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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Investor Presentation February 2026
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 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 position or prospects. These forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable when made, it can give no assurance that such expectations will prove to have been correct. The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. None of the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation does not constitute or form part of an offer, solicitation or invitation of any offer, to subscribe for or purchase any securities of the Company in any jurisdiction, and nothing contained herein shall form the basis of, or be relied on, in connection with any contract or commitment whatsoever. Any decision to purchase any securities of the Company in the context of any offering should be made on the basis of information contained in the relevant offering document prepared in relation to such an offering. 2
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Leading, Global Biopharma Company
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 4 Biocon Group – A Leading Global Biopharmaceutical Company Improving patients' lives by delivering affordable healthcare products and differentiated services 47+ year legacy Market cap of $ 6.8 bn3 Global reach in 120+ Countries1 215+ cGMP approvals1 14 of Top 20 Pharma companies served by service portfolio1,4 1,500+ Patents1 11 Manufacturing locations1 $ 1,806M In Revenues (FY25) Creating strength through innovation, diversification and synergies 18% 2 of Revenue Generics – Ensuring access through quality, affordability, reliability 61% 2 of Revenue Biosimilars – Expanding access to affordable, life- saving biotherapeutics 21% 2 of Revenue CRDMO Services – Offering end-to-end scientific & manufacturing solutions Market cap of $ 1.9 bn5 NASDAQ6 Listed Novel Biologics – Developing cutting-edge biotherapeutics Market cap of $ 0.8 bn6 Successfully Incubated 4 Businesses Note: 1. As of 31 March 2025 I 2. Of 9MFY26 Revenues. Data doesn’t consider inter-company adjustments | 3. For Biocon, as of 18 February 2026, sourced from BSE converted an exchange rate of ₹ 90.70/$ | 4.Based on based on 2024 Pharmaceutical sales | 5. For Syngene, as of 18 February 2026, sourced from BSE converted an exchange rate of ₹ 90.70/$. Biocon Ltd has a 52.4% stake in Syngene | 6. For Bicara, Market Cap as of 18 February 2026, from NASDAQ. Biocon Ltd has a 10.1% stake in Bicara Therapeutics
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Our Aspiration 5 Leveraging science and innovation to make life-saving medicines affordable and accessible to patients Several global ‘firsts’ with a collective purpose of improving health everywhere 2004 Launched India’s first recombinant human insulin, Insugen®, in 2004 2017 Commercialized first biosimilar Trastuzumab in the U.S. for HER2-positive breast and metastatic stomach cancer patients 2021 Commercialized the first interchangeable bGlargine in the U.S. 2014 Developed the world's first biosimilar Trastuzumab for HER2-positive breast and metastatic stomach cancer; launched in India 2018 Commercialize first biosimilar Pegfilgrastim in the U.S. for cancer patients undergoing chemotherapy, 2024 Received first U.S FDA approvall for biosimilar Aflibercept for treatment of several serious eye conditions 2025 Received approval and commercialized the first and only interchangeable bAspart in the U.S.
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 6 Our Transformative Journey over the Years Early pioneers of Biotech democratizing access to chronic and life-saving therapies globally Transforming into Biopharma Enzymes Company Global Reach Biosimilars Scale-Up 1978 Biocon founded as an enzymes company 1998 Biocon forayed into Biopharma focusing on insulins, statins and early biosimilar opportunities 2009 Onboarded Viatris as partner to scale-up Biosimilar development 2019 Carved out Biocon Biologics (BBL) as separate subsidiary; invested in strong Biosimilar pipeline 2022 Acquired Viatris’ biosimilar business to build leading a lab to patient Biosimilar company Acquisition of Viatris has positioned us as a leading global biosimilars enterprise
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 7 Next Phase: Integration of Biocon Limited and Biocon Biologics Combining our Generics and Biosimilar businesses will unlock value for patients, prescribers, customers and shareholders Generics (API, GLPs, OSDs, Injectables) Present Day Biosimilars (mAbs & Insulins) Future Structure Differentiated Portfolio Offering (Biosimilars, Insulins, Peptides, Complex Generics) Strategic Differentiators of Combined Business Research & Development Leveraging deep expertise, highly skilled talent and cutting-edge science Portfolio of 30+ biosimilars and 3 GLP-1s addressing a total market opportunity of $200B+1 Manufacturing Top 15 in global biomanufacturing capacity2 Fully integrated capabilities – API, drug products and devices Commercialization Top 5 biosimilar players globally3; Global reach in 120+ countries Double-digit market shares across several key geographies Advanced, compliant manufacturing facilities Maximizing patient reach through country-specific commercial models Integration will expand access toaffordable and high-quality therapies across care continuum Sources: 1. GlobalData; 2. BioProcess International; 3. Company reported revenues
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 8 Rationale for Integration of Biocon Limited and Biocon Biologics Consolidation simplifies structure, improves financial metrics, and unleashes combined potential of the two businesses Will unlock value in the short-term through operational synergies while laying a foundation for sustainable growth Simplified corporate structure driving value maximization for all stakeholders including removal of HoldCo discount Simplified corporate structure Takes advantage of a larger balance sheet and improved financial metrics Operating synergies & improved capital allocation Unleash strengths across portfolios and commercial and manufacturing infrastructure to drive next phase of growth Cross-leverage portfolio & commercial infrastructure Operational synergies through consolidation of Group resources
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Improving Financial Metrics and Unlocking Value
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Our Financial Journey to Improve Financial Metrics and Unlock Value 10 Improved debt maturity profile and stronger balance sheet (III) QIP for Redemption of Structured Instruments • Redemption/acquisition of structured instruments • QIP – ₹4,500 Cr raised to provide exit to structured instruments • Annual savings in interest costs ~₹ 300 Cr. per annum (IV) Business Consolidation • Acquisition of minority investors stake to consolidate business • Share swap and cash consideration for all existing minority investors • Consolidate 100% of Biocon Biologics business(1) • Refinancing through offshore listed bond ($1.2B) • Extended maturity profile by 5 years • $800M Bond - 1st Biopharma bond listing in Asia; oversubscribed >3x (II) Acquisition Loan Refinancing Note 1: Biocon now holds ~98% stake in Biocon Biologics, Board has granted in-principle approval to acquire remaining ~2% • $3B+ acquisition – one of the largest biopharma deals • Emerged as a leading integrated player • Successfully integrated the business in 1 year – among the fastest in industry (I) Acquisition of Viatris’ Biosimilars Business Fully integrated business
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 238 317 395 74 75 6 31 312 392 401 FY25 FY26 FY27 FY28 FY29 FY30 Acquisition Debt Bilateral Debt Acquisition Refinancing - Improved Debt Maturity Profile BBL Original Debt profile (Sep’24) Original Term Debt Amortization Schedule1 11 Notes: 1. Excluding Working Capital Debt 2. Bond: $ 800Mn, New Facility size: $ 320Mn and Rolled over Bilateral debt:~$ 30Mn 950 186 253 Acquisition Debt Bilateral Debt Working Capital 8002 353 2 234 Senior Secured Bond New Facility / Bilateral Debt Working Capital 800 163 3 47 60 80 963 FY25 FY26 FY27 FY28 FY29 FY30 Senior Secured Bond New Facility / Bilateral Debt Allows flexibility to invest cash from operations back into the business Deferred debt maturities provides increased / enhanced liquidity to address business needs BBL New Debt Profile (Sep’25) New Term Debt and Bond Maturities Schedule2 $1,389mn $1,387mn
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth Reduction in Leverage : FY23 – PF 9M261 Gross Debt 12 Other borrowings • Structured debt fully redeemed in FY26 • Proforma 9M FY26: Net Debt/EBITDA at 2.8x : • Deleveraging initiatives; proforma factors Edelweiss settlement • Robust EBITDA growth from the core business • Gross Interest Cost4: Significant reduction on account of deleveraging, translating to a savings of ₹ 300 Cr. ($34 Mn) p.a. Structured debt Notes: 1. Net Debt includes investment from investors in the nature of optionally convertible / non-convertible instruments | 2. Jump in leverage in FY23 due to $ 1.2bn term debt and non-convertible instruments availed for acquisition of Viatris’ biosimilars business | 3. Leverage computed basis EBITDA and Net debt for each reporting period | 4 excludes borrowing cost capitalization for the period 1,478Net Debt 1,240 Net Debt / EBITDA 3 4.3x2 2.8x Net Debt / EBITDA reduced by ~1.5x due to systemic debt reduction plan and improved EBITDA performance 534Cash 337* 1,708 1,809 304 - 2,012 1,809 FY23 PF 9M FY26 * Cash expected to reduce through redemption of structured debt $ Mn Highlights
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Major Investments in Capacities and Infrastructure Largely Completed across Biocon Group CapEx 13Notes: 1. ROCE = Adj. EBIT / (Total Equity + Total Borrowings – Goodwill – CWIP) ; Adj. EBIT = EBIT adjusted for one-offs; ROCE (incl. Goodwill) at 6% Well positioned to meet demand requirements for next 5+ years 64 70 91 48 83 101 93 66 63 61 90 29 210 232 274 143 FY23 FY24 FY25 9MFY26 Research Biosimilars Generics • CapEx for Syngene and Biosimilars fully funded through internal cash accruals, reflecting zero dependency on external financing • No major new projects envisaged in FY27 and FY28 ~10% Adj. ROCE1 ~$350M+ Avg. Quarterly Cash Balance ~$1Bn+ Plant & Machinery Syngene and Generics (U.S.) • Bayview: mAbs facility – Validation ongoing • Cranbury: OSD facility – Commercial from FY26 mAbs (India) • B3: mAbs DS facility – Commerciali from FY23 • B5: mAbs DS facility – Commercial from FY25 Generics (India) • Hyderabad & Vizag: API facilities – Commercialized from FY25 • Bangalore: Injectable facility – Qualification in progress Insulins (Malaysia) • Johor: Insulins DS & DP capacity – To be completed in FY26 Key Projects USDmn CapEx Cash Outflow Highlights
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Business Consolidation – Next step in our journey to improve financial metrics and unlock value 14 Improved debt maturity profile and stronger balance sheet (III) QIP for Redemption of Structured Instruments • Redemption/acquisition of structured instruments • QIP – ₹ 4,500 Cr raised to provide exit to structured instruments • Projected annual savings in interest costs ₹ 300 Cr. per annum (IV) Business Consolidation • Acquisition of minority investors stake to consolidate business • Share swap and cash consideration for all existing minority investors • Consolidate 100% of Biocon Biologics business(1) • Refinancing through offshore listed bond ($1.2B) • Extended maturity profile by 5 years • $800M Bond - 1st Biopharma bond listing in Asia; oversubscribed >3x (II) Acquisition Loan Refinancing Note 1: Biocon now holds ~98% stake in Biocon Biologics, Board has granted in-principle approval to acquire remaining ~2% • $3B+ acquisition – one of the largest biopharma deals • Emerged as a leading integrated player • Successfully integrated the business in 1 year – among the fastest in industry (I) Acquisition of Viatris’ Biosimilars Business Fully integrated business Focus
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Key Business Highlights: Products
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Vertically integrated and global scale operations with strong, demonstrated capabilities across the value chain 16 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. ✓ Acquisition accelerated direct commercialization globally ✓ Top 5 biosimilar players globally2 ✓ Global reach in 120+ countries ✓ Self-led in key markets across NorAM, Europe & Emer. Markets ✓ Double-digit market shares across several key geographies Research & Development Manufacturing Commercialization ✓ Top 15 in global biomanufacturing capacity2 ✓ Fully integrated capabilities – API, drug products and devices ✓ 5 manufacturing locations including the U.S. ✓ 215+ cGMP approvals from 25+ regulators (incl. FDA & EMA) ✓ Global distributed supply network ✓ Robust in-house R&D engine with expertise across platforms – mAbs, fermentation, synthetic, peptides ✓ 850+ scientists across 3 R&D sites ✓ 11+ product approvals in global markets and several industry ‘firsts’ ✓ Portfolio of 30+ biosimilars and 3 GLP-1s addressing a total market opportunity of $200B+1 ✓ First company globally to obtain approval for a generic GLP Liraglutide in a major regulated market 1.F&S: Company Publicly Reported Biosimilars Revenues in calendar year 2024 | 2. F&S analysis
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 17 Evolving Global Disease Burden Shift in global disease burden from communicable diseases to non-communicable diseases (NCD’s) NCDs like Cancer, Diabetes, Musculoskeletal and Autoimmune diseases now represent a significant portion of the global disease burden Total Disease Burden by Cause (Billion DALYs*) Total Disease Burden by Cause (Billion DALYs*) 1990 1995 2000 2005 2010 2015 2021 0.5 B 1.0 B 1.5 B 2.0 B 2.5 B Injuries Communicable, Maternal and Nutritional diseases Non-communicable Diseases (NCD) Cardiovascular Diseases Cancer Musculoskeletal Disorders Mental Disorders Diabetes and Kidney Diseases 428 253 162 155 124 Immunology “…autoimmune diseases cumulatively affect 5 to 10% of the industrial world population. Other studies have shown that the prevalence of autoimmune disease in developing countries is lower but on the rise…” Global Autoimmune Institute Feb 20, 2024 Diabetes The total number of people living with diabetes is projected to reach 853 million by 2050. 45% higher from 2024.4 Oncology Incidence expected to increase to 35M new patients annually by 2050. 77% increase from 2022.3 *Disability-Adjusted Life Years | Sources: 1. Our World in Data (2024); 2. Institute for Health Metrics and Evaluation, Global Burden of Disease (2024) 3. WHO|Projected cancer burden increase in 2050 4. IDF Diabetes Atlas 2025
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Approved Pipeline 18 Differentiated Portfolio focused on High-Need Therapy Areas Combined portfolio includes Biosimilars, Insulins, GLPs and Complex Generics Combined portfolio will together address over 60% of global disease burden Oncology Pegfilgrastim Trastuzumab Denosumab Bevacizumab Dasatinib Lenalidomide Pertuzumab Pembrolizumab Nivolumab Trastuzumab SC Palbociclib 9 Undisclosed BS Immunology Adalimumab Etanercept Tacrolimus Ustekinumab Everolimus Mycophenolate Diabesity Glargine U100 rh-Insulin Liraglutide Aspart Dapagliflozin Sirolimus 6 Undisclosed BS Semaglutide Glargine U300 Tirzepatide Generics Examples Biosimilars Source: Company information Note: 1. BBL: Includes therapy areas of bone health, ophthalmology; BL: Includes therapy areas of multiple sclerosis, anti -fungal etc.
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 19 State-of-the-art Manufacturing Facilities 300+ KL Drug Substance manufacturing capacity | 100M + units Injectable manufacturing capacity | 2Bn + Oral Solid Capacity Fully integrated, global scale production capacities to enable access to patient everywhere 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, Synthetic APIs Hyderabad ▪ Peptides and Synthetic APIs Bengaluru ▪ Peptides, HPAPIs, Fermentation APIs, OSD, Injectables ▪ R&D Drug Substance Drug Product Note: As of 31 March 2025
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Combined entity presence 20 Strong Commercial Capabilities with Global Footprint In FY’25, the group served over ~21 million patients1 globally in over 120+ countries 5 self-led markets 60+ partnered markets 68+ employees 29 self-led markets 90+ partnered markets 358+ employees Commercial Models Mix of both self-led markets and partnered markets Newer GTM models to drive more sustainable presence (e.g. Civica CalRx partnership) Presence across Tender, Retail and Government segments Source: Company Information as of 31 March 2025; 1FY’25 Annual Report Expanding our commercial footprint globally through diverse GTM models
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Biologics Business- Advanced Markets Generic Formulations – Advanced Markets 21 Existing Portfolio holds Significant Market Share Direct presence across major countries and a network of established partners and distributors Reflects patient and prescriber confidence in our high-quality products 49% 50% 0% 0% 19% 57% 50% 42% 34% 24% Labetalol Aminocap Acid Triamterene Nitrofuran OS MPA Q3 CY2024 Q3 CY2025 19% 18% 20% 5% 20% 20% 16% 16% Tacrolimus Rosuvastatin Everolimus AF Pravastatin Q3 CY2024 Q3 CY2025 24% 17% 14% 59% 17% 13% Q3 CY2024 Q3 CY2025 23% 22% 11% 25% 23% 10% Q3 CY2024 Q3 CY2025Market share Hulio (bBevacizumab) Abevmy Fulphila (bPegfilgrastim) Ogivri (bTrastuzumab) Semglee1 (bGlargine) Fulphila (bAdalimumab) (bPegfilgrstim) Source: The data presented hereunder inter alia volumes, projections, market share, is based solely on our study, interpretat ion and conclusion derived through analysis of different data sets from varied sources inter alia IQVIA
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 GLP Launches Insulin Launch 22 Strong Launch Momentum going into 2026 Multiple global launches lined-up across Oncology, Immunology and GLP-1s in 2026 Addressable Market* >> On-track to deliver on commitment to launch 5 new biosimilars and key GLP-1s Source: *CY 2024; The data presented hereunder inter alia volumes, projections, market share, is based solely on our study, interpretation and conclusion derived through analysis of different data sets from varied sources inter alia IQVIA. Includes biosimilars, if any. Successfully launched Oncology and Immunology Launches Semaglutide $11 B$7 B$5 B$8 B $3 B $2 B $29 B U.S. H1 CY 2026 Wave 2 launch U.S. Oct’25 Targeted Wave 2 launch U.S. H1 CY’2026 Targeted Wave 2 launch U.S. Feb’25 Wave 1; growth mode Rest of World Canada – Launched Other markets – ongoing Rest of World Launched Rest of World H1 CY’2026 Rest of World Launched across key markets incl. Germany and France U.S. ANDA and DMF filed U.S. DMF filed Rest of World Launched in UK, selected markets in EU Rest of World Filed in Canada, Brazil & other select markets U.S. Sep’25 Wave 1, first interchangeable Rest of World Launched
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Robust Mid-Term Pipeline with Continued Focus on High Value Areas GLPs + Insulins Oncology + Immunology 16 in early to mid-stage 03 in late-stage development / under-filing 02 in early to mid-stage 01 in late-stage development / under-filing • USD ~135 Bn of Addressable market1 • Molecule Class: including Checkpoint inhibitors, anti-HER2, anti-ILs 23 • USD ~6 Bn of Addressable market1 By addressing 2/3rd of Biologics market going off-patent by 2031, our pipeline is built to unlock affordable access for patients globally 1Innovator estimated sales pre-LOE
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Key Business Highlights: Services
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Syngene best placed to capitalize on global industry tailwinds – China +1, IRA and outsourcing acceleration Differentiated Characteristics And… … Best-in-Class Capabilities… Team of 5,600+ scientists including ~550 PhDs Most scaled Indian CRDMO with total bioreactor capacity of 50KL+ ~400 active clients 14 out of top 20 pharma US FDA, EMA & PDMA approved, GLP certified, AAALAC accredited facilities … Establishes Growth Path Leading CRDMO Player With Differentiated Capabilities Expanding wallet share of existing clients and on-boarding new clients (50% increase in active clients form FY16-24) Continued focus on “Quality” Growth driven by expansion in Baltimore (optimal mix of on-shore and off-shore presence) Leveraging integrated services from drug discovery to commercial scale manufacturing (Small molecule and biologics) Expertise across pharmaceuticals, biotech, nutrition and animal health Multi functional infrastructure facilities with a global footprint Partner-of-choice for Global Pharma Strong track record of compliance with global regulators
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 26 Well Positioned in the Highly Attractive CRDMO Market CRDMO Market Size1 Key Market Trends Supportive of Long-term Growth Market Trends Supportive of Long-term Industry Growth Frost & Sullivan: Independent Market Assessment of the Global and Indian CRDMO Market Notes: 1 Market size does not include Clinical CRO market | Drug pipeline growing at a healthy 8% CAGR Outsourcing Acceleration: Big pharma increasingly outsourcing R&D and manufacturing to focus on core innovation Pharma players facing margin pressure with e.g., drugs going off-patent in next 4 years, policies such as Inflation reduction Act (IRA) compressing the revenue cycle resulting in increased outsourcing Geopolitical shifts, growing China+1 sentiment, expected to drive redistribution of outsourcing across geographies, although extent and pace remains uncertain India advantage: Cost efficiency, technical talent pool; India gearing to upgrade its innovation ecosystem e.g., $600 Mn of Govt funding, 12 Biotech parks being set up) USDbn 129 190 26 41 155 231 2024 2029 CDMO CRO 8% 9% 8%
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Financials
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 24% 19% 19% 18% 48% 58% 58% 61% 28% 23% 23% 21% 1,322 1,630 1,806 1,422 FY23 FY24 FY25 9MFY26 Biocon Group - Robust Financials Key Financials1 Revenue5 28 Research Biosimilars Generics 342 3615 3936 312EBITDA3 EBITDA % 25% 22%5 22%6 21% 14% 10% 10% 7%R&D %2 Highlights • Revenue reflects steady growth across all three verticals. • R&D spends at 7% of revenues driven by stage of development of assets • EBITDA margin excluding one-offs in FY245 and FY256 at ~22%. Operating leverage benefit in biosimilars, offsets pricing pressure in other business • New launches, continued operative leverage benefit and potential synergies from consolidation to help improve margin profile Notes: 1. Segmental revenue percentages are computed basis aggregate revenue from operations prior to elimination of inter-segment adjustments and other income | 2. % of revenue (excluding Research) | 3. EBITDA is Profit before tax plus finance cost, depreciation and amortization and share of loss in JV/Associate, net (Includes other income) | 4. USD/INR = 82.8 for FY24; 84.5 for FY25; 87.3 for 9MFY26| 5. FY24 adjusted for gain of $42 mn from sale of business in relation to immunotherapy and nephrology small molecule formulations and $63 mn from fair valuation gain and stake dilution gain in Bicara | 6. FY25 adjusted for gain of $127 mn from sale of business in relation to Metabolics, Oncology, and Critical Care products New launch and proposed business consolidation to improve operating margins of the business USDmn
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 1 Core EBITDA defined as EBITDA before forex, R&D, licensing income, and mark to market movement on investments 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 R&D (Net) 249 199 251 25 (0) % of Revenue (Ex. Syngene) 8 7 7 EBITDA 951 787 928 21 2 % Margin 22 20 21 Profit Before Tax (Before exceptional items) 226 138 183 64 23 % Margin 5 4 4 Net Profit (Before exceptional items) 124 13 92 844 35 Exceptional item, net of tax & NCI 20 12 (7) 70 Net Profit (Reported) 144 25 85 475 70 Financial Highlights – Q3FY26
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 In ₹ Cr Q3 FY26 Q3 FY25 Q2 FY26 YoY% QoQ% Segment Revenue 2,497 2,289 2,721 9 (8) Core EBITDA 895 654 880 37 2 % of Total Revenue 35% 29% 32% R & D 173 135 180 29 (4) % of Revenue 7% 6% 7% EBITDA 700 487 669 44 5 % of Revenue 28% 21% 25% • North America – Strong Q3 led by Oncology & Immunology • Yesintek continues to gain strong commercial traction with a market leading position among biosimilars • Expanded Civica partnership enabling launch of affordable Insulin Glargine under CalRx initiative • Europe – Stable Market Shares, Strong Tender-led Execution • Oncology franchise (Abevmy®, Ogivri®) driving growth • Key approvals: Yesafili PFS (MHRA), Yesintek® autoinjector (EMA) • Emerging Markets – Stable Performance • Yesafili® launched in Turkey, capturing double-digit market share • Financial Performance – Mix Driven Margin Strength • Platform strengthening actions moderated growth, prioritization of higher- margin markets supported profitability • Revenues up 9% YoY , led primarily by North America market • EBITDA up 44% YoY , 28% EBITDA margin Biocon Biologics: Q3 FY26 Business Performance update
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 In ₹ Cr Q3 FY26 Q3 FY25 Q2 FY26 YoY% QoQ% Segment Revenue 851 686 774 24 10 Core EBITDA 99 102 96 (3) 3 % of Total Revenue 12% 15% 12% R & D 76 73 71 5 7 % of Revenue 9% 12% 9% EBITDA 47 39 43 22 9 % of Total Revenue 5% 5% 5% • Strong Revenue Momentum • Ongoing gLiraglutide launches across EU markets • Improved performance of base generic formulations business • Pipeline Progress and Key Regulatory Updates • 10 generic formulations and 9 API DMFs filed across markets • First commercial dispatch from Phase-2 Cranbury expansion • US FDA EIRs (VAI) for Cranbury OSD and Visakhapatnam API units • ANVISA GMP certification for Bangalore API unit • Financial Performance • Revenues up 24% YoY, 10% QoQ driven by EU GLP-1 launches • EBITDA improved YoY and QoQ led by higher revenues • Margins reflect higher costs from recently commissioned facilities Biocon Generics: Q3 FY26 Business Performance update
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 In ₹ Cr Q3 FY26 Q3 FY25 Q2 FY26 YoY% QoQ% Segment Revenue 917 944 911 (3) 1 Reported EBITDA 225 302 215 (26) 4 % of Total Revenue 24% 31% 23% • Business Performance • 9MFY26 revenue up 3% YoY, Q3 revenue down 3% YoY • Performance impacted by challenges at one manufacturing customer – transient and should normalize over time • Business Resilience and Client Momentum o BMS partnership extended through to 2035, expanded scope across discovery, development, manufacturing and clinical services o Diversified model across research services and CDMO continues to underpin stability • Platform Expansion and Capacity Build-out o New commercial-scale liquid-filled hard gelatin capsule facility commissioned o Expanded advanced chemistry capabilities at Hyderabad site with new catalytic screening and flow chemistry labs • Renewed focus on diversifying CDMO customer base to drive improvement in capacity utilization across India and US facilities over time CRDMO: Q3 FY26 Business Performance update
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0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Thank You