Biocon Limited · NSE:BIOCON
Biocon — Investor Presentation (February 2026)
34 slides from Biocon's investor presentation, Feb 25, 2026
Slide 1: Exchange filing cover letter
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/2025-26/182 February 25, 2026 To, To, The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Department of
Slide 2: Investor Presentation February 2026
Investor Presentation February 2026
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: Leading, Global Biopharma Company
Leading, Global Biopharma Company
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 cGMP Pharma companies Patents1 Manufacturin
Slide 6: Our Aspiration
Our Aspiration Leveraging science and innovation to make life-saving medicines affordable and accessible to patients 2004 2017 2025 2021 Launched India’s first Commercialized first Received approval and Commercialized the first recombinant human insulin, biosimilar Trastuzumab in commercialized the
Slide 7: Our Transformative Journey over the Years
Our Transformative Journey over the Years Early pioneers of Biotech democratizing access to chronic and life-saving therapies globally Enzymes Transforming into Biosimilars Global Company Biopharma Scale-Up Reach 1978 1998 2009 2019 2022 Acquired Viatris’ Carved out Biocon Biologics Biocon forayed i
Slide 8: Next Phase: Integration of Biocon Limited and Biocon Biologics
Next Phase: Integration of Biocon Limited and Biocon Biologics Combining our Generics and Biosimilar businesses will unlock value for patients, prescribers, customers and shareholders Present Day Strategic Differentiators of Combined Business Generics (API, GLPs, OSDs, Injectables) Research & Manufa
Slide 9: Rationale for Integration of Biocon Limited and Biocon Biologics
Rationale for Integration of Biocon Limited and Biocon Biologics Consolidation simplifies structure, improves financial metrics, and unleashes combined potential of the two businesses Simplified corporate Operating synergies & improved Cross-leverage portfolio & structure capital allocation commerci
Slide 10: Improving Financial Metrics and Unlocking Value
Improving Financial Metrics and Unlocking Value
Slide 11: 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 12: 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 13: Deleveraged and Strengthened Balance Sheet
Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth Reduction in Leverage : FY23 – PF 9M261 Highlights $ Mn • Structured debt fully redeemed in FY26 Gross Debt 1,809 2,012 • Proforma 9M FY26: Net Debt/EBITDA at 2.8x : Structured 304 - debt • Deleveragin
Slide 14: 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 63 143 93 29 Key Projects 101 Biosimilars 83 66 mAbs (India) Insu
Slide 15: 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 16: Key Business Highlights: Products
Key Business Highlights: Products
Slide 17: Consolidated business well positioned 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 18: Evolving Global Disease Burden
Evolving Global Disease Burden Shift in global disease burden from communicable diseases to non-communicable diseases (NCD’s) Oncology Total Disease Burden by Total Disease Burden by Cause (Billion DALYs*) Cause (Billion DALYs*) Incidence expected to increase to 35M new patients annually by 2050. 77
Slide 19: Differentiated Portfolio focused on High-Need Therapy Areas
Differentiated Portfolio focused on High-Need Therapy Areas Combined portfolio includes Biosimilars, Insulins, GLPs and Complex Generics Biosimilars Generics Examples Approved Pipeline Pertuzumab Trastuzumab SC Pegfilgrastim Denosumab Dasatinib Oncology Pembrolizumab Palbociclib Trastuzumab Bevacizu
Slide 20: State-of-the-art Manufacturing Facilities
State-of-the-art Manufacturing Facilities 300+ KL Drug Substance manufacturing capacity | 100M + units Injectable manufacturing capacity | 2Bn + Oral Solid Capacity Drug Substance Drug Product R&D mAbs Fermentation Synthetic Injectables OSD Bengaluru ▪ Biologics Manufacturing ▪ R&D Chennai ▪ R&D Joh
Slide 21: Strong Commercial Capabilities with Global Footprint
Strong Commercial Capabilities with Global Footprint Expanding our commercial footprint globally through diverse GTM models Combined entity presence Commercial Models Mix of both self-led markets and partnered markets 29 90+ 358+ self-led partnered employees markets markets Presence across Tender, R
Slide 22: Existing Portfolio holds Significant Market Share
Existing Portfolio holds Significant Market Share Direct presence across major countries and a network of established partners and distributors Biologics Business- Advanced Markets Generic Formulations – Advanced Markets Market share Q3 CY2024 Q3 CY2025 Q3 CY2024 Q3 CY2025 23% 25% 22% 23% 49% 57% 50
Slide 23: Strong Launch Momentum going into 2026
Strong Launch Momentum going into 2026 Multiple global launches lined-up across Oncology, Immunology and GLP-1s in 2026 Successfully launched Oncology and Immunology Launches Insulin Launch GLP Launches Semaglutide Addressable Market* >> $8 B $5 B $7 B $11 B $3 B $2 B $29 B U.S. U.S. U.S. U.S. U.S.
Slide 24: Robust Mid-Term Pipeline with Continued Focus on High Value Areas
Robust Mid-Term Pipeline with Continued Focus on High Value Areas By addressing 2/3rd of Biologics market going off-patent by 2031, our pipeline is built to unlock affordable access for patients globally 16 in early to mid-stage • USD ~135 Bn of Oncology + Addressable market1 Immunology • Molecule C
Slide 25: Key Business Highlights: Services
Key Business Highlights: Services
Slide 26: 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 27: 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 28: Financials
Financials
Slide 29: 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% 1,422 • R&D spends at 7% of revenues driven by stage of development of assets 58% 21% 58% Biosimilars 48% 61% • EBITDA margin
Slide 30: Financial Highlights – Q3FY26
Financial Highlights – Q3FY26 In ₹ Cr Q3 FY26 Q3 FY25 Q2 FY26 YoY% QoQ% Generics 851 686 774 24 10 Biosimilars 2,497 2,289 2,721 9 (8) CRDMO 917 944 911 (3) 1 Revenue from Operations 4,173 3,821 4,296 9 (3) Total Revenue 4,290 3,856 4,389 11 (2) Core EBITDA1 1,221 1,007 1,218 21 0 % Margin 29 26 28
Slide 31: Biocon Biologics: Q3 FY26 Business Performance update
Biocon Biologics: Q3 FY26 Business Performance update • North America – Strong Q3 led by Oncology & Immunology In ₹ Cr Q3 FY26 Q3 FY25 Q2 FY26 YoY% QoQ% • Yesintek continues to gain strong commercial traction with a market leading position among biosimilars Segment 2,497 2,289 2,721 9 (8) • Expanded
Slide 32: Biocon Generics: Q3 FY26 Business Performance update
Biocon Generics: Q3 FY26 Business Performance update • Strong Revenue Momentum In ₹ Cr Q3 FY26 Q3 FY25 Q2 YoY% QoQ% • Ongoing gLiraglutide launches across EU markets FY26 • Improved performance of base generic formulations business Segment 851 686 774 24 10 Revenue • Pipeline Progress and Key Regula
Slide 33: CRDMO: Q3 FY26 Business Performance update
CRDMO: Q3 FY26 Business Performance update • Business Performance Q2 In ₹ Cr Q3 FY26 Q3 FY25 YoY% QoQ% • 9MFY26 revenue up 3% YoY, Q3 revenue down 3% YoY FY26 • Performance impacted by challenges at one manufacturing customer – Segment 917 944 911 (3) 1 transient and should normalize over time Reven
Slide 34: Thank You
Thank You ACCELERATING REACH Propelli ing Growth,