In the financial year, 2024, Biocon Biologics crossed a significant milestone that set the Company on its way to become a truly global biosimilars leader — we surpassed the USD 1 billion revenue mark.

This accomplishment was powered by the successful integration of the acquired biosimilars business in December 2023, a year ahead of plan, and robust growth across global markets.

The integration in 120+ countries — across North America, Europe, Japan, Australia, New Zealand and Emerging Markets — transformed us into a multicultural, multilocational, global organization, taking Brand Biocon Biologics directly to many countries.

The transition of the business is a testament to our relentless pursuit of excellence and commitment to global healthcare. It has taken us closer to patients, strengthened our relationships with prescribers and payers, and helped us expand our market shares. All these have been key drivers that helped us go past the USD 1 billion revenue threshold.

Transitioning from B2B to B2C

The transition also marks a significant shift from a business-to-business (B2B) model to a business-to-consumer (B2C) approach. While Biocon Biologics has always been recognized for its scientific expertise and operational excellence, the integration has allowed the Company to establish its own commercial front-end, earning trust from both customers and patients.

The transition was seamless, as we completed the process in phases, instilling confidence in customers. The exercise involved 120+ countries, 250+ employees, 14 functions and over 500 customers. Despite how mammoth the whole process was, we maintained business continuity, making sure that we didn’t drop an order, we didn’t lose a customer, no patient was left unserved.

The market shares of our key products improved significantly this year. By the end of FY24, Biocon Biologics reported impressive market share improvements and substantial volume growth across key geographies. Notably, the last quarter of the financial year marked the first time the Company directly managed the acquired business in over 120 countries.

The increase in market shares was a key contributor to a 58% year-on-year growth in FY24 revenue, which took us past the USD 1-billion annual revenue mark. Our EBITDA rose 64% to Rs 2,190 crore, representing a healthy EBITDA margin of 25%.

This remarkable performance resulted from increased market shares across regions, strategic deals, key tender wins, and 25 new product launches. Our products continued to gain momentum and show resiliency post-integration of the acquired biosimilars business in the Advanced Markets of North America, Europe, Japan, Australia and New Zealand. We expanded market access across all therapeutic segments in the U.S., making strides in insulins and oncology portfolios and securing several immunology formulary wins. Notably, our U.S. commercial products —bPegflgrastim, bTrastuzumab, and bGlargine — now command approximately 20% of the market. In Europe, bAdalimumab and bTraztzumab continue to gain traction, securing double-digit shares in key countries. Additionally, our dominance in Emerging Markets reflects significant expansion.

Following the successful transition of 80+ Emerging Markets to Biocon Biologics, we augmented our focus on nine self-led markets and all other partner-led countries. We also onboarded new partners for our products in several countries in APAC, LATAM and AFMET. With the launch of Abevmy® (bBevacizumab), we have initiated our ‘direct to market’ journey in Brazil, which is the largest market for this molecule in LATAM.

Our bespoke commercial strategy is tailored to each country, considering market archetypes and the key factors for success. We have deployed our own salesforce in countries where we follow a self-led model. Currently, we lead commercial operations in the U.S. and Canada, and have a strong presence in the EU5 markets of Germany, France, UK, Spain, and Italy.

Growth Outlook

Full integration across the biosimilars value chain from lab to market significantly expands our reach worldwide and pushes us to greater heights in the global biosimilars business. Our focus has been on preserving value, business continuity and ensuring a seamless experience for our patients, customers, and partners across the world.

Integrating the business across 120+ countries within 12 months of closing the transaction required unwavering commitment to patients and business continuity. The complexity of diverse markets, regulations, stakeholders, and languages made this achievement even more remarkable. We could pull this off thanks to our well-thought-out, three-pronged strategy of Preserve. Consolidate. Accelerate.

During the ‘Preserve’ phase, we focused on maintaining value and a seamless experience for patients, customers, and partners. This involved building new capabilities, onboarding talent, and establishing robust systems across multiple markets.

In FY25, we are dedicated to consolidating the integrated business by understanding customers, product strengths, and areas for improvement. Post-FY25, the acceleration phase will drive growth through planned new product launches.

The successful transition unlocks an exceptional opportunity to build a global biosimilars leader and transform patients’ lives. It is an inflection point in our journey and is designed to maximize value for all our stakeholders. Our end-to-end capabilities, unique portfolio, and the consolidation of the acquired business set us up for success and provide a runway to sustainable, profitable growth.

The billion-dollar milestone is just the momentum we need to reach our ultimate goal of positioning Biocon Biologics among the top global biosimilars players.