Biocon Limited (BSE: 532523 / NSE: BIOCON) reported consolidated operating revenue growth of 9% year-on-year for the quarter ended December 31, 2025, supported by gains in its biosimilars and generics businesses.
Operating revenue for Q3 FY26 stood at ₹4,173 crore compared with ₹3,821 crore in Q3 FY25. Total revenue increased 11% to ₹4,290 crore.
Financial performance
EBITDA rose 21% year-on-year to ₹951 crore, with EBITDA margin at 22% compared with 20% in the prior year period. Core EBITDA increased 21% to ₹1,221 crore, translating to a core EBITDA margin of 29%.
Profit before tax (before exceptional items) increased 64% to ₹226 crore. Reported net profit stood at ₹144 crore compared with ₹25 crore in Q3 FY25.
Net R&D investment for the quarter was ₹249 crore, representing 8% of revenue excluding Syngene.
Segment performance
Biosimilars (Biocon Biologics)
Revenue from operations rose 9% year-on-year to ₹2,497 crore. EBITDA for the segment increased 44% to ₹700 crore, with margin expanding to 28% from 21% a year earlier.
North America performance was led by oncology and immunology products, while Europe reported stable market shares and tender-led growth.
Generics
Generics revenue increased 24% year-on-year to ₹851 crore, driven by GLP-1 launches in Europe and improved performance in base formulations. Segment EBITDA stood at ₹47 crore, with margins at 5%.
The company received Voluntary Action Indicated (VAI) EIRs from the U.S. FDA for its Cranbury OSD facility and Visakhapatnam API plant.
CRDMO (Syngene)
CRDMO revenue declined 3% year-on-year to ₹917 crore. Reported EBITDA for the segment was ₹225 crore. Management indicated performance was impacted by challenges related to one manufacturing customer.
Syngene extended its strategic collaboration with Bristol Myers Squibb through 2035 and commissioned a commercial-scale liquid-filled hard gelatin capsule facility.
Corporate developments
During the quarter, Biocon completed the integration of Biocon Biologics as a wholly owned subsidiary. The transaction valued Biocon Biologics at approximately USD 5.5 billion.
In January 2026, the company raised ₹4,150 crore through a Qualified Institutions Placement, marking its second equity issuance within eight months and cumulatively raising nearly USD 1 billion.
S&P upgraded Biocon Biologics’ long-term issuer credit rating to BB+ with a stable outlook, while Fitch revised its outlook to positive.
Outlook
Management commentary in the presentation highlighted focus areas including portfolio expansion across biosimilars, insulins, generics and GLP-1 peptides, sustainable growth, margin expansion and improving return on capital employed.