S&P Global Upgrades Biocon Biologics Credit Rating To ‘BB+’ Revises Outlook to “Stable”

Bengaluru, Karnataka, India: January 28, 2026:

Biocon Biologics Limited, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd. (BSE: 532523, NSE: BIOCON), today announced that S&P Global Ratings has upgraded the Company’s long‑term issuer credit rating to ‘BB+’ from ‘BB’, and revised the outlook to “Stable”. The rating on the senior secured notes issued by Biocon Biologics Global PLC has also been upgraded to ‘BB+’.

This positive development follows Biocon’s recent equity issuance to settle compulsorily convertible preference shares (CCPS) issued to Viatris Inc.

S&P Global provided the following Rating Action Rationale:

• Biocon has simplified its capital structure. The company reduced its outstanding structured debt liabilities, and a US$1 billion CCPS issued to Viatris has now been removed through a mix of equity share swaps and cash consideration. Biocon funded the cash payout through fresh equity of about US$460 million that it raised earlier this month.
• New product launches and favorable industry trends will support Biocon’s earnings. Pharmaceutical sector will continue to register healthy growth through 2027, especially for GLP-1s and treatment for oncology and rare diseases.
• Biocon’s financial policy underpins its credit strength. Biocon’s management remains committed to reverting its balance sheet position to levels before its acquisition of Viatris’ biosimilars portfolio. In November 2022, Biocon acquired Viatris’ biosimilar business for US$3.3 billion. The transaction pushed up the group’s debt-to-EBITDA ratio to about 7x in fiscal 2024 from about 2x in fiscal 2022.

S&P said that the stable outlook reflects its view that Biocon’s earnings will grow steadily over the next 12-24 months on the back of growing demand for generics and biosimilars in key international markets and new product launches, which will help the Company to maintain its improved financial position.

About Biocon Biologics Limited

Biocon Biologics Limited, a subsidiary of Biocon Limited, is a unique, fully integrated, global biosimilars company committed to transforming healthcare and transforming lives. It is capitalizing on its ‘lab to market’ capabilities to serve over 6.3 million patients across 120+ countries by enabling affordable access to high quality biosimilars. The Company is leveraging cutting-edge science, innovative tech platforms, global scale manufacturing capabilities and world-class quality systems to lower costs of biological therapeutics while improving healthcare outcomes.

Biocon Biologics has commercialized 10 biosimilars from its portfolio which are addressing the patients’ needs in key emerging markets and advanced markets like U.S., Europe, Australia, Canada, and Japan. It has a pipeline of 20+ biosimilar assets across diabetology, oncology, immunology, ophthalmology, bone health and other non-communicable diseases. The Company has many ‘firsts’ to its credit in the biosimilars industry. As part of its environmental, social and governance (ESG) commitment, it is advancing the health of patients, people, and the planet to achieve key UN Sustainable Development Goals (SDGs). Website: www.bioconbiologics.com; Follow us on  X (formerly Twitter): @BioconBiologics and LinkedIn: Biocon Biologics for company updates.

Biocon Limited, publicly listed in 2004, (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013) is an innovation-led global biopharmaceutical company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the U.S., Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development. Website: www.biocon.com  Follow-us on X (formerly Twitter) @bioconlimited and LinkedIn: @BioconLimited for company updates. For FY25 Integrated Annual Report of Biocon click here

Forward-Looking Statements: Biocon

This press release may include statements of future expectations and other forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects upon Biocon and its subsidiaries/ associates. These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst other: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian and global biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Biocon, nor our Directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release.