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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
Achieved strong Q2 FY26 results with double-digit year-on-year growth in biosimilars and generics, and steady CRDMO performance, with five consecutive quarters of revenue growth and expanding global reach.
Strengthened balance sheet by settling structured debt with Goldman Sachs and Kotak using QIP proceeds; Edelweiss exit planned by January; early redemption of Rs. 500 crore NCDs and acquisition of Rs. 300 crore CCDs in Biocon Biologics approved.
Launched multiple biosimilars globally, including Ustekinumab, Aspart, Bevacizumab, and Aflibercept; Denosumab launch imminent; achieved US FDA approval and Amgen license agreement for biosimilar Denosumab.
Entered strategic partnerships, including with California's Civica Inc. for affordable insulin glargine and the Government of California for affordable insulin.
Improved ESG scores, received the Golden Peacock Award for Excellence in Corporate Governance, and board approved unaudited financial results for the quarter.
Financial highlights
Operating revenue grew 20% year-on-year to INR 4,296 crores in Q2 FY26; consolidated revenue from operations was Rs. 42,955 million, up from Rs. 35,904 million in Q2 FY25.
Biosimilars revenue up 25% YoY to INR 2,721 crores; generics up 24% YoY to INR 774 crores; CRDMO up 2% YoY to INR 911 crores.
Core EBITDA rose 23% YoY to INR 1,218 crores (28% margin); reported EBITDA up 29% YoY to INR 928 crores (21% margin).
Consolidated net profit for Q2 FY26 was Rs. 1,328 million, compared to a net loss of Rs. 215 million in Q2 FY25; net profit before exceptional items was ₹92 Cr.
R&D expenses were ₹251 Cr, representing 7% of revenue (excluding Syngene); standalone equity increased to Rs. 1,59,831 million as of September 30, 2025.
Outlook and guidance
Full benefit of debt reduction to be realized from FY27, with annual interest savings of INR 300 crores; expect continued margin improvement in Q3 and Q4 as further debt exits are completed.
Generics business performance expected to strengthen in H2 FY26 with new launches and expanded reach; Syngene maintains annual guidance for FY26, with medium to long-term growth expected.
Board actions and capital allocation signal focus on strengthening balance sheet and supporting subsidiary growth.
Phasing of interest cost savings through FY26?
FDA guidance: impact on Biocon's pipeline speed?
Generics: drivers for sustained margin improvement?
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Next Biocon earnings date
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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