Pharma powerhouse Biocon has reported robust financial results for the third quarter ended December 31, 2025, driven by strong performance across its Biosimilars and Generics segments.
The company's consolidated revenue rose 11% to Rs. 4,290 crore and operating revenue up 9% at Rs. 4,173 crore. Profitability surged, with EBITDA climbing 21% to Rs. 951 crore (22% margin) and core EBITDA reaching Rs. 1,221 crore, also up 21% with a 29% margin.
Profit before tax jumped 64% to Rs. 226 crore, while the company maintained robust investment in innovation with net R&D spend of Rs. 249 crore, equivalent to 8% of revenue (ex-Syngene).
Biocon’s Biosimilars (Biocon Biologics) led growth, generating Rs. 2,497 crore, up 9% year-on-year. The Generics segment (APIs & Generic Formulations) delivered a strong Rs. 851 crore, a 24% increase YoY, fuelled by gLiraglutide launches in Europe and stronger U.S. portfolio performance.
Meanwhile, CRDMO (Syngene & Research Services) contributed Rs. 917 crore, down 3% YoY, as it navigates the impact of a single large-molecule biologics client, while continuing to secure new contracts and extend long-term partnerships.
Kiran Mazumdar-Shaw, Chairperson, Biocon Group, highlighted strategic gains: “This quarter marks the culmination of several strategic steps that have created a stronger and simpler group structure for Biocon Limited.
"The ~USD 1 billion raised cumulatively through two QIPs within a span of eight months demonstrates robust and sustained investor confidence in our overall business growth and direction. The settlement of structured debt obligations earlier this year significantly strengthened our balance sheet, with an improvement in the consolidated debt-to-EBITDA ratio.
"This will improve PBT margins going forward with the full impact of reduced interest costs of ~INR 300 crore annually expected to be reflected in FY27. These factors are reflected in S&P’s upgrade of our Biosimilars business to BB+ with a ‘Stable’ outlook and Fitch revising its outlook to ‘Positive’. Finally, the integration of Biocon Biologics Limited as a wholly owned subsidiary of Biocon Limited will bring to life our unified One Biocon vision.”
Siddharth Mittal, CEO & MD, Biocon Limited, added on generics growth: “The Generics business continued to see momentum in the third quarter, delivering strong sequential and year-on-year revenue growth of 10% and 24%, respectively.
"This performance was driven by the ongoing launches of gLiraglutide across EU markets, alongside an improved performance in our generic formulations portfolio, supported by select new product launches and base business growth in the US.
"Looking ahead, we will focus on expanding gLiraglutide launches to additional approved EU markets, and to the US pending regulatory approval.”
Shreehas Tambe, CEO & MD, Biocon Biologics Limited, highlighted Biosimilars’ momentum: “Biocon Biologics reported a robust Q3FY26 performance, with EBITDA of ₹700 crore, up over 44% year on year, driven by strong demand and favorable pricing across key markets. North America continued to power growth during the quarter."
With solid revenue growth, improved margins, and strategic debt reduction, Biocon is positioning itself for strong FY27 performance, underpinned by its unified One Biocon vision.
