Biocon Limited

rs,

, 2025 To, The Secretary BSE Limited Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code - 532523 Dear Sir/Madam, Subject: Investor Presentati

62%

ogics – Developing cutting-edge biotherapeutics Market cap of $ 2.9 bn5 Market cap of $ 1.1 bn6 62% 2 of Revenue 17% 2 of Revenue 21% 2 of Revenue NASDAQ6 Listed Creating strength through innovat

17%

cutting-edge biotherapeutics Market cap of $ 2.9 bn5 Market cap of $ 1.1 bn6 62% 2 of Revenue 17% 2 of Revenue 21% 2 of Revenue NASDAQ6 Listed Creating strength through innovation, diversificati

21%

therapeutics Market cap of $ 2.9 bn5 Market cap of $ 1.1 bn6 62% 2 of Revenue 17% 2 of Revenue 21% 2 of Revenue NASDAQ6 Listed Creating strength through innovation, diversification and synergies

₹ 90.17

adjustments | 3. For Biocon, as of 03 December 2025, sourced from BSE converted an exchange rate of ₹ 90.17/$ | 4.Based on based on 2024 Pharmaceutical sales | 5. For Syngene, as of 03 December 2025, source

52.4%

as of 03 December 2025, sourced from BSE converted an exchange rate of ₹ 90.17/$. Biocon Ltd has a 52.4% stake in Syngene | 6. For Bicara, Market Cap as of 03 December 2025, from NASDAQ. Biocon Ltd has a

10.1%

stake in Syngene | 6. For Bicara, Market Cap as of 03 December 2025, from NASDAQ. Biocon Ltd has a 10.1% stake in Bicara Therapeutics 4 Proposed Consolidation of Biocon Limited and Biocon Biologics Pr

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ics and harnesses strengths across portfolios and infrastructure 6 Creating Value for Stakeholders 0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Patients & Health Systems Customers

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ier liquidity event Value accretive business consolidation that is a ‘win-win’ for all stakeholders 7 Overview of Consideration for Minority Shareholders of Biocon Biologics Limited Consideration Key

₹ 405.781

Swap Ratio2 Shares in Biocon Consideration ₹ Cr. • BL share price considered for share swap at ₹ 405.781 per share as on relevant date – December 1, 2025 Viatris Viatris Serum Tata 14,90,56,984 61.7

₹ 89.9238

with an earlier liquidity event 1 As per SEBI guidelines 10 / 90 day VWAP, whichever is higher 2. ₹ 89.9238/ $ 8 Key Milestones and Timelines Indicative Timeline for Key Milestones 0 84 141 0 162 17

23.3%

r 31, 2025 Dec 2025 / Jan 2026 Jan 2026 Mar 2026 • Acquisition of minority shareholder stake of 23.3% in Biocon Biologics by Biocon Limited (collectively refers to Viatris (Mylan Inc.) , Serum Institut

“FY25 due to redemption of GS OCD • Proforma H1 FY26: Net Debt/EBITDA at 2.5x : • Deleveraging initiatives; proforma factors Kotak and Edelweiss settlement • Robust EBITDA growth from the core business • Gross Interest Cost4: Significant reduction on account deleveraging translating to a savings of ₹ 300 Cr.”

“1,543 - 1,543 PF H1 FY26 465* 1,077 2.5x Net Debt / EBITDA reduced by ~2x due to systemic debt reduction plan and improved EBITDA performance Notes: 1.”

“ROCE1 ~10% Insulins (Malaysia) • Johor: Insulins DS & DP capacity – To be completed in FY26 Plant & Machinery ~$1Bn+ mAbs (India) • B3: mAbs DS facility – Commerciali from FY23 • B5: mAbs DS facility – Commercial from FY25 Generics (India) Syngene and Generics (U.S.) • Hyderabad & Vizag: API facilities – Commercialized from FY25 • Bangalore: Injectable facility – Qualification in progress • Bayview: mAbs facility – Validation ongoing • Cranbury: OSD facility – Commercial from FY26 Notes: 1.”

“2035 and 2040 forecast extrapolated based on Evaluate 2024-2032 market growth forecast.”

“26 Major Launches in FY26 – FY27 Strengthens position as biosimilars and Insulins leader in key markets; complementary GLP-1 offering Product Launches $7B $10.9B $2.6B Addressable Market* >> $8.1B U.S.”

Notes

1

Notes

1. Excluding Working Capital Debt 2. Bond: $ 800Mn, New Facility size: $ 320Mn and Rolled over Bilateral debt:~$ 30Mn 963 163 800 FY30 13 Deleveraged and Strengthened Balance Sheet through Acquisition Re-financing, QIP and EBITDA Growth Reduction in Leverage : FY23 – PF H1261 Highlights 0 84 141 0 162 170 105 174 222 52 142 166 98 154 82 Gross Debt Structured debt Other borrowings Cash Net Debt Net Debt / EBITDA 3 2,012 304 1,708 FY23 534 1,478 4.3x2 * Cash expected to reduce through redemption of structured debt $ Mn • H1FY26 structured debt lower vs. FY25 due to redemption of GS OCD • Proforma H1 FY26: Net Debt/EBITDA at 2.5x : • Deleveraging initiatives; proforma factors Kotak and Edelweiss settlement • Robust EBITDA growth from the core business • Gross Interest Cost4: Significant reduction on account deleveraging translating to a savings of ₹ 300 Cr. ($34 Mn) p.a. 1,543 - 1,543 PF H1 FY26 465* 1,077 2.5x Net Debt / EBITDA reduced by ~2x due to systemic debt reduction plan and impr