Biocon Q4FY25 results: Profit up 153%, biosimilars lead

Why Biocon’s March-quarter print mattered

Biocon Ltd. went into the March quarter with expectations of a mixed set of numbers. Brokerages tracked a recovery in the biologics business, supported by liraglutide and steady traction in biosimilars. At the same time, they flagged pressure from increased competition and the expiry of patents for generic Revlimid, which could drag profitability. Against this backdrop, the reported quarter showed a sharp rise in profit and double-digit revenue growth.

The quarter also mattered because it came alongside pipeline and market expansion updates. Biocon highlighted progress in diabetes and obesity-linked therapies, where global demand has risen. The company also pointed to continued scaling up of biosimilars across markets, with multiple products reaching meaningful annual sales levels.

What brokerages were pencilling in before the results

An average of estimates from six broking firms projected Biocon’s consolidated revenue at INR 45.50 billion, implying 3% year-on-year growth. On profitability, the same set of estimates expected net profit to fall nearly 35% to INR 2.12 billion. Within those forecasts, Batlivala & Karani Securities India Pvt. Ltd. had the highest profit estimate at INR 3.52 billion, while Nuvama Wealth Management Ltd. had the lowest at INR 1.22 billion.

For operating performance, an average of estimates from five brokerages pegged EBITDA at INR 9.22 billion, down over 17% year-on-year. Nuvama also noted that higher biosimilar sales could support sequential margin improvement in the reporting quarter. Several brokerages said biosimilar sales should remain healthy over the medium term, even as competition increases.

Reported Q4FY25: revenue up, profit more than doubles

Biocon reported consolidated net profit (after an exceptional item) of INR 3.45 billion for the quarter ended March 31, up 153% year-on-year. Quarterly revenue rose 12.3% to INR 44.54 billion. The company attributed the improvement to strong demand for its generics and biosimilar drugs in key U.S. and European markets.

In its FY25 commentary, Biocon said the group ended the year with a strong performance across businesses. It highlighted the launch of liraglutide in the UK as its entry into the GLP-1 therapy segment. Chairperson Kiran Mazumdar-Shaw said four biosimilars recorded USD 200 million sales each in FY25.

Generics rebound and biosimilars stay central

Biocon’s generics revenue rose 46% year-on-year to INR 10.48 billion in the fourth quarter, helped by new product launches, especially in oncology. In the company’s own update, it cited launches such as lenalidomide and dasatinib in the U.S. as key contributors.

On biosimilars, Reuters reported quarterly revenue in the biosimilars business rose 4.5%. The company’s Q4FY25 note said biosimilars revenue grew 9% year-on-year to INR 24.63 billion, supported by market share gains in the U.S. and key tender wins in emerging markets. Biocon also said it launched Yesintek (ustekinumab) in the U.S. market.

FDA approvals and product momentum

During the quarter, Biocon received approvals from the U.S. Food and Drug Administration for the abbreviated new drug applications filed for liraglutide injection Saxenda and Everolimus (used in tuberous sclerosis complex). On the commercial side, Biocon said it is focused on expanding its diabetes and obesity drugs portfolio.

Separately, Biocon highlighted other launches and approvals in its FY26 updates. It cited the launch of Yesafili in Canada and USFDA approval for Insulin Aspart, described as its second interchangeable biosimilar insulin, to deepen its presence in the U.S. insulin market.

What the numbers say: estimates vs actual

The table below contrasts key Street expectations cited in the article with the reported March-quarter outcome.

Competition, Revlimid and the U.S. sales lens

Brokerages flagged that the expiry of patents for generic Revlimid could create stress, especially as competition increases. Nomura Equity Research noted that Biocon’s U.S. sales excluding generic Revlimid, for the three months trailing February, stood at USD 305 million, compared with USD 387 million in the same period last year.

Even with a more competitive environment, some broker notes remained constructive on biosimilars. Citigroup forecast Biocon’s biosimilar sales to grow at a 16% compounded annual growth rate between FY26 and FY28, while also warning that competition in the biosimilars market is set to intensify. Kotak Securities pegged the rise in Biocon’s biosimilar sales in the U.S. during the March quarter at 11% year-on-year.

Europe outlook and liraglutide trajectory

The broker commentary in the article suggested fewer immediate headwinds in Europe. It said liraglutide sales in Europe and the UK are likely to remain healthy. Biocon also positioned liraglutide as strategically important, linking it to the company’s push into GLP-1 therapies.

This matters because GLP-1 therapies are a fast-growing treatment area globally, and Biocon has explicitly called out diabetes and obesity as a portfolio focus. The company’s updates around launches and approvals indicate it is trying to expand its addressable market across both biosimilars and select complex generics.

Segment snapshot from disclosed figures

Market impact and what investors tracked

The mix of brokerage expectations and reported results underlines why the quarter drew attention. Ahead of the print, estimates suggested modest revenue growth and a sharp profit decline, largely due to margin pressure and product-specific competitive risks. The reported outcome, however, showed stronger profitability and higher top-line growth than the averages cited.

Investors also had additional reference points from earlier periods. In Q4FY24, Biocon reported revenue of INR 39.66 billion, EBITDA of INR 9.64 billion, and net profit after exceptional items of INR 1.36 billion, while the stock rose nearly 2% on May 17 even as that quarter’s profit had declined year-on-year. Those comparisons helped frame the magnitude of the Q4FY25 profit rebound.

Bottom line

Biocon’s March-quarter performance was supported by a rebound in generics and steady scaling in biosimilars, while competitive intensity and the Revlimid-related base effect stayed on the watchlist. The company also added momentum through regulatory approvals and product launches linked to GLP-1 and biosimilars. Going ahead, brokerage commentary in the article indicates that product mix, U.S. competitive dynamics, and biosimilar ramp-up will remain the key variables investors will track across upcoming quarters.