Biocon & Biocon Biologics release their maiden integrated annual reports for FY 2023

New Delhi: Biocon Limited (BL), an innovation-led global biopharmaceuticals company, and its subsidiary, Biocon Biologics Limited (BBL), have published their maiden Integrated Annual Reports for Financial Year 2023.

The GRI and UNGC-aligned reports provide a holistic overview of the Companies’ financial and non-financial FY23 performance, business strategies, core capabilities and governance that drive sustainable value creation for all stakeholders — patients, partners, customers, employees, and shareholders.

The Integrated Report (IR) framework is based on six capitals — Financial, Intellectual, Human, Manufacturing, Natural, and Social & Relationship — which serve as inputs to operate the business and generate outcome for its stakeholders, the environment, and the society at large. BL and BBL’s Integrated Annual Reports narrate how the Companies have efficiently and productively allocated its investments in six key capitals to create value for their stakeholders and the society.

Biocon Limited: Differentiated Business Model for Sustained Growth

Biocon Limited’s Integrated Annual Report theme line — “Relentless Pursuit. Differentiated Growth” — underlines the Company’s perpetual quest to enable access to quality, affordable health products and services for everyone, everywhere. In FY23, the report states, the Company integrated ESG factors into its core growth strategy, embedding sustainability in their operations and corporate culture. It describes how Biocon is bringing differentiated, high-quality, and affordable healthcare products and services by leveraging its six capitals.

“Biocon’s strategy of being a diversified biopharmaceuticals company, with three powerful growth accelerators across Generics, Biosimilars and Research Services, has enabled us to create a unique and differentiated enterprise. We will continue to focus on creating a more sustainable and healthier world, while delivering value to all stakeholders in the year ahead,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon & Biocon Biologics.

The Biocon Limited Integrated Annual Report FY23 is available on www.biocon.com and can be accessed here.  We hope you will find some interesting topics to report on from this comprehensive Integrated Report. The e-report can also be downloaded from the link.

Biocon Biologics: Strategic Actions Unlock Transformational Growth

Biocon Biologics today is a unique, fully integrated global biosimilars enterprise, and last year, it made a historic acquisition, which has been a huge inflection point in its transformational journey. Its first standalone Integrated Annual Report for FY 2023 narrates the story of this strategic action leading to transformational growth during the year.

The Company has adopted the Integrated Reporting Framework to provide a more comprehensive view of its performance, capabilities and the sustainable value it creates for stakeholders. The six capitals, which serve as inputs to run a business and generate outcome for stakeholders — financial, intellectual, manufacturing, natural, human and social & relationship — form the basis of the Value Creation Model.

“As we embark on this exciting transformational journey to ‘build the organization of the future’, our focus remains on three top priorities – Strengthening the Core, Accelerating Growth and Investing in the Future,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics.

With over 35 product launches across the world and a comprehensive portfolio of 20 biosimilars, of which 8 are commercialized in 100+ countries, the Company made a difference to more than 5.7 million patients’ lives this year.

FY23 was a landmark year for Biocon Biologics with the closure of the acquisition of Viatris’ global biosimilars business on November 29, 2022. It brings in complementary capabilities, especially around commercialization, regulatory and in-market supply chain in the Advanced Markets and several Emerging Markets, taking the Company closer to stakeholders in these markets. The acquisition, which leverages the ‘The Power of One’ with an aim to reduce healthcare inequities and transform healthcare worldwide, reflects the BBL’s journey of “Strategic Action. Transformational Growth”, which is the theme line of its Integrated Annual Report this year.

The impact of this transformational acquisition is reflected in the 61% jump in BBL’s revenues from operations to ₹55,838 million (USD 681 million) in FY23. The exceptional topline performance was supported by strong growth in its underlying business in both Advanced and Emerging Markets. In FY23, BBL’s commercialized biosimilars maintained or improved their market share in U.S. and Europe. In the Emerging Markets, strong demand for the Company’s biosimilar insulins and monoclonal antibodies, growing portfolio coverage and several new launches contributed to a strong year-on-year performance.

The report also underlines the Company’s overarching purpose of ushering in transformational change to global healthcare, which resonates in their ESG programs, which include increasing access to products in low- and middle-income countries (LMICs), reducing carbon emissions, recycling water, adopting best-in-class governance practices, and increasing diversity in the workplace.