DR REDDYS LABORATORIES LTD — Interim / Quarterly Report 2025

May 9, 2025

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Dr. Reddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills Hyderabad – 500 034, Telangana, India

CIN: L85195TG1984PLC004507

Tel: + 91 40 4900 2900 Fax: + 91 40 4900 2999 Email: mail@drreddys.com Web: www.drreddys.com

May 9, 2025

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY) BSE Limited. (Scrip Code: 500124) New York Stock Exchange Inc. (Stock Code: RDY) NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) – Regulations, 2015 Q4 FY25 Audited Financial Results Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the presentation on the Audited Financial Results of the Company for the quarter and Financial Year ended March 31, 2025.

This is for your information and records.

Thanking you.

Yours faithfully, For Dr. Reddy’s Laboratories Limited KUMAR Digitally signed by RANDHIR KUMAR RANDHIR SINGH Date: 2025.05.09 SINGH 17:54:04 +05'30' K Randhir Singh Company Secretary, Compliance Officer & Head-CSR

Encl: as above

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Q4 & FY25 FINANCIAL RESULTS

May 9, 2025

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1

Safe Harbor Statement

This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact, including, but not limited to, those that are identified by the use of words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “predicts”, “projects” and similar expressions. Risks and uncertainties that could affect us include, without limitation:

• General economic and business conditions in India and other key global markets in which we operate;

• The ability to successfully implement our strategy, our research and development efforts, growth & expansion plans and technological changes;

• Changes in the value of the Rupee and other currency changes;

• Changes in the Indian and international interest rates;

• Allocations of funds by the Governments in our key global markets;

• Changes in laws and regulations that apply to our customers, suppliers, and the pharmaceutical industry;

• Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry; and

• Changes in political conditions in India and in our key global markets.

Should one or more of such risks and uncertainties materialize, or should any underlying assumption prove incorrect, actual outcomes may vary materially from those indicated in the applicable forward-looking statements.

For more detailed information on the risks and uncertainties associated with the Company’s business activities, please see the company’s annual report filed in Form 20-F with the US SEC for the fiscal year ended March 31, 2024 and quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended Jun 30, 2024, Sep 30, 2024, Dec 31, 2024 and our other filings with US SEC. Any forward-looking statement or information contained in this presentation speaks only as of the date of the statement. We are not required to update any such statement or information to either reflect events or circumstances that occur after the date the statement or information is made or to account for unanticipated events.

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May 9, 2025 | Q4 & FY25 Results Update | As per consolidated financial statements under IFRS

2

Q4 FY25 Performance Performance

₹ Cr 8,506 Revenues

₹ Cr 32,554 Revenues

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20%YoY 2% QoQ

17%YoY

₹ 2,475 Cr | 29% ₹ 9,213 Cr | 28% EBITDA | EBITDA % EBITDA | EBITDA %

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32%YoY 8% QoQ

11%YoY

Record annual revenue & highest ever EBITDA in FY25

FINANCIAL HIGHLIGHTS

• Highest ever quarterly revenues & profits in Q4

• Double-digit FY25 Revenue growth at 17%

• Underlying growth excl. acquired Consumer healthcare (NRT) business @12%

• Robust FY25 EBITDA and RoCE at 28%

₹ 2,005 Cr | 24% ₹ 7,678 Cr | 24% PBT | PBT % PBT | PBT %

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25%YoY 7% QoQ 7%YoY

• A strong balance sheet with Net cash surplus of ₹2,454 Cr

₹ 1,594^ Cr | 19% ₹ 5,654^ Cr | 17% PAT | PAT % PAT | PAT %

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22%YoY 13% QoQ 2%YoY

^After adjusting for minority interest

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As per consolidated financial statements under IFRS

3 | May 9, 2025 | Q4 & FY25 Results Update

Continued progress on our priorities, in line with stated strategy

KEY HIGHLIGHTS

• UK integration completed in May’25 for acquired Nicotine Replacement Therapy (NRT)

• Partnered with Henlius for exclusive commercialization rights of daratumumab biosimilar for the US & Europe

• Partnered with Bio-Thera to commercialize ustekinumab & golimumab biosimilars, primarily for Southeast Asia

• Denosumab biosimilar filing accepted by USFDA

• Expanded partnership with Sanofi for novel drug, Beyfortus[®] (nirsevimab) in India for preventing RSV

• Launched partnered product, Sensimune[TM] , indicated for house dust mite-induced allergies, in India

• Participated in Government of India’s Jan Aushadhi Program with one of our products

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May 9, 2025 | Q4 & FY25 Results Update | As per consolidated financial statements under IFRS

4

Recognitions for our continued efforts in sustainability

KEY HIGHLIGHTS

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• EcoVadis score @73, among top 15% assessed globally

• ‘CSR Program of the Year’ at Financial Express – Pharma Awards 2025

• °

• CII’s ‘Climate Action Program 2.0 Award’ in ‘Resilient’ category - Light Manufacturing Sector

• ‘Leadership’ category in Indian Corporate Governance Score Card 2024 by Institutional Investor Advisory Services

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OTHER UPDATES

• Received ‘VAI’ status from USFDA for API facility, CTO-2 , in Bollaram, Hyderabad

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As per consolidated financial statements under IFRS

May 9, 2025 | Q4 & FY25 Results Update

5

Q4 : Overall double-digit growth driven by performance across geographies, aided by Consumer healthcare (NRT) revenues

Q4 REVENUE BY SEGMENT

GLOBAL GENERICS SPLIT IN Q4

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₹ 3,559 Cr ₹ 1,275 Cr
North America Europe
GLOBAL GENERICS
9%YoY 5% QoQ 145%YoY 5% QoQ
89%
15%
42%
₹ 8,506 Cr
20%YoY [#] 2%QoQ [#]
PSAI
11%
15%
OTHERS ₹ 1,305 Cr
0.2% India
16%YoY 3% QoQ
₹ 7,536 Cr ₹ 956 Cr
Pharmaceutical Services &
Global Generics Active Ingredients (PSAI)
23%YoY^ 2% QoQ^ 16%YoY 16% QoQ ₹ 1,398 Cr
16%
Emerging Markets
16%YoY 3% QoQ
# Underlying overall growth excl. NRT @12% YoY and 2% QoQ Includes revenues from the acquired NRT business
Underlying overall growth excl. NRT @12% YoY and 2% QoQ
Underlying growth excl. NRT @30% YoY & 12% QoQ
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• # Underlying overall growth excl. NRT @12% YoY and 2% QoQ ^Underlying growth excl. NRT @13% YoY and 2% QoQ

As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

May 9, 2025

6

FY25 : Double-digit growth across geographies

FY25 REVENUE BY SEGMENT

GLOBAL GENERICS SPLIT IN FY25

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₹ 14,516 Cr ₹ 3,588 Cr
North America Europe
GLOBAL GENERICS
12%YoY 75%YoY
89%
11%
45%
₹ 32,554 Cr
17%YoY [#]
PSAI
10%
17%
OTHERS ₹ 5,373 Cr
1% India
16%YoY
₹ 28,955 Cr ₹ 3,385 Cr
Pharmaceutical Services &
Global Generics Active Ingredients (PSAI)
18%YoY^ 14%YoY ₹ 5,477 Cr
17%
Emerging Markets
13%YoY
# Underlying overall growth excl. NRT @12% YoY Includes revenues from the acquired NRT business
Underlying overall growth excl. NRT @12% YoY
Underlying growth excl. NRT @16% YoY
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# Underlying overall growth excl. NRT @12% YoY ^Underlying growth excl. NRT @13% YoY

As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

7 | May 9, 2025

Investing and upscaling commercial and R&D capabilities Q1 FY24

GROSS MARGINS (% of Revenues)

SG&A EXPENSES (% of Revenues)

R&D EXPENSES

(% of Revenues)

Q4FY25 55.6% Q3FY25 58.7% Q4FY24 58.6%

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Q4FY25 28.3%
Q3FY25 28.9%
Q4FY24 28.9%
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Q4FY25 8.5%
Q3FY25 8.0%
Q4FY24 9.7%
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CAPEX (₹ Cr)
FY25 2,699
767
FY24 1517
FY23 1132
FY22 1466
FY21 974
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FREE CASH FLOW

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(₹ Cr)
FY25 1332
1110
FY24 2672
FY23 4566
FY22 1191
FY21 2464
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*Before acquisition related payouts

NET DEBT / EQUITY

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-0.07 Mar '25^
-0.23 Mar '24
-0.21 Mar '23
-0.08 Mar '22
-0.04 Mar '21
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^Net Cash Surplus stood at ₹2,454 Cr. as on 31[st] Mar 2025

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As per consolidated financial statements under IFRS

May 9, 2025 | Q4 & FY25 Results Update

8

North America Q4FY25 Performance

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42%
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Revenues

₹ Cr 3,559

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9%YoY 5% QoQ

GROWTH DRIVERS

 New launches, product specific opportunities, offset by price erosion

Demand-led growth offset by price erosion

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NEW
LAUNCHES
7 18
Q4 FY25
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MARKET PERFORMANCE 3.9% vs. 3.8% DRL Growth vs. US Generic Market Growth*

• *As per IQVIA MAT for Feb’ 25

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PRICE
EROSION
STABLE
(for mature portfolio)
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NEW
FILINGS
7 10
Q4 FY25
ANDAs
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PENDING
APPROVAL
73 3
ANDAs NDAs
Includes 46 Para IVs & 20 FTFs
OTHER
UPDATES
 Divested Shreveport
manufacturing facility,
Louisiana
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As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

May 9, 2025

9

India Q4FY25 Performance

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15%
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Revenues

₹ Cr 1,305

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16%YoY 3% QoQ

GROWTH DRIVERS

 YoY: New product launches, incl. in-licensed vaccine portfolio from Sanofi and price increase

• QoQ: Slower than expected growth in certain TAs like Gastro, Cardio, & Pain.

Growing in double digits, new products performance has been encouraging

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MARKET NEW BRAND BRANDS IN
PERFORMANCE LAUNCHES TOP 300 IPM
8.4% vs. 8.0% 23
17
+ Sanofi, Nestlé
DRL Growth vs. IPM Growth FY25
As per IQVIA MAT Mar’25 As per IQVIA Mar’25
MARKET THERAPY BRANDS WITH
RANKING LEADERSHIP ₹100 CR+ SALES
10 [th] #1 #2 21
STOMATO- VACCINES
LOGICALS
As per IQVIA Mar’25 As per IQVIA Mar’25 As per IQVIA Mar’25
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As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

10 | May 9, 2025

Emerging Markets Q4FY25 Performance

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16%
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Revenues

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₹ Cr
1,398
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16%YoY 3% QoQ
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GROWTH DRIVERS

• YoY: New launches & higher volumes in base business

New launches & higher sales volumes drive double-digit growth

REVENUE SPLIT

• ₹ 655 Cr Russia

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31%YoY 7% QoQ

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 YoY growth from new product
launches & higher volumes
 QoQ decline due to slower
volume growth
CISR
17%
₹ 244 Cr
CISR
RoW
36%
13%YoY 1% QoQ
 Growth driven by higher
base business volumes
Russia
47%
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NEW
LAUNCHES
26 85
Q4 FY25
New Products across markets
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• ₹ 499 Cr RoW

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1%YoY 1% QoQ
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• QoQ: Lower volumes

• Contribution from new product launches, partially offset by lower business volumes & price.

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As per consolidated financial statements under IFRS

May 9, 2025 | Q4 & FY25 Results Update

11

11

Europe Q4FY25 Performance

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15%
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Revenues

₹ Cr 1,275*

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145%YoY 5% QoQ
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GROWTH DRIVERS

• Acquired NRT business

• Improved sales volumes , new product launches, partially offset by price erosion in base business

*Includes revenues from acquired NRT business of ₹597 Cr. Underlying growth excl. NRT @30% YoY & 12% QoQ.

Base business growth aided by acquired NRT business revenues

REVENUE SPLIT

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STRATEGIC
₹ 597 Cr
Acquired NRT Business HIGHLIGHTS
1% QoQ  Integration of 1 [st] country, UK,
completed
 Next wave of countries to be
₹ 355 Cr
integrated - Nordics
Germany
Acquired 26%YoY 7% QoQ
France, Italy,
Others NRT
Business
8%
47%
₹ 216 Cr
UK
UK
17%
43%YoY 14% QoQ NEW
LAUNCHES
Germany
28%
₹ 106 Cr
10 39
France, Italy, Others
Q4 FY25
20%YoY 27% QoQ
Excl. Acquired NRT business
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As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

12 | May 9, 2025

12

PSAI Q4FY25 Performance

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11%
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Revenues
₹ 956 Cr
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16%YoY 16% QoQ

Growth led by new launches and higher API volumes as well as growth in services business

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GROSS
MARGIN
26.3% 27.1%
Q4 FY25
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NEW
FILINGS (DMFs)
52 111
Q4 FY25
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GROWTH DRIVERS

• API growth driven by new launches & higher volumes .

• Growth in CDMO business

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As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

13 | May 9, 2025

13

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In Summary

A diversified business model with broad based levers

STRENGTHEN CORE BUSINESSES ACROSS MARKETS WITH A ROBUST PRODUCT PORTFOLIO

INVEST IN INNOVATIVE & DIFFRENTIATED PRODUCTS (NCEs, CDMO, CONSUMER HEALTH)

DRIVE OPERATIONAL EFFICIENCY & PRODUCTIVITY

FOCUS ON QUALITY AND COMPLIANCE

STRENGTHEN CAPABILITIES – PEOPLE, DIGITAL, PROCESSES

INTEGRATE ESG INTO BUSINESS

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As per consolidated financial statements under IFRS

May 9, 2025 | Q4 & FY25 Results Update

14

About key metrics and non-GAAP Financial Measures

This press presentation contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to NonGAAP Results" table in the press release.

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As per consolidated financial statements under IFRS

May 9, 2025 | Q4 & FY25 Results Update

15

Good Health Can’t Wait.

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As per consolidated financial statements under IFRS

Q4 & FY25 Results Update

May 9, 2025

16