Biocon gears up to ride weight-loss drug boom to script next growth chapter

Biocon managing director and chief executive officer Siddharth Mittal.

Biocon is betting big on GLP-1 therapies and peptides to drive its next wave of growth, as global demand for weight-loss and diabetes treatments accelerates.

The company is preparing for a day-one launch of semaglutide in select markets, with filings underway and approvals expected by late 2026 or early 2027, managing director and chief executive officer Siddharth Mittal told Moneycontrol. He was referring to the expiry of semaglutide patent in India and several other countries in 2026, which will pave the way for its generic versions.

The Bengaluru-based drugmaker is also looking to fill the void left by multinational players as they pivot away from insulin to GLP-1 therapies, backed by expanded capacity in Malaysia and new approvals in the US, Europe and other markets.

“We are the only other large insulin manufacturer with expanded capacity,” Mittal said in an interview. “We think we are very well placed to benefit from this refocus of innovators from insulin to GLP.”

Biocon’s insulin manufacturing capacity expansion in Malaysia is expected to come online by the end of this fiscal, he said. The company is doubling the capacity to capture market share in geographies where multinational companies such as Novo Nordisk are exiting the insulin segment, particularly in human insulin.

Biocon recently secured USFDA approval for Kirsty, its interchangeable biosimilar insulin aspart, and is preparing for a “meaningful launch” in the fiscal fourth quarter, aligned with contracting cycles.

The company also received approval for liraglutide, which is used in treating type 2 diabetes, in India and Europe, with launches underway through commercialisation partners.

Peptides and GLP-1s: The next frontier

Biocon is building a robust pipeline of peptides targeting weight loss, diabetes, and dermatology.

“We were the first company in the world to get generic liraglutide approved in an ICH market (like the UK, Europe and Canada),” Mittal said.

Globally, the GLP-1 segment is booming, with liraglutide alone generating over $1.6 billion in annual sales. Biocon’s peptide capabilities are expected to play a pivotal role in capturing this opportunity.

Its generics business is seeing traction from launches like lenalidomide, dasatinib in the US and liraglutide in the European Union. The company is also advancing approvals for rivaroxaban and everolimus in the US. “Pricing pressure is stable at 5–7 percent, but product-level dynamics vary,” Mittal said.

Rivaroxaban is used to treat deep vein thrombosis. Everolimus is an immunosuppressant used to prevent rejection of organ transplants and also in the treatment of renal cell cancer and other tumours.

In biosimilars, Biocon has launched Yesafili in Canada and received European approvals for denosumab. Its oncology portfolio continues to lead in the US, with Fulphila and Ogivri holding 27 percent market share each.

Tariff preparedness

While pharma remains exempt from US tariffs for now, Biocon is de-risking its supply chain.

“We’ve got two facilities in the US, expanded oral solid dosage capacity in New Jersey, and local partnerships like Civica Rx for insulin manufacturing,” Mittal said. “We’re scenario-mapping but there’s a limit to how much we can do.”

With a strong start to FY26, Biocon expects double-digit growth across biosimilars, generics, and CRDMO. The company raised Rs 4,500 crore through QIP, which has strengthened its balance sheet. The funds will be used to increase its stake in Biocon Biologics.

“We’re aligning our business with shifting global policy and supply chain dynamics,” Mittal said. “The next few years will be about scaling what we’ve built and leading in the segments that matter.”