Biocon Group chairperson Kiran Mazumdar-Shaw expects fiscal year 2026 to be an "acceleration year" for the biopharmaceutical major, fuelled by robust growth across its biosimilars, generics, and research services segments. The company anticipates a significant "windfall" in its insulin business and sees a massive opportunity in GLP-1 therapies for diabetes and obesity.
Mazumdar-Shaw said she sees Biocon filling the void left by the large pharmaceutical companies who are exiting or reducing their footprint in insulins to focus on high-margin GLP-1 products.
"When you look into FY26, I think we will see some very strong growth in all of our businesses," Mazumdar-Shaw said in an interview with Moneycontrol.
Shaw highlighted that Biocon is uniquely positioned as the only global company with the scale to address the growing gap in the insulin market, as other players pivot towards GLP-1s. Biocon has recently doubled its insulin manufacturing capacity in Malaysia to capitalise on this trend.
A key driver for FY26 will be the company's expanding presence in the burgeoning GLP-1 market. Following the launch of liraglutide in the UK, Biocon is gearing up for its European Union launch in FY26 and is also eyeing the U.S. market.
"Biocon has a huge opportunity in GLP-1 starting with liraglutide this year. But even a bigger one is starting end of next year, which is semaglutide in emerging markets," Mazumdar-Shaw added. The company boasts end-to-end capabilities in both insulins and GLP-1s, a differentiating factor in the competitive landscape.
The Generics division is also poised for a strong FY26 with a recovery in the API business, supported by cost improvements, operational efficiencies, and new capacities coming online. While launch supplies of generic Lenalidomide were significant in Q4 FY25, growth in FY26 will be driven by other new launches until Lenalidomide volumes become unlimited from January 2026.
Biocon Biologics, the company's biosimilars arm, is set to launch five new products over the next 12-18 months, including biosimilars for Stelara or ustekinumab (already launched in the U.S.), Bevacizumab, Aspart, Aflibercept (U.S. launch expected no later than H2 2026), and Denosumab.
Syngene, Biocon's research services subsidiary, also expects the positive momentum from the latter half of FY25 to continue into FY26, projecting mid-single-digit revenue growth.
Mazumdar-Shaw emphasised that FY25 served as an "inflexion year," setting the stage for accelerated growth. The company is focused on reaping the benefits of substantial investments made across its businesses.
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