Biocon Ltd. — Investor Presentation 2026

Jun 1, 2026

Biocon

Biocon Limited
20th KM, Hosur Road
Electronic City
Bangalore 560 100, India
T 91 80 2808 2808
F 91 80 2852 3423
CIN: L24234KA1978PLC003417
www.biocon.com

BIO/SECL/TG/2026-27/30

June 01, 2026

To, The Secretary BSE Limited Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001	To, The Secretary National Stock Exchange of India Limited Corporate Communication Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 050
Scrip Code - 532523	Scrip Symbol - BIOCON

Dear Sir/Madam,

Subject: Investor Presentation

Further to our letter dated May 21, 2026 and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investor Presentation w.r.t the Analyst(s)/Institutional Investor(s) meets scheduled to be held on June 02, 2026 and June 08, 2026.

The above information will also be available on the website of the Company at www.biocon.com.

Kindly take the above information on record.

Thanking You,

Yours faithfully,

For Biocon Limited

RAJESH
UMAKANT
SHANOY

Digitally signed by
RAJESH UMAKANT
SHANOY
Date: 2026.06.01
08:20:38 +05'30'

Rajesh U. Shanoy
Company Secretary and Compliance officer
ICSI Membership Number: A16328

Enclosed: as above

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Biocon

Investor Presentation

June 2026

ACCELERATING

REACH

Expanding Access.

Propelling Growth.

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Biocon

Safe Harbor Statement

This presentation has been prepared by Biocon Limited (the "Company"). It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the Company's business, financial condition, results of operations, trading position or prospects.

These forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable when made, it can give no assurance that such expectations will prove to have been correct.

The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice.

None of the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

This presentation does not constitute or form part of an offer, solicitation or invitation of any offer, to subscribe for or purchase any securities of the Company in any jurisdiction, and nothing contained herein shall form the basis of, or be relied on, in connection with any contract or commitment whatsoever. Any decision to purchase any securities of the Company in the context of any offering should be made on the basis of information contained in the relevant offering document prepared in relation to such an offering.

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Biocon

Leading, Global Biopharma Company

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Biocon

Biocon Group – A Leading Global Biopharmaceutical Company

Improving patients' lives by delivering affordable healthcare products and differentiated services

Successfully Incubated 4 Businesses

Creating strength through innovation, diversification and synergies

Note: 1. As of 31 March 2026 | 2. FY26 Revenues. Data doesn't consider inter-company adjustments | 3. For Biocon, as of 26 May 2026, sourced from BSE converted an exchange rate of ₹ 95.4/$ | 4. For Syngene, as of 26 May 2026, sourced from BSE converted an exchange rate of ₹ 95.4 /$. Biocon Ltd has a 52.4% stake in Syngene | 5. For Bicara, Market Cap as of 26 May 2026, from NASDAQ. Biocon Ltd has a 9.8% stake in Bicara Therapeutics | 6. As of 31 March 2025

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Biocon

Our Aspiration

Leveraging science and innovation to make life-saving medicines affordable and accessible to patients

Several global 'firsts' with a collective purpose of improving health everywhere

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Biocon

Our Transformative Journey over the Years

Early pioneers of Biotech, democratizing access to chronic and life-saving therapies globally

One unified biopharma entity with a stronger balance sheet, improved leverage metrics and a more integrated global commercial footprint

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7

Biocon

Integration of Biocon Limited and Biocon Biologics

Combining our Generics and Biosimilar businesses to unlock value for patients, prescribers, customers and shareholders

Earlier Structure

Present Day

Strategic Differentiators of Combined Business

Research & Development

• Leveraging deep expertise, highly skilled talent and cutting-edge science
• Portfolio of 30+ biosimilars and 3 GLP-1s addressing a total market opportunity of $200B+¹

Manufacturing

• Top 15 in global biomanufacturing capacity²
• Fully integrated capabilities – API, drug products and devices
• Advanced, compliant manufacturing facilities

Commercialization

• Top 5 biosimilar players globally³; Global reach in 120+ countries
• Double-digit market shares across several key geographies
• Maximizing patient reach through country-specific commercial models

Integration will expand access to affordable and high-quality therapies across care continuum

Sources: 1. GlobalData; 2. BioProcess International; 3. Company reported revenues

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8

Biocon

Experienced Leadership Team

KIRAN

MAZUMDAR-SHAW

Chairperson

SHREEHAS TAMBE

Chief Executive Officer

& Managing Director

KEDAR UPADHYE

Chief Financial Officer

MATTHEW ERICK

Chief Commercial Officer

• Advanced Markets

SUSHEEL UMESH

Chief Commercial Officer

• Emerging Markets ,

Global API & BD

RHONDA DUFFY

Chief Operations Officer

ANUJ GOEL

Chief Development

Officer

NAVEEN NARAYANAN

Chief Human Resources

Officer

MANDAR GHATNEKAR

Chief Technology Officer

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Biocon

Improving Financial Metrics and Unlocking Value

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Biocon

Our Financial Journey to Improve Financial Metrics and Unlock Value

(I) Acquisition of Viatris’ Biosimilars Business

• $3B+ acquisition – one of the largest biopharma deals
• Emerged as a leading integrated player
• Successfully integrated the business in 1 year – among the fastest in industry

Fully integrated business

(II) Acquisition Loan Refinancing

• Refinancing through offshore listed bond ($1.2B)
• Extended maturity profile by 5 years
• $800M Bond - 1st Biopharma bond listing in Asia; oversubscribed >3x

SGX = FitchRatings
S&P Global Ratings

(III) QIP for Redemption of Structured Instruments

• Redemption/acquisition of structured instruments
• QIP – ₹4,500 Cr raised to provide exit to structured instruments
• Annual savings in interest costs ~₹300 Cr. per annum

Improved debt maturity profile and stronger balance sheet

Note 1: Biocon now holds 99.2% stake in Biocon Biologics, Board has granted in-principle approval to acquire remaining 0.8%

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Biocon

Acquisition Refinancing - Improved Debt Maturity Profile

BBL Original Debt profile (Sep'24)

Acquisition Debt
Bilateral Debt
Working Capital

Original Term Debt Amortization Schedule

BBL New Debt Profile (Mar'26)

Senior Secured Bond
New Facility / Bilateral Debt
Working Capital

New Term Debt and Bond Maturities Schedule

Deferred debt maturities provides increased / enhanced liquidity to address business needs

Notes:

1. Excluding Working Capital Debt

2. Bond: $ 800Mn, Syndicated loan: $ 295Mn and Rolled over Bilateral debt: $ 30Mn

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Biocon

Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth

Reduction in Leverage : FY23 – FY26

Highlights

• Structured debt fully redeemed in FY26
• FY26: Net Debt/EBITDA at 2.7x :
• Deleveraging initiatives
• Robust EBITDA growth from the core business
• Gross Interest Cost: Reduction driven by deleveraging and refinancing, with full annualized benefits expected from FY'27.

Net Debt / EBITDA reduced by ~1.6x due to systemic debt reduction plan and improved EBITDA performance

Notes: 1 Jump in leverage in FY23 due to $ 1.2bn term debt and non-convertible instruments availed for acquisition of Viatris' biosimilars business | 2. Leverage computed basis EBITDA and Net debt for each reporting period

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Biocon

Major Investments in Capacities and Infrastructure Largely Completed across Biocon Group

CapEx Cash Outflow

• CapEx for Syngene and Biosimilars fully funded through internal cash accruals, reflecting zero dependency on external financing
• No major new projects envisaged in FY27 and FY28

Highlights

Key Projects

mAbs (India)
- B3: mAbs DS facility
- Commercial from FY23
- B5: mAbs DS facility
- Commercial from FY25

Insulins (Malaysia)
- Johor: Insulins DS & DP capacity
- DP: To be completed in FY27
- DS: To be completed in FY28

Generics (India)
- Hyderabad & Vizag: API facilities
- Commercial from FY25
- Bangalore: Injectable facility
- Qualification in progress

Syngene and Generics (U.S.)
- Bayview: mAbs facility
- Validation ongoing
- Cranbury: OSD facility
- Commercial from FY26

Well positioned to meet demand requirements for next 5+ years

Notes: 1. ROCE = Adj. EBIT / (Total Equity + Total Borrowings - Goodwill & Intangibles - CWIP); Adj. EBIT = EBIT adjusted for one-offs; ROCE (incl. Goodwill) at 6%

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Biocon

Business Consolidation – Next step in our journey to improve financial metrics and unlock value

Note 1: Biocon now holds
99.2%
stake in Biocon Biologics, Board has granted in-principle approval to acquire remaining
0.8%
^{}[]

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Biocon

Key Business Highlights: Products

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Biocon

Consolidated business is well positioned and among the global leaders in biosimilars and complex generics

Integration marks a beginning of a new phase of accelerated growth, scale, and scientific impact.

• Robust in-house R&D engine with expertise across platforms – mAbs, fermentation, synthetic, peptides
• 500+ scientists across 3 R&D sites
• 12 product approvals in global markets and several industry 'firsts'
• Portfolio of 30+ biosimilars and 3 GLP-1s addressing a total market opportunity of $200B+¹

• First company globally to obtain approval for a generic GLP Liraglutide in a major regulated market

• Top 15 in global biomanufacturing capacity²

• Fully integrated capabilities – API, drug products and devices
• 7 manufacturing locations including the U.S.
• 215+ cGMP approvals from 25+ regulators (incl. FDA & EMA)

• Global distributed supply network

• Acquisition accelerated direct commercialization globally

• Top 5 biosimilar players globally²
• Global reach in 120+ countries
• Self-led in key markets across NorAM, Europe & Emer. Markets
• Double-digit market shares across several key geographies

Vertically integrated and global scale operations with strong, demonstrated capabilities across the value chain

1.F&S: Company Publicly Reported Biosimilars Revenues in calendar year 2024 | 2. F&S analysis

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Biocon

Evolving Global Disease Burden

Shift in global disease burden from communicable diseases to non-communicable diseases (NCD's)

Oncology

Incidence expected to increase to 35M new patients annually by 2050. 77% increase from 2022.³

Diabetes

The total number of people living with diabetes is projected to reach 853 million by 2050. 45% higher from 2024.⁴

Immunology

"...autoimmune diseases cumulatively affect 5 to 10% of the industrial world population. Other studies have shown that the prevalence of autoimmune disease in developing countries is lower but on the rise..."

Global Autoimmune Institute

Feb 20, 2024

NCDs like Cancer, Diabetes, Musculoskeletal and Autoimmune diseases now represent a significant portion of the global disease burden

*Disability-Adjusted Life Years | Sources: 1. Our World in Data (2024); 2. Institute for Health Metrics and Evaluation, Global Burden of Disease (2024) 3. WHO|Projected cancer burden increase in 2050 4. IDF Diabetes Atlas 2025

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Biocon

Expansive Portfolio with Complementarity across High Growth Therapy Areas

Combined portfolio includes Biosimilars, Insulins, GLPs and Complex Generics

Comprehensive and differentiated portfolio with 30+ biosimilars, peptides and complex generics across key therapy areas

Source: Company information

Note: 1. Includes therapy areas of bone health, ophthalmology, CVD, anti-infective etc.; *tentative US approval; final approval linked to LOE

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Biocon

Existing Portfolio holds Significant Market Share

Direct presence across major countries and a network of established partners and distributors

Biosimilars – Advanced Markets

Generic Formulations – Advanced Markets

Reflects patient and prescriber confidence in our high-quality products

Source: The data presented hereunder inter alia volumes, projections, market share, is based solely on our study, interpretation and conclusion derived through analysis of different data sets from varied sources inter alia IQVIA

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Biocon

Strong Launch Momentum going into FY 2027

Multiple global launches lined-up across Oncology, Immunology and GLP-1s in 2026

Successfully launched

Addressable Market*>>

| Oncology and Immunology Launches |
| --- |
| Yesafili
Ultrasonic diet | injection
To: telominal barrier | Jobevne
(bevacizumab megl)
Injection: wiper, 1 tubes | Aukelso
Ultrasonic
Bosaya
Ultrasonic | Yesintek
Ultrasonic |
| $6 B | $5 B | $7 B | $8 B |
| U.S.
H2 CY 2026
Targeted Wave
2 launch | U.S.
Oct'25
Wave 2 launch | U.S.
Apr'26
Wave 2 launch | U.S.
Feb'25
Wave 1;
growth mode |
| Rest of World
Canada –
Launched | Rest of World
Launched | Rest of World
H1 CY 2026 | Rest of World
Launched across key
markets incl.
Germany and
France |
| Other markets –
ongoing | | | |
| Insulin Launch |
| --- |
| Kirsty
insulin aspart injection |
| ~ $3 B |
| U.S.
Sep'25
Wave 1, first interchangeable |
| Rest of World
Launched |
| GLP Launches | |
| --- | --- |
| Ladiazyi
Irregular
Lobozyi
Irregular | Semaglutide® |
| $1 B | $34 B |
| U.S.
H1 CY 2026
Wave 2 launch | U.S.
DMF filed |
| Rest of World
Launched in UK,
selected markets
in EU | Rest of World
Filed in Canada,
Brazil & other
select markets |

On-track to deliver on commitment to launch 5 new biosimilars and key GLP-1s

Source: *CY 2025; The data presented hereunder inter alia volumes, projections, market share, is based solely on our study, interpretation and conclusion derived through analysis of different data sets from varied sources inter alia IQVIA. Includes biosimilars, if any; ®Includes all the formulations.

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Biocon

State-of-the-art Manufacturing Facilities

300+ KL Biosimilar drug Substance manufacturing capacity | 100M + units Injectable manufacturing capacity | 2Bn + Oral Solid Capacity

	Drug Substance Drug Product
		mAbs	Fermentation	Synthetic	Injectables	OSD
	Bengaluru, India • Biologics Manufacturing • Peptides, HPAPIs, Fermentation APIs, OSD, Injectables	☑	☑	☑	☑	☑
	Vishakhapatnam, India • HPAPIs, Fermentation, Synthetic APIs			☑
	Hyderabad, India • Peptides and Synthetic APIs			☑
	Johor, Malaysia • Insulins manufacturing		☑		☑
	Cranbury, New Jersey • OSD					☑

215+

cGMP approvals

from 25+

regulators

Top 15 in global

biomanufacturing

capacity

Asia's largest

Integrated insulins

facility

Ensuring quality, reliability, and cost leadership, cornerstones of our ability to deliver affordable medicines globally

Note: As of 31 March 2025

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Biocon

Strong Commercial Capabilities with Global Footprint ensuring patient access

Expanding our commercial footprint globally through diverse GTM models

Combined Entity Presence

Commercial Models

Mix of both self-led markets and partnered markets

Presence across Tender, Retail and Government segments

Newer GTM models to drive more sustainable presence (e.g. Civica CalRx partnership)

In FY'25, the group served over $\sim 21$ million patients $^{1}$ globally in over $120+$ countries

Source: Company Information as of 31 March 2025; FY25 Annual Report

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Biocon

Key Business Highlights: Services

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Biocon

Leading CRDMO Player With Differentiated Capabilities

Differentiated Characteristics And...	... Best-in-Class Capabilities...	... Establishes Growth Path
Expertise across pharmaceuticals, biotech, nutrition and animal health	Team of 5,700+ scientists including 7% PhDs	Leveraging integrated services from drug discovery to commercial scale manufacturing (Small molecule and biologics)
Multi functional infrastructure facilities with a global footprint	Most scaled Indian CRDMO with total bioreactor capacity of 50KL+	Growth driven by expansion in Baltimore (optimal mix of on-shore and off-shore presence)
Partner-of-choice for Global Pharma	~400 active clients
16 out of top 20 pharma	Expanding wallet share of existing clients and on-boarding new clients
(50% increase in active clients form FY16-24)
Strong track record of compliance with global regulators	US FDA, EMA & PDMA approved, GLP certified, AAALAC accredited facilities	Continued focus on “Quality”

Syngene best placed to capitalize on global industry tailwinds – China +1, IRA and outsourcing acceleration

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Biocon

Well Positioned in the Highly Attractive CRDMO Market

Market Trends Supportive of Long-term Industry Growth

Key Market Trends Supportive of Long-term Growth

Drug pipeline growing at a healthy 8% CAGR

Outsourcing Acceleration: Big pharma increasingly outsourcing R&D and manufacturing to focus on core innovation

Pharma players facing margin pressure with e.g., drugs going off-patent in next 4 years, policies such as Inflation reduction Act (IRA) compressing the revenue cycle resulting in increased outsourcing

Geopolitical shifts, growing China+1 sentiment, expected to drive redistribution of outsourcing across geographies, although extent and pace remains uncertain

India advantage: Cost efficiency, technical talent pool; India gearing to upgrade its innovation ecosystem e.g., $600 Mn of Govt funding, 12 Biotech parks being set up

Frost & Sullivan: Independent Market Assessment of the Global and Indian CRDMO Market

Notes: 1 Market size does not include Clinical CRO market

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Biocon

Financials

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Biocon

Biocon Group - Robust Financials

Key Financials

Highlights

• Revenue reflects steady growth across all three verticals
• R&D spends at 7% of revenues driven by stage of development of assets
• EBITDA margin in FY26 at 22%. Operating leverage benefit in biosimilars offsets pricing pressure in other businesses.
• New launches, continued operative leverage benefit and potential synergies from consolidation to help improve margin profile

New launches and business consolidation to improve operating margins of the business

Notes: 1. Segmental revenue percentages are computed basis aggregate revenue from operations prior to elimination of inter-segment adjustments and other income | 2. % of revenue (excluding Research) | 3. EBITDA is Profit before tax plus finance cost, depreciation and amortization and share of loss in 7x/Associate, net (includes other income) | 4. FY24 adjusted for gain of $42 mn from sale of business in relation to immunotherapy and nephrology small molecule formulations and $63 mn from fair valuation gain and stake dilution gain in Bicara | 5. FY25 adjusted for gain of $127 mn from sale of business in relation to Metabolics, Oncology, and Critical Care products & one-time generic Lenalidomide sales in the US

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Biocon

Financial Highlights – FY26

In % Cr	FY22	FY23	FY24	FY25	FY26
Revenue from Operations	8,184	11,174	14,756^{1}	15,262	16,927
Generics	2,341	2,765	2,799	3,017^{4}	3,168
Biosimilars	3,464	5,584	8,824^{1}	9,017	10,431
CRDMO	2,604	3,193	3,489	3,642	3,739
Others	51	19	-	-	-
Total Revenue	8,397	11,550	15,621^{1,2}	16,470^{3}	17,270
R&D (Net)	711	1,119	1,154	859	982
% of Revenue (Ex. Syngene)	13	14	10	7	7
EBITDA	2,183	2,888	4,164	4,374	3,798
% Margin	26	25	27	27	22
Profit Before Tax
(Before exceptional items)	1,094	1,189	1,537	1,790	851
% Margin	13	10	10	11	5
Net Profit
(Before exceptional items)	722	787	1030	981	436
Exceptional item, net of tax & NCI	(74)	(324)	(8)	32	(50)
Net Profit (Reported)	648	463	1,022	1,013	386

$^{1}$ FY24 Includes income from BFI revenues, divesture of two non-core Branded Formulations India business units in Biocon Biologics of ₹350 crores; $^{2}$ includes gain from Biocon's stake dilution/ fair valuation in Bicara Therapeutics of ₹530 crores
$^{3}$ Q1 FY25 Includes income from the strategic collaboration / business transfer agreement with Eris Lifesciences of ₹1,057 Cr; $^{4}$ Includes one-time, generic lenalidomide sales in Q4FY25

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Biocon

Financial Highlights – FY26

In ₹ Cr	FY22	FY23	FY24	FY25	FY26
Biosimilars
Revenue	3,464	5,584	8,824^{1}	9,017	10,431
EBITDA	1,013	1,338	2,190^{1,2}	3,028^{3}	2,751
% Margin	29%	24%	29%^{1,2}	34%^{3}	26%
R&D (% sales)	9%	17%	10%	7%	6%
Generics
Revenue	2,341	2,764	2,799	3,017^{4}	3,168
EBITDA	396	423	394	377^{4}	166
% Margin	16%	15%	14%	12%^{4}	5%
R&D (% sales)	12%	9%	8%	9%	10%
CRDMO
Revenue	2,604	3,193	3,489	3,642	3,739
EBITDA	849	1,005	1,105	1,114	989
% Margin	32%	31%	31%	30%	26%
Business Revenue Mix (%)	8,409	11,541	15,111	15,676	17,338
Biosimilars	41%	48%	58%	58%	60%
Generics	28%	24%	19%	19%	18%
CRDMO	31%	28%	23%	23%	22%

FY24 Includes income from BFI revenues, divesture of two non-core Branded Formulations India business units in Biocon Biologics of ₹350 crores; includes gain from Biocon's stake dilution/ fair valuation in Bicara Therapeutics of ₹530 crores

Q1 FY25 Includes income from the strategic collaboration / business transfer agreement with Eris Lifesciences of ₹1,057 Cr; includes one-time, generic lenalidomide sales in Q4FY25

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Biocon

Key Balance Sheet Items

In ₹ Cr	FY22*	FY23	FY24	FY25	FY26
Share Capital and Other Equity	8,433	17,867	19,784	21,644	34,032
Non-controlling Interests	1,038	4,622	5,491	6,069	2,590
Borrowings (Current & Non-Current)	4,904	17,771	15,730	17,756	14,825
Financial Liabilities	2,135	5,560	6,621	4,436	2,447
Tangible Assets	9,364	10,123	11,978	13,414	14,664
Goodwill and Intangible Assets	1,315	26,662	26,659	27,058	28,809
Inventories	2,298	4,244	4,940	4,931	6,086
Financial Assets (ex. Cash & Bank balances)	942	1,376	1,284	1,128	1,431
Cash and Bank Balances	3,218	4,387	3,102	4,926	4,493
Sundry Creditors	1,609	3,842	6,272	6,549	6,772
Sundry Debtors	2,058	3,573	6,231	5,488	5,987
Net Debt	1,686	13,384	12,628	12,830	10,332

*Excludes Viatris; Net Debt is Borrowings minus Cash and bank balances

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Biocon

Thank You

ACCELERATING

REACH

Expanding Access.

Propelling Growth.