Cipla Ltd. — Investor Presentation 2021

May 14, 2021

14[th] May, 2021

(1) BSE Limited (2) National Stock Exchange of India Limited Listing Department, Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] floor, Dalal Street, Plot no. C/1, G Block, Mumbai 400 001 Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

Scrip Code: 500087

Scrip Code: CIPLA EQ

(3) SOCIETE DE LA BOURSE DE LUXEMBOURG Societe Anonyme 35A Boulevard Joseph II, L-1840 Luxembourg

Sub: Investor Presentation

Dear Sir/ Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed investor presentation dated 14[th] May, 2021.

This is for your information and record.

Thanking you,

Yours faithfully, For Cipla Limited RAJEND Digitally signed by RAJENDRA RA CHOPRA Date: 2021.05.14 CHOPRA 18:44:21 +05'30' Rajendra Chopra Company Secretary

Encl: as above Prepared by: Nishtha Agarwal

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Investor Presentation Q4FY21

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14-5-2021

CLICK TO EDIT MASTER TITLE STYLE DISCLAIMER

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Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties including impact of Covid-19 and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations and exports, our exposure to market risks as well as other risks.

The investor presentation is not intended to endorse, advertise, promote or recommend the use of any products listed in it which are for representation purpose only, some of which are reference listed drugs of which the Company has approved, under approval or under development generic equivalents. The prefixes “g” and “generic” used interchangeably indicate the generic versions of the named brand drugs.

Information relating to any medical products or medical devices contained herein is provided by Cipla for general information purposes only. Information on any of the medical products or medical devices may vary from country-to-country. A reference to a medical product or a medical device does not imply that such medical product or medical device is available in your country. The commercial availability of the medical products or medical devices listed herein in your country is dependent on the validity and status of existing patents and/or marketing authorizations related to each. An independent enquiry regarding the availability of each medical products or medical device should be made for each individual country.

The product information contained herein is not intended to provide complete medical information, and is not intended to be used as an alternative to consulting with qualified doctors or health care professionals.

Nothing contained herein should be construed as giving of advice or the making of a recommendation and it should not be relied on as the basis for any decision or action. It is important to only rely on the advice of a health care professional.

We continue to remain at the forefront in the fight against COVID-19 and delivering on our promise of ‘Caring for life’ CLICK TO EDIT MASTER TITLE STYLE

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Ramping up capacities to maintain supply

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Cipremi® Remdesivir

• ❖ Remdesivir monthly supplies being ramped up to ~5x of supplies in previous peak phase of the pandemic

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Budecort® Budesonide

• ❖ Ensuring availability of ICMR[1] recommended Inhaled Budesonide for Covid-19 patients

Increasing treatments options with new collaborations for innovative medicines for Covid-19

Molnupiravir

• ❖ Partnership with Merck & Co., Inc. for manufacturing & distribution of investigational oral antiviral drug Molnupiravir, currently in a Phase 3 trial for the treatment of non-hospitalized patients with confirmed COVID-19

• ❖ Covered geographies include India and 100+ low to middle income countries

Casirivimab and Imdevimab

• ❑ Partnership with Roche for pan India distribution of antibody cocktail (Casirivimab and Imdevimab)

• ❑ Indicated for the treatment of mild to moderate Covid-19 in high-risk patients

Baricitinib

• ❑ Partnership with Eli Lilly & Company, USA for manufacture and commercialization of the drug baricitinib

• ❑ Indicated for use in combination with Remdesivir for the treatment COVID-19 in hospitalized adults

• Indian Council of Medical Research

In FY21, we delivered strong performance across our focus markets and expanded EBITDA margins by 350bps+ CLICK TO EDIT MASTER TITLE STYLE

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EBITDA Overall Cipla Revenue 12% EBITDA 33% 22.5% 361 Margin (YoY Growth) (YoY Growth) (bps YoY) Prescription Trade Generics Consumer Health One One India India YoY 15% 14% 18% 1.8x Growth revenue (YoY Growth) (YoY Growth) (YoY Growth adj for CHL transfers) SA CGA SSA SAGA 7% SAGA 10% 38% 13% revenue (YoY Growth in $ terms) (YoY Growth in ZAR terms) (YoY Growth in $ terms) (YoY Growth in $ terms) Continued NA Respiratory Position in North America revenue[$551Mn] unlocking[1] #1 gProventil momentum in new launches EMEU Emerging markets 21% Europe 17% (YoY Growth in $ terms) (YoY Growth in $ terms)

1. Market data as per IQVIA IMS MAT’21

Continued focus on maintaining a strong balance sheet health and robust free cash flow generation CLICK TO EDIT MASTER TITLE STYLE

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Net Debt (INR Cr) Net Debt / Equity Cash Balances [1 ]
(INR Cr)
0.05
807 Net cash Net cash 3,676
positive positive
position position
2,009
(1,921)
(0.10)
Mar'20 Mar'21 Mar'20 Mar'21
Mar'20 Mar'21
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▪ Continued governance on cash and liquidity management

▪ Optimised capex and working capital efficiencies drive robust free cash flow generation ▪ Net cash positive position continues at March-21 end reflects strong balance sheet health

1. included cash and cash equivalents and current investments excluding unclaimed dividend balances

Q4 performance demonstrates sustained performance and operational resiliency CLICK TO EDIT MASTER TITLE STYLE

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One India Overall Revenue

Prescription Trade Generics Consumer Health Overall 4% Strong contribution Successful revenue 6% from flagship product (Q4 YoY Growth) (Q4 YoY Growth) products transitions Sustained SAGA 5% momentum (YoY Growth) across Overall 2% 10% 10% SA SSA geographies SAGA (Q4 YoY growth (Q4 YoY growth (Q4 YoY growth in $ Terms) in ZAR Terms) in $ Terms) Overall EBITDA North America Market share expansion in 17% $138Mn overall albuterol and growth in Q4FY21 Revenues (YoY Growth) institutional business 22% EMEU (YoY Growth) Emerging 4% 7% EBITDA 239 Europe Margin 17.3% markets (Q4 YoY growth in $ Terms) (Q4 YoY growth in $ Terms) (bps YoY)

Financial Performance – Q4FY21 CLICK TO EDIT MASTER TITLE STYLE

Revenues INR 4,606 Cr 5% YoY

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Q4 FY21 (Consolidated)
Actuals
vs Q4 FY 20
(Rs Cr)
Total Revenue from
4,606 5%
Operations
EBITDA 796 22%
EBITDA % of revenue 17.3% 239 bps
PAT 413 68%
PAT % of revenue 9.0% 335 bps
R&D INR 277 Cr Focused R&D investments
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EBITDA 17.3% 22% YoY INR 796 Cr │

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Revenue [1] Break-up
Others,
API, 5%
1%
Europe, 5%
Emerging
India, 39%
Mkts, 9%
SAGA,
18%
North America, 22%
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1. Sri Lanka, Myanmar, Nepal and Morocco 1 India includes Rx + Gx+ CHL; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; Figures have been rounded-off

Financial Performance – FY21 CLICK TO EDIT MASTER TITLE STYLE

Revenues INR 19,160 Cr 12% YoY

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FY21 (Consolidated)
Actuals
vs FY 20
(Rs Cr)
Total Revenue from
19,160 12%
Operations
EBITDA [2] 4,303 33%
EBITDA % of revenue 22.5% 361 bps
PAT 2,405 56%
PAT % of revenue 12.6% 352 bps
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R&D INR 924 Cr

Focused R&D investments

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EBITDA[2] 22.5% 33% YoY INR 4,303 Cr │

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Revenue [1] Break-up
Others,
API, 4%
1%
Europe, 5%
Emerging
Mkts, 10% India, 40%
SAGA,
18%
North America, 21%
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1. As per IQVIA 1 India includes Rx + Gx+ CHL; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; Figures have been rounded-off │2. 2. Sri Lanka, Myanmar, Nepal and Morocco Includes one-time income from a litigation settlement in Q3FY21

+ One India (Rx Gx+ CHL[1] ): Consistent execution driving growth across businesses in India CLICK TO EDIT MASTER TITLE STYLE

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Key Business Highlights

Prescription business

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• ❖ Sequential normalization in-line with expectations

• 6%

• ❖ Significantly expanding covid portfolio with partnerships (Q4 YoY growth)

• ❖ Healthy volume trends emerging in core portfolio

	Therapy2	Market Rank	Market share	Cipla Growth	Market growth
	• 9 Overall Chronic 2 8.1% 12% 8%
	Respiratory 1 24.6% 4% -8%
	Urology 1 14.8% 7% 4%
	Cardiac 4 5.4% 10% 13%
	Derma 11 2.7% 8% 6%

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Trade generics business

• ❖ Healthy order flow across regions during the quarter ❖ Strong demand tailwinds emerging across portfolio

Consumer health business

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INR 360 Cr
(FY21 Revenue)
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• ❖ Continued traction in consumer brands post transfer from trade generics business;

• ❖ Cipladine brand transferred from trade generics

One India

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Q4 Y-o-Y
Rs. Cr
4% 1,807
1,730
Q4FY20 Q4FY21
FY Y-o-Y
7,736
15%
6,741
FY20 FY21
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1. CHL – Cipla Health Limited │2. Market data as per IQVIA IMS MAT’21

Global consumer health franchise CLICK TO EDIT MASTER TITLE STYLE

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6%+ contribution to overall revenues in FY21; momentum to achieve long term aspirations

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Anchor consumer brands in India [1]
37% 11% 48%
(FY21 YoY growth) (FY21 YoY growth) (FY21 YoY growth)
#1 #1 #2
Pain Relief NRT Category Cough & Cold
Category Category
Emerging consumer brands in India [1]
13% 35%
(FY21 YoY growth) (FY21 YoY growth)
65% 10%
(FY21 YoY growth) (FY21 YoY growth)
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Anchor consumer brands in South Africa
139% 37%
(FY21 YoY growth (FY21 YoY growth
in ZAR Terms) in ZAR Terms)
11% 18% 12%
(FY21 YoY growth in (FY21 YoY growth in (FY21 YoY growth in
ZAR Terms) ZAR Terms) ZAR Terms)
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1. Market data as per Nielsen; *nicotine replacement therapy

SAGA[1] : South Africa, Sub-Saharan Africa and Cipla Global CLICK TO EDIT MASTER TITLE STYLE Access

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Key Business Highlights $ Mn
South Africa Q4 Y-o-Y
❖ Solid momentum in private business; tender business in-line with
expectations 40 33
❖ ARV and oncology segments gain market share, maintain ranks and 23
22
outperform broader market in MAT March’21
52 60
• 1
1
Q4FY20 Q4FY21
SA 10% Private 13% Tender 3%
overall (Q4 YoY growth market (Q4 YoY growth market (Q4 YoY growth
in ZAR Terms) in ZAR Terms) in ZAR Terms) FY Y-o-Y
124 155
Market Segment [2] Market Rank Market share
102 98
South Africa private & South
3 7%
210 213
Africa OTC
FY20 FY21
Sub-Saharan Africa (SSA) & Cipla Global Access (CGA)
❖ SSA: 10% YoY growth in $ terms on strong demand led growth and new South Africa Private Others (SSA &
markets; presence across 10 SSA markets South Africa CGA)
❖ CGA: performance inline; higher order servicing in Q3FY21 Tender
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1. Financial numbers are rounded off │2. Market data as per IQVIA MAT Mar’21

North America: Continued traction in respiratory and complex generics portfolio CLICK TO EDIT MASTER TITLE STYLE

Key Business Highlights

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North America

US Generics ramp-up continues

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• ❖ Continued market share expansion in overall Albuterol market and growth in institutional business

• ❖ New approval: Sumatriptan nasal spray 20mg

• ❖ Full year FY21 EBITDA margins tracking close to overall company level

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• 1
2
Albuterol HFA market [1] segment TRx Market Rank TRx Market share
gProventil 1 ~87%
Generic market (AG + Gx) 3 16.5%
Total market (Brand + AG + Gx) 3 13.2%
Pipeline update
❖ Closely working with USFDA on gAdvair
❖ 2 Partnered peptide injectable filings during in FY21; includes one new
drug application
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• ❖ 2 Partnered peptide injectable filings during in FY21; includes one new drug application

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$ Mn
Q4 Y-o-Y
138
17%
118
Q4FY20 Q4FY21
FY Y-o-Y
551
547
FY20 FY21
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1. Market data as per IQVIA week ending 23[rd] April 2021

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ANDA [1] Portfolio & Pipeline (As on 31 [st] March 2021)
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Total ANDAs 165 19 64 248
20
56
9
4
21
80
4
1 3 35
10
5
Approved ANDAs Tentatively Approved ANDAs Under Approval ANDAs
2
Cipla Ltd PEFPAR Invagen Partnered ANDAs
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1 Does not include Vet product ANDAs

2 PEPFAR approved ANDAs can be commercialised in US

Emerging Markets, Europe and API

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Emerging Markets Europe
FY21 Y-o-Y: 21% FY21 Y-o-Y: 17%
$ Mn Q4 Y-o-Y $ Mn Q4 Y-o-Y
59
57 4%
32 7% 34
Q4FY20 Q4FY21 Q4FY20 Q4FY21
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Key Business Highlights

Key Business Highlights

• ❖ Continued healthy demand across all regions

• ❖ Consistent in-market performance

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• ❖ Expanded partnership for 4 biosimilars in Australia & New Zealand

• ❖ Front-end market entry into Spain

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API
FY21 Y-o-Y: 2%
$ Mn Q4 Y-o-Y
34 -10% 31
Q4FY20 Q4FY21
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Key Business Highlights

• ❖ Preferred partner to Global clients

• ❖ Continued traction with global seedings & lock-ins

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Our FY22 priorities include CLICK TO EDIT MASTER TITLE STYLE

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Ramping up Covid portfolio supply to increase availability and maximize patients reach

Maintain market beating growth in large branded and unbranded generic franchises of India, South Africa and augment consumer wellness franchise

Expanding lung leadership globally and maximising value opportunity in US complex generics by prioritizing key launches with focused execution and collaborating with regulatory authorities Scaling up businesses across branded and generic DTMs of Europe and Emerging markets through execution on organic and partnered launches including biosimilars

Accelerating digital transformation to capitalize opportunities and growth opportunities across markets Focus on regulatory compliance across manufacturing locations and embrace best-in class globally benchmarked ESG[1] practices

Sustained expansion in RoIC over the long term

1. Environmental, Social and Governance

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Thank You

Registered Office :

Cipla Limited, Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013

For any queries, please contact

Naveen Bansal Investor.Relations@cipla.com

For more information please visit www.cipla.com