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

November 17, 2022

To The Manager, National Stock Exchange of India Limited Corporate Communication Department Exchange Plaza, Bandra Kurla Complex Mumbai – 400 050 Scrip Symbol- Biocon

Dear Sir/Madam,

Subject: Clarification on news item appearing in media/publication. Ref: NSE/CM/Surveillance/12467 dated November 16, 2022

This is with reference to the news item titled "Biocon Biologics secures regulatory approvals for acquisition of Viatris biosimilar business" published on the website 'www.economictimes.com' on November 16, 2022.

In this regard, please note that the Company vide its letter dated February 27, 2022 (Annexure-1) has submitted the Press Release titled 'Biocon Biologics to acquire Viatris' Biosiliars Assets for up to USD 3.335 billion in Stock and Cash' (hereinafter referred to as "Deal"), to the stock exchanges.

Further, we have on regular basis provided progress of this deal vide our quarterly press release dated April 28, 2022 (Annexure-2) and July 27, 2022 (Annexure-3), and have also submitted the presentation w.r.t. Earnings Call dated November 15, 2022 capturing the information/facts pertaining to the deal. Please refer slide no. 10 attached herewith for reference (Annexure-4).

The Company has always ensured that all material information is disclosed under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations').

We confirm that there is no unpublished price sensitive information available with the Company and there is no information that is material and not disclosed to the stock exchanges w.r.t this deal. We are cautious of the regulatory provisions and will be informing the stock exchanges of any such event as per the materiality policy of our company.

Accordingly, the specific responses to your queries are provided below:

Response to point (a): Please note that Biocon Biologics Limited ("BBL"), subsidiary of Biocon Limited, has entered into a deal for acquisition of Viatris' biosimilar business (refer our earlier disclosures as mentioned above). We wish to further clarify that the necessary regulatory approvals are in place, however, there are certain follow up formalities that need to be completed towards closing. For the closure of the deal, BBL has secured \$1.2 billion of debt and the balance amount of \$800 million will be funded through \$650 million of equity infusion by Biocon Limited and \$150 million equity infusion by Serum. BBL and Viatris will enter into a two-year Transition Services Agreement to ensure seamless business continuity, pursuant to which Viatris will provide certain transition services and will transfer key commercial team to BBL.

Response to point (b): We confirm that there is no such material information available with the Company, which has not been disclosed to the stock exchanges w.r.t. to this deal.

Response to point (c): We are not in a position to assess the impact of the media report on the Company.

We trust the information and explanation provided herein is in order.

Thanking you,

Yours faithfully,

For Biocon Limited

____________ MAYAN K VERMA Digitally signed by MAYANK VERMA Date: 2022.11.17 14:49:51 +05'30'

Mayank Verma Company Secretary and Compliance Officer Membership No.: ACS 18776

Annexure-1

Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T 91 80 2808 2808 F 91 80 2852 3423 February 27, 2022 CIN: L24234KA1978PLC003417 www.biocon.com

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

Subject: Disclosure pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/ Madam,

We would like to inform you that the Board of Directors of Biocon Biologics Limited ('BBL'), a material subsidiary of Biocon Limited ('the Company'), has approved the proposed acquisition of biosimilars assets of Viatris Inc., subject to necessary regulatory and other approvals, at its Board Meeting held on February 27, 2022.

In this regard, please find attached the press release titled "Biocon Biologics to Acquire Viatris' Biosimilars Assets for up to USD 3.335 billion in Stock and Cash".

This intimation is being made in compliance with Regulations 30, read with Schedule III and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') and the required disclosures are enclosed as Annexure A and B.

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

Kindly take the same on record and acknowledge.

Thanking you, Yours faithfully,

For Biocon Limited

_____________

Mayank Verma Company Secretary and Compliance Officer

PRESS RELEASE

Biocon Biologics to Acquire Viatris' Biosimilars Assets for up to USD 3.335 billion in Stock and Cash

Immediately Accretive Combination Creates a Unique Global, Vertically Integrated Biosimilars Leader

Biocon Biologics Limited's (BBL) acquisition of Viatris' rights in biosimilars assets, creates a unique global, vertically integrated biosimilars leader
BBL will realize full revenues and profits from this business
BBL will gain Viatris' global biosimilars business whose revenues are estimated to be USD 1 billion next year, along with its portfolio of inlicensed biosimilar assets
This transaction accelerates BBL's direct commercialization strategy for its current and future biosimilars portfolio
Viatris to provide commercial and other transition services for an expected period of two years to ensure continuity of customer service and smooth transition to BBL
Deal to be value accretive to Biocon and BBL shareholders and is structured as part-cash, part-equity
Debt finance supported by larger EBITDA base (consolidation of BBL, Viatris and SILS income streams) and future equity infusion
Kiran Mazumdar-Shaw continues as Executive Chairperson of BBL; Viatris to designate Rajiv Malik, President of Viatris, to serve on BBL Board

Bengaluru, India, February 27, 2022 –

Biocon Biologics Ltd., a subsidiary of Biocon Ltd. (BSE code: 532523, NSE: BIOCON), announced today that it has entered into a definitive agreement with its partner Viatris Inc. (NASDAQ: VTRS). Accordingly, Biocon Biologics Ltd. (BBL) will acquire Viatris' biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at USD 1 billion.

The Board of Directors of both companies have approved the transaction.

BBL will have a comprehensive portfolio comprising its current range of commercialized insulins, oncology and immunology biosimilars as well as several other biosimilar assets currently under development. BBL also has access to the vaccines portfolio through its previously announced partnership with Serum Institute Life Sciences (SILS).

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon Biologics, said: "This

acquisition is transformational and will create a unique fully integrated, world leading biosimilars enterprise. Our long-standing global partnership with Viatris has enabled us to achieve many firsts, setting new benchmarks for the global biosimilars industry. This strategic combination brings together the complementary capabilities and strengths of both partners and prepares us for the next decade of value creation for all our stakeholders."

"The deal will enable BBL to attain a robust commercial engine in the developed markets of U.S. & Europe and will fast-track our journey of building a strong global brand. It will also make us future-ready for the next wave of products. This development takes our partnership with Viatris to the next level to realize our shared purpose of impacting global health by providing affordable access to high quality essential and life -saving Biosimilar drugs," she added.

Dr Arun Chandavarkar, Managing Director, Biocon Biologics, said: "By combining the biosimilars business of Viatris to create a global, vertically integrated business in BBL, we are confident of unlocking significant value for our stakeholders. This deal gives BBL full ownership of Viatris' rights in biosimilars assets, enabling us to recognize combined revenues and profits. To ensure a seamless transition and continued service to patients and customers, Viatris will provide commercial and other transition services to BBL for an expected period of two years."

"This deal provides several advantages, including strategic agility and operational efficiencies, which will help us mitigate pricing pressures in a competitive global biosimilars landscape. We remain committed to sustainable growth with a strong financial profile, expanded geographical reach and continued investments in R&D to build a world-leading biosimilars franchise. We believe that as a fully integrated global company, we will be able to enhance patient access and reduce healthcare inequities worldwide," he added

Robert J. Coury, Viatris' Executive Chairman said: "Our unique collaboration with Biocon began more than a decade ago, even before a biosimilars pathway was defined in most countries. During that time, we have experienced many successes, and today is no exception as we join together to create a new, uniquely positioned world class vertically integrated biosimilars leader. This transaction will allow Viatris to continue to participate in the global biosimilars space in a more optimized way, while also allowing us to accelerate our own financial priorities."

COMPELLING STRATEGIC RATIONALE

Financial Rationale

Post closure of the deal, BBL will realize the full revenue and associated profits from its partnered products; a step-up from its existing arrangement with Viatris.

The deal will expand BBL's EBITDA base and strengthen overall financials, enabling investments for sustained long- term growth.

Synergises End- to- End Capabilities

Our longstanding relationship with Viatris and experience in co-development of products positions us well to maximize value from this transaction for all our stakeholders.

The deal will lead to operational efficiencies across the complete value chain and build agile capabilities in development, manufacturing, regulatory, supply chain and commercialization in developed and emerging markets.

Expands Global Reach

Combining Viatris' biosimilars business with BBL accelerates the build out of our commercial capability in developed markets in order to become a strong global brand with a direct presence in U.S., Europe, Canada, Japan, Australia and New Zealand.

Large Biosimilars Portfolio

BBL currently has a portfolio of 20 biosimilars. The acquisition of biosimilars assets of Viatris significantly strengthens BBL's position in providing affordable access to patients through its portfolio in diabetes, oncology, immunology and other noncommunicable diseases. It also prepares BBL for greater success with the commercialization of its future pipeline.

By integrating Viatris' portfolio, BBL will have one of the broadest and deepest commercialised biosimilars portfolio in the industry:

Comprehensive biosimilar insulins portfolio, including rh-Insulin, bGlargine and bAspart;
A growing biosimilar oncology portfolio, including bTrastuzumab, bBevacizumab, bPegfilgrastim;
A significant presence in autoimmune segment through in-licensed products like bAdalimumab, bEtanercept.

TRANSACTION DETAILS

Viatris will receive cash consideration of USD 2 billion on closing of the transaction and up to USD 335 million as additional payments expected to be paid in 2024. Additionally, upon closing of the transaction, BBL will issue USD 1 billion of Compulsorily Convertible Preference Shares (CCPS) to Viatris, equivalent to an equity stake of at least 12.9% in the Company, on a fully diluted basis.

The transaction is expected to close in 2H-2022, subject to satisfaction of closing conditions (including certain regulatory approvals). The companies will also enter into a Transition Services Agreement, pursuant to which Viatris will provide certain transition services, including commercialization services, for an expected two-year period. Viatris also will pay USD 50 million to BBL to fund certain capital expenditures.

BBL Acquires:

Viatris' global commercial infrastructure in developed and emerging markets
Viatris' global biosimilars business with an estimated revenue of USD 875 million and EBITDA of USD 200 million for CY 2022 and estimated to exceed USD 1 billion in revenue next year
Viatris' rights in all biosimilars assets including its in-licensed portfolio and an option to acquire Viatris' rights in bAflibercept
Transition services for an expected two-year period to ensure a seamless transition with partners and continued services to patients and customers

Deal Financing

The cash payment of USD 2 billion to be funded by ~USD 800 million raised through equity infusion in BBL and the remainder to be funded by debt, additional equity or a combination thereof.

BBL has received expressions of interest from financial institutions for debt financing and equity commitments from existing shareholders.

GOVERNANCE UPDATE

Kiran Mazumdar-Shaw will continue as the Executive Chairperson of BBL. Viatris will designate Rajiv Malik, President of Viatris, to serve on the BBL Board.

We see minimal overlap of roles in the two organizations due to the complementary nature of our teams thereby facilitating seamless integration of the two businesses.

Advisors

Allegro Capital served as the financial advisor to BBL. Goodwin Procter and Shardul Amarchand Mangaldas served as BBL's legal advisors to this transaction.

About Biocon Biologics Ltd.

Biocon Biologics Ltd., a subsidiary of Biocon Ltd., is a fully integrated global biosimilars organization. It is leveraging cutting-edge science, innovative tech platforms and advanced research & development capabilities to lower costs of biologics therapies while improving healthcare outcomes. It has a strong research pipeline of biosimilar molecules across diabetes, oncology, immunology and other non-communicable diseases. Five molecules from Biocon Biologics' portfolio have been taken from lab to market in developed markets like U.S., EU, Australia, Canada, Japan and key emerging markets. It has many firsts to its credit including the most recent U.S. FDA approval of the world's first interchangeable biosimilar, awarded to its Insulin Glargine, which has been commercialized gin the U.S. in 2021. Biocon Biologics has a strategic alliance with Serum Institute Life Sciences to address the inequitable access to life saving vaccines and biologics globally. With a team of ~4,800 people, Biocon Biologics is committed to transforming healthcare and transforming lives by enabling affordable access to millions of patients' worldwide.

Website: www.bioconbiologics.com

Follow us on Twitter: @BioconBiologics for company updates

About Biocon Limited

Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US and Europe. It also has a pipeline of promising novel assets in immunotherapy under development.

Website: www.biocon.com; Follow-us on Twitter: @bioconlimited for company updates

CONTACTS:
MEDIA	INVESTORS
Seema Ahuja Sr VP & Global Head of Communications & Corporate Brand, Biocon Biologics & Biocon Group +91 99723 17792 [email protected]	Nikunj Mall Head, Investor Relations, Biocon Biologics +91 998 777 4078 [email protected] Aishwarya Sitharam Head - Investor Relations Biocon Limited +91 93236 48143 [email protected]

Forward-Looking Statement:

This press release may include statements of future expectations and other forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Biocon, nor our Directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.

Acquisition (including agreement to acquire):

The details as required under SEBI Listing Regulations read with SEBI Circular No. CIR/CFO/CMD/4/2015 dated September 9, 2015 are as under: -

S. No.	Particulars	Details
1.	Name of the target entity, details in brief	Biocon Biologics Limited (CIN
	such as size, turnover etc.;	U24119KA2016FLC093936) or BBL, a material subsidiary
		of the Company plans to acquire Biosimilars Assets of
		Viatris Inc. ("Transaction") for an amount USD 3.335
		billion, including cash up to USD 2.335 billion and
		Compulsorily Convertible Preference Shares (CCPS) in
		BBL, valued at USD 1 billion.
		The Biosimilars Assets of Viatris Inc. are or would be
		vested in subsidiaries of Viatris Inc. and the BBL would
		acquire such subsidiary companies of Viatris Inc.
		("Target Companies")
2.	Whether the acquisition would fall within	The transaction does not fall under Related Party
	related party transaction(s) and whether	Transaction.
	the promoter/ promoter group/ group
	companies have any interest in the entity
	being acquired? If yes, nature of interest
	and details thereof and whether the
	same is done at "arm's length";
3.	Industry to which the entity being acquired belongs;	Viatris Inc. is engaged in the business of Pharmaceuticals.

4.	Objects and effects of acquisition	The objects and effects of the said acquisition of
	(including but not limited to, disclosure of	Viatris's Biosimilars assets are as follows:
	reasons for acquisition of target entity, if	a) Enables BBL to be a unique global, vertically
	its business is outside the main line of	integrated biosimilars leader.
	business of the listed entity);	b) Accelerates BBL's direct commercialization strategy
		for its current and future biosimilars portfolio.
		c) Enables BBL to move up the value chain and realize full revenues and profits from this business.
5.	Brief details of any governmental or	Reserve Bank of India (RBI), Competition Commission of
	regulatory approvals required for the	India (CCI) and other Regulatory authorities in
	acquisition;	India/Overseas as may be required from time to time.
6.	Indicative time period for completion of	The transaction is expected to close in 2H-2022, subject
	the acquisition;	to satisfaction of closing conditions (including certain
		regulatory approvals).
7.	Nature of consideration - whether cash	USD 3.335 billion, including cash up to USD 2.335 billion
	consideration or share swap and details	and Compulsorily Convertible Preference Shares (CCPS)
	of the same;	in BBL, valued at USD 1 billion. Mylan Inc. (a group
		company of Viatris Inc.) shall acquire at least 12.9% of
		equity stake in BBL on conversion of CCPS, as per the
		finalised terms of CCPS.

S.	Particulars	Details
No.
8.	Cost of acquisition or the price at which	Please refer to point no. 7 as stated above.
	the shares are acquired;
9.	Percentage of shareholding / control	BBL will acquire the entire share capital of the Target
	acquired and / or number of shares	Companies.
	acquired;
10.	Brief background about the entity	The Target Companies that would be acquired as part of
	acquired in terms of products/line of	the transaction would be subsidiaries of Viatris Inc.
	business acquired, date of incorporation,
	history of last 3 years turnover, country	Viatris is a global healthcare company formed in
	in which the acquired entity has presence	November 2020, through the combination of Mylan and
	and any other significant information (in	Upjohn (previously a division under Pfizer). Viatris
	brief);	offers one of the industry's largest and most diverse
		global biosimilar franchises with approximately one
		hundred fifty (150) marketing authorizations in over
		eighty-five (85) countries focused on the areas of
		oncology, immunology, endocrinology, ophthalmology
		and dermatology

Issuance of securities:

S.	Particulars	Details
No.
a)	Type of securities proposed to be issued	BBL shall issue the following securities to Mylan Inc. (a group company of Viatris Inc.), at closing: (a) Equity Share; and (b) CCPS
b)	Type of Issuance	Preferential Allotment
c)	Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately)	Following securities will be issued by BBL: (a) Equity Share – 1 (one) number (b) CCPS - USD 1 billion worth of CCPS which shall, upon conversion, give Mylan Inc. (a group company of Viatris Inc.) at least 12.9% of equity stake in BBL as per the finalised terms of CCPS.

ANNEXURE B

Annexure-2

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

April 28, 2022

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

Subject: Press Release on financial results for the quarter and year ended March 31, 2022.

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find enclosed the press release titled "Biocon Q4FY22 Revenue at Rs 2,476 Cr, Up 21%; Core EBITDA at Rs 815 Cr, Up 37% ; PBT(before Exceptional Items) at Rs 384 Cr, Up 9%; Biosimilars Up 48% at Rs 982 Cr; Generics Up 26% at Rs 717 Cr; Research Services Up 15% at Rs 758 Cr." pertaining to the audited consolidated financial results of Biocon Limited for the quarter and year ended March 31, 2022.

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

Kindly take the above information on record and acknowledge.

Thanking You,

Yours faithfully,

For Biocon Limited

Mayank Verma Company Secretary & Compliance Officer

Enclosed: Press Release and Fact Sheet

PRESS RELEASE

Biocon Q4FY22 Revenue at Rs 2,476 Cr, Up 21%; Core EBITDA at Rs 815 Cr, Up 37% ; PBT(before Exceptional Items) at Rs 384 Cr, Up 9%

Biosimilars Up 48% at Rs 982 Cr; Generics Up 26% at Rs 717 Cr; Research Services Up 15% at Rs 758 Cr.

FY22 Revenue at Rs 8,397 Cr, Up 14%; Core EBITDA Up 18% at Rs 2,669 Cr; PBT (before Exceptional Item) at Rs 1094 Cr, Up 4%

Bengaluru, Karnataka, India: April 28, 2022:

Biocon Ltd (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceuticals company, today announced its consolidated financial results for the fourth quarter and the fiscal year ended March 31, 2022.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said:

"FY22 was a transformational year for Biocon. Key strategic moves in our Biosimilars business position us for long-term growth and value creation for our stakeholders.

"We believe that the two strategic transactions, with Viatris and Serum Institute Life Sciences, will position Biocon Biologics as a world leading, unique, fully integrated biologics company with a strong differentiated portfolio of biosimilars and vaccines.

"We reported a strong consolidated revenue growth of 21% for Q4FY22 at Rs 2,476 Crore driven by 48% growth in Biosimilars, 26% in Generics and 15% in Research Services, businesses. Our Gross R&D spends increased by 70% this quarter to Rs 232 Crore reflecting our advancing pipeline, that will drive our future growth. Core EBITDA was up by 37% at Rs 815 Crore, representing healthy operating margins of 33%. PBT before Exceptional Items stood at Rs 384 Crore, up by 9%.

"On a full- year basis, we delivered consolidated revenue of US\$ 1.1 billion (Rs 8,397 Crore) and reported a Core EBITDA growth of 18% at Rs 2,669 Crore with Core EBITDA margins at 32%."

FINANCIAL HIGHLIGHTS (CONSOLIDATED): Q4 and Full Year FY22

In Rs Crore

Particulars	Q4FY22	Q4FY21	Change	FY22	FY21	Change
INCOME
Generics	717	570	26%	2,341	2,363	-1%
Biosimilars	982	664	48%	3,464	2,800	24%
Novel Biologics	12	11	17%	51	11	386%
Research services	758	659	15%	2,604	2,184	19%
Inter-segment	(61)	(61)	0%	(276)	(215)	29%
Revenue from operations #	2,409	1,842	31%	8,184	7,143	15%
Other income	67	205	-67%	213	255	-16%
Total Revenue	2,476	2,048	21%	8,397	7,398	14%
EBITDA	659	641	3%	2,183	1,907	14%
PBT before Exceptional Items	384	353	9%	1,094	1,055	4%
Net Profit before Exceptional	262	257	2%	722	744	-3%
Items
Net Profit for the Period	239	253	-6%	648	740	-12%
R&D Expenses in P&L	191	127	50%	595	553	8%
Gross R&D Spend	232	136	70%	711	627	13%
EBITDA Margins	27%	31%		26%	26%
Core EBITDA	815	594	37%	2,669	2,270	18%
Core EBITDA* Margins	33%	32%		32%	31%
Net Profit Margin before	11%	13%		9%	10%
Exceptional Items

#Includes Licensing income. Figures above are rounded off to the nearest Crore; % based on absolute numbers.

*Core EBITDA is EBITDA net of licensing, forex, gain on dilution in Bicara, mark-to-market loss on investments and R&D expense.

PERFORMANCE REVIEW: Q4FY22

Consolidated Revenue grew 21% to Rs 2,476 Crore from Rs 2,048 Crore in Q4FY21
EBITDA was at Rs 659 Crore (vs. Rs 641 Crore in Q4FY21) Up 3 %
EBITDA Margins were at 27% (vs. 31% in Q4FY21)
Core EBITDA was Rs 815 Crore (vs. Rs 594 Crore in Q4FY21) Up 37%
Core EBITDA* margins were at 33% (vs. 32% in Q4FY21)
PBT before Exceptional Items was Rs 384 Crore (vs. Rs 353 Crore in Q4FY21) Up by 9%
Net Profit before Exceptional Items was Rs 262 Crore (vs. Rs 257 Crore in Q4FY21) Up 2%
Net Profit# was Rs 239 Crore (vs. Rs 253 Crore in Q4FY21)

PERFORMANCE REVIEW: FY22

Consolidated Revenue grew 14% to Rs 8,397 Crore from Rs 7,398 Crore in FY21
FY22 EBITDA was Rs 2,183 Crore (vs. Rs 1,907 Crore in FY21) Up 14%
FY22 EBITDA Margins were at 26%
FY22 Core EBITDA was Rs 2669 Crore (vs. Rs 2270 Crore in Q4FY21) Up 18%
FY22 Core EBITDA* margins were at 32% (vs. 31% in FY21)
FY22 PBT before Exceptional Items was Rs 1094 Crore (vs. Rs 1055 Crore in FY21) Up 4%
FY22 Net Profit before Exceptional Items was Rs 722 Crore (vs. Rs 744 Crore in FY21)
FY22 Net Profit# at Rs 648 Crore (vs. Rs 740 Crore in FY21)

#Adjusted for dilution on Bicara, Mark-to-market loss on investments and exceptional items, Net Profit grew by 145% and 23% for the quarter and full year respectively.

CORPORATE UPDATES

Biocon Limited : Board Announcements:

• Naina Lal Kidwai joins Biocon Limited Board as Additional Director

Naina Lal Kidwai, an accomplished banker and business leader, has been appointed as Additional Director on the Board of Biocon Limited, with effect from April 28, 2022 for a period of three years till the conclusion of 47th AGM to be held in 2025.

Ms Kidwai serves as an Additional Director and Senior Advisor for Rothschild India, and Senior Advisor Advent International. She also serves as Non-Executive Director on the boards of many reputed companies like Holcim, Max Financial Services etc. She retired in 2015 as Chairman of HSBC India & Executive Director of HSBC Asia Pacific.

Dividend for FY22

The Board of Directors has recommended a final dividend at the rate of 10% of the face value per share, for the financial year ended March 31, 2022.

BUSINESS SEGMENT REVIEW: Q4FY22

GENERICS: APIs & Generic Formulations

• Q4FY22 Revenue at Rs 717 Crore, Up 26% YoY

FULL YEAR FY22

• FY22 Revenue at Rs 2,341 Crore

Commenting on the Generics segment performance, Siddharth Mittal, CEO & Managing Director, Biocon Limited, said, "The business saw robust sequential as well as YoY growth in Q4, on the back of contributions from new product launches in the U.S., particularly Everolimus, an uptick in our API business and a normalization of supply challenges that impacted us in the first half of the fiscal.

However, our FY22 performance was muted, largely due to supply and operational challenges earlier in the year, as well as headwinds in the form of pricing pressures, and escalating costs of solvents, raw material and logistics.

As we progress on our mission of providing high quality affordable medicines to patients around the globe, we will continue to focus on expediting our product pipeline, operationalizing new capacities, and accelerating projects that drive cost and operational efficiencies across the organization.

We will also commence work on important new projects in the current fiscal – a large scale synthetic facility in Hyderabad and an injectable facility in Bangalore; as well as expand our fermentation capacities in Bangalore, all of which will provide further impetus to our future growth."

Business Performance

We received U.S. FDA approvals for Posaconazole, a vertically integrated anti-fungal drug and Dorzolamide, an ophthalmic product, both of which were launched during the quarter.

Our statin formulations portfolio in the U.S. held on to their market share, despite intense pricing pressure. We commenced our first MoW market supply of Tacrolimus capsules to Mexico.

We received our first approval in Singapore for Tacrolimus and in the UAE for Rosuvastatin and Tacrolimus. We also received Marketing Authorization (MA) for Everolimus tablets in Netherlands and Spain.

We received a 'Compliant' rating from Health Canada for a remote assessment conducted during the third quarter for our API manufacturing facility in Bangalore.

Our greenfield immunosuppressant API facility in Vizag remains on track with qualification and validation activities planned in FY23.

As a part of our sustainability initiative, we aim to increase the share of our renewable energy consumption through a combination of wind and solar power. Towards this objective, we commenced sourcing solar power during the quarter to add to the wind power.

BIOSIMILARS: Biocon Biologics Limited

Q4FY22

Revenue at Rs 982 Crore, Up 48% YoY
Core EBITDA* at Rs 382 Crore, Up 78% YoY
Core EBITDA* margins at 39%
EBITDA at Rs 257 Crore, Up 56% YoY
EBITDA margin at 26%
PBT before exceptional items at Rs 144 Crore
Net R&D Expenses at Rs 112 Crore, representing 11% of revenue

Full Year FY22

Revenue at Rs 3,464 Crore, Up 24% YoY
Core EBITDA* at Rs 1,320 Crore, Up 30% YoY
Core EBITDA* margins at 39%
EBITDA at Rs 1,013 Crore, Up 35% YoY
EBITDA margin at 29%
PBT before exceptional items at Rs 543 Crore
Net R&D Expenses at Rs 310 Crore, representing 9% of revenue

(*Core EBITDA is EBITDA net of licensing, forex, mark- to- market loss on investments and R&D expense.)

Highlights:

Signed a definitive agreement to acquire partner ViatrisInc.'s global biosimilars business for up to USD 3.335 billion in cash and stock, creating a unique, global, fully integrated biosimilars leader.
Won a 3-year, USD 90 million (MYR 370+ million) contract from the Ministry of Health, Malaysia to supply Insugen (rh-Insulin).
Commercialized key biosimilars in several advanced markets, such as bGlargine in Germany and bPegfilgrastim in Italy.
Received approval for bGlargine from Health Canada.
Partner Celerity Pharmaceuticals received positive EU CHMP opinion for Inpremzia, a ready-to-use insulin for IV infusion, which uses Biocon Biologics' human insulin drug substance.

Advanced two unpartnered Wave 2 molecules into the clinic backed by strong analytical similarity package.
Patients reached: 5.3 million (MAT March 2022)##

Commenting on the performance, Dr Arun Chandavarkar, Managing Director, Biocon Biologics Ltd. said:

"The 48% (Y-o-Y) growth in revenues this quarter was a result of improved performance across developed and emerging markets, driven by strong market share gains of our interchangeable bGlargine in the USA. The health of our operational and business performance is reflected in the Core EBITDA margins being at 39% of revenues and growing 78% Y-o-Y.

We have progressed well in the development of several next wave biosimilar programs, with two of our molecules entering the clinic. Whilst net R&D was at 9% of revenues in FY22, we expect this to ramp up in FY23 commensurate with the progress of our rich and diverse pipeline which provides Biocon Biologics a sustainable growth opportunity in the years ahead. The two strategic transactions with Serum and Viatris announced in FY22, upon likely closure in the second half of calendar year 2022, will propel us on our path to be a leading vertically integrated biosimilars company globally and will also support the higher investments in developing our pipeline."

Business Performance: Biocon Biologics

Q4FY22

Revenue for Q4FY22 stood at Rs 982 Crore, reporting a growth of 48% YoY, driven by strong market share gains of Glargine in the U.S. and a robust performance of our commercial portfolio across multiple regions including India. EBITDA at Rs 257 Crore, was up 56%, and EBITDA margin stood at 26%. Core EBITDA margin increased to 39% for the quarter from 33% in Q4FY21, demonstrating improved operational profitability of the business. Profit Before Tax, before exceptional items, stood at Rs 144 Crore, up 109% year-on-year. Our Malaysia operations turned profitable this quarter.

Full Year FY22

Revenue for the full year stood at Rs 3,464 Crore, reporting a growth of 24%, surpassing the growth of 21% witnessed in FY21. There was a significant improvement in profitability at all levels in FY22. EBITDA for the year stood at Rs 1,013 Crore, a year-on-year growth of 35%. Core EBITDA grew by 30% and Profit Before Tax before exceptional items, grew by 49% yearon-year. Net R&D spend for the year was at 9% of revenue. The growth in profits is driven by higher revenues and improved margins.

The two strategic transactions with Serum Institute Life Sciences (SILS) and Viatris announced in FY22 are progressing towards various regulatory approvals. The deals are expected to close in the second half of calendar year 2022.

Developed Markets

In Q4FY22, the developed markets business reported a strong growth, led primarily by interchangeable bGlargine (Semglee), as well as improved sales of bTrastuzumab (Ogivri) and bPegfilgrastim (Fulphila). Additionally, bGlargine was commercialized in Germany and received approval in Canada, while bPegfilgrastim was introduced in Italy.

In the EU, our oncology biosimilars bPegfilgrastim (Fulphila) and bTrastuzumab (Ogivri) are gradually improving market shares and bBevacizumab (Abevmy) has been commercialized in select EU markets this year.

Emerging Markets

During the quarter, Biocon Biologics-led commercial business recorded robust growth on the back of strong performance of key biosimilars in the AFMET and LATAM regions, as well as good business execution in India.

The Branded Formulations – India business reported double-digit growth for the quarter. The good performance came on the back of significant ramp-up in prescriptions for Basalog (bGlargine), improved patient acquisition and key account penetrations for oncology biosimilars such as CANMAb (bTrastuzumab) and KRABEVA (bBevacizumab), targeted engagement with HCPs and judicious use of both digital and physical marketing channels.

More recently, the Company's Malaysia subsidiary has won a 3-year tender worth USD 90 million (MYR 370+ million) by the Ministry of Health, Malaysia for the supply of Insugen (rh-Insulin) products. This contract allows Biocon Sdn to consolidate its market leadership in insulins in Malaysia, one of its Top 5 Emerging Markets, where diabetes patients have been benefiting from the company's products since 2016.

The Company continues to see strong demand for its products in existing markets, and expects a greater play in emerging markets post integration of the biosimilars business of Viatris.

Development Updates

During the year, Biocon Biologics made good progress on the development path of several biosimilar programs for the advanced markets. The Company also initiated clinical trials for two of its unpartnered assets, bDenosumab and bUstekinumab.

Biocon Biologics to Acquire Viatris' Global Biosimilars Business

Biocon Biologics has taken a transformational step towards its long-term strategy to create a unique, fully integrated, world leading biosimilars enterprise by acquiring partner Viatris' global biosimilars business for up to USD 3.335 billion in cash and stock.

The combination of two businesses with complementary strengths and capabilities will enable full vertical integration across the biosimilars value chain, leading to operational and financial efficiencies, helping us maximize value from our biosimilars portfolio.

Under a Transition Services Agreement, Viatris will provide commercialization services and certain transition services to Biocon Biologics for an expected two-year period.

Full ownership of its current partnered biosimilar assets with Viatris will create a strong portfolio of biosimilars. This, along with a direct global commercial presence and value accretive revenues and profits, positions BBL to better leverage the evolving market dynamics.