Transcript of Earnings Call Q4 FY 26

Biocon delivered a strong Q4 FY26 with biosimilars revenue up 12% YoY to ₹2,756 crores and EBITDA margin at 26%. For the full year FY26, EBITDA margin improved ~200 basis points to 22% on a like-to-like basis, driven by favorable revenue mix and operating leverage. The company completed the integration of its biosimilars and generics business in under 100 days and achieved full economic ownership of Biocon Biologics after the minority buyout. Key new product launches include denosumab biosimilars Bosaya™ and Aukelso™ in the U.S. market and FDA approvals for liraglutide covering both diabetes and weight management indications. Management emphasized that the major investment phase is substantially complete, with net debt reduced from $1.5 billion to $1.1 billion and quarterly interest costs declining by ₹70-75 crores. Looking ahead to FY27, management expects performance to improve progressively, especially in H2 as new products scale up and Malaysia capacity expansion comes on stream.