Biocon Ltd

Kiran Mazumdar-Shaw

Executive Chairperson

Dear Shareholders,

FY25 marked a pivotal year for the Biocon Group as we sharpened our focus on Accelerating Reach, a mission driven by the urgent need to address widening global healthcare gaps.

Rising healthcare costs, aging populations, and the increasing burden of chronic diseases continue to challenge access worldwide. In this environment, Biocon's commitment to affordable innovation is more critical than ever. We are dismantling barriers by delivering high-quality, affordable medicines swiftly and at scale to those who need them most.

Accelerating Reach

As a diversified global biopharmaceutical company, we are expanding our footprint through speed, scale, and strategic focus. In FY25, we reached over 21 million patients across 120+ countries, with 78 launches from our commercial portfolio of biosimilars and generics.

We made 260+ regulatory filings and received 130+ approvals, deepening our global presence across multiple markets and therapeutic areas.

Expanding Access

FY25 was a year of significant progress in widening access to essential therapies through innovation, infrastructure, and partnerships.

Biocon entered the high-impact therapeutic area of ‘diabesity' with the launch of generic Liraglutide in the UK, marking the start of our GLP-1 journey. We have built a strong portfolio of GLP-1 peptides and have strategically invested in global-scale, end-to-end manufacturing infrastructure, including proprietary delivery devices, which give us a clear competitive advantage.

Following the UK launch of Liraglutide, approvals in EU and U.S. filings underway, we are actively advancing our GLP-1 pipeline, including Semaglutide and Tirzepatide, to capitalize on an opportunity projected to reach ~USD 144 billion by 2029, according to the latest projections by Frost & Sullivan. In Biosimilars, we launched our fifth product Yesintek™ (bUstekinumab), for inflammatory diseases, in the U.S., our largest market. Yesintek™ is witnessing strong physician adoption and broad formulary coverage with a potential to benefit 100 million lives.

We also expanded patient access to our Oncology portfolio, Fulphila? (bPegfilgrastim) and Ogivri? (bTratuzumab), which is reflected in the doubling of market shares for these two products in the U.S. Four of our biosimilars have recorded global revenues averaging over USD 200 million in FY25.

Our insulins collaboration with Civica Inc. in the U.S. aims to tackle affordability and supply challenges. We made significant progress on the expansion of the Malaysia facility, which will double our capacity for both Drug Substance and Drug Product. We are now the third-largest global player for rh-Insulin and Insulin Glargine, with complementary strengths in GLP-1 therapies - positioning us uniquely to serve diabetic populations worldwide. Through Syngene, our Research and Manufacturing Services business, we strengthened our biologics value chain by acquiring a U.S. facility and launching a next-gen protein production platform - helping accelerate clients' path from lab to clinic.

Operational Excellence

We embedded the John Shaw Excellence Model (JSEM) across our businesses, launched the John Shaw Excellence Awards (JSEA), and enhanced quality and delivery standards through our Group Center of Excellence. These efforts were recognized with ~60 external awards in FY25.

Propelling Growth

FY25 was a year of financial resilience and recovery. We reported consolidated revenue of H164,699 million (USD 1.95 billion) in FY25, with EBITDA of H43,745 million (USD 518 million) and Net Profit of H10,133 million (USD 116 million).

Biosimilars contributed the largest share of revenue at 58%, followed by Research Services at 23% and Generics at 19%. We announced a final dividend of H0.50/ share, reflecting our ongoing commitment to shareholders.

To support strategic goals, Biocon Limited raised H45 billion through a Qualified Institutions Placement (QIP) in June 2025, strengthening our balance sheet.

Leadership Transitions

Peter Bains rejoined Syngene as CEO and Managing Director in February 2025, bringing continuity and renewed momentum. He had previously led the Company through its IPO in 2015. Following this, Peter stepped down as Group CEO of Biocon in April 2025.

Looking Ahead

FY25 was a year of consolidation and transition. With globally scaled, integrated business models and robust sectoral growth drivers, we are well-positioned for sustained, synergistic growth.

I sincerely thank our employees, partners, and shareholders for their trust and continued support. Together, we will continue to accelerate reach, expand access, and propel growth for a healthier world.

Sincerely,