Biotech exposure from discovery to contract manufacturing, tiered by what stage the business is actually at.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Biocon Limited.PharmaceuticalsCore business₹57,039 CrP/E 102.9 vs 31.2ROCE 0.9%
Biocon is a biopharmaceutical company whose core business is biosimilars, biologics and complex generics — biosimilars alone contributed 60% of FY26 business revenue.
“Biosimilars: D 104,312 million, (USD 1.18 billion) Growth 16%”
+1 more quote from the report
“we have invested significantly to build end-to-end capabilities across R&D, manufacturing and commercial execution, with biosimilars as our core growth engine, alongside selective investments in generics where we have differentiated capabilities.”
Sai Life SciencesPharmaceuticalsCore business₹32,077 CrP/E 88.0 vs 31.2ROCE 16.7%
Sai Life Sciences' entire business is a small-molecule CRDMO providing discovery, development and manufacturing services to global pharma and biotech innovators, including ADCs, peptides and oligonucleotides.
“Sai Life Sciences is an innovator-focused, full-service Contract Research, Development and Manufacturing Organization (CRDMO) headquartered in Hyderabad, India.”
Cohance LifesciencesPharmaceuticalsCore business₹16,911 CrP/E 108.9 vs 31.2ROCE 4.1%
Cohance is a CRDMO providing development and manufacturing services for complex biologics modalities including antibody-drug conjugates (via NJ Bio bioconjugation) and oligonucleotide building blocks (via Sapala Organics), serving global pharma innovators and biotech customers.
“Cohance Lifesciences is a science-led contract development and manufacturing organisation serving global pharmaceutical innovators, biotechnology companies and generic pharmaceutical customers. Its operations span Pharma CDMO, API+ and Speciality Chemicals, supported by specialised capabilities in small molecules, antibody-drug conjugates and oligonucleotides.”
+1 more quote from the report
“Expanded customer base by adding 17 new customers to its ADC platform”
Vivo Bio TechBiotechnologyCore business₹32 CrP/E 3.4 vs 61.2ROCE 3.2%
Vivo Bio Tech is a preclinical CRO providing in vivo/in vitro toxicology, DMPK, bioanalytical and IND-enabling services to pharmaceutical, biotechnology, vaccine and biopharma clients — biotech CRO services are its principal business.
“Vivo Bio Tech Limited (BSE: 511509), incorporated on 12 February 1987, is a Hyderabad-headquartered, full-service preclinical Contract Research Organization operating from Pregnapur Village, Gajwel Mandal, Siddipet District, Telangana – 502311.”
+1 more quote from the report
“R&D costs continue to rise, and sponsors increasingly use external providers for specialised expertise and infrastructure. This dependency to outsource preclinical studies closely matches Vivo Bio Tech's core capabilities.”
How this list is built
Definition used: Discovers, develops or manufactures biologic drugs, vaccines, biosimilars, cell/gene therapies, or provides biotech CRO/CDMO services. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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