Leading Transformation: Siddharth Mittal, MD and CEO, Biocon
Siddharth Mittal joined Biocon in May 2013 and was appointed as the President and CFO for the following six years before being elevated to the position of the company's Managing Director and CEO.
Throughout its four-decade journey, Biocon has continuously reinvented itself in response to changing market needs, and Mittal has been an integral part of the company's journey for around a decade now. He possesses diverse global experience in strategic finance and accounting, mergers and acquisitions, taxation, and general management, making him an asset to the company.
Mittal holds a Bachelor of Commerce degree from the Symbiosis College of Arts and Commerce, Pune, and is a chartered accountant from the Institute of Chartered Accountants of India, as well as a certified public accountant from Colorado, USA.
Global Experience
Prior to joining Biocon, Mittal was Vice-President, Finance and Corporate Controller at Symphony Teleca, a leading US-based multinational IT company. He also served as Co-chairman, CII Southern Regional – Healthcare & Life Sciences 2020 – 21, and Chairman, CII Southern Regional Task Force on Pharmaceuticals.
In the FY22, Biocon Biologics, Biocon's biosimilar subsidiary, recorded a healthy 24 per cent growth over the previous year, taking its revenues to Rs 3,464 crore. According to Mittal, the most significant growth driver was interchangeable bGlargine, which achieved double-digit market share in the United States, as well as continued improvement in the market share of some key existing products. He described FY22 as a "transformational" year for Biocon Biologics in many ways.
New Segments
During FY22, Biocon Biologics also entered the infectious and non-communicable disease segments through a strategic alliance with the Serum Institute Life Sciences, gaining access to 100 million doses of vaccine from their portfolio, with assured revenues and related margins.
Furthermore, the acquisition of Viatris' global biosimilar’s business marked a transformative milestone for Biocon Biologics, positioning it to become a fully integrated, world-leading biosimilar enterprise. “In FY22, Syngene, our contract research, development and manufacturing company, delivered revenue growth of 19 per cent to Rs 2,604 crore on the back of sustained growth in all divisions, across small and large molecules,” he said.
