Biocon Limited — Q4 FY25
Biocon delivered a strong Q4 FY25 with consolidated revenue of INR 4,417 crore, up 15% YoY on a like-for-like basis, driven by generics (+46% YoY) and biosimilars (+9% YoY).
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.
67%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Market share and pricing for biosimilar Stelara in the US
Asked by Ananthi Garai, HSBC
Management gave access metrics but did not disclose actual market share, citing ongoing physician engagement.
no market share number givendeferred to future updates
Read the exchange
Question
Just want to understand what kind of market share you are building in in view of this update, and if you could also comment on how the pricing scenario is playing out for this particular market.
Matt Erick, CCO
We have over 70% market access with the payers in the U.S. at the beginning of the start. ... We haven't really been able to state that directly yet as we're trying to work with physicians in pulling it through, but we have over 100 million lives that are covered in the U.S.
Answered
High priority
Pricing scenario for Stelara biosimilar
Asked by Ananthi Garai, HSBC
Management directly stated pricing is stable with no compression expected.
Read the exchange
Question
If you could also comment on the pricing scenario, please.
Matt Erick, CCO
The pricing situation remains stable. ... So the pricing remains stable at this point as we go through the rest of the year. We don't see much changes in compression in the price points and the net selling price going forward.
Partial answer
High priority
Launch timeline for Bevacizumab and Aspart in US
Asked by Ananthi Garai, HSBC
Management gave broad timelines but no exact dates; Aspart launch contingent on approval.
no specific launch date given
Read the exchange
Question
So Bevacizumab, have you launched in the U.S., or it's yet to be launched? And then what kind of timeline we are looking for Aspart launch in the U.S.?
Matt Erick, CCO
On the Bevacizumab, we're ramping up as we speak. ... you'll be seeing that sometime in the first half year of a launch. As you know, with Aspart, we're still waiting on approval, but we're bullish on expectations of having that approval here in the first half and be ready to launch.
Answered
High priority
Debt and working capital position of Biocon Biologics
Asked by Ananthi Garai, HSBC
Management provided specific debt, inventory, and DIO figures with year-over-year comparison.
Read the exchange
Question
If you can comment on the current debt position and also how are the working capital looking compared to last year. If you can comment anything on, say, inventory days for Biocon Biologics or on the receivable fronts, that will be helpful.
Kedar Upadhye, CFO
Net debt is about $1.1 billion as at 31st March. ... Inventory, in fact, has come down dramatically compared to last year. The net inventory as at 21st March is about $390 million. ... March 2024 DIO ... was in excess of 400. As at March 2025, as I said, it's lower than 280.
Answered
High priority
Timeline for Stelara market share reflection in data
Asked by Neha Manpuria, Bank of America
Management gave a clear timeline: sales already visible, with market share increasing through calendar year.
Read the exchange
Question
realistically, when should we start seeing this reflect in market share trends? Would this take us two months, three months, much longer than that?
Matt Erick, CCO
As you start looking at the IQVIA data, you'll start seeing sales already. They've started. ... The expectations you'll start seeing immediately in the information that you can see in the data in IQVIA, and we expect that market share to continue as the Innovator Stelara is not covered as we go through the remainder of the calendar year.
Partial answer
High priority
EBITDA growth outlook vs revenue for BBL
Asked by Neha Manpuria, Bank of America
Management confirmed directionally but declined to provide quantitative guidance.
no specific guidance givendirectional only
Read the exchange
Question
is it fair to assume that some of these new launches will help us grow EBITDA better than revenue trends, either because of operating leverage or better pricing?
Kiran Mazumdar-Shaw, Chairperson
I think as the launches do come in, the incremental gross margin on those launches is going to be higher than the existing business. Some kind of operating leverage as well as gross margin improvement is expected. We're not giving the guidance, but directionally, you are right.
Evasive
Medium priority
Reason for lower EBITDA growth this year
Asked by Neha Manpuria, Bank of America
Instead of confirming pricing pressure, CFO pointed to licensing income adjustment, avoiding direct answer.
reframed the questionattributed to one-time items
Read the exchange
Question
This year, the lower EBITDA growth is purely pricing pressure on the existing products. Would that be fair to assume?
Kedar Upadhye, CFO
Actually, yeah, you should adjust for the licensing income that we had got last year, Neha. ... If you adjust for some of those items, then you'll get an adjusted EBITDA growth, which will look quite healthy.
Answered
High priority
Timeline for Lira US launch and Revlimid revenue trend
Asked by Neha Manpuria, Bank of America
Management provided specific timelines for Lira US launch and confirmed Revlimid revenue lumpiness.
Read the exchange
Question
Any color on when we should expect the launch in the U.S.? In case of generic Revlimid, should we expect it to be lumpy, or would it be a similar trend in the quarters going forward?
Kiran Mazumdar-Shaw, Chairperson
Launch in Europe is planned in the second quarter... As far as the U.S. is concerned... we have a target action date during the second half of this calendar year. ... As far as the generic Revlimid is concerned... revenues will be lumpy before the market opens up in January 2026.
Partial answer
Medium priority
Rationale and timeline for Civica partnership on insulin Aspart
Asked by Harith Ahmad, Avenda Spark
Management explained rationale but gave only a vague timeline for supplies.
no specific supply start date given
Read the exchange
Question
Can you talk a little bit about the rationale for this partnership, given that we have our own product, and also the timelines that we can expect in terms of commencement of supplies here?
Shreehas Tambe, CEO and MD
The idea was to see how we can get product close to customers as much as possible. ... initial supplies to make sure that they register the product with the agency would start during the year. Once they have the approvals in place, you would see much more of this starting to realize as they commercialize it.
Evasive
Medium priority
Profit-sharing and exclusivity for Aflibercept launch
Asked by Surya Patra, PhillipCapital
Management refused to share profit-sharing or exclusivity details, citing confidentiality.
declined to disclose contractual termsreframed to certainty of launch
Read the exchange
Question
Could you please share what would be the profit-sharing arrangement there, and do we have any kind of exclusivity there in that product for any period initially?
Kiran Mazumdar-Shaw, Chairperson
We've not specifically disclosed contractual agreements and understandings with our customers. ... I would say on both counts, we are at a place where we have certainty of when and where the product will be launched.
Answered
High priority
Details on potential capital raise of INR 4,500 crore
Asked by Pratap Gupta, Alliance Fund
Management provided specific amount, timeline, and use of proceeds for the capital raise.
Read the exchange
Question
If the team could elaborate a little more on what the company is looking to do, what timelines we can expect, progress so far, and potential use of proceeds, please.
Siddhart Mittal, CEO and MD
We have intent to raise INR 4,500 crore through a combination of QIP and private placement... We expect to complete the first tranche... by middle of June. Proceeds... will primarily be used to meet these obligations.
Answered
High priority
List of five new biosimilars to be launched in 12-18 months
Asked by Nitin Agarwal, DAM Capital
Management clearly named all five products with expected launch windows.
Read the exchange
Question
If you can just probably spell out which are these names that you have in mind for this calendar?
Kiran Mazumdar-Shaw, Chairperson
We've launched Stelara biosimilar... Bevacizumab... Aspart... Aflibercept... Denosumab... These are the five products we expect to launch in that 12-18 month window.