Biocon Biologics Global PLC Ltd: Biosimilars-led growth, deleveraging story to continue; initiate with MW on fair value

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Biocon Biologics Global PLC Ltd: Biosimilars-led growth, deleveraging story to continue; initiate with MW on fair value

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Biocon Biologics Global PLC Ltd

Biosimilars-led growth, deleveraging story

to continue; initiate with MW on fair value

Initial Opinion - Credit

Biosimilars-led integrated platform with global reach 22 May 2026

Biocon Ltd is an integrated biopharmaceutical platform with scale in biosimilars, Global Emerging Markets | Corporate

complimented by generics and research services. Biosimilars dominate at 62% of FY26 Credit

revenue, followed by research (22%) and generics (19%), reflecting a structurally United Kingdom

Healthcareimproving mix toward higher-barrier products. The group has commercialized 12

biosimilars and has a strong pipeline across biosimilars, formulations and APIs. Revenue

Table of Contentsis concentrated in regulated markets, with the US (46%) and Europe (25%) contributing

>70% of FY25 revenue, while India (6%) and RoW (22%) remain smaller. Biocon is MW BIOLIN on fair risk-adjusted value 2

vertically integrated with manufacturing across 7 sites (India 5, Malaysia 1, US 1) and Business profile and key credit metrics 8

three R&D facilities supporting global scale and supply resilience.

Product portfolio, market access, manufacturing

Geopolitics: Manageable fundamentals, elevated volatility fleet

Deep dive into biosimilars portfolio 10

The West Asia conflict and evolving US trade tariff regime have created episodic

volatility for EM credits, including Biocon. The group’s direct exposure to West Asia is Geopolitical uncertainty: A temporary credit 14

limited, but second‑order impacts – higher freight and input costs, and logistics - have headwind

driven periodic spread pressure.