Biocon Scales Biosimilars And Prepares Global Semaglutide Expansion

Biocon Limited is advancing its global expansion strategy by increasing market share in newly launched biosimilars and preparing a multi-country rollout of semaglutide, a fast-growing GLP-1 therapy.  

The transition follows the integration of Biocon Biologics Limited, with Shreehas Tambe set to lead the unified group as it enters what he describes as a “capacity-rich, demand-heavy” phase aimed at margin improvement as capital and R&D intensity moderate. 

Biosimilars Scale-Up and Margin Gains 

Biocon has reported sustained demand across its biosimilars portfolio, launching aflibercept in Malaysia and Turkey while expanding ustekinumab, insulin aspart, bevacizumab and denosumab. The company prioritised higher-margin geographies to enhance profitability.  

Tambe said, “Demand has been very strong… and it continues to be strong even now,” and added, “We decided we will prioritize towards high-margin markets, which is why you are seeing the EBITDA contribution significantly higher this quarter.” 

As a result, biosimilars EBITDA margins rose to 28%, compared with the earlier 25–26% range. With multiple approvals in place and new biosimilars approaching launch, management expects operating leverage to strengthen margins further as earlier capacity investments begin to yield returns. 

Semaglutide Strategy and Commercial Model 

Biocon has positioned semaglutide as its next major growth driver, with global patent expiries beginning in 2026 unlocking opportunities across markets. The company plans to commercialise semaglutide through its own sales force in Brazil, Canada and the Middle East, while adopting a partnership model in India after monetising its domestic brand portfolio. 

Tambe noted, “Our liraglutide launches in Europe have already laid the foundation,” and highlighted fermentation capability as a differentiator, stating, “There will be a requirement for significantly higher volumes… and Biocon’s fermentation capability will give us a significant advantage.” 

Cost Efficiency, Regulatory Tailwinds and Capital Structure 

The company indicated that “There is no major capex now… the capacities we have invested in over the last three to four years will take care of the products we have developed,” signalling a shift from expansion to harvesting investments. Regulatory changes in the US, EU and Japan removing Phase 3 requirements for biosimilars are expected to reduce clinical development costs by half and cut time to market by half, with Tambe stating, “Clinical development costs will halve, and time to market will also reduce by half.” 

Biocon also raised ₹4,150 crore through a QIP in January, part of nearly $1 billion mobilised over eight months to buy out Viatris’ stake in Biocon Biologics, simplifying governance and unifying the corporate structure. Credit rating upgrades from S&P and Fitch followed improvements in leverage after debt settlement. 

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Biocon Share Price Performance  

As of 24 February 2026, at 9:58 AM, Biocon Limited share price is trading at ₹387.30 per share, reflecting a decline of 0.10% from the previous closing price. Over the past month, the stock has  gained by 6.04%. 

Conclusion 

With biosimilars scaling, semaglutide nearing multi-market entry, lower clinical and capital intensity, and a strengthened balance sheet post integration, Biocon is positioning itself for what management calls a “multi-year, margin-accretive growth trajectory” anchored in global expansion and disciplined execution. 

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