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Biocon Upgraded to BB+ by S&P
January 28, 2026
Biocon Biologics Ltd. was upgraded by a notch to BB+ from BB by S&P. The upgrade comes after its parent company Biocon Ltd. used proceeds from a recent equity issuance to settle the $1bn compulsorily convertible preference shares issued to Viatris Inc., leading to a much simpler capital structure and a sharp reduction in adjusted debt. Following this transaction, S&P estimates Biocon’s adjusted debt will decline to about INR 115bn ($1.26bn) by end-FY2026 from INR 248bn ($2.7bn) in FY2025, with the capital structure now mainly comprising senior secured notes, term loans, and working capital borrowings. S&P expects Biocon’s credit metrics to strengthen meaningfully supported by steady margins of about 22–23%, disciplined capital expenditure, and continued investment in research and development. Operationally, earnings growth is expected to be led by the biosimilars business, which is forecasted to grow by around 15% in FY2027. Biocon’s strengthened balance sheet, healthy product pipeline, and improving earnings profile underpins the stable outlook by S&P.
Its 6.67% 2029s traded stable at 101.3, yielding 6.27%
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