Cipla Ltd. — Regulatory Filings 2021

Jan 12, 2021

12[th] January 2021

(1) BSE Ltd (2) National Stock Exchange of India Ltd 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

Dear Sir / Madam,

Sub: Intimation of Schedule of Analyst / Institutional Investor Meeting.

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we give below, the schedule of analyst / institutional investor meeting with the Company:

Particular	Details
Date and Time	Tuesday, January 12, 2021: 22.40 Hrs IST 12:10 Hrs ET 17.10 Hrs BST Wednesday January 13, 2021: 1.10 Hrs SST/HKT
Fund / Investor Name	39thAnnual J.P. Morgan Healthcare Conference
Venue	Call
Link to join the conference	https://jpmorgan.metameetings.net/events/healthcare21/sessions /35243-cipla-ltd/webcast?gpu_only=true&kiosk=true

The presentation that will be made at the 39[th] Annual J.P. Morgan Healthcare Conference is enclosed and is also available on our website i.e. www.cipla.com

Thank you,

Yours faithfully, For Cipla Limited

Digitally signed by RAJENDRA CHOPRA DN: c=IN, o=Personal, RAJENDR 2.5.4.20=4987ad48c3965cfde78c8ea69e6f40ac91535876f12ba1fa5ba45cc5cc8db6cb , postalCode=122001, st=HARYANA, serialNumber=0be85c0408d0e3afd663669 f5314248a72fdcdf34d01d48d472d7cf9262 A CHOPRA 696f6, cn=RAJENDRA CHOPRA Date: 2021.01.12 14:41:24 +05'30' Rajendra Chopra Company Secretary

Encl: as above

Prepared by: Juzer Masta

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JP Morgan Healthcare Conference Umang Vohra, MD & Global CEO January 2021

DISCLAIMER

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Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute "forwardlooking 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.

Established In 1935, Cipla has pioneered India’s healthcare selfsufficiency with deep R&D capabilities

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Backed by strong R&D capabilities, Cipla has transformed into a world
class global pharmaceutical player with formidable branded and
unbranded generic market franchises
2 [nd] 2 [nd] 3 [rd] 10 [th] 1 [st]
Largest inhaler selling Largest pharma Largest By prescriptions Indian exporter to
company company in Pharma company in the US [1] EMs [3]
~120 [1] m units sold globally India [1,2] in South Africa [1]
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Cipla continues to serve patients as custodian of respiratory health through innovative drug-device combinations, complex formulations and broad spectrum capabilities in injectables, oral solids amongst others

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1. As per IQVIA1. As per IQVIA MAT Sept’20; 2. including prescription, trade generics and consumer health business; 3. As per IntelliMax, markets 2. Sri Lanka, Myanmar, Nepal and Morocco

Over the last 5 years, we have driven strong cost management, cash generation initiatives coupled with improved capital allocation policies

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EBITDA (INR Cr) Net Debt [1] to EBITDA RoIC [2]
25.0%
4,000 30.0% 20.7%
3,500 20.0%
3,000 24% 25.0% 1.07 300bps+
15.0%
2,500 12.5%
11.2%
2,000 19% 20.0% Net cash positive
9.4%
at Sept’-20 10.0%
17%
1,500 7.3%
1,000 15.0%
0.25 5.0%
500
(0.10)
- 10.0% 0.0%
FY17 FY20 H1FY21 Mar-17 Mar-20 Sep-20 FY17 FY18 FY19 FY20 H1FY21
EBITDA Reported EBITDA %
2,476 3,230 2,225
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1. Net Debt = Total borrowings less Cash and Cash equivalents including Current Investments; Sept-20: Net debt ÷ Annualized EBITDA 2. RoIC1. As per IQVIA= EBITDA - depreciation & amortisation ÷ Average [(Fixed assets including goodwill + Current assets excluding cash and cash equivalent) - Current liabilities excluding borrowing)]; H1FY21: Calculations based on annualised EBITDA2. Sri Lanka, Myanmar, Nepal and Morocco

In 2020, we contributed significantly to the global cause of combating Covid-19 and deliver on our promise of ‘Caring for life’

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Supporting the Government, frontline
Comprehensive Covid-19 portfolio for diagnosis and treatment
warriors and employees across geographies
ELIFast®
• INR 25 Crore contribution to
COVID-19 antibody
Caring for life Covid-19 Cipremi® detection for India
dedicated fund in India Remdesivir
under partnership
• Relief efforts for CIPtest®
patients, frontline Ciplenza® Rapid Antigen
Detection Test for
workers and Favipiravir
Covid-19 diagnosis
community under partnership
Covi-G®
COVID-19 rapid
Actemra®
antibody detection
Tocilizumab for Emerging
• Six containers deployed markets and Europe
for Covid-19 screening under partnership
in South Africa
• Covid-19 Central task force CIPHANDS® > 1.5 Lac
formed with strong protocols on Sanitizer range
severe COVID patients
ensuring employee safety and
served
un-interrupted plant operations
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Supporting the Government, frontline warriors and employees across geographies

At Cipla, we are executing the blueprint for sustainable value creation for our stakeholders

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Expanding lung leadership globally and maximising value opportunity in US complex generics

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

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Focused DTMs[1] and new frontier markets (China & Brazil) for organic growth in Europe and Emerging markets; expanding biosimilar partnerships in key markets to drive future growth

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Leverage digital capabilities to deliver transformative business and patient outcomes in the new normal

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Focus on regulatory compliance across manufacturing locations and embrace best-in class globally benchmarked ESG[2] practices

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Consistent upward RoIC trajectory over the long term

1. Direct-to-market; 2. Environmental, Social and Governance

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We are focused on driving our US business growth through strong execution of our complex asset pipeline

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Incremental opportunity to add $300m-$500m to US franchise by FY25

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Launch of Value through Value through IP
respiratory peptide based challenges
products (Inhalers) injectables
(partnerships)
11 assets [1] 4 assets [1] 35 para IV
with market with market assets [2] with
size of size of market size
~$14bn ~$6bn of ~$42bn
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Unlocking value
from launch of
products through
institutional
channels
Key assets
with
significant
synergy
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1. Filed and under development at Sept’20 end; 2. Tentatively approved and filed at Sept’20 end

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In the US, our respiratory pipeline has unlocked and the journey towards establishing a global franchise has meaningfully progressed

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Increasing contribution of limited competition portfolio

Respiratory sales progression ($m)

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Others Others
4% Respiratory [1] 8%
+
Respiratory [1] injectables CAGR 20+%
+
19%
injectables
31%
125+
77% 61%
Oral solids Oral solids ~60
FY18 FY21E
FY17 FY21E
Launched Filed In clinical trials Under development [2]
Budesonide Albuterol Fluticasone Propionate +
Respules Sulfate HFA Salmeterol (gAdvair) 1 8
(gPulmicort) (gProventil) Partnered Complex inhalation
Complex inhalation asset
inhalation asset Assets
12/2017 4/2020 4/2020 – 5/2020
2 assets to move into
clinical trials shortly
1. Includes all dosage forms predominantly respules and inhalers
2. under development projects at Sept’20 end
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In India, we are driving smooth execution of our One India strategy

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One India: Initiatives to drive market beating growth
Portfolio Distribution Access
• Making big brands bigger • Synergized distribution and • Direct to consumer with
by leveraging consumer channel engagement therapy shaping initiatives
platforms for OTX brands (stockiest & retailors) for and ecosystem
prescription, trade generics partnerships
and consumer health
Consistently 500bps+ expansion [1] in
delivering market chronic share of prescription expansion [[2]]
$1bn+
beating growth business over the last 4 years
One India franchise
Targeting to continue the upward trajectory
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500bps+ EBITDA expansion[[2]] in prescription business over the last 4 years

Targeting to continue the upward trajectory

1. IQVIA MAT Mar’16 - 20; 2. Over FY17 – H1FY21

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Our prescription business has delivered consistent market beating growth with leadership across key therapeutic areas

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Initiatives to build a consistent market beating prescription growth engine

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❑ Making big brands bigger by targeting large brands to accelerate market share gains ❑ Focused execution across therapies and productivity improvements with higher engagements and outreach

• ❑ Digital adoption and GoApptiv analytics on distribution and consumption insights for actionable outcomes

• ❑ Enhance portfolio breadth via inorganic or partnership route

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3 [rd] Overall IPM [1 ] │5.3% market share [1]
2 [nd] Chronic IPM [1 ] │7.9% market share [1]
1 [st] Asthma & Inhalation [1]
1 [st] Urology [1]
4 [th] Cardiology [1]
19 13
Brands in top Brands with
300 brands in revenue > INR
IPM [1] 100 cr [1]
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1. Market data IQVIA MAT Sept’20

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We are well poised to build a global consumer wellness franchise

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Share of consumer brands in overall business 5%+ Leveraging Brand building & consumer Organic growth potential

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Share of consumer brands in overall business by FY25

12%-15%

New categories Inorganic and launches growth

Consumer Health - India

Consumer Health - South Africa

Existing 30%+ CAGR INR 250 cr+ products Over FY16-FY21E Annualized business

Over the counter ZAR ~1.2bn products Annualized business

Brands with high consumer INR 350cr+ potential across trade 5 Categories generics and prescription Annualized business business

Fastest growing OTC corporation in South Africa private market (IQVIA MAT Oct’20)

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225k+ 40k+ Consumer Chemists Grocer & others reach – # of outlets 700+ 9 touched Modern trade E-commerce

Cough & Cold│Immune boosters, Vitamins, Minerals & Nutritional supplements │Respiratory

Significant growth drivers over 2016-2020

(IQVIA MAT Oct’20)

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Strongly positioned trade generics & consumer businesses for improved generic access and wellness experience

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India’s largest trade generic business strengthening by leveraging consumer play

Creating consumer franchise: Omnigel®

15,000+ pin codes serviced pan India[1]

India’s #1 ~675m+ people pain recovery gel via TVC reach[2]

1[st]

India’s Largest trade 5,500 ~50m+ generic business Stockiest network[1] people via Digital[2]

19% Market share[3]

Portfolio of flagship brands that outperform market with innovative brand extensions

Strong demand in consumer brands post transfer from trade generics in H1FY21

Brands

Category Brands

Category

2.5x

• Nicotine • Nicotex® Market leader YoY growth Replacement therapy in overall Ranked 3[rd] ; strong chemist scale in • Cough & Cold • Cofsils® channel presence H1FY21 Rapid portfolio • Hygiene • CIPHANDS® expansion since launch in April, 20

• Prolyte®

• Oral Rehydration salt

• Multi-vitamin

• Maxirich®

• Mamaexpert®

• Women Health

• Anti-fungal

• Clocip®

• Naselin®

• Nasal decongestant

• period ending Sept’20; 2. Data from respective platforms for Apr’20 – Dec’20; 3. IQVIA Apr’20 – Nov’20

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In SAGA, we continue to maintain our strong market position in private and OTC markets

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Enhancing private market presence via organic launches and deepening footprint via MNC partnerships

9.5% CAGR Overall SA 3[rd] 7.1% Over MAT Oct’16 - private Largest company[1] Market share[1] Oct’20 Therapy Rank[1] Market share[1] Respiratory 1[st] ~13% CNS 1[st] ~10% Cardiology 2[nd] ~7% Alimentary tract & metabolism 2[nd] ~5% Systemic anti-infectives 2[nd] ~7%

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SAGA: $450m+ Annualized business

2%-3%+ Revenue growth above SA private market Strong launch visibility in prescription and OTC across leading therapies for the medium term;

1[st] player in the prescription and OTC space over the medium term

1 IQVIA MAT Oct’20; Rank as per market where we play (WWP) and market share as per total private market (TPM)

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In EMEU, focus on DTMs and new frontier markets (China & Brazil) for organic growth; expanding biosimilar partnerships in key markets

Emerging markets Europe EMEU: $375m+ Annualized business 11 DTMs 19% H1 YoY[2] 16%H1 YoY[2] $ Terms 4 DTMs $ Terms markets[3] with revenue 59 Markets[2] 7 > $ 10m in FY20 2 DTMs with revenue > $ 5m in FY20 Partner of Choice #1 Indian exporter to EMs[1] 9% CAGR o ver FY18-FY20 for MNCs YTD Apr’20-Oct’20 Brazil market entry: Expanding biosimilar footprint in partnerships China JV: ❑ Looking for depth in with innovators across multiple regions ❑ Respiratory facility institutional oncology construction resumed space 7 13 8 ❑ Unlock access to ❑ Investments poised to large nebulizer market unlock over the next Markets Biosimilar Biosimilar two years identified products products inacross Africa, identified across licensed for Localization deals in MENA │ Partnerships in Mexico, Asia & South 1[st] and 2[nd] wave multiple markets Saudi Arabia and Indonesia for differentiated pipeline America

1. revenue growth includes B2B and Direct to market (DTM) businesses; 3. B2B + DTM markets

2. Source: IntelliMax, markets other than India, US and EU;

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Leveraging digital capabilities to transform business and patient outcomes in the new normal

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Resilience Efficiency Scalability Experience
Marquee initiatives, Non-exhaustive
GoApptiv Virtual E-sproute Paperless Labs Integrated
Healthcare Superstars (increase reach in (digital onboarding (automate quality Business Planning
(International the tier-3+ towns) of employees) labs) (cloud-based
web-series program) demand and
(digital disease
planning platform)
management
platform) OTHER KEY STAKEHOLDERS
(Increased outreach of INTERNAL EMPLOYEES
Channel, Customer digitally) (Caring and Upskilling)
PHYSICIAN QUALITY & MANUFACTURING
(Engagement model – (Automation and Aligned to market)
Education, Practice, Detailing)
People
PATIENT Market OTHER KEY FUNCTIONS
(Building direct patient connect) (Strengthening core and
Function building agility)
Digital and Analytics Digital Transformation Digital Advisory
CoE (Centre of Excellence) Office Board
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Committed to maintain the highest standards of regulatory compliance

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Finished formulations

APIs

• 35+ formulation facilities • 5+ API facilities

• •

• 50+ dosage forms 1000+ tons capacity

• 1500+ products

78 successful audits conducted by global regulatory bodies across our facilities FY2020 FY2019 FY2018 FY2017

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26 12 4 10 3 3 4 2 2 3 3 6
6 20 successful audits in FY 2020 alone
8 FY2020 FY2019 FY2018 FY2017 including 6 USFDA audits
6 4 4
3
6 4 2 3 2 2 2 2 1 4
USFDA WHO TGA MHRA (UK) APVMA INVIMA ANVISA EDQM PMDA EMA SAHPRA Tanzania
(Geneva) (Australia) (Australia) (Colombia) (Brazil) (Europe) (Japan) (SA) FDA
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• Renamed from Medicine Control Council (MCC), South Africa

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Integrated annual report with significantly enhanced levels of transparency, disclosures and sustainability

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FY18 FY19 FY20
Golden Peacock Ranked in Top 6 companies “Best Governed The ICAI award Merit award for
Award for “Leadership Category” in for excellence 2019 Annual
excellence in Governance Scores jointly 2019 as per Corporate at the 18th ICSI National Company” in Financial report-Integrated
Corporate Awards for Excellence in reporting for FY Reporting by
developed by BSE Ltd., IFC
Governance (2018) and IiAS Corporate Governance 2018-19 SAFA [1]
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Recognized amongst India’s best governed companies at various platforms

1. South Asian Federation of Accountants

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We are streamlining ESG initiatives to develop a holistic sustainability road map for the future

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Our Goals 2025 People Product Zero Waste to Carbon Neutral Water Neutral Landfill Anti-microbial Wellbeing of all Green Chemistry & Resistance Employees & Making it Right Stewardship Partners Planet Partners Our ESG Responsible Responsible Affordability & Access to AMR Stewardship themes Business Manufacturing Medicines

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Consistent upward RoIC trajectory over the long term

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Driving Unlocking power of product portfolio and 1 growth focused execution of priority launches

Strong governance and focused efforts on re-imagination in H1FY21

Driving sharper discipline on margin, product Margin mix, zero basing cost, leveraging analytics 2 expansion & and building scenarios to identify value Cost focus drivers Allocating capital towards building Capital 3 capabilities and creating capacities for allocation future growth

~24% Strong RoIC EBITDA margins trajectory for FY21 (H1FY21)

FY16 Sept-20 Net cash[1] : Net cash ($560m) positive

Near to medium term focus on growth, CoGS and mix management across businesses

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Sustainable cost reduction

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Continued EBITDA margin expansion over next 2-3 years

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Sustainable RoIC expansion to 17%-20% over the long term

1. Net Cash = Cash and Cash equivalents including Current Investments - Total borrowings

To recap, our priorities include

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Expanding lung leadership globally and maximising value opportunity in US complex generics

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

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Focused DTMs and new frontier markets (China & Brazil) for organic growth in Europe and Emerging markets; expanding biosimilar partnerships in key markets

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Leverage digital capabilities to deliver transformative business and patient outcomes in the new normal

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Focus on regulatory compliance across manufacturing locations and embrace best-in class globally benchmarked ESG practices

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Consistent upward RoIC trajectory over the long term

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Incremental opportunity to add $300m-$500m by FY25 12%-15% share of consumer business and market beating growth in India & South Africa

Annualized $375m+ business Multiple levers to drive growth Digital patient care continuum Global benchmark for quality compliance & ESG

RoIC expansion to 17%-20% over the long term

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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