Annual Report 2020
The Impact Manifesto

Touching a billion lives through affordable innovation
Transforming lives through meaningful impact

Sharp inequities in access have denied the benefits from advances in medical science to almost a third of the world’s population. Hefty price tags on life-saving drugs have created unbearable financial burden for patients in most of the world. Inadequate research spending has led to a fragile medical innovation ecosystem with serious repercussions on global preparedness for health emergencies. The vulnerability of healthcare systems worldwide to a global pandemic stands exposed.


Biocon is leveraging its affordable innovation model to reduce disparities in access to safe, high-quality medicines, as well as, address the gaps in scientific research to find innovative solutions to impact a billion lives.


Take a quantum leap in serving the needs of our patients through innovative solutions that go beyond the product.


Transform patient lives through the introduction of therapies that improve treatment outcomes while enhancing their health and well-being.


Dramatically improve patient survival and, if possible, cure hitherto incurable diseases through advanced targeted therapies.


Transform patient lives through the introduction of therapies that improve treatment outcomes while enhancing their health and well-being.

The Biocon Manifesto

We seek to leverage differentiated technologies to transform healthcare by ensuring access to affordable, quality assured, complex therapies that significantly improve patient outcomes and are available to all. Our roadmap for the future is to enable a healthier world.

As a committed stakeholder of the global health agenda under the UN Sustainable Development Goals (SDGs), Biocon has drawn up a manifesto to deliver on its commitment to universal healthcare.

The Biocon Manifesto (2)
  • Use our science, scale and expertise to enhance access to essential drugs for patients on the lowest rung of the economic ladder
  • Uncover new medical insights aimed at expanding the scope of therapy to address unmet needs
  • The Biocon Manifesto (4)
  • Build strategic global and regional partnerships to make high-quality biopharmaceuticals available to the maximum number of people
  • Create a robust portfolio of ‘blockbuster’ drugs with the potential to benefit a billion patients
  • The Biocon Manifesto (3)
  • Focus on the kind of innovation that adds the condition of affordability to accessibility
  • Bring competition for expensive innovator medicines through our generics and biosimilars
  • The Biocon Manifesto (1)
  • Demonstrate the highest levels of ethics, compliance and governance
  • Assure continuous supply of high-quality products conforming to international regulatory standards
  • Business Highlights

    At Biocon, we have concluded yet another meaningful year, breaking new ground, crossing new milestones and delivering high-quality biopharmaceuticals to millions worldwide.

    We made significant headway in the commercialization of multiple products in key markets. We also made strategic investments, brought new partners on board, entered new markets, received regulatory approvals, expanded production capacity, added to our expertise and unlocked value for our stakeholders.

    Novel Molecules
    Research SERVICES

    On a mission to impact a billion lives

    Dear Shareholders,
    Biocon’s philosophy of affordable innovation to make life-saving medicines accessible to everyone, anywhere on the planet, has never been more relevant than it is today. We are in the throes of a global pandemic and the world is looking up to the healthcare industry to develop vaccines, treatments, diagnostics and products that will see it through the COVID-19 crisis.

    The novel coronavirus outbreak has demonstrated that if humanity is to survive as a species, it is imperative that there is equitable access to all essential health products and technologies without distinction of race, religion, political belief and economic or social condition. Universal access to quality healthcare for all is non-negotiable.

    In the fight against COVID-19, low- and middle-income countries (LMICs) seem to be faring better than wealthier, better-resourced, developed nations. With this change in dynamics, we are likely to witness greater reciprocity and sharing of best practices between LMICs and high-income countries (HICs) leading to genuine bi-directional partnerships.

    As well established business models are dismantled and long-held assumptions dispelled, we could see healthcare being reshaped and democratized around the planet.

    Scaling up to expand affordable access


    At Biocon, we are working tirelessly to make life-changing medical therapies affordable and accessible to all. We had a strong year in FY20 despite economic weakness in some emerging markets including India, and the significant turmoil of the COVID-19 crisis, which has produced unprecedented uncertainty and an immense economic fallout the world over. Global growth prospects and business confidence suffered as evidenced by the volatility and capital flight in financial markets.

    Despite these headwinds, global healthcare markets continue to grow on the back of ageing demographics, rising non-communicable diseases, advances in technology and specialty treatments, and accommodating regulatory environments. At the same time, the impact of these drivers will be tested against the longer-term outcome of the pandemic, increased payer scrutiny, loss of revenues from genericization and rising competition in biosimilars.

    To make a significant impact amidst a challenging backdrop, companies will need to focus on developing innovative and differentiated products whilst monitoring costs and establishing new engines for growth, measures which have long been the mainstay of our strategy at Biocon.

    Financial FAQs

    Finances in perspective
    1. How will you describe the overall financial performance of Biocon this year?

    For the financial year ended March 31, 2020, our consolidated revenue grew 15% from `56,588 million to `65,286 million. The Biologics segment led revenue growth with a 29% increase (`19,513 million vs. `15,169 million in FY19). This was well supported by 18% growth in Small Molecules (`20,937 million vs `17,728 million in FY19), and 10% increase in Research Services (`20,119 million vs `18,256 million in FY19). Branded Formulations saw revenue decline by 18% (`5,362 million vs `6,564 million in FY19).

    Financial Highlights

    Board of Directors

    The guiding force behind our impact story

    Biocon’s Board of Directors comprises qualified personnel who possess relevant skills, expertise, and competence for the effective functioning of the Company. Our directors serve as a source of advice and counsel in ensuring the highest levels of corporate governance through risk control and regulatory compliance. They also act as mentors for the management in value creation and value enhancement, whilst upholding our firm commitment to ethics and values.

    Key expertise of the Board
    Kiran Mazumdar-Shaw
    Executive Chairperson
    Chairperson of the Board of Directors since inception
    Year of birth: 1953
    Mary Harney
    Independent Director
    Member of the Board of Directors since 2012
    Year of birth: 1953
    Daniel M. Bradbury
    Independent Director
    Member of the Board of Directors since 2013
    Year of birth: 1961
    John Shaw
    Vice Chairman and Non-Executive Director
    Member of the Board of Directors since 1999
    Year of birth: 1949
    Prof. Ravi Mazumdar
    Non-Executive Director
    Member of the Board of Directors since 2000
    Year of birth: 1955
    Bobby Kanubhai Parikh
    Independent Director
    Member of the Board of Directors since 2018
    Year of birth: 1964
    Siddharth Mittal
    CEO and Managing Director
    Member of the Board of Directors since 2019
    Year of birth: 1978
    Dr. Vijay Kuchroo
    Independent Director
    Member of the Board of Directors since 2015
    Year of birth: 1955
    M. Damodaran
    Independent Director
    Member of the Board of Directors since 2016
    Year of birth: 1947

    Our Generics Business

    Ensuring access through quality, affordability, reliability

    Our Small Molecules business generated strong revenue growth of 18% in FY20. This was the second consecutive year of high-teens growth reported by the business despite the challenging environment of the global pharmaceutical industry. As the biggest contributor to Biocon’s consolidated revenue, the Small Molecules business has been a cornerstone of the Company’s success story over the last two decades.

    With minimal investments, it has generated a steady revenue growth over the last decade and enabled Biocon’s foray into the capital-intensive biosimilars business. With the launch of several of our biosimilars in developed and emerging markets, the Biologics segment has grown to a size nearly equal to the Small Molecules business and has matured to meet its own capital needs.

    Our Novel Biologics Business

    Pushing scientific boundaries to deliver impactful innovations

    Biocon’s quest to develop affordable therapies and impact global healthcare led us to invest in developing novel biologics and novel targets in the area of large molecules, at a time when the pharma industry in India was focused on the safer business of manufacturing generic medicines. Our considered scientific risk paid off and today we have a pipeline of novel assets comprising early and advanced stage programs spanning multiple modalities including recombinant proteins, novel fusion antibodies and monoclonal antibodies (mAbs).

    Our novel pipeline is comprised of therapeutics aimed at diabetes, cancer and autoimmune / inflammatory diseases

    These segments are expected to capture the majority share of global healthcare spending over the next few years

    Our Branded Formulations Business

    Offering patients high quality, differentiated therapies

    Biocon’s Branded Formulations business is making an impact in India through its wide portfolio of branded small molecule generics, biosimilars and novel biologics in the chronic disease segments of diabetes, cancer, end-stage renal illnesses, immune disorders and other life-threatening conditions.

    Segmental revenue at `5,362 million, which contributed 8% to FY20 consolidated revenue, declined 18% primarily due to significant downward pricing pressures in our leading assets and increased competition for some of our key brands in India. Supply issues and COVID-19-related disruptions at the end of the year further compounded these challenges. The positive performance of the Nephrology, Immunotherapy and Critical Care divisions of the India business was offset by pressure in Metabolics, Oncology and Market Access divisions.

    Our Branded Formulations team rose to the challenges thrown by the COVID-19 pandemic and the consequent lockdown in India. To minimise disruption during the crisis, we adopted innovative ways to support physicians and ensure that patients continued to receive our life-saving medicines, including insulin and cancer therapies.

    We set up helplines for patients and our field staff worked diligently during the lockdown to facilitate medicine supplies to far-flung areas ensuring the well-being of patients who rely on Biocon’s products.

    Biosimilars – Biocon Biologics

    Our Vision
    Most inspiring global leader in Biologics delivering affordable access to innovative and inclusive healthcare solutions, transforming patient lives.

    Biocon Biologics Impact Manifesto

    As a fully integrated, pure-play biosimilars organization, we hold a unique position globally. It is time to transform patient lives by delivering affordable access to innovative and inclusive healthcare solutions.


    Research Services – Syngene

    Our Vision
    To be a world-class partner delivering innovative scientific solutions.

    Syngene Impact Manifesto

    As a fully integrated, pure-play biosimilars organization, we hold a unique position globally. It is time to transform patient lives by delivering affordable access to innovative and inclusive healthcare solutions.

    client engagement
  • As a transformational partner, accelerate innovation and deliver integrated scientific solutions with great efficiency at world-class levels of quality and service
  • Boost R&D productivity of our clients through scientific excellence and an integrated end-to-end research, development and manufacturing approach
  • syngene_10
    capacity expansion
  • Continue investment in technology and infrastructure to enable leading-edge science and meet the demands of blue-chip clients
  • Boost our commercial-scale manufacturing capacity for small molecules by completing the construction and commissioning of our API manufacturing plant at Mangaluru
  • Invest in expanding our biologics manufacturing capacity to meet rising global demand
  • syngene_07
    capability additions
  • Continuously adopt new technologies to improve efficiency while lowering the overall cost of discovery and development
  • Increase the integration between services in discovery to lay the foundation for extending the relationship with each client
  • Capture a larger share of the biologics drug development market
  • Build our expertise in advanced technologies such as sophisticated immuno-oncology assays and CAR-T design for researching next-generation therapies
  • Leverage the process knowledge gained in the development stages of R&D to anticipate and meet our clients’ manufacturing requirements over the long term
  • Environment

    Going beyond compliance for a sustainable future

    At Biocon, our journey to enhance access to affordable healthcare starts with being a committed and compassionate steward of the environment. We have implemented business practices that take our Environment, Occupational Health, Safety and Sustainability (EHSS) performance beyond compliance towards delivering a positive environmental, social and governance (ESG) impact for the people we serve.

    Management of environmental risks and carbon footprint can have a far-reaching impact beyond our operational boundaries and therefore our commitment to be a responsible and sustainable company is ingrained in our code of conduct. We believe that Biocon’s growth is not only limited to its economic performance but also to its ESG performance, which is tracked against several key environmental indicators across our facilities to ensure holistic development and meaningful progress on ESG topics.


    Building a diverse, collaborative workplace

    At Biocon, we have consciously created a diverse, employee-friendly culture that promotes ideation, experimentation and collaboration as we aspire to create future leaders who will revolutionize healthcare through innovative products and services. We are proud to have retained and improved our position to 6th on the prestigious Global Biotech Employers rankings by U.S.-based Science Careers magazine. We have consistently featured among the Top 10 employers for seven consecutive years.

    Biocon Foundation

    Making enduring socio-economic impact

    Corporate Social Responsibility is an integral part of the Biocon Group and the Biocon Foundation lies at the very heart of it, providing effective primary healthcare services to the underprivileged sections and modelling new approaches for public healthcare delivery. The Foundation is focused on four key thematic areas of intervention which comprise of healthcare, education, environmental sustainability and rural development.

  • eLAJ smart clinics
  • Integrated management of NCDs
  • Oral cancer screening
  • Specialist clinics
  • Recognition
  • WASH Initiatives
  • bf-1_03
    Pandemic and disaster relief
    Rural development
    Environmental sustainability

    Biocon Academy

    Preparing next generation of biosciences leaders

    Founded in 2014, the Biocon Academy has been committed to producing world-class human capital by blending together academic knowledge with industrial skills to meet the demands of the rapidly growing Indian biopharmaceuticals industry. As biotechnology takes on a more vital role in our everyday lives through advancements in medicine, environmental conservation, agriculture and industrial applications, the need for a highly trained workforce becomes more critical.

    FY20 was an exciting and eventful year for the Biocon Academy as we innovated, inspired and mobilized our talent pool towards value creation for the industry and society. The past financial year saw 120 students graduate and earn placements in most of the top biotech companies. We also forged new academic partnerships, trained faculty experts, launched new courses and hosted a series of innovative talks, events and workshops.

    Skill development
  • Nurturing talent
  • Curriculum innovations
  • Events
  • Looking ahead