Biocon Ltd, the Bengaluru-based global biopharmaceuticals company, reported a 52% year-on-year decline in consolidated net profit to ₹41 crore for the second quarter of FY27, compared with ₹85 crore in the corresponding quarter last fiscal.
Consolidated revenue from operations increased 2% to ₹4,389 crore from ₹4,296 crore a year earlier. Consolidated EBITDA stood at ₹865 crore during the quarter.
The company’s biopharma business continued to drive growth, with revenue increasing 5% year-on-year to ₹3,583 crore. Within the segment, biosimilars revenue grew 3% to ₹2,809 crore, while generics revenue increased 10% to ₹774 crore.
Services revenue increased 13% sequentially to ₹833 crore.
Biocon’s interest cost declined 12% year-on-year to ₹240 crore, reflecting the company’s efforts to strengthen its balance sheet.
Biosimilars business gains traction
Biocon reported progress across its biosimilars portfolio, particularly in the US and European markets, alongside new partnerships in emerging markets.
The company secured the earliest licensed launch dates for Pebrilzo (biosimilar Pertuzumab) across the European Union, the UK, the US and other markets following a global patent settlement with Genentech.
In a significant regulatory development, its biosimilar Pertuzumab received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP). It became the first monoclonal antibody biosimilar recommended under the EMA’s new tailored clinical development pathway.
The company also secured a 10-year Pertuzumab Product Development Partnership (PDP) agreement in Brazil valued at approximately $400 million, providing a long-term opportunity to expand access to the biosimilar through the country’s public oncology network.
US market expansion and manufacturing capacity
In North America, Biocon continued to gain market share for Yesintek, its biosimilar Ustekinumab, while successfully commercialising Yesafili, its interchangeable biosimilar Aflibercept, in the US.
The company secured more than $100 million in new contracts and major payer wins for its commercialised products in the US. It also reported strong demand for Insulin Glargine.
Regulatory approvals were secured for the Yesintek autoinjector in the US and Canada.
In manufacturing, Biocon operationalised its second Insulin Glargine drug product fill-finish line in Malaysia, with commercial supplies already underway. The facility received approval from the European Medicines Agency and the UK’s Medicines and Healthcare products Regulatory Agency (MHRA).
The expanded capacity is expected to support growing demand for insulin products, particularly in the US market.
European and emerging market expansion
In Europe, Biocon strengthened its presence across immunology, bone health and ophthalmology through the commercialisation of biosimilar Ustekinumab autoinjector, Denosumab and Aflibercept in several markets.
In emerging markets, the company executed 13 product launches across the Asia-Pacific, Latin America and Africa, Middle East, Turkey and CIS regions. It also secured 13 regulatory approvals across key markets.
Management sees stronger second half
Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw said the Pertuzumab regulatory milestone and the expansion of insulin manufacturing capacity in Malaysia represented important progress in the company’s strategic transformation.
She said the recommendation of Pertuzumab under the EMA’s tailored clinical development pathway was an important milestone for biosimilar innovation and patient access.
Biocon Ltd CEO and Managing Director Shreehas Tambe said the company had made significant progress on its strategic priorities, laying the foundation for a stronger second half of FY27.
Tambe highlighted the Genentech settlement, the approximately $400 million Brazilian Pertuzumab partnership, the upcoming European launch of Pertuzumab and the early commercial momentum of Yesafili and Yesintek in the US as key growth drivers.
With its biosimilars pipeline, expanding manufacturing capacity and commercial partnerships, Biocon is looking to strengthen its global biopharma business in the coming quarters.