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Aurobindo Pharma Ltd. Investor Presentation 2026
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AUROBINDO
May 21, 2026
| To Listing Department, NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, Bandra Kurla Complex, Bandra (E), MUMBAI -400 051 Company Code No. AUROPHARMA | To The Corporate Relations Department BSE LIMITED Phiroz Jeejeebhoy Towers, 25^{th} floor, Dalal Street, MUMBAI -400 001 Company Code No. 524804 |
|---|---|
Dear Sir / Madam,
Sub: Investor / Analysts Presentation
Please refer to our letter dated May 13, 2026, wherein we intimated the schedule of Investors/ Analysts call on May 22, 2026. In this connection, we enclose herewith the presentation that would be used in the said Investors / Analysts call on the Audited Financial Results of the Company for the fourth quarter and year ended March 31, 2026. The presentation is also being uploaded to the following weblink of the Company.
https://www.aurobindo.com/investors/disclosures-under-regulation-46/investor-meet/presentations
Please take the information on record.
Thanking you,
Yours faithfully,
For AUROBINDO PHARMA LIMITED
Digitally signed by ADI REDDY
BADDIGAM
Date: 2026.05.21 20:25:24 +05'30'
B. Adi Reddy
Company Secretary
Encl: as above.
AUROBINDO PHARMA LIMITED
(CIN: L24239TG1986PLC015190)
www.aurobindo.com
Corp. Off.: Galaxy, Floors: 22-24, Plot No.1, Survey No.83/1, Hyderabad Knowledge City, Raidurg Panmaktha, Ranga Reddy District, Hyderabad – 500 032, Telangana, India.
Tel: +91 40 6672 5000 / 6672 1200 Fax: +91 40 6707 4044.
Regd. off.: Plot No. 2, Maithrivihar, Ameerpet, Hyderabad - 500 038, Telangana., India. Tel: +91 40 2373 6370/ 2374 7340 Fax: +91 40 2374 1080 / 2374 6833
Email: [email protected] Website: www.aurobindo.com
AUROBINDO
Committed to healthier life!
Aurobindo Pharma Limited
Earnings Presentation
Q4FY26
Disclaimer
This presentation is provided for informational purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any interest in or securities of Aurobindo Pharma Limited, nor shall it, or any part thereof, form the basis of, or be relied on in connection with, any contract, therefore.
This presentation contains statements that constitute “forward looking statements” including and without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to our future business developments and economic performance.
While these forward-looking statements represent our judgment and future expectations concerning the development of our business, such statements reflect various assumptions concerning future developments and a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, regulatory and legislative developments, and other key factors that we have indicated could adversely affect our business and financial performance.
Aurobindo Pharma Limited undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances.
This document is strictly confidential and may not be disclosed, reproduced or redistributed, in whole or in part, to any other person.
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Table of Content
- 04 Q4FY26 Business & Financial Highlights
- 11 Update on Biosimilars
- 18 Financial Summary
- 21 Filings Snapshot
4
Q4FY26 Business & Financial Highlights
Key Financial Highlights of the Quarter
| Revenue | EBITDA | Net Profit | |
|---|---|---|---|
| Q4FY26 | ₹ 8,853 Cr | ₹ 1,801 Cr | ₹ 921 Cr |
| Q4FY25 | ₹ 8,382 Cr | ₹ 1,792 Cr | ₹ 903 Cr |
| Y-o-Y growth % | ↑ 5.6% | ↑ 0.5% | ↑ 2.0% |
Business Highlights – Q4FY26
Revenue of ₹8,853 crores with 5.6% growth YoY, driven by strong Europe performance coupled with stable US performance despite no transient product sales
Reported EBITDA of ₹1,801 crores with a margin of 20.3%, driven by stable gross margins and operating efficiencies
Net Capex of US$ 82 million* primarily towards capability enhancements, new business developments
Total R&D (incl. depreciation) spend for the quarter is Rs. 400 Crore (4.5% of sales) primarily towards biosimilars and specialty products development
Free Cashflows generated of $35mn during the quarter with a strong Net cash position, Net Cash (including investments) after payment of cash for Khandelwal Labs acquisition stood at ~US$ 317 million* as on 31-Mar-26
US market: Received approval for 9 products and Launched 12 products
*converted at USD:INR rate as on Mar 31st, 2026
Quarterly Performance – Q4FY26
Revenue (Rs Crore)
PAT (Rs Crore)
EBITDA (Rs Crore)
Cash flows before dividend and buyback ($ Mn)
7
Consolidated Business Performance
| R Crores | Q4FY26 | Q4FY25 | Y-o-Y (%) | Q3FY26 | Q-o-Q (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|---|---|
| USA | 3,543 | 4,072 | -13.0% | 3,739 | -5.2% | 14,408 | 14,816 | -2.7% |
| Europe | 2,795 | 2,147 | 30.2% | 2,703 | 3.4% | 10,315 | 8,356 | 23.4% |
| Growth Markets* | 980 | 786 | 24.7% | 865 | 13.3% | 3,499 | 3,180 | 10.0% |
| ARV | 328 | 308 | 6.4% | 376 | -12.8% | 1,384 | 1,037 | 33.5% |
| Total Formulations | 7,646 | 7,313 | 4.6% | 7,683 | -0.5% | 29,606 | 27,388 | 8.1% |
| Beta-lactam | 772 | 789 | -2.2% | 686 | 12.5% | 2,759 | 3,139 | -12.1% |
| Non Beta-lactam | 436 | 280 | 55.4% | 277 | 57.5% | 1,288 | 1,184 | 8.7% |
| Total API | 1,208 | 1,069 | 12.9% | 963 | 25.4% | 4,047 | 4,323 | -6.4% |
| Puerto Rico | - | - | - | - | - | - | 13 | - |
| Revenue from operations | 8,853 | 8,382 | 5.6% | 8,646 | 2.4% | 33,653 | 31,724 | 6.1% |
*includes domestic formulation sales of Rs.76 Cr in Q4 FY26 against Rs.73 Cr in Q3 FY26
US Formulations Business Performance Highlights (Excluding Puerto Rico)
Revenue (US$ Mn)
Commentary
- US revenue in Q4FY26 accounted for 40.0% of consolidated revenue. The Q-o-Q decline was primarily driven by seasonality impact. The base business remained stable despite lower transient product sales
- The company has launched 12 products during the quarter
- Received approval for 9 ANDAs during the quarter
Revenue Break-up by Business
Europe (EUR Mn)
Growth Markets (US$ Mn)
ARV (US$ Mn)
API (€ Crore)
Europe business posted growth of 11% YoY with strong performance across all key markets
Growth Markets reported a YoY growth of 18% driven by strong performance across the markets
ARV business continued momentum with QoQ variation driven by tender opportunities
API business revenues increased by 13% YoY driven by volume growth in non-antibiotics segment
11
Update on Biosimilars
CuraTeQ Biologics – Building a Global Biosimilars Company
CuraTeQ
Our Progress
Approvals in Regulated Markets
- EEA: Zefylti, Dyrupeg, Dazublys
- UK: Zefylti, Dyrupeg, Dazublys, and Bevqolva
- Canada: Dyrupeg and Bevqolva
Filings in Regulated Markets
- EMA: Bevqolva
- Health Canada: Dazublys and Zefylti
- BP16 (Denosumab) and BP11 (Omalizumab) to be filed in 2026
Partnerships
- Licensing agreement executed with STADA for distributing 2 EMA approved biosimilars in select EU territories including France and Germany (Mar'26)
The Opportunity
- Over 30 leading biologics, each generating USD 1-30 Bn in revenues, are expected to lose patent protection between 2028 and 2035
- CuraTeQ has steadfastly built momentum with biosimilar approvals in 2025 and is advancing a robust next-wave pipeline of biosimilars across oncology and immunology segments
- A diversified portfolio of 15 products is positioned to drive and sustain CuraTeQ's growth trajectory through 2030 and beyond
Drivers
- Total Addressable Market in the next decade USD 50 Bn
- Easing Regulatory Barriers
Agencies, including EMA and US FDA, are warming up to the idea of doing away with multimillion-dollar Phase 3 studies - New Markets
Demand from RoW and semi-regulated markets is expected to rise on increasing biosimilars adoption. CuraTeQ is filing in multiple growth markets
Q4 Key Highlights and Upcoming Milestones
- Successful Omalizumab Phase 3 Completion: Successfully met all primary endpoints in a study conducted in chronic spontaneous urticaria patients enabling planned EMA and FDA filings by end of Q2 2026
- Denosumab Filing: Denosumab biosimilar filing as planned by Q2 2026 with EMA followed by filing with FDA
- Launch Momentum in UK and Europe: Supplies initiated for Dazublys, Zefylti, and Dyrupeg in the UK, following Bevqolva UK launch. Supplies initiated to additional countries including France, Portugal, and Germany for supporting upcoming launches
- Partnerships to Scale Commercialization: Supply distribution agreement executed with STADA for 2 EMA approved biosimilars in select EU territories including France and Germany. Partnerships across growth markets planned to strengthen biosimilar commercialization and expand global reach
- Regulatory Progress in Canada: Both Dyrupeg and Bevqolva have secured approvals from Health Canada; two additional product filings are under review with approvals expected in 2026
- Expansion into Growth Markets: Supplies initiated for tenders in Mexico for Zefylti, Dyrupeg, and Bevqolva. 4 product filings done in Brazil
- Capacities Expansion: Addition of bulk manufacturing and filling capacities in progress at CuraTeQ Units 1 and 2, to support pipeline of products, align capacities for 2028 and beyond
- Extending the Trastuzumab Portfolio: Trastuzumab 600 mg sub-cutaneous (S.C.) presentation will enter clinical studies in CY 2026
13
CuraTeQ's Biosimilars Pipeline Status
| Brand Name | Product Name | Therapeutic Segment | Clinical | Filing | Approval | Launch |
|---|---|---|---|---|---|---|
| DYRUPEG | Pegfilgrastim | Oncology | ☑ EMA, MHRA, HC | |||
| ZEFYLTI | Filgrastim | ☑ EMA, MHRA | ☑ | |||
| BEVQOLVA | Bevacizumab | Phase 3 ongoing | ☑ MHRA, HC | ☑ | ||
| DAZUBLYS | Trastuzumab | ☑ EMA, MHRA, CDSCO | ☑ | |||
| FUGEVY® | FILVIZY | Denosumab | Ph3 Successful; Filing in Q2 2026 | |||
| OMAZIJEV | Omalizumab | Respiratory | Ph3 Successful; Filing in Q3 2026 | |||
| BP08 | Tocilizumab | Autoimmune | Pivotal study complete | |||
| BP05 | Ranibizumab | Ophthalmology | Phase 3 ongoing | |||
| BP58 | Trastuzumab S.C. | Oncology | Phase 1 in 2026 | |||
| BP27 | Undisclosed | Preclinical dev. complete | ||||
| BP25 | Undisclosed | Under development |
Also being developed for Orthopedic indication (Fugevy™)
14
Key Next-Wave Products to Sustain Momentum
| Product Code | Key Indications | 2025 Revenue (est.) | Global Market Opportunity (est.)* by 2030 |
|---|---|---|---|
| BP31 | Plaque Psoriasis, Psoriatic Arthritis, Ankylosing Spondylitis | $6.7B | $9.5B |
| BP36 | Atopic Dermatitis, Asthma | $13.1B | $22.0B |
| BP30 | Multiple Myeloma | $14.4B | $16.0B |
| BP45 | Ulcerative Colitis, Crohn's Disease, Plaque Psoriasis, Psoriatic Arthritis | $17.6B | $20.0B |
| BP51 | Ulcerative Colitis, Crohn's Disease, Plaque Psoriasis, Psoriatic Arthritis | $4.2B | $5.8B |
| BP29 | Multiple Sclerosis | $7.2B | $6.5B |
| BP41 | Lung Cancer (NSCLC, ES-SCLC), Hepatocellular Cancer, Melanoma | $4.4B | $8.0B |
| BP50 | Lung Cancer (NSCLC, ES-SCLC), Endometrial Cancer, Bladder Cancer | $5.9B | $8.0B |
- Cited from Various Market Research Reports
Curateq by 2030 is poised to be one of the leading biosimilars players with a strong focus on oncology and a growing focus on immunology segments
A total of seven to eight marketed products in EU, UK and Canada
Bevacizumab, Trastuzumab, Ranibizumab, Omalizumab, Short and Long acting Filgrastims, Denosumab, Tocilizumab, and Trastuzumab S.C.
FDA success can translate into at least three products in the US
Denosumab, Omalizumab, Pegfilgrastim, and Bevacizumab
One IL inhibitor and one anti PD1 readied for clinical studies
BP41, BP45
17
TheraNym – Our Foray into Biologics Contract Manufacturing
- TheraNym Unit 1 Update: 60 kL integrated mammalian cell culture facility commissioning to be fully completed by end-2026, as planned
- Strengthening Collaboration with MSD: TheraNym executed an additional product schedule with Merck Sharp & Dohme Singapore Trading (MSD), expanding the existing CMO relationship first announced in May 2024
- CMO Manufacturing and Supply: Under the schedule, TheraNym will build, operate and supply the drug substance to MSD, further embedding TheraNym in MSD’s global supply chain
- Greenfield Facility: The new schedule covers building a dedicated greenfield Drug Substance facility (Unit 2)
- Capacity Build: Unit 2 will house an aggregate 60 kL mammalian cell-culture bioreactor capacity plus requisite downstream purification infrastructure
- CAPEX: The Unit 2 project is estimated to require about USD 150-175 Mn in capital expenditure, reflecting a major scale-up of manufacturing capability
- The 2030 Vision: With Unit 1 and Unit 2’s large-scale capacity and MSD partnership, TheraNym is positioned to become a reliable node in the global biologics supply chain for life-saving therapies by 2030
- Outsourcing Growth - Expanding Market: The global biologics CDMO/CMO market is growing at CAGR of over 12%. TheraNym represents Aurobindo’s bold and strategic foray into biologics contract manufacturing as sponsors increasingly outsource complex biologics manufacturing to meet global demand for life-saving therapies
Financial Summary
Summary Consolidated Profit & Loss Statement
| Rs Cr | Q4FY26 | Q4FY25 | YoY Chg. (%) | Q3FY26 | QoQ Chg. (%) | FY26 | FY25 | YoY Chg. (%) |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 8,853 | 8,382 | 5.6% | 8,646 | 2.4% | 33,653 | 31,724 | 6.1% |
| Gross Profit | 5,424 | 4,954 | 9.5% | 5,165 | 5.0% | 20,165 | 18,697 | 7.8% |
| Gross Margin | 61.3% | 59.1% | 216 bps | 59.7% | 153 bps | 59.9% | 58.9% | 98 bps |
| Overheads | -3,623 | -3,162 | 14.6% | -3,391 | 6.8% | -13,309 | -12,092 | 10.1% |
| EBITDA (before Forex and Other Income) | 1,801 | 1,792 | 0.5% | 1,773 | 1.6% | 6,856 | 6,605 | 3.8% |
| EBITDA Margin | 20.3% | 21.4% | -103 bps | 20.5% | -17 bps | 20.4% | 20.8% | -45 bps |
| Fx Gain/(Loss) | -48 | 12 | n/a | 34 | n/a | -10 | -23 | -55.5% |
| Finance Cost | -98 | -115 | -14.6% | -93 | 5.9% | -384 | -457 | -16.0% |
| Depreciation | -479 | -444 | 7.7% | -465 | 3.0% | -1,778 | -1,650 | 7.8% |
| Other Income | 117 | 123 | -5.0% | 154 | -24.1% | 492 | 622 | -20.9% |
| Exceptional items | - | - | n/a | -65 | -100.0% | -65 | - | n/a |
| PBT before Exceptional Items | 1,293 | 1,367 | -5.4% | 1,338 | -3.4% | 5,110 | 5,098 | 0.2% |
| Tax | -370 | -432 | -14.5% | -429 | -13.8% | -1,609 | -1,583 | 1.7% |
| Share of Profit/(Loss) of JV | -2 | -32 | -92.4% | - | n/a | 2 | -32 | n/a |
| Profit after Tax | 921 | 903 | 2.0% | 910 | 1.2% | 3,503 | 3,484 | 0.6% |
| Minority Interest | 0 | 1 | -33.7% | 0 | -14.3% | 2 | 2 | -23.0% |
| Net Profit attributable to Owners of the Company | 921 | 903 | 2.0% | 910 | 1.2% | 3,505 | 3,486 | 0.5% |
| Reported EPS | 15.86 | 15.56 | 1.9% | 15.67 | 1.2% | 60.34 | 59.81 | 0.9% |
| Average Fx rate US$1 = INR | 91.47 | 86.57 | 89.08 | 88.33 | 84.54 |
Debt Profile
Gross Debt (US$ Mn)
Net Debt Movement (US$ Mn)
| Particulars | Q4FY26 |
|---|---|
| Cash Flow from Business after Working Capital & Others | 149 |
| Less: Capex Normal/ANDA | -53 |
| Free Cash Flow from Business | 96 |
| Less: Short term investments for buyback | -83 |
| Less: Capex for KLAB acquisition | -32 |
| Less: Capex for Biosimilars / Biologics CMO | -28 |
| Less: Capex for PLI project | -1 |
| Net Cash Flow after Dividend and Capex | -48 |
Excluding interest on lease liabilities | Fx Debt and Fx Cash Balance are restated
| Debt as on (INR Cr) | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
|---|---|---|---|---|---|
| Closing Rate (INR/USD) | 75.793 | 82.170 | 83.405 | 85.475 | 94.835 |
| Fx Loan restated in INR | 2,223 | 4,638 | 3,994 | 5,883 | 6,709 |
| Rupee Loan | 150 | 224 | 2,324 | 2,065 | 964 |
| Gross Debt | 2,373 | 4,862 | 6,318 | 7,948 | 7,673 |
| Cash Balance & Investments | 4,896 | 6,453 | 6,467 | 8,307 | 10,676 |
| Net Debt/(Net Cash) | (2,523) | (1,591) | (149) | (359) | (3,002) |
| Net Debt/(Net Cash) (US$ Mn) | (333) | (194) | (18) | (42) | (317) |
| Finance Cost# | 0.8% | 4.0% | 5.1% | 5.5% | 5.0% |
| Income on Investments in INR (cumulative for the period) | 35.0 | 148.5 | 288.3 | 356.4 | 331.3 |
| Value (US$ Mn) | Q4FY26 | ||||
| --- | --- | ||||
| Opening Cash / (Debt) | 276 | ||||
| Free Cash Flow after Dividend | -48 | ||||
| Closing Cash / (Debt) | 228 | ||||
| Investments | 88 | ||||
| Closing Net Cash / (Debt) including Investments | 317 |
Filing Snapshot
US ANDA Filings Snapshot as on 31st March 2026
ANDA Filings
Unit wise ANDA Fillings
| Site | Details | Final Approval | Tentative Approval* | Under Review | Total |
|---|---|---|---|---|---|
| Unit III | Oral Formulations | 123 | 5 | 6 | 134 |
| Unit VIB | Cephalosporin Orals | 14 | 0 | 1 | 15 |
| Unit VII (SEZ) | Oral Formulations | 165 | 5 | 6 | 176 |
| Unit XII | Penicillin Orals & Injectables | 12 | 0 | 1 | 13 |
| APL HC I | Oral Formulations | 28 | 3 | 11 | 42 |
| APL HC III | Orals & Topicals | 17 | 0 | 9 | 26 |
| APL HC IV | Oral Formulations | 94 | 11 | 25 | 130 |
| Aurolife & Aurolife – II | Orals & Topicals | 29 | 1 | 12 | 42 |
| Eugia I | Oral & Injectable Formulations | 43 | 7 | 11 | 61 |
| Eugia II | Penem Injectables | 2 | 0 | 0 | 2 |
| Eugia III | Injectables & Ophthalmics | 108 | 2 | 35 | 145 |
| Eugia SEZ | Injectables | 11 | 0 | 0 | 11 |
| Eugia Steriles | Injectables | 3 (2^) | 1^ | 2 | 6 |
| Aurovitas | Oral Formulations | 0 | 0 | 3 | 3 |
| Others** | 79 | 0 | 3 | 82 | |
| Total | 1,277 | 1 | 100 | 1,880 |
Tentative Approvals (TAs) include 6 ANDAs approved under PEPFAR
^ Represents dual filing from Eugia 3 and Eugia 5
*Including acquired ANDAs from Mylan
Therapy
| CNS | 166 | 34.3 |
|---|---|---|
| ARV | 30 | 1.5 |
| CVS | 124 | 48.2 |
| SSP & Cephs | 35 | 0.7 |
| Anti-Diabetic | 24 | 39.3 |
| Oncology & Hormones | 64 | 21.0 |
| Gastroenterological | 49 | 5.1 |
| Controlled Substances | 16 | 1.0 |
| Respiratory (incl. Nasal) | 22 | 1.7 |
| Ophthalmic | 19 | 4.2 |
| Dermatology | 20 | 1.4 |
| Penem Injectables | 2 | 0.1 |
| Others | 317 | 33.3 |
| Total | 888 | 191.8 |
^^Source: IQVIA MAT Mar'26
Global Regulatory Filing Details
| Category | Geography | As at Mar 22 | As at Mar 23 | As at Mar 24 | As at Mar 25 | As at Mar 26 |
|---|---|---|---|---|---|---|
| Formulations | US* | 727 | 774 | 830 | 861 | 888 |
| Europe** | 3,580 | 3,751 | 3,642 | 3,933 | 4,344 | |
| SA** | 370 | 368 | 403 | 423 | 397 | |
| Canada | 214 | 240 | 261 | 269 | 282 | |
| Total | 4,891 | 5,133 | 5,136 | 5,486 | 5,911 | |
| API | US | 261 | 276 | 291 | 309 | 322 |
| Europe** | 1,953 | 1,971 | 2,006 | 2,096 | 2,153 | |
| CoS | 163 | 167 | 168 | 184 | 192 | |
| Others** | 1,507 | 1,580 | 1,614 | 1,711 | 1,769 | |
| Total | 3,884 | 3,994 | 4,079 | 4,300 | 4,436 |
Includes filings made from AuroLife Pharma LLC, USA (net of ANDAs withdrawn)
*Includes multiple registration
Thank You
AUROBINDO
Committed to healthier life!
For more information, contact:
Investor Relations | Corporate Communications
+91 40 6672 1211
www.aurobindo.com
Digitally signed by ADI REDDY BADDIGAM
Date: 2026.05.21 20:26:10 +05'30'
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