S&P Global Places Biocon Biologics on Positive CreditWatch On Account of Accelerated Debt Reduction

Biocon Biologics Limited, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd., announced that S&P Global Ratings has recognized the Company’s accelerated progress in debt reduction by assigning a Positive outlook to its credit rating. The positive development follows Biocon's announcement to make Biocon Biologics a wholly owned subsidiary, funding the cash consideration to be paid to Viatris entirely through fresh equity issuance of about Indian rupee (INR) 45 billion. Biocon's debt will decline materially by March 2026, with the S&P Global Ratings-adjusted debt falling to about INR120 billion by the end of March 2026, from INR248 billion as of March 2025.