company
Biocon Group – A Leading Global Biopharmaceutical Company Improving patients' lives by delivering affordable healthcare products and differentiated services 47+ Global reach in Market cap of $ 1,806M 215+ 14 of Top 20 1,500+ 11 year legacy 120+ In Revenues (FY25) cGMP approvals1 Pharma companies Pat
Slide 6: Proposed Consolidation of Biocon Limited and Biocon Biologics
Proposed Consolidation of Biocon Limited and Biocon Biologics Present Day Proposed Structure Generics (API, GLPs, OSDs, Injectables) Differentiated Portfolio Offering Products (Biosimilars, Insulins, Peptides, Complex Generics) Biosimilars (mAbs & Insulins) Contract Services (CRDMO) Contract Service
Slide 7: Strategic Rationale for the Consolidation
Strategic Rationale for the Consolidation Key Merits ✓ Simplified corporate structure driving value maximization for all stakeholders including removal of HoldCo discount Takes advantage of a larger balance sheet and improved financial metrics ✓ ✓ Operational synergies through consolidation of Group
Slide 8: Creating Value for Stakeholders
Creating Value for Stakeholders Patients & Health Systems Customers & Partners Employees Investors & Shareholders Expanding access to affordable Comprehensive offering making Enhancing career growth & Both BBL and BL Investors will and high-quality Biosimilars, us a strategic partner of choice learn
Slide 9: Overview of Consideration for Minority Shareholders of Biocon Biologics Limited
Overview of Consideration for Minority Shareholders of Biocon Biologics Limited Consideration Key Highlights • BL share price considered for share swap at ₹ Consideration 405.781 per share as on relevant date – December BBL Shareholders Shares in BBL Swap Ratio2 Shares in Biocon ₹ Cr. 1, 2025 3,732
Slide 10: Key Milestones and Timelines
Key Milestones and Timelines Indicative Timeline for Key Milestones Signing of Definitive Documentation Shareholder Vote Approvals from Relevant Regulatory Listing of Shares Issued in Long Stop Date2 with Investors Authorities and Stock Exchanges Preferential Allotment December 06, 2025 December 31,
Slide 11: Marquee Advisors for the Transaction
Marquee Advisors for the Transaction Exclusive Financial Advisor Legal Advisors Valuation and Tax Advisors Funding Partner Strategy Advisors 10
Slide 12: Consolidation Rationale & Value Unlock
Consolidation Rationale & Value Unlock
Slide 13: Our Financial Journey to Improve Financial Metrics and Unlock Value
Our Financial Journey to Improve Financial Metrics and Unlock Value (I) (II) (III) (IV) Acquisition of Viatris’ Biosimilars Acquisition Loan Refinancing QIP for Redemption of Business Business Structured Instruments Consolidation • $3B+ acquisition – one of the largest • Refinancing through offshore
Slide 14: Acquisition Refinancing - Improved Debt Maturity Profile
Acquisition Refinancing - Improved Debt Maturity Profile BBL Original Debt profile (Sep’24) Original Term Debt Amortization Schedule1 Acquisition Debt 392 401 253 6 312 75 74 $1,389mn Bilateral Debt 186 395 317 238 31 950 Working Capital FY25 FY26 FY27 FY28 FY29 FY30 Acquisition Debt Bilateral Debt
Slide 15: Deleveraged and Strengthened Balance Sheet
Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth Reduction in Leverage : FY23 – PF H1261 Highlights $ Mn • H1FY26 structured debt lower vs. FY25 due to redemption of GS OCD Gross Debt 2,012 • Proforma H1 FY26: Net Debt/EBITDA at 2.5x : Structured 304
Slide 16: Major Investments in Capacities and Infrastructure Largely Completed
Major Investments in Capacities and Infrastructure Largely Completed across Biocon Group CapEx Cash Outflow Highlights USDmn CapEx Plant & Avg. Quarterly Adj. ROCE1 274 Machinery Cash Balance 232 210 90 ~$1Bn+ ~$350M+ ~10% 61 Research 63 93 104 Key Projects 101 Biosimilars 83 17 45 mAbs (India) Insu
Slide 17: Business Consolidation – Next step in our journey
Business Consolidation – Next step in our journey to improve financial metrics and unlock value (I) (II) (III) (IV) Acquisition of Viatris’ Biosimilars Acquisition Loan Refinancing QIP for Redemption of Business Business Structured Instruments Consolidation • $3B+ acquisition – one of the largest •
Slide 18: Key Benefits of Consolidation of Biocon Limited and Biocon Biologics
Key Benefits of Consolidation of Biocon Limited and Biocon Biologics 1 2 3 OPERATING SYNERGIES & IMPROVED CAPITAL CROSS-LEVERAGE PORTFOLIO & COMMERCIAL SIMPLIFIED CORPORATE STRUCTURE ALLOCATION INFRASTRUCTURE • Simplification of group corporate structure and • Synergistic utilization of infrastructu
Slide 19: Change in Ownership Structure
1. Change in Ownership Structure Pre-Transaction Structure Proposed Cap Table BL Public Shareholders Biocon Promoters Pre-Transaction Post-Transaction Shareholders % Holding % Holding [25%](1) BL (Listed) BBL Minority Shareholders BL Promoters 54.45% 44.44% [75%] [100%] [53%](2) [10%] BL non-promote
Slide 20: Cross-leverage R&D and Manufacturing Infrastructure
2. Cross-leverage R&D and Manufacturing Infrastructure Drug Substance Drug Product R&D mAbs Fermentation Synthetic Injectables OSD Bengaluru ◼ Biologics Manufacturing ◼ R&D Chennai ◼ R&D Johor Malaysia ◼ Insulins manufacturing Cranbury, New Jersey ◼ OSD Vishakhapatnam ◼ HPAPIs, Fermentation, Synthet
Slide 21: Growth is Accelerating and Diversifying across Platforms
3. Growth is Accelerating and Diversifying across Platforms Biologics & GLP-1s represent an increasing share of the global pharmaceutical landscape 2028E spending (USD $) Forecast of Relevant Originator Market by Net Sales ($ Bn) Spending and Growth by Therapy Areas Market potential by technology, v
Slide 22: Expansive Portfolio with Complementarity across High Growth Therapy Areas
3. Expansive Portfolio with Complementarity across High Growth Therapy Areas Biosimilars Generics Examples Approved Pipeline Pertuzumab Trastuzumab SC Pegfilgrastim Denosumab Dasatinib Oncology Pembrolizumab Palbociclib Trastuzumab Bevacizumab Lenalidomide Nivolumab 9 Undisclosed BS Adalimumab Tacro
Slide 23: One of the Most Comprehensive Portfolios in the Industry
3. One of the Most Comprehensive Portfolios in the Industry Trastuzumab Bevacizumab Pegfilgrastim Pertuzumab Pembrolizumab Nivolumab Adalimumab Etanercept Ustekinumab Aflibercept Denosumab Insulin Glargine Insulin Aspart rH-Insulin Liraglutide Semaglutide Vertically integrated and offers a unique co
Slide 24: Combined Entity will Leverage a Global Commercial Infrastructure
3. Combined Entity will Leverage a Global Commercial Infrastructure to Drive Growth Combined entity presence Levers to drive growth Cross-Leverage commercial infrastructure to expand presence to newer markets 29 90+ 358+ self-led partnered employees markets markets Offer larger basket of products in
Slide 25: Key Business Highlights: Products
Key Business Highlights: Products
Slide 26: Consolidated business among global leaders in biosimilars and complex generics
Consolidated business is well positioned and among the global leaders in biosimilars and complex generics Integration marks a beginning of a new phase of accelerated growth, scale, and scientific impact. Research & Development Manufacturing Commercialization ✓ Robust in-house R&D engine with experti
Slide 27: Significant Market Shares across Key Geographies – Biosimilars
Significant Market Shares across Key Geographies – Biosimilars Direct presence across major countries and a network to established partners and distributors Advanced Markets Emerging Markets Market share Q2 CY2024 Q2 CY2025 Q2 CY2025 Market share 23% 25% 23% 22% 11% 10% 90% 61% 57% Rh-Insulin bBevac
Slide 28: Major Launches in FY26 – FY27
Major Launches in FY26 – FY27 Strengthens position as biosimilars and Insulins leader in key markets; complementary GLP-1 offering Product Launches Semaglutide Addressable Market* >> $8.1B $5B $7B $10.9B $2.6B $2B $29.3B U.S. U.S. U.S. U.S. U.S. U.S. U.S. H1 CY 2026 Oct’25 H1 CY’2026 Feb’25 Sep’25 A
Slide 29: Key Business Highlights: Services
Key Business Highlights: Services
Slide 30: Leading CRDMO Player With Differentiated Capabilities
Leading CRDMO Player With Differentiated Capabilities Differentiated Characteristics And… … Best-in-Class Capabilities… … Establishes Growth Path Expertise across pharmaceuticals, biotech, nutrition and animal health Team of 5,600+ scientists including ~550 Leveraging integrated services from drug d
Slide 31: Well Positioned in the Highly Attractive CRDMO Market
Well Positioned in the Highly Attractive CRDMO Market Market Trends Supportive of Long-term Industry Growth CRDMO Market Size1 Key Market Trends Supportive of Long-term Growth USDbn 231 Drug pipeline growing at a healthy 8% CAGR 8% 41 9% 155 Outsourcing Acceleration: Big pharma increasingly outsourc
Slide 32: Financials
Financials
Slide 33: Biocon Group - Robust Financials
Biocon Group - Robust Financials Key Financials1 Highlights USDmn Revenue5 1,806 1,630 • Revenue reflects steady growth across all three verticals. 23% 1,322 23% Research 28% 975 • R&D spends at 7% of revenues driven by stage of development of assets 58% 22% 58% Biosimilars 48% 61% • EBITDA margin e
Slide 34: Thank You
Thank You ACCELERATING REACH Propelli ing Growth,