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Biocon (BIOCON) investor relations material
Biocon Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary12 Nov, 2025
Executive summary
Biosimilars and generics delivered double-digit year-over-year growth, with CRDMO performance in line with plan and five consecutive quarters of revenue growth.
Structured debt obligations settled with Goldman Sachs and Kotak using QIP proceeds; agreement executed with Edelweiss, strengthening the balance sheet, with full benefit of debt reduction expected from FY27.
Achieved key product launches and regulatory milestones, including US FDA approval for biosimilar denosumab, partnership with Amgen for US commercialization, and a strategic partnership with Civica Inc for affordable insulin glargine under CALRx.
Notable improvements in ESG scores and receipt of the Golden Peacock Award for Excellence in Corporate Governance.
Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025.
Financial highlights
Operating revenue for Q2 FY26 at INR 4,296 crores, up 20% year-over-year; total revenue reached INR 4,389 crores.
Core EBITDA at INR 1,218 crores (28% margin, 23% YoY growth); reported EBITDA at INR 928 crores (21% margin, 29% YoY growth).
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 at 7% of revenues for biosimilars and 9% for generics; R&D expenses were INR 251 crores (excluding Syngene).
Consolidated net profit for Q2 FY26 was INR 1,328 million, compared to a net loss of INR 215 million in Q2 FY25.
Outlook and guidance
Expect continued margin improvement in Q3 and Q4 as debt exits are completed; full benefit of debt reduction to be seen in FY27 with annual interest savings of ~INR 300 crores.
Generics business performance expected to strengthen in H2 FY26 with new launches and expanded reach.
CRDMO (Syngene) maintains annual guidance and is positioned for medium to long-term growth.
Ongoing investments in Biocon Biologics and CRDMO segments to drive future growth.
R&D spend for biosimilars to remain in the 7–9% of revenue range; generics R&D spend to be 8–10%.
Phasing of interest cost savings through FY26?
FDA guidance: impact on Biocon's pipeline speed?
Generics: drivers for sustained margin improvement?
FDA guidance: How does it change biosimilar development?
Quantify future interest cost savings from debt exit
How does Biocon leverage its insulin for GLP-1s?
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Q3 202612 Feb, 2026
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Frequently asked questions
Biocon Limited operates through Biologics, Branded Formulations, and Research Services segments. The Biologics segment sells pharmaceutical products and services to regulated markets, including India and United States; the India market through alliance partners and sale of clinical trial material; various countries in Asia Pacific and Middle East and Africa through alliance partners; and the Europe market through its subsidiary Biocon Norway. Biocon Limited was founded in 1978 and is headquartered in Bengaluru, India.
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