Pricing pressure in established biosimilars
Core EBITDA growth lagged revenue growth in FY25 due to pricing pressure on existing products; management acknowledged this but expects improvement from new launches.
BIOCON / Q4-FY25 / risks
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Material risks this quarter
medium
Lumpy generic revenue from lenalidomide
Q4 generics revenue was boosted by launch supplies of lenalidomide; volumes will be limited until patent expiry in January 2026, creating revenue lumpiness.
Adalimumab US market share stagnation
Biosimilar Adalimumab has not gained expected share due to originator staying on formularies; management expects improvement but no specific timeline.
High debt and structured instrument obligations
Net debt at Biocon Biologics is ~$1.1B; capital raise is intended to address put options, but not all investors may exercise, leaving residual obligations.