The Bengaluru-based company is banking on its expertise in the segment, as well as its existing partnerships in various markets and vertical integration, to capture a significant share of the fast-growing global market. “We know what it takes to bring such complex drugs to the market,” the CEO said.
The biopharmaceutical major’s generics business contributed 18% to overall revenue, rising 24% year-on-year to ₹774 crore in the September quarter, driven by recent launches, especially liraglutide, in the US and Europe.
The company on Tuesday reported a 21% on-year rise in consolidated revenue to ₹4,389 crore, while earnings before interest, taxes, depreciation, and amortization (Ebitda) increased 29% to ₹928 crore in the second quarter of 2025-26.
“Liraglutide is an important driver for this growth, especially in the European market, where we supply the product to our partners,” he said.
The company has launched generic liraglutide in Europe and the UK and expects approval in other markets, such as the US, as well as in South American markets later this fiscal year.
The company has filed for regulatory approval of semaglutide in markets such as Canada and Brazil, where it is set to go off-patent next year.
“Filing will continue in many other markets in Q3 and Q4 onwards,” Mittal said, adding that he expects approval in Canada and Brazil in 2026-27.
Both semaglutide and liraglutide are GLP-1 (glucagon-like peptide-1) receptor agonists—a class of drugs used in the treatment of type-2 diabetes and for long-term weight management. The global market for GLP-1 drugs is projected to reach $95 billion by 2029-30, according to Goldman Sachs.
It also posted a net profit of ₹85 crore, compared with a net loss of ₹16 crore in the year-ago quarter.
During the quarter, Biocon, which has a net debt of $1.2 billion, settled its structured debt obligations with Goldman Sachs and Kotak Mahindra Bank, as well as a commercial paper, after raising ₹4,500 crore ($507.7 million) through a qualified institutional placement (QIP) in June 2025.
“This cleans up our balance sheet… all these instruments roughly add an annualized interest cost of ₹300 crore, which we’ll start benefiting from next year on the profit before tax (PBT) line,” Mittal said.
This allowed it to increase its stake in Biocon Biologics, its biosimilars subsidiary, from 71% to 79%. “The bank and the bond debt, which is roughly $1.2 billion, remain unchanged,” he said.
The company had earlier announced that its board was evaluating a strategic merger of Biocon Biologics with the parent entity.
Competitive edge
Biocon is not the only one racing to launch semaglutide in multiple markets. Several Indian and global generic players, such as Dr Reddy’s Laboratories Ltd, Sun Pharmaceutical Industries Ltd, Torrent Pharmaceuticals Ltd, Sandoz Group AG, etc., have indicated plans to launch the drug once the patent expires.
However, Mittal believes Biocon’s existing portfolio, including liraglutide, gives it an edge in a highly competitive market. The company was the first to launch a generic liraglutide in the UK.
“Filing is one thing, but getting an approval is the most important thing,” he said. “We are vertically integrated, we do our own drug substance, drug product, and devices, and we know some of these devices could be very complex, the patient adoption can be difficult…we are very well placed as an integrated player,” he added.
He said the company already has the infrastructure and a supply chain in place to bring these drugs to its partners, and is betting on its investments in the space to see a “huge revenue impetus”.
Biosimilar growth
Biocon’s biosimilars business, which accounted for 61% of its overall revenue, reported revenue of ₹2,721 crore, up 25% on-year.
Sequentially, revenue rose 11%, driven by market share expansion in key therapy areas and successful new product launches. Biocon Biologics has introduced four biosimilars in major global markets in 2025-26 and is on track to launch the osteoporosis and cancer drug Denosumab later this fiscal year.
The recent US Food and Drug Administration draft guidelines on biosimilars, which aim to accelerate development by simplifying biosimilarity studies and reducing unnecessary clinical testing, will increase competition but could also benefit the company, Mittal said.
The USFDA also plans to make it easier for biosimilars to be developed as interchangeable with brand-name biologics. An interchangeable biosimilar, as designated by the US regulator, allows the drug to be used in place of the original biologic at the pharmacy level without requiring a doctor’s intervention.
“With 10 biosimilars in the market, we know how to generate that robust file which allows us to get a waiver on phase three trials, which will squeeze the timelines for development…that will definitely benefit us,” Mittal said.
“When it comes to the interchangeability guidance, that is, of course, a positive step because it allows you to get market share and compete against the brand in a better way,” he said.
Biocon has two interchangeable biosimilars: insulin glargine and insulin aspart, both approved in the US.
Biocon’s share price closed 5.22% higher on National Stock Exchange on Wednesday at ₹405.20 apiece. Over the last six months, the stock has risen around 23%. In comparison, the Nifty Pharma has increased 7.06% in the same period.
