Biocon FY26 results: Rs 16,927 cr revenue, EBITDA up

Key developments in biosimilars and generics

Biocon said it achieved product approvals across biosimilars and generics during FY26, strengthening its presence in regulated markets. The company highlighted Health Canada approvals for Obusaya and Vevzuo, described as denosumab biosimilars to Prolia and Xgeva. It said these approvals expand its footprint in bone health and oncology. After the close of the quarter, Biocon also announced the US commercial launch of Bosaya and Okelso.

Alongside regulatory progress, Biocon positioned FY27 as a year of broader portfolio reach and improving profitability in biosimilars, with North America a key focus. Management commentary pointed to a broader global footprint and a stronger base for the next growth phase. The company also noted continued progress across immunology, ophthalmology, and oncology launches during FY26.

FY26 integration focus and operating context

Biocon said it closed FY26 on a strong note despite what it described as a complex geopolitical environment. It attributed performance to disciplined execution through a pivotal year of integration of its biosimilars and generics businesses. The stated objective of this integration was to create one unified biopharma enterprise with greater scale, capability, and reach.

The company also reiterated that its financial performance in FY26 was assessed after adjusting for one-time generic lenalidomide sales in FY25, which it referred to as a one-time bolus. Where specified, Biocon presented like-to-like numbers and adjustments to explain underlying growth trends.

Q4 FY26: operating revenue up 10% after adjustments

For Q4 FY26, Biocon reported operating revenue of Rs 4,517 crore, up 10% year-on-year after adjusting for one-time generic lenalidomide sales in Q4 FY25. EBITDA for the quarter was Rs 1,073 crore, with the company stating that adjusted EBITDA was up 29% year-on-year and margin was 23%. Biocon reported net profit before exceptional items at Rs 179 crore for the quarter.

Biocon linked the margin improvement primarily to a favorable revenue mix and operating leverage benefits in biosimilars. It also disclosed that R&D investments for the quarter stood at 7% of revenues, positioning this as continued commitment to innovation and pipeline advancement.

FY26: revenue at Rs 16,927 crore, margin up 200 bps

For FY26, Biocon reported operating revenue of Rs 16,927 crore, up 13% year-on-year after adjusting for one-time generic lenalidomide sales in FY25. EBITDA for FY26 stood at Rs 3,798 crore, and the company said that adjusted EBITDA was up 25% year-on-year after adjusting for generic lenalidomide sales and for BFI divestment gain. EBITDA margin was stated at 22%, up around 200 basis points year-on-year on a like-to-like basis.

Net profit before exceptional items for FY26 was reported at Rs 436 crore on a like-to-like basis. Biocon also said that for FY26, operating revenues and EBITDA grew at 13% and 25% respectively when adjusted for generic lenalidomide.

Biosimilars: Q4 revenue Rs 2,756 crore, EBITDA margin 26%

Biocon said biosimilars revenue for Q4 FY26 stood at Rs 2,756 crore, representing a 12% year-on-year increase driven primarily by advanced markets. Segment EBITDA for the quarter was Rs 720 crore, up 33% year-on-year. This translated into an EBITDA margin of 26%.

Management commentary said margins in this segment continued to reflect improved revenue mix and operating leverage. For FY26, Biocon stated that biosimilar revenues and EBITDA grew at 16% and 40% respectively on a like-to-like basis.

Product momentum: ustekinumab traction and denosumab rollout

Biocon said “Intech” continued to gain traction in the US market, describing it as its biosimilar ustecinumab. It attributed growth to expanding formulary coverage and increasing physician confidence, and said the brand was building momentum in line with expectations.

It also said it made progress with the launches of Bosaya and Okelso, described as its biosimilar denisomumab in the US, and indicated movement to Europe during the quarter. Biocon added that it broadened its immunology footprint with the launch of Jesyntech across multiple markets and expanded its ophthalmology presence with Yesa Filly, described as a biosimilar aflibercept, in the UK and other key countries. The company also referenced expansion of its oncology franchise with Abev Me (biosimilar Bevisumar) and Ogiveri (biosimilar Trastuzumab).

CRDMO: modest growth in Q4 and FY26

Biocon said its CRDMO business grew 2% year-on-year. For Q4 FY26, it reported CRDMO revenues from operations of Rs 1,037 crore, up 2% year-on-year and up 13% quarter-on-quarter. For FY26, CRDMO revenue from operations was reported at Rs 3,739 crore, up 3% year-on-year, with operating EBITDA margin at 25% for the year.

How recent quarters compared (Q2 to Q4 FY26)

Biocon’s quarterly disclosures through FY26 showed operating revenue around the Rs 4,000-4,500 crore range, with biosimilars consistently the largest contributor by segment in the quarters disclosed. Q2 FY26 operating revenue was Rs 4,296 crore with EBITDA of Rs 928 crore and reported net profit of Rs 85 crore. Q3 FY26 operating revenue was Rs 4,173 crore with EBITDA of Rs 951 crore and reported net profit of Rs 144 crore. Q4 FY26 operating revenue was Rs 4,517 crore with EBITDA of Rs 1,073 crore and net profit before exceptional items of Rs 179 crore.

Summary table: FY26 and Q4 FY26 reported highlights

Quarter-wise snapshot: operating and segment metrics disclosed

Market impact and why investors tracked the update

The Q4 and FY26 disclosures pointed to improving profitability in biosimilars, with Q4 biosimilars segment margin stated at 26% and consolidated FY26 margin at 22%, up around 200 basis points on a like-to-like basis. Biocon repeatedly linked margin improvement to mix and operating leverage in biosimilars. Investors also had additional datapoints on portfolio expansion, including Health Canada approvals for denosumab biosimilars and the US commercial launch of Bosaya and Okelso after quarter close.

The CRDMO segment showed modest year-on-year growth in the periods disclosed, with Q4 revenue at Rs 1,037 crore and FY26 revenue at Rs 3,739 crore. In contrast, biosimilars were presented as the primary driver of growth and margin expansion, supported by advanced-market performance.

Conclusion

Biocon’s FY26 update combined financial improvements with multiple portfolio milestones in regulated markets, including Health Canada approvals for Obusaya and Vevzuo and a post-quarter US commercial launch of Bosaya and Okelso. The company entered FY27 highlighting a broader biosimilars portfolio, expanding footprint, and improving profitability, with North America positioned as a key region for the next phase of growth.