Biocon’s Q1FY24 performance was dragged by the biologics biz. Profitability of the segment was under pressure owing higher rebates in Fulphila (USD 15mn). Segmental PBT dropped 600bps QoQ to 1.6% in Q1FY24. US market share of Fulphila and Ogivri expanded by 200bps and 100bps QoQ to 16% and 11%, and stable at 12% for bGlargine.