DR REDDYS LABORATORIES LTD — Investor Presentation 2026

May 12, 2026

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 12, 2026

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 and FY26 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, 2026.

This is for your information and records.

Thanking you.

Yours faithfully,
For Dr. Reddy’s Laboratories Limited

Kumar
Randhir Singh
Digitally signed by Kumar
Randhir Singh
Date: 2026.05.12 18:29:29
+05'30'

K Randhir Singh
Company Secretary, Compliance Officer & Head-CSR

Encl: as above

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Dr. Reddy's

Q4 & FY26 RESULTS UPDATE

12 MAY 2026

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Dr.Reddy's

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, 2025, quarter ended June 30, 2025, September 30, 2025, December 31, 2025 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.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 Financial Highlights

Double-digit growth in base business^ and 19.5% EBITDA Margin before impact of specific items

Reported Revenues

₱ 7,516 Cr
- 12%YoY 14%QoQ

EBITDA | EBITDA %
₱ 981 Cr | 13%
- 60%YoY 52%QoQ

PBT | PBT %
₱ 199 Cr | 2.6%
- 90%YoY 87%QoQ

PAT | PAT %
₱ 220 Cr | 2.9%
- 86%YoY 82%QoQ

*Attributable to Equity shareholders

FINANCIALS EXCLUDING SPECIFIC ITEMS

Financials excluding specific items
Provision for VAT liability of ₹ 114 Cr
Impairment of CAR-T & Eltillagimod Alfa (licensed) of ₹ 228 Cr
Shelf Stock Adjustment (SSA) for lenalidomide of ₹ 453 Cr
As Reported

12 May 2026
Q4 and FY26 Results Update
As per consolidated financial statements under IFRS

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Dr.Reddy's

FY26 Financial Highlights

Performance aided by double-digit base business^ growth, acquired NRT business & productivity efforts before impact of specific items

Reported Revenues
₹ 33,593 Cr
3%YoY

EBITDA | EBITDA %
₹ 7,659 Cr | 23%
17%YoY

PBT | PBT %
₹ 5,482 Cr | 16%
29%YoY

*PAT | PAT %
₹ 4,285 Cr | 13%
24%YoY

*Attributable to Equity shareholders

FINANCIALS EXCLUDING SPECIFIC ITEMS

Financials excluding specific items
Provision related to New Labour Codes of ₹ 117 Cr
Provision for VAT liability of ₹ 184 Cr
Impairment of CAR-T & Eftilagimod Alfa (licensed) of ₹ 228 Cr
Shelf Stock Adjustment (SSA) for lenalidomide of ₹ 453 Cr
As Reported

• Excluding one-time SSA of ₹ 453 Cr, revenues at ₹ 34,046 Cr, growth of 4.6%.
• RoCE @16%. Excluding impact of items above, RoCE @17.5%.
• Net Cash surplus at ₹3,271 Cr.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

^{}[] Excluding Lenalidomide and its SSA impact

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Dr.Reddy's

Q4FY26 Business Highlights

Steady progress across strategic priorities

• Dr. Reddy's becomes 1st company to secure approval for generic semaglutide injection for Type 2 Diabetes in Canada
• Day 1 launch of generic semaglutide injection under brand name, ‘Obeda®’ in India.
• Secured approval from DCGI for generic semaglutide tablets in India.
• BLA for our abatacept biosimilar (IV) accepted for review by USFDA.
• Forayed into Hormone Replacement Therapy with acquisition of Progynova® and Cyclo- Progynova® in India.
• Completed integration of 95% of acquired NRT business by value as of Mar'26.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 Other Highlights

ESG

• Gold Medal by EcoVadis for FY26, achieving our highest-ever score of 80, placing us among top 5% companies assessed globally.
• Among India's Top 5 Most Sustainable Companies by BusinessWorld, #1 in Indian healthcare & pharmaceutical industry for 2024-25.
• 'Leadership category' of 2025 Indian Corporate Governance Scorecard, for 3rd consecutive year.

OTHER UPDATES

• 'VAI' classification by USFDA for FTO-SEZ PU-01 formulations facility (Srikakulam), following a GMP & PAI inspection.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 Revenue Split

Broad-based growth ex. US, supported by forex; moderated by lower lenalidomide sales and SSA

REVENUE BY SEGMENT

Global Generics*
€ 6,580 Cr
13%YoY 17%QoQ

PSAI
€ 912 Cr
5%YoY 14%QoQ

*Excluding SSA :
- Overall revenues were at ₹ 7,969 Cr, a decline of 6.3% YoY and 8.7 QoQ
- GG revenues were at ₹ 7,033 Cr, a decline of 6.7% YoY.

GLOBAL GENERICS SPLIT

North America
€ 1,756 Cr
51%YoY 41%QoQ

Europe
€ 1,452 Cr
14%YoY 0.3%QoQ

India
€ 1,566 Cr
20%YoY 2%QoQ

Emerging Markets
€ 1,806 Cr
29%YoY 5%QoQ

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

FY26 Revenue Split

Double digit growth across geographies, except North America due to product-specific headwinds

REVENUE BY SEGMENT

*Excluding SSA :
- Overall revenues were at ₹ 34,046 Cr, a growth of 4.6% YoY.
- GG revenues were at ₹ 30,356 Cr, a growth of 4.8% YoY.

GLOBAL GENERICS SPLIT

North America
₹ 11,374 Cr
22%YoY

Europe
₹ 5,550 Cr
55%YoY*

India
₹ 6,219 Cr
16%YoY

*Excluding acquired NRT portfolio, growth was 14%

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Key Financial Metrics

Sustaining growth & profitability, while investing for the future

REVENUES
(€ Cr)
*Excl. shelf stock adjustment (SSA), revenues
₹7,969Cr

GROSS MARGINS
(% of Revenues)
*Excl. VAT liability, 33.4% of revenues excl. SSA

SG&A
(% of Revenues)
*Excl. CAR-T charge, 6.8% of revenues excl. SSA

R&D
(% of Revenues)
*19.5%, excl. SSA, CAR-T charge, VAT liability

EBITDA MARGINS
(% of Revenues)
*19.5%, excl. SSA, CAR-T charge, VAT liability

*24.8%, excl. one-time provision related to new Labour Codes in India

DILUTED EPS
(€)
*17.5%, excl. SSA, Impairment of CAR-T & Effilagimod Alfa, VAT liability

RoCE (Annualized)
(%)
*Before acquisition related payouts

CAPEX
(€ Cr)
*Net Surplus (Adjusted for non-current cash & borrowings) stood at ₹,3,271 Cr as on 31 Mar '26

FREE CASH FLOW
(€ Cr)

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 North America Performance

Impacted by lower sales and shelf stock adjustment of lenalidomide

Revenues

1,756* Cr

51%YoY 41%QoQ

Declined due to lower lenalidomide sales and one-time shelf stock adjustment (SSA) of ₹453 Cr related to lenalidomide.

*Excl. SSA, revenues at ₹2,209 Cr, decline of 38% YoY and 25% QoQ.

Historical Revenues (₹ Cr)

MARKET PERFORMANCE

7.6% vs 0.8%

DRL Growth vs US Generics Market

(Excl. Lenalidomide)

*As per IQVIA MAT Feb' 26

NEW LAUNCHES

7 25

Q4FY26 FY26

NEW ANDA FILINGS

5 15

Q4FY26 FY26

PRICE EROSION

STABLE

PENDING APPROVAL

75 2

ANDAs NDAs

Includes 44 Para IVs & 22 FTFs

As of Mar'26

KEY UPDATES

• First company to secure approval for generic semaglutide injection for Type 2 Diabetes in Canada
• Biologics Licence Application (BLA) for our abatacept biosimilar (IV) accepted for review.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 Emerging Markets Performance

New product launches, higher volume uptake and favourable forex driving growth

Growth Drivers : New product launches particularly in Russia & RoW, higher volumes in RoW, favourable forex, partially offset by lower volumes in CISR & price erosion in RoW.

Historical Revenues (₹ Cr)

COUNTRIES PRESENT IN 48

NEW PRODUCT LAUNCHES

49 129

Q4FY26 FY26

NEW FILINGS

119 179

Q4FY26 FY26

RUSSIA MARKET PERFORMANCE*

15.9% vs 9.5%

DRL Growth vs Russian Market

*As per IQVIA MQT Mar' 26

KEY UPDATES

• Launched Tegoprazan in Russia
• Submitted responses to ANVISA in Brazil to address concerns w.r.t. our generic Semaglutide injection filing.
• Discontinuation of trial of licensed novel drug, Eftilagimod alfa, by partner, Immutep, following a planned interim futility analysis.

REVENUE SPLIT

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 India Performance

Sustained double-digit growth, continued outperformance of IPM

Revenues

₹ 1,566 Cr

20%YoY 2%QoQ

Growth Drivers : Innovation portfolio, new brand launches, price increases, higher volumes & acquisitions (Stugeron, Progynova).

Historical Revenues (₹ Cr)

MARKET PERFORMANCE*

15.2% vs 11.6%

*DRL MQT Growth vs IPM (Mar'26)

IPM RANK

9 #10

FTM & MQT MAT Mar'26 Mar'26

THERAPY LEADERHIP*

1 #2

STOMATOLOGICALS VACCINES

NEW BRAND LAUNCHES

10 28 Q4FY26 FY26

₹100 CR+ BRANDS IN IPM TOP 300 23 15

*As per IQVIA MAT Mar' 26

KEY UPDATES

• Day 1 launch of generic semaglutide injection under brand name, 'Obeda®'.
• Secured approval from DCGI for generic semaglutide tablets.
• Forayed into Hormone Replacement Therapy with acquisition of Progynova® and Cyclo- Progynova®.
• Divestment of two non-core brands.
• Discontinued certain R&D programs in CAR-T, as part of portfolio rationalisation.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 Europe Performance

Momentum in new launches, aided by forex tailwinds, moderated by pricing pressure

Revenues

1,452 Cr

14%YoY 0.3%QoQ

Growth Drivers : New product launches, favourable forex, offset by price erosion

Historical Revenues (Cr)

EU COUNTRIES PRESENT IN 20

NEW GX PRODUCT LAUNCHES

7 38 Q4FY26 FY26

NEW FILINGS

4 15 Q4FY26 FY26

KEY UPDATES

• NRT integration progressing well; 95% business value integrated.

REVENUE SPLIT

NRT €696 Cr

16%YoY 8% QoQ

Germany €383 Cr

8%YoY 5% QoQ

UK €229 Cr

6%YoY 38% QoQ

Others €144 Cr

35%YoY 15% QoQ

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Q4FY26 PSAI Performance

Decline on account of lower API volume uptake

Revenues

912 Cr

5%YoY 14%QoQ

YoY decline due to lower volume uptake QoQ growth on account of momentum in CDMO business

Historical Revenues (Cr)

GROSS MARGIN

19.9% vs 26.3%

Q4FY26 vs Q4FY25

DMF FILINGS

48 128

Q4FY26 FY26

US DMF FILINGS

11 16

Q4FY26 FY26

KEY UPDATES

• CDMO business under subsidiary, Aurigene Pharmaceutical Services Limited continues to see good traction
• Multiple collaboration opportunities through PSAI.

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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Dr.Reddy's

Dr.Reddy's

In Summary

A diversified business model with broad based levers

• Strengthen Core Businesses, build future growth drivers (Peptides, Biosimilars, Consumer Health, Innovation)
• Advance key pipeline products (Semaglutide, Abatacept)
• Drive efficiencies through better operational leverage
• Augment organic growth with M&A and In-Licensing
• Enhance capabilities – People, Digital, Processes
• Focus on quality, compliance and sustainability

12 May 2026

Q4 and FY26 Results Update

As per consolidated financial statements under IFRS

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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 Non-GAAP Results" table in the press release.

12 May 2026
Q4 and FY26 Results Update
As per consolidated financial statements under IFRS

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Good Health Can't Wait.