Cipla Ltd. — Investor Presentation 2022

May 10, 2022

10[th] May, 2022

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(1) BSE Ltd. Listing Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001 Scrip Code: 500087

(2) National Stock Exchange of India Ltd. Listing Department Exchange Plaza, 5[th] floor, Plot no. C/1, G Block, Bandra (East), Mumbai ‐ 400 051 Scrip Code: 500087

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

Dear Sir/Madam,

Sub: Investor Presentation

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the investor presentation dated 10[th] May 2022.

This is for your information and record.

Thanking you,

Yours faithfully,

For Cipla Limited

RAJENDR Digitally signed by RAJENDRA A KUMAR KUMAR CHOPRA Date: 2022.05.10 CHOPRA 18:38:40 +05'30' Rajendra Chopra

Company Secretary

Encl: as above Prepared by: Chirag Hotchandani

Cipla Ltd.

Regd. Office ‐ Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai‐400 013, India

P +91 22 24826000 F +91 22 24826120 W www.cipla.com E‐mail contactus@cipla.com Corporate Identity Numbe r L24239MH1935PLC002380

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Investor Presentation Q4FY22

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10-5-2022

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.

In FY22, we delivered strong performance across our key CLICK TO EDIT MASTER TITLE STYLE markets; upward operating profitability trajectory sustained

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Revenue (YoY Growth in INR terms) EBITDA Margin R&D Spends [2]
Overall Cipla Overall 14% Overall 21% 21%
Ex-covid 12% Adj. margin [1] ~22% (YoY Growth)
NA revenue (YoY Growth)
(YoY Growth in INR terms)
One India 27% $594Mn 8%
North
One-India
Prescription business crossing
America
Continued momentum in
$1Bn scale; continued traction in
respiratory franchise and peptide
trade generics and consumer
health unlocking
(YoY Growth
SAGA 6% International
in $ terms)
Markets $385Mn
(YoY Growth
SA Private 15% International
SAGA in ZAR terms) Strong respiratory filings in Europe
Markets & API
Market beating growth in private 5%
API
business on steady launches
(YoY Growth in $ terms)
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Note:1. Excludes impact of one-time covid inventory and other charges of ~INR 200 crores in Q4 | 2. Opex including depreciation

Strong traction in One-India and US business drive Q4FY22 CLICK TO EDIT MASTER TITLE STYLE performance; Core profitability maintains strong trajectory

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Overall Revenue

Overall EBITDA

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14% Sustained traction across (Q4 YoY Growth branded & generic markets in INR Terms)

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EBITDA Margin Adj[1] EBITDA Margin R&D spends[2] 14.5% 18%+ 16% (YoY Growth)

One India

SAGA

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21% Sustained momentum (Q4 YoY Growth in across core therapies and INR Terms) traction in flagship brands

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Overall SAGA SA Private Market 8% 17% (Q4 YoY growth in $ Terms) (Q4 YoY growth in ZAR Terms)

North America

International Markets & API

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Robust momentum in core business; strong traction in respiratory portfolio & peptide unlocking 17% $160 Mn Q4FY22 Revenues (Q4 YoY growth in $ Terms)

International API 4% 41% (Q4 YoY growth in $ Terms) (Q4 YoY growth in $ Terms)

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Note:1. Excludes impact of one-time covid inventory and other charges of ~INR 200 crores in Q4 | 2. Opex including depreciation

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

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Total Debt (INR Cr) Cash Balances [1 ] Net Cash [2] / Equity
(INR Cr)
Pre-paid
1,756 InvaGen 4,965 0.20
acquisition
debt; nil
3,756
outstanding
0.11
824
Mar'21 Mar'22 Mar'21 Mar'22
Mar'21 Mar'22
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• Continued governance on cash and liquidity management

• Prudent working capital management and optimised capex and drive robust free cash flow generation

• Net cash positive position continues at March-22 end reflects strong balance sheet health

• Includes cash and cash equivalents including fixed deposits, current investments, margin deposits and excludes unclaimed dividend balances | 2. Net Cash = Total Cash balances -Total debt

Financial Performance – Q4FY22 CLICK TO EDIT MASTER TITLE STYLE

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Revenues INR 5,260 Cr 14% YoY

EBITDA[2] 14.5% 4% YoY INR 763 Cr │

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Q4 FY22 (Consolidated)
Actuals
vs Q4 FY 21
(INR Cr)
Total Revenue from
5,260 14%
Operations
EBITDA [2] 763 -4%
EBITDA % of revenue 14.5% -279 bps
PAT [3] 362 -12%
PAT % of revenue 6.9% -209 bps
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Priority projects R&D[4] INR 322 Cr 16% YoY spend on track

Revenue[1] Break-up

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API, 3%
Others, 1%
International
Markets,
14%
India, 42%
SAGA,
18%
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North America, 23%

1. As per IQVIA 1. India includes Rx + Gx+ CHL; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; International Markets include 2. Sri Lanka, Myanmar, Nepal and Morocco Emerging Markets and Europe|2. Includes one-time covid inventory and other charges | 3. includes impact of impairments | 4. Opex including depreciation | Figures have been rounded-off

Financial Performance – FY22

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Revenues

INR 21,763 Cr 14% YoY

EBITDA

21% 6% YoY INR 4,578 Cr │

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FY22 (Consolidated)
Actuals
vs FY 21
(INR Cr)
Total Revenue from
21,763 14%
Operations
EBITDA [2] 4,578 6%
EBITDA % of revenue 21% -142 bps
PAT [3] 2,517 4.7%
PAT % of revenue 11.6% -99 bps
Priority projects
R&D [4] INR 1,122 Cr 21% YoY
spend on track
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Revenue [1] Break-up
API, 3%
Others, 1%
International
Markets,
13%
India, 45%
SAGA,
17%
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North America, 20%
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1. India includes Rx + Gx+ CHL; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; International Markets include 1. As per IQVIA Emerging Markets and Europe|2. Includes one-time covid inventory and other charges | 3. includes impact of impairments | 4. Opex 2. Sri Lanka, Myanmar, Nepal and Morocco including depreciation | Figures have been rounded-off

One India + Gx+ CHL[1] Over the last 2 we have driven (Rx ): years strong execution CLICK TO EDIT MASTER TITLE STYLE across portfolio and distribution synergies helping us drive growth across the three businesses

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Prescription Trade generics Consumer health
Overall One-India One-India Ex-Covid
9,828
INR Cr
7,736 27% 25%
6,741
6,420
5,986 (FY22 YoY growth) (FY22 YoY growth)
Branded Prescription One-India business
business crossing tracking close to
$1Billion scale INR 10,000 Cr. scale
FY18 FY19 FY20 FY21 FY22
Branded prescription business Trade generics business Consumer health business
INR Cr
Q4 Y-o-Y
❖ Strong demand for flagship
❖ Sustained momentum across ❖ Robust traction in anchor
2,183 brands and key therapeutic
therapies in core portfolio brands as well as transitioned
categories
21% brands
1,807 ❖ Healthy market shares [2] and ❖ Continued focus on
❖ On sustainable EBITDA
ranks [2] across therapies customer engagement for
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INR Cr
Q4 Y-o-Y
2,183
21%
1,807
Q4FY21 Q4FY22
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• ❖ Continued focus on customer engagement for healthy order flows Brands launched

• 19 in Q4FY22

• ❖ On sustainable EBITDA trajectory after break-even achieved in FY22

• CHL – Cipla Health Limited │2. Market data as per IQVIA MAT March 2022

Cipla’s core branded prescription portfolio therapy mix reflect strong fundamentals across chronic and acute segments; big brands growing CLICK TO EDIT MASTER TITLE STYLE bigger in size and brand equity

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High-quality Core Acute Core Chronic branded 41% 5% 59% 750bps+ 13% portfolio portfolio franchise across Contribution to CAGR over Contribution to in chronic CAGR over (Ex-Covid) as (Ex-Covid) chronic and Cipla as on MAT MAT Mar’18-22 Cipla as on MAT contribution over MAT Mar’18-22 acute therapies per IQVIA Mar-22 as per IQVIA Mar-22 MAT Mar’18-22

Cipla’s Top Acute Brands with revenue >INR 25Cr as on MAT Mar-22 (IQVIA)

66% ~14% 29 out of 41 Brands 41 contribution to core Acute market share in 8% with mkt share 15%+ in Portfolio addressable molecule CAGR MAT Mar’18-22 Brands addressable molecule market (excluding covid) market

Cipla’s Top Chronic Brands with revenue >INR 25Cr as on MAT Mar-22 (IQVIA)

~78% 32% 32 contribution to core market share in Chronic Portfolio addressable molecule Brands (excluding covid) market

15% CAGR MAT Mar’18-22

24 out of 33 Brands with mkt share 15%+ in addressable molecule market

Portfolio under NLEM price control grew at a modest pace control over the last 4 years

23%[1]

of overall domestic branded prescription business is under NLEM price control as on Mar-22

~6%[1]

revenue CAGR FY18-FY22 for products under NLEM price control as on Mar-22

Note: Core branded prescription portfolio (Acute & Chronic) excludes contribution from covid products| 1. As per company sales

Global consumer wellness franchise committed to provide CLICK TO EDIT MASTER TITLE STYLE a holistic and customized wellness solutions

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~8% contribution to overall revenues in FY22; Improving consumer health outcomes

Anchor consumer brands in India[1]

Anchor consumer brands in South Africa

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1
8%
#1 NRT
17%
(FY22
Pain Relief Category Category
(FY22 YoY YoY growth)
(Feb-22) (Dec-21)
growth)
57 %
(FY22 YoY growth) #2 8% 51% 7%
62%
Cough & Cold
(FY22 YoY growth in (FY22 YoY growth in (FY22 YoY growth in
(FY22
Category
33% YoY growth) ZAR Terms) ZAR Terms) ZAR Terms)
(Feb-22)
(FY22 YoY growth)
Emerging consumer brands in India [1]
32% 41%
(FY22 YoY growth) (FY22 YoY growth)
12% 21% 55%
63% 36% (FY22 YoY growth in (FY22 YoY growth in (FY22 YoY growth in
(FY22 YoY growth) (FY22 YoY growth) 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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$ Mn Q4 Y-o-Y 38 33 18 23 61 70 Q4FY21 Q4FY22 FY Y-o-Y 140 155 86 98 267 213 FY21 FY22 South Africa Private Others (SSA & CGA) South Africa Tender

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South Africa[2]

• ❖ Market beating growth continues in South Africa (SA) private business; tender business muted in-line with expectations

South Africa (SA) private business; Brands launched in SA Private 5 tender business muted in-line with Q4FY22 market expectations ❖ Growth diversified across base and 17% new product portfolios Brands launched in 32 (Q4 YoY growth FY22 ❖ Continue to maintain leadership in ZAR Terms) positions in key therapy areas

	Market Segment	Market Rank	Market share	Cipla Growth	Market Growth
	South Africa prescription South Africa OTC South Africa overall	3 3 3	7.7% 7.1% 7.5%	12.0% 12.8% 12.3%	7.9% 8.1% 8.0%

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Sub-Saharan Africa (SSA) & Cipla Global Access (CGA)

• ❖ SSA: Maintained scale over last year base driven by continued order flow across regions

• ❖ CGA: Performance driven by strong order flow for TLD

• Financial numbers are rounded off │2. Market data as per IQVIA MAT March 2022

North America: Continued traction in core formulation CLICK TO EDIT MASTER TITLE STYLE business driven by respiratory franchise and peptide assets

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Key Business Highlights

North America

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❖ Revenue at multi-quarter high of $160 Mn
$ Mn
❖ Robust momentum in core formulation business; strong traction in
Q4 Y-o-Y
respiratory assets as well as contribution from peptide assets
❖ Focus continues on limited competition complex launches 160
17%
138
Revenue from Respiratory products $Mn [2]
Albuterol Total
17.2% FY21 FY22
169 market share [1]
132
43 50 Arformoterol Total FY Y-o-Y
2 11 29.8%
market share [1] 594
8%
FY17 FY18 FY19 FY20 FY21 FY22 551
Pipeline update
❖ Working with USFDA on gAdvair;
❖ Initiated clinical trials on a respiratory asset
FY21 FY22
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1. Market data as per IQVIA week ending 31[st] March 2022; 2. Excludes B2B revenue for the US market

ANDA & NDA[1] Portfolio & Pipeline (As on 31[st] March 2022) CLICK TO EDIT MASTER TITLE STYLE

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Total ANDAs
169 19 69 257
& NDAs
24
61
8
5
16
7
76
3
41
1
9
6
Approved Tentatively Under Approval
ANDAs/NDAs Approved ANDAs ANDAs/NDAs
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

International Markets and API

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International Markets

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FY22 Y-o-Y: 1%
$ Mn
Q4 Y-o-Y
93 4% 97
Q4FY21 Q4FY22
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Key Business Highlights

• ❖ Scale supported by strong DTM[1] growth across geographies; offset emerging market forex volatility and muted B2B demand in Europe

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• ❖ Steady double-digit growth in secondary terms during the quarter

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API
FY22 Y-o-Y: -5%
$ Mn
Q4 Y-o-Y
31
-41%
18
Q4FY21 Q4FY22
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Key Business Highlights

• ❖ Performance attributed to higher Q4FY21 base due to stock-up by customers and one-time profit share on an API supply

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• ❖ Continued traction with global seedings & lock-ins

• DTM – Direct to market

In FY22, we delivered strong progress on our strategic CLICK TO EDIT MASTER TITLE STYLE priorities for FY25

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Expanding lung leadership globally and maximising value opportunity in US complex generics	FY25 targets Incremental opportunity to add $300Mn-$500Mn by FY25	YTD FY22 progress
		Launch & scale-up in respiratory assets Albuterol & Arfomoterol; Peptide portfolio unlocking
Maintain market-beating growth in large branded and unbranded generic franchises of India & South Africa; augment consumer wellness franchise	Market-beating growth in India & South Africa and 10% share of consumer business	Continued market beating performance in India & SA; share of consumer business ~8%
Focused DTMs1 and new frontier markets (China & Brazil) for organic growth in Europe and Emerging markets; expanding biosimilar partnerships in key markets	Drive sustainable growth through organic and inorganic levers	Tracking annualized revenue of$385Mndriven by strong DTM momentum
Leverage digital capabilities to deliver transformative business and patient outcomes in the new normal	Digital patient care continuum	New digital company incorporated; enabler of digital agenda across functions
Focus on regulatory compliance across manufacturing locations and embrace best-in class globally benchmarked ESG2 practices	Global benchmark for quality compliance & ESG	Inclusion in Dow Jones Sustainability Emerging Markets Index
Consistent upward RoIC3 trajectory over the long term	RoIC expansion to 17%-20% over the long term	FY22 RoIC at21.6%

1. DTM – Direct to market| 2. Environmental, Social, Governance | 3. Return on Invested Capital (RoIC) = EBITDA - depreciation & amortization ÷ Average [(Fixed assets including goodwill + Current

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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

Ankit Bhembre Investor.Relations@cipla.com

For more information please visit www.cipla.com