Biocon Limited — Q2 FY26
Biocon delivered a strong Q2 FY26 with consolidated revenue of ₹4,296 crore (+20% YoY) and EBITDA of ₹928 crore (+29% YoY), driven by biosimilars (+25% YoY) and generics (+24% Y...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Traction expected from insulin aspart launch as only interchangeable player.
Asked by Tushar Manudhane, Motilal Oswal
Management gave qualitative optimism but no quantitative traction metrics or timeline.
no specific numbersdeferred to future periods
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Question
firstly, on the insulin aspart, now that we have launched the product, if you could just sort of help us understand the kind of traction that can be expected from this product, given that we are the only interchangeable player in this space.
Shreehas Tambe, CEO and Managing Director
We are seeing a very strong traction for our insulin products, not just in the U.S., but globally. We will, and we have already launched aspart in a very responsible manner... You will then get a full calendar 2026 opportunity.
Answered
Medium priority
R&D spend guidance for biosimilars as % of revenue.
Asked by Tushar Manudhane, Motilal Oswal
Management provided a clear percentage range for R&D spend.
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Question
if you want to sort of guide for, let's say, full year 26, 27 in terms of the R&D spend on the biosimilar side, either on absolute basis or as a percent of revenue?
Shreehas Tambe, CEO and Managing Director
We've said, Tushar, that we would be in that 7%-9% of revenues for R&D. And we continue to be in that range even now, and on a full year basis, you will see us in that 7%-9% range.
Answered
Medium priority
Gross margins and R&D spend for generics business.
Asked by Tushar Manudhane, Motilal Oswal
Management gave specific percentage ranges for both R&D and gross margins.
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Question
on the gross margins on the generics business, what kind of gross margin we are tracking? And similarly, what kind of R&D spend one should sort of build for the generics business?
Shreehas Tambe, CEO and Managing Director
R&D spends, again, last quarter was at 9% of generics revenue, and I expect it to be in a similar trajectory of 8%-10% of revenues. As far as the gross margins are concerned, we are looking at mid-40s%.
Answered
High priority
Impact of FDA guidance on lowering comparative efficacy trials on R&D spend.
Asked by Harith Ahamed, Avendus
Management clearly stated the guidance lowers development cost and time.
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Question
on the recent revised or updated guidance document from the FDA on lowering requirements around comparative efficacy trials. Do we expect this to be positive for us in terms of the R&D spends that we do on developing each biosimilar product?
Shreehas Tambe, CEO and Managing Director
It certainly lowers the cost to development, and it certainly shortens the time to bring products to market... it increases the focus and the burden on CMC development and facility GMP clearance for biologics.
Evasive
Medium priority
Expectation of increased competitive intensity from new players due to FDA guidance.
Asked by Harith Ahamed, Avendus
Management avoided directly addressing whether competition will increase, instead pivoting to their advantage.
reframed as opportunityno direct answer on competitive intensity
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Question
And would you expect some of the newer players to accelerate their development and hence more competitive intensity in the space?
Kiran Mazumdar-Shaw, Chairperson
established players like Biocon, Biocon Biologics will have a clear advantage of bringing more products to the market. So we don't necessarily see this as a competitive threat, but we see this as a great opportunity.
Answered
High priority
Drivers of improved performance in generics business.
Asked by Harith Ahamed, Avendus
Management specifically attributed improvement to Liraglutide launch and other products.
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Question
I see a fairly decent loss reduction versus the last quarter at the middle level. So trying to understand what exactly drove this improved performance. Is it the newer launches like Liraglutide and Dasatinib, or is it the ramp-up that we've seen at some of these newer capacities?
Siddharth Mittal, CEO and Managing Director, Biocon Limited
the main uptake in the margin is because of the GLP-1 Liraglutide launch in the European market. And we, of course, have other products as well, which contributed to the revenue growth and the profit growth.
Answered
High priority
Timing of interest cost reduction from debt repayment.
Asked by Harith Ahamed, Avendus
Management gave specific quarters for when interest cost reduction will be visible.
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Question
you had commented that there would be a reduction in line with the repayment of the Goldman Sachs debt. So when can we see a reduction in this line item? Should we look at some kind of a quarter-on-quarter lower number in Q3?
Kiran Mazumdar-Shaw, Chairperson
I think Q3 will reflect the quarter, and then Q4 should reflect the Edelweiss.
Partial answer
High priority
Impact of formulary exclusions on aspart sales and Biocon's Keytruda biosimilar plans.
Asked by Sidharth Negandhi, CWC
Management gave qualitative reassurance but no quantitative impact or partnership details.
no specific market share datano details on Keytruda partnership
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Question
there have been certain formularies that have excluded aspart as a class. And in certain cases where NovoLog is at a superior tier to Kirsty, how do we look at sales for Kirsty and for aspart in that case going forward? ... given the upcoming patent cliffs and specifically on Keytruda... there is no record of any clinical trials ongoing for Biocon. So is that going on through a partnership?
Shreehas Tambe, CEO and Managing Director; Matthew Erick, CCO
Shreehas: 'we believe we are in a position of strength at this point in time on these products.' Matt: 'we don't see any limitations because of the channels... customers are continuing to be very bullish on aspart from Biocon.'
Answered
High priority
Current outstanding structured debt as of September quarter.
Asked by Love Sharma, JPMorgan
Management clearly stated the only outstanding structured debt and repayment timeline.
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Question
I just wanted to just reconfirm what would be the current outstanding structured debt on the books as of September quarter.
Kedar Upadhye, CFO
the only instrument which is outstanding as of 30th September is the Edelweiss instrument. Goldman Sachs exit happened on 30th June, and the quarter exit happened on 1st of October. And we have agreed with Edelweiss to exit on or before 31st January.
Answered
Medium priority
Split between formulation and API in generics and margin profile.
Asked by Surya Patra, PhillipCapital
Management provided a clear percentage split and explained margin drivers.
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Question
what is the split between the formulation and API business right now? And also, if you can talk a bit more about the margin profile, which has been relatively low currently.
Siddharth Mittal, CEO and Managing Director, Biocon Limited
almost 60% of the business continues to come from API, and 40% is coming from formulation. And then over the last couple of quarters, formulation is what's driving the growth.
Evasive
Medium priority
Device and filling capacity for GLP-1 products.
Asked by Surya Patra, PhillipCapital
Management avoided providing any quantitative capacity figures, only qualitative assurance.
no specific capacity numbers givengeneral assurance only
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Question
what is the device capacity that we would be having? What is the filling capacity that we would be having? Or in different terms, like what device capacity or what vial capacity that we are working with right now?
Siddharth Mittal, CEO and Managing Director, Biocon Limited
capacity will not be a constraint on the formulation side or the device side. We have multiple facilities... we have just commissioned a new injectable facility, which is, again, dedicated or focused on GLP-1s.
Partial answer
High priority
Market share for Yesintek and aspart potential vs Semglee.
Asked by Surya Patra, PhillipCapital
Management gave formulary coverage data but avoided giving actual market share numbers.
no specific market share percentagedeferred to formulary coverage
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Question
what is the kind of market share now you would have achieved on the Yesintek side? And on the aspart side... is it fair to believe that we'll start with the kind of market share what we are having for Semglee?
Shreehas Tambe, CEO and Managing Director
over 70% of the commercial formularies listing the product... it's hard to talk about what market shares would look like, but the formulary coverage and the fact that we see uptick of the product indicates that Yesintek has an early lead.