Biocon is focused on its biopharma verticals that include APIs and generic formulations (41% of FY17 revenues), biosimilars (~14% of FY17 revenues) and proprietary molecules both commercialized and under development. Biocon's research arm Syngene contributed ~29% to its FY17 revenues. Currently, the company is a vertically-integrated biotech company with focus on innovative research to commercialization. In 2017, Biocon became the first Indian company to receive USFDA approval for a biosimilar product. The company revenues have grown at a CAGR of 10.6% between FY14-17 to INR 38.9 billion with EBITDA margins of 25.2% in FY17.