Aurobindo Pharma Ltd. — Investor Presentation 2021

Sep 20, 2021

September 20, 2021

To	To
Listing Department,	The Corporate RelationsDepartment
NATIONAL STOCK EXCHANGE OF INDIA LIMITED	BSE LIMITED
Exchange Plaza,	Phiroz Jeejeebhoy Towers,
Sandra Kurla Complex, Sandra (E),	25th floor, Dalal Street,
MUMBAI ·400 051	MUMBAI ·400 001
Company Code No. AUROPHARMA	Company Code No. 524804

Dear Sirs,

Sub: Participation in Investors' Conference

We would like to inform you that the representatives of the Company will be participating in JP Morgan conference (India Investor Summit 2021), virtual investor conference, on 21 st September 2021.

The attached presentation will be used in the aforesaid conference. The presentation is also being uploaded on the website of the Company.

https://www.aurobindo.com/investorslresults-reports-presentations/investor-presentations/

Please take the information on record.

Thanking you,

Yours faithfully, For AUROBINDO PHARMA LIMITED

~,(4, "

B Adi Reddy Company Secretary

Encl: as above.

(CIN : l24239TG 1986PlCO 15190) AUROBINDO PHARMA LIMITED PAN No. AABCA7366H

Corp. Off.: Galaxy, Floors: 22·24, Plot No.1, Survey No.83/1, Hyderabad Knowledge City, Raidurg Panmaktha, Ranga Reddy District, Hyderabad - 500 081, Telangana, India. Tel: +91406672 5000 /66721200 Fax: +91 4067074044.

Regd. off.: Plot No.2, Maithrivihar, Ameerpet, Hyderabad· 500 038 T.S., INDIA Tel: +91 4023736370/23747340 Fax: +91 4023741080/23746833

www.aurobindo.com

Aurobindo Pharma Limited Investor Presentation

September 2021

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 hereof, 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 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.

	Page
Company Overview	05
Business Highlights	11
Specialty Pipeline & Key Focus Areas	21
Financial Overview	25
Annexure	29

Company Overview

4

Company overview

>40 Bn

#46

Diverse dosage form manufactured in FY21

Amongst top 10 generic companies in 7 out of 11 countries in Europe@

Global revenues - FY21

Manufacturing & packaging facilities globally

Global Employee strength

Source: ^Pharmexec.com; *As per FY21 revenue; **IQVIA MAT June 2021 data; @IQVIA MAT Q4 2020

Journey so far…

As per calendar year

Strengthened capabilities as a leading global generic player

GMs: Growth Markets; * Net profit is adjusted for exceptional items (net of tax)

Core strengths

Amongst Top 3 players (mkt share) in >60% of commercial portfolio in US(1) in terms of Rx (prescriptions) Manufacturing over 40 bn dosage forms including oral solids, liquids, injectables (and other sterile products) 8 R&D centres, including dedicated centres complex products like for inhalation, transdermal, vaccines, etc Through M&As, added more specialized products, new technologies and scale in our core markets

Strengths

Strong Balance Sheet with net cash position – agile to capitalise on opportunities inorganically High level of vertical integration; around 70% of API requirement is manufactured in-house Low product concentration in US; Top 25 products account for less than 35% of US business Commercial front end presence in key markets, inc US, EU, Canada, etc. Overall reach in 155+ markets Track record of successfully integrating complex acquisitions

(1) Source: IQVIA QTR Jun 2021; (2) As on 30th June 2021; (3) Tentative approvals include 8 ANDAs approved under PEPFAR

Successfully integrated and synergized acquisitions

Access to 7 countries in Western Europe with an established hospitals sales network >> Opportunity to leverage global pipeline and

expand scale to achieve operating leverage

$134 mn

Foray into dietary supplements with one of the largest suppliers to major retailors in the US >> Divested in Oct'2020 for $550 mn (>4x MoM)

€74 mn

Entry into higher margin Eastern EU markets (Poland & Czech Republic) >> Significant OTC presence >> Levers to rationalize costs and improve margins

Consolidates Company's position in Europe making it the largest generic player in Portugal >> Large manufacturing facility in Amadora, Portugal with an annual capacity of 1.2bn units

$160 mn upfront + milestones >> 7 marketed branded oncology injectables, intellectual property and commercial infrastructure >> Foray in branded oncology market >> Aurobindo's front-end entity - Acrotech Biopharma Ltd

Acquired 6 complementary ANDAs and 9 currently marketed OTC brands to widen OTC

Business Highlights

Revenue break-up – FY21

Rs 1,438 Cr Rs 12,324 Cr Rs 6,061 Cr Rs 1,863 Cr Rs 3,086 Cr >> 13% CAGR over FY17-21 >> Among top 3 with over 60% of commercial portfolio in the US* in terms of prescriptions >> 14% CAGR over FY17-21 >> Focus on select growth markets >> Strong presence in Canada with a robust portfolio of 150+ registered products >> Received our first product approval for China market, from our Indian facility >> 13% CAGR over FY17-21 >> France, UK, Portugal and >> 9% CAGR over FY17-21 >> Filed over 1,100 ARV dossiers for registrations across the globe >>Supplied life-saving ARVs to ~3 mn HIV patients over more than 125 countries >> Strategic business enabler for cost effective formulations >> One of the largest manufacturers in the country US ARV Growth Markets – 6%* US – 50%* ARV – 8%* API – 12%* Europe – 24%* Rs 24,775 Cr

*of total revenues

Germany are our top four markets in Europe >> Pipeline of 250+ products under development

Rx market share stood at 6.8% as per IQVIA data (achieved #1 in Jan- Mar 2021 quarter, on Rx dispensed).

US business overview

38

115

429

117

478

200+ ANDAs await Final Approval

586

34 26 28 29 29

138 161 171 174

639 654

276 327 377 397 439 451

541

31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 30-Jun-21

Revenue (Rs Crore) Diversifying product mix with rising focus on Injectables, non-orals

#1 & Top 3 Ranking (% out of total marketed products)^

Tentative Approvals as on 30th June 2021 include 8 ANDAs approved under PEPFAR; *AuroMedics; **Oncology injectables acquired from Spectrum Pharmaceuticals; Awaiting final approval includes tentative approval; ^as per IQVIA data Final Approval Tentative Approval Under Review

US business segment-wise highlights

USA

• 70.4% of US business in Q1FY22
• Filed 6 ANDAs in Q1FY22
• Awaiting approval for 109 ANDAs*
• Future pipeline includes
• ➢ Controlled substances with ADF
• ➢ Oncology
• ➢ 505b2 products for select patient segments

Orals Injectables Branded Injectables OTC

• 17% of US business in Q1FY22

• Filed 2 ANDAs in Q1FY22

• Awaiting approval for 49 ANDAs*

• Future pipeline includes

• ➢ Complex injectables including depot injections

• ➢ Oncology

• ➢ Hormones

• 7.6% of US business in Q1FY22

• Acquired portfolio of seven marketed oncology injectable products from Spectrum

• Launched in-licensed product Hemady last financial year

• 5% of US business in Q1FY22

• Awaiting approval for 12 ANDAs*

• Future pipeline includes

• ➢ Rx to OTC switch

  • opportunities

• ➢ Branded OTC

*As on 30th June 2021 & excludes tentative approvals and tentative approvals under PEPFAR

50 43 64 61 55 1,306 1044 909 865 830 FY17 FY18 FY19 FY20 FY21 Total Filings with USFDA Aurobindo ANDA Filings Rising share of filings with US FDA 6.6 7.1 7.0 4.1 3.8 Aurobindo's filing share (%) 451 Non-Injectables Injectables 353 125 Remain among the highest filers of ANDAs globally

ANDA Filings

98

49 Approved Awaiting approval* Approved Awaiting approval*

*As on 30th ^Tentative Approvals as on 30 June 2021 & excludes tentative approvals and tentative approvals under PEPFAR th June 2021 include 8 ANDAs approved under PEPFAR;

US: Expanding portfolio mix towards differentiated products

		Under	Total
			127
			127
			12
			169
			84
			20
	1	11	38
			2
	3	22	41
			24
			5
3		2	5
	FinalApproval113891113524202621684	TentativeApproval*9--133	Review53812157161

As per IQVIA June 2021, Addressable Market of US$ 113.3 Bn 219 18.4 including ~US$ 98.3 Bn for Under Review and TAs

Total 451 29 174 654

Therapy	ANDAs	Addressable MarketSize (US$ Bn)
CNS	115	24.2
ARV**	39	4.8
CVS	95	27.7
SSP & Cephs	31	0.8
Anti-Diabetic	21	17.1
Oncology & Hormones	45	12.9
Gastroenterological	35	3.4
Controlled Substances	15	1.2
Respiratory (incl. Nasal)	18	0.8
Ophthalmic	15	0.6
Dermatology	4	1.0
Peneminjectables	2	0.4
Others
Total	654	113.3

*Tentative Approvals (TAs) include 8 ANDAs approved under PEPFAR; ** Does not include the addressable market of the products approved under PEPFAR; Awaiting final approval includes Tentative Approvals

Europe business overview

Strong foothold in Europe

• Operations in 11 countries with full fledged Pharmacy, Hospital and Tender sales infrastructure with commercialized 550+ INNs

• Ranks amongst the Top 10 Generic companiesin 7 countries including four of Top-5 EU countries@

• More than 50% of the products are now supplied from India, with increased sourcing from cost-effective sources over time

Apotex's businesses acquisition turnaround improves profitability

• ➢ Acquired Apotex Inc's operations in 5 European countries in Feb 2019
  • Established Aurobindo as one of the leading generics companies in Europe
  • Gains well-established commercial network in 5 countries including those in Eastern European countries i.e. Poland and Czech Republic
• ➢ Profitability improved post integration with existing businesses, expanded product portfolio and shift of sourcing to cost effective manufacturing locations (India)

Key growth drivers

• ➢ Portfolio Expansion through launches of targeted Day 1 products, Niche low volume Injectables and Orals. Pipeline of over 250 products under development
• ➢ Opportunity of > $ 13 Bn in the medium term (2021-2023) #
• ➢ Future growth potential in countries like Italy, Spain, UK, Portugal & France as the penetration of generics improve

#As per internal estimates – Excluding biologics; @ Source: IQVIA MAT Q4 2020

Growth Markets and ARV business overview

Growth Markets Business

• Key current markets includes Canada, Brazil and South Africa. China to contribute from FY22
• Targeted to build branded generics presence in select markets
• In the process of strengthening operations and portfolio in specific identified countries
• Future product launches in Oncology and Specialty injectables

ARV Business

• Focus on global tenders floated by Multi-Lateral Organizations like Global Fund, USAID/PEPFAR and Country specific MOH tenders
• Supplies life-saving ARV's to ~3 Mn HIV patients spread over more than 125 countries
• Comprehensive portfolio of 32 products in 1L Adults, 2L Adults and pediatric formulations
• Filed over 1,100 ARV dossiers for registrations across the globe
• Shift to Tenofovir, Lamivudine and Dolutegravir (TLD) boosted FY21 growth

API business overview

• API capacity is strategic in-terms of backward integration and supply reliability
• Installed API capacity of more than 18,000 MT's
• Customers include innovator and large generic companies
• API business continue to focus on complex products with varying volumes

• Focus on continuous improvement of manufacturing processesto meet market needs
• Continue to have sustained growth in more advanced regulated markets (EU, Japan & USA)
• API facilities have been inspected by various regulatory authorities including USFDA, UK MHRA, EDQM, Health Canada, ANVISA etc.

Revenue (Rs Cr)

Key growth drivers

1 2 3 Contribution from complex and specialty pipeline Scale-up Injectable business Strengthen Base business >> Majority of the R&D investments are directed towards complex and specialty products >> Aim to reach $650-$700 mn of global injectable revenues by FY25 >> Cost control, along with

Revenues from specialty products such as Biosimilars, Vaccines, Inhalers etc.

Dedicated injectable facility in Vizag for EU/RoW to drive growth

Approval and launch of complex injectables with limited competition to drive growth

higher scale of operations to drive operating leverage

Increasing market penetration in Europe and Growth Markets through a wide product portfolio leveraging global R&D strength

Sustainable Topline & Bottomline Growth

Specialty Pipeline

Focus on building a diverse and robust specialty products portfolio

Biosimilars

Portfolio of 15 products, inc both mammalian & microbial based products >> Aim to file 2 products in FY22 for Europe. Subsequently commence filing for US$ 50 Bn US market from FY23

>> Working on 79 products >> Filed 8 ANDAs, out of which 7 were injectables >> Aim to file 10 ANDAs and launch 10 US$ 37 Bn products in FY22

Vaccines

Started phase III clinical trials for PCV, expected to compete by 1HFY23 US$ 6.2 Bn^ >> Aim to commercialize by 2HFY23

Inhalers

Working on six MDIs and two DPIs

Filed first MDI in FY21

Oncology & Hormones

Aim to file second product in FY22

State-of-the-art manufacturing facility with a high-speed filling machine in the US to be commissioned in CY 2021

^Market size of PCV vaccine

Addressable market size

Focus on building a diverse and robust specialty products portfolio

US$ 3.3 Bn

Depot Injections

Working on three depot injections >> Exhibit batches for 2 products will start in the near-term

Aim to file first product by early FY23

Transdermal Patches

Working on 9 transdermal patches >> Endpoint studies would commence for the first set of products in FY22 US$ 3 Bn >> Aim to file the first ANDA in FY22

US$ 4 Bn

Topicals

Total of 33 ANDAs in the pipeline >> Filed two ANDAs and 25 products are under development >> First clinical trial would start in FY22

Nasal Sprays

Commercialized 2 ANDAs in FY21 >> Filed one ANDA in FY21, remaining six are under development >> Aim to file one ANDA in FY22

Addressable market size

Enhanced research & development capabilities

Property teams

Financial Overview

Financial performance over the years

Rs. Cr	FY17	FY18	FY19	FY20	FY21	Q1FY22
Revenue	15,090	16,500	19,564	23,099	24,775	5,702
Gross Profit	8,656	9,747	10,851	13,363	14,872	3,336
Gross Profit Margin	57.4%	59.1%	55.5%	57.9%	60.0%	58.5%
EBITDA	3,434	3,789	3,952	4,864	5,333	1,209
EBITDA Margin	22.8%	23.0%	20.2%	21.1%	21.5%	21.2%
Net Profit	2,302	2,423	2,365	2,831	3,224*	770
Net Profit Margin	15.3%	14.7%	12.1%	12.3%	13.0%	13.5%
EPS (Rs.)	39.33	41.36	40.36	48.32	55.03**	13.14
TotalEquity	9,374	11,682	13,892	16,818	21,929	22,873
Net Debt	2,851	3,508	5,010	2,718	-826	-12
RoCE(%)*	24.9%	22.7%	17.9%	18.2%	18.9%	17.9%
Net Debt / Equity (x)	0.30	0.30	0.36	0.16	-0.04	-0.001
Net Debt / EBITDA (x)	0.83	0.93	1.27	0.56	-0.15	-0.01

*Net profit excludes exceptional items (net of tax); ** EPS is calculated on adjusted net profit

Consistent quarterly performance (Ex Natrol)

US Revenue ($ Mn)

*At the end of the quarter

Debt profile

Bridge loan*

Other Term Loans (Subsidiaries) &Unsecured Loans

ECB - APL

Working Capital

	Q1 FY22
Cash Flow from Business after working
capital & Others	62
Free cash before Capexand investments	62
Acquisition of ANDAs & OTC Brands	(104)
Capex	(64)
Free Cash Flow before dividend	(106)
Dividend	0
Free Cash flow after dividend	(106)

Debt as on (Rs Cr)	Mar-18	Mar-19	Mar-20	Mar-21	June-21
Closing Rate1 US$ =INR	65.17	69.15	75.66	73.11	74.33
Fx Loan restated inINR	4,766.9	6,959.0	5,549.2	4.928.8	4,675.5
Rupee Loan	4.1	8.1	16.9	43.6	38.4
Gross Debt	4,771.0	6,967.1	5,566.1	4,972.4	4,713.9
Cash Balance &Investments	1,263.6	1,959.1	2,847.7	5,798.3	4,725.4
Net Debt	3,507.4	5,008.1	2,718.4	(826.0)	(11.5)
Net Debt (US$ Mn)	538.2	724.2	359.1	(113.0)	(1.5)
Finance CostNet Debt Movement (US$ Mn)	2.0%	3.2%	2.1%	1.4%	1.1%

	Value(US$ Mn)
Opening Net Cash	70
Free Cash Flow	(106)
Closing Net Cash	(36)
Investments	37
Net Cash before
Investments	1

*Loans taken for acquisitions and others Fx Debt and Fx Cash Balance are reinstated

Annexure

Global regulatory filing details

Category	As atMar 15	As atMar16	As atMar 17	As atMar 18	As atMar 19	As atMar20	As atMar 21	As atJun 21	Approvals
Formulations
US*	376	398	429	478	541	586	639	654	480 (FA: 451, TA:29)
Europe**	1,756	2,224	2,521	2,848	3,003	3,214	3,374	3,456	2,761 Dossiers (328products)
SA**	345	376	401	415	430	436	348	358	238 Registrations (113products)
Canada***	83	105	121	137	150	160	185	195	156 products
Total	2,560	3,103	3,472	3,878	4,124	4,396	4,546	4,663
API
US***	192	205	220	227	242	254	252	253
Europe**	1,601	1,689	1,735	1,814	1,834	1,861	1,884	1,900
CoS	114	118	125	131	139	147	157	158
Others**	681	715	749	803	932	1,096	1,223	1,251
Total	2,588	2,727	2,829	2,975	3,147	3,358	3,516	3,562

*Includes filings made from AuroLife Pharma LLC, USA (net of ANDAs withdrawn)

**includes multiple registration; ***excludes withdrawn @The number of filings in South Africa has come down from 436 as on 31st Mar 2020 to 358 as on 30th June 2021 due to SAHPRA backlog clearance program. As per the program, long awaiting pending dossiers are now resubmitted and some of the dossiers are withdrawn

Extensive manufacturing base – Domestic units

Formulation units API units Formulation API Unit III Non-antibiotics, Orals Eugia Unit III Injectable, Nonantibiotics, Ophthalmic Unit VIB Cephalosporins/Orals Unit VII Non-antibiotics, ARVs/Orals Unit XII Antibiotics, Injectables & Orals Eugia II (Formerly known as Auronext) Eugia Oncology & Hormones APL Healthcare IV* Non-antibiotics, Solid Orals Unit XV Non-antibiotics, Solid & Liquid Orals (EU) Wytells Pharma Unit I Antibiotics, Injectables APL Healthcare I Pharma OTC, Orals Curateq** Biosimilars^ Unit XVIII Vaccines^ Unit I General APIs, Cephalosporins, Oncology Unit IA Cephalosporins Unit II Intermediates for nonantibiotics & penems Unit IX Intermediates Unit XI Non-antibiotics Unit V Antibiotics (Sterile & Non-Sterile) Unit XIV CVS, Anti-fungal Unit VIA Cephalosporins (Sterile) Penems Non-sterile Unit VIII ARV,CVS,CNS (Non-Sterile) AuroNext Penems (Sterile) >> Strength in process chemistry and benefits of large scale **Formerly known as Unit XVII enables us to be a cost-effective supplier of APIs *Formerly known as Unit X AuroPeptide Peptides Unit XVII Formerly known as Silicon LS APL Healthcare III Derma • Wytells pharma Unit I was formerly known as Unit XVI • Eugia Unit III was formerly known as Unit IV

^yet to start commercial production

30

USA

AuroLife Non antibiotic & Controlled substances

AuroHealth Pharma OTC / Orals and Liquids

AuroPackaging FDF Packaging

Brazil Brazil Unit Antibiotics

>> Installed FDF capacity of more than 45 bn doses^ >> Installed API capacity of more than 18,000 MT's^

Portugal Generis Non-antibiotics, orals

>> Large manufacturing capabilities approved by key regulators for a diversified product portfolio with technology & expertise for specialty formulations

• >> Vertically integrated operations from conception to commercialization
• >> Setting up manufacturing facilities for Biosimilars and Vaccines

Formulation units API units

^ excludes current capacity expansion plans

Environment, Health & Safety

Resilient response to Covid-19

>> Safeguarding employees

• Constitution of Apex Medical Council
• Covid-19 Health Care Center
• Medical Awareness Programme
• >> Community care
• Provided Ambulances to Government organizations
• 50,000 cubic meters of medical grade oxygen

52,725 tCO2e Reduction in carbon emissions

Shareholding pattern

Group	As on31 Mar18	As on31 Mar19	As on31 Mar20	As on 31Mar 21	As on 30June 21
Promoter Group	51.9%	51.9%	52.0%	51.9%	51.8%
FII	18.0%	21.5%	22.3%	24.4%	23.7%
MF & Insurance	15.6%	13.7%	12.6%	10.9%	12.6%
Other BodiesCorporates	2.9%	2.9%	1.3%	1.1%	0.7%
Retail Investors	11.4%	10.0%	11.8%	11.7%	11.2%
Total	100%	100%	100%	100%	100%
Equity Shares (in Cr)	58.6	58.6	58.6	58.6	58.6
Face Value (INR)	1	1	1	1	1
Equity Capital (INRCr)	58.6	58.6	58.6	58.6	58.6
M-Cap at close (INRBn)	326.8	459.4	242.0	516	568
Shareholder family (#'000)	218.0	181.1	206.8	232.6	243.3

Non-Promoter Holding: 48.2% as on 30th June 2021 APL has not raised any funds post IPO 23.70% 12.60% 0.70% 11.20% FII MF & Insurance Bodies Corporate Retail

Thank You

For more information, contact

Arvind Bothra Investor Relations | Corporate Communications +91 40 6672 5401

ir@aurobindo.com

www.aurobindo.com