Biocon
India's biosimilars pioneer with a global commercial biosimilars franchise (post-Viatris acquisition), a generics/API arm, and a majority stake in Syngene.
A full research profile for one company — what it does, how its financials have trended, how the market values it, and a balanced bull/bear/base investment memo.
Scan the top row for the headline numbers, read the charts for trends, check the three gauge scores, then read the auto-generated memo at the bottom. Sources for every figure are linked at the very bottom.
- EBITDA
- — Earnings before interest, tax, depreciation & amortisation — a proxy for operating cash profit.
- PAT
- — Profit After Tax — the bottom-line net profit.
- FCF
- — Free Cash Flow — cash left after running the business and capital spending.
- ANDA
- — Abbreviated New Drug Application — the US FDA filing to sell a generic drug.
Revenue
₹ crore · FY
EBITDA
₹ crore · FY
Margins
EBITDA & PAT margin %
R&D Spend
₹ crore · FY
Free Cash Flow
₹ crore · FY
Revenue Mix
By geography / segment
Quality Score
Growth Score
Regulatory Risk
Snapshot
Business Model
How the company makes money
Global biosimilars (Biocon Biologics), generics/API, and Syngene research services stake.
Biosimilars commercialization + debt paydown
High leverage, thin PAT & biosimilar pricing
Peer Group
Click to compare
| Peer | Rev CAGR | EBITDA% | ROCE | P/E |
|---|---|---|---|---|
| Biocon | 1% | 27% | 3.75% | 171x |
| Dr. Reddy's Laboratories | 4% | 26% | 13.6% | 25x |
| Zydus Lifesciences | 12% | 30% | 24% | 20x |
| Syngene International | -5% | 29% | 10.1% | 48x |
| Lupin | 25% | 23% | 30.3% | 18x |
Investment Memo
Auto-generated from the data layer — illustrative, not advice
- • Biosimilars commercialization + debt paydown underpins a 1% 5Y revenue CAGR.
- • Premium 27% EBITDA margin with 3.75% ROCE signals durable economics.
- • Capacity already in place to support the next growth phase.
- • High leverage, thin PAT & biosimilar pricing.
- • Pricing/NLEM exposure on the domestic book can cap realisation.
- • Valuation at 171x P/E prices in continued execution — little margin for error.
Biocon screens as a improving biosimilars franchise. With revenue of ₹16.9K Cr growing ~1% and 27% EBITDA margins, the base case is steady compounding driven by biosimilars commercialization + debt paydown, while watching high leverage, thin pat & biosimilar pricing.
Trades at 171x P/E, 16.0x EV/EBITDA and 2.0x P/B. A premium to the sector — justified only if growth and returns hold.
- 1 India IPM outperformance & chronic mix
- 2 Gross-margin trajectory & new-launch contribution
- 3 R&D productivity (filings/approvals per ₹ of R&D)
- 4 Capital allocation — capex payback & M&A discipline
Segment mix FY25: Biosimilars 54.7% (specialty), Research Services/Syngene 22.1% (cdmo), Generics 18.3% (api). Thin PAT → very high P/E.