Lupin Ltd — Investor Presentation 2021

Aug 11, 2021

August 11, 2021

^~BSE Limited

Department of Corporate Services, P. J. Towers, Dalal Street MUMBAI · 400 001 .

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurio Complex, Bandra (East),

Mumbai - 400 051 .

Dear Sir/Madam,

Sub: Q1 FY2022 Investor Presentation.

Pursuant to Regulation 30(2) read with Schedule Ill Part A ( 15) of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 20 15, enclosed is a copy of the Q 1 FY2022 Investor Presentation.

Kindly confirm receipt.

Thanking you,

For LUPIN LIMITED

R. V. SATAM COMPANY SECRETARY (ACS - 11973)

LUPIN LIMITED

Registered Office: 3' Floor, Kalpataru lnsp1re. Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel : (91-22) 6640 2323. Corporate Identity Number: L241 OOMH 1983PLC029442 www.lupin.com

Investor Presentation Q1 FY2022

August 11, 2021

Safe Harbor Statement

Materials and information provided during this presentation may contain 'forward-looking statements'. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.

Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents obtained by competitors. Challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and foreign operations.

Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Lupin – Awards and Accolades

• Vinita Gupta named among Most Powerful Women in Business in India – #7 by Fortune India
• India Pharma Leader Award - India Pharma 2020 and India Medical Device 2020 conference organized by FICCI and the Ministry of Chemicals and Fertilizers, GOI
• Lupin ranked No.1 in the Biotech and Pharma, and amongst Top 50 large organisations in the list of top 100 – Great Place to WorkTM for 2019-20
• Lupin awarded 'Masters of Risk in Pharma & Healthcare' category at India Risk Management Awards 7 th Edition by CNBC-TV18
• Lupin named 'Best Researcher of the Year' at the ETHealthworld.com India Pharmaworld Awards
• LHWRF won Greentech CSR India Award
• Lupin's Ankleshwar Facility won the Gold Award - American Society for Quality; Gold Award for Improvement Project in Manufacturing and Operation by CII, Gold Award at the National Award for Manufacturing Competitiveness Assessment conducted by International Research Institute of Management and Gold Award in 13th Cycle of QCI - D.L. Shah Quality Awards
• Lupin's Goa Facility won the Gold Category Award in 13th Cycle of QCI-D.L. Shah Quality Awards
• 3 sites rated 7 by ISRS (International Sustainability Rating System), the highest score in the pharmaceutical sector globally
• In house Tax Director of the year (Ramesh Khaitan) and In house Indirect Tax team of the year - ITR Asia Tax Awards 2020
• Sreeji Gopinathan in CIO Power List 2020 - RPA Icon from Core media
• Won 5 INDIASTAR Awards for Excellence in Packaging 2020

Q1 FY2022 Snapshot

Mr. Nilesh.D.Gupta Managing Director Lupin Limited

"While the quarter's profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth. We remain committed to grow our US business both with our inline products as well as ramp up of Albuterol and Brovana, to continue above-market growth in India, and ensure growth in every part of the business. We see meaningful uplift in the second half and remain focused on our journey of expanding margins through driving strong double-digit revenue growth and optimizing costs, while ensuring the safety of our people and the highest standards of compliance."

Important developments

Commercial

• Acquisition of Southern Cross Pharma in Australia, gaining access to over 60 registered products having sales of over AU\$ 30 mn (~US\$ 22 mn)

Pipeline

• U.S.FDA accepted the Biologics License Application for proposed biosimilar to Neulasta® (Pegfilgrastim)
• U.S.FDA approved to expand the use of SOLOSEC® (secnidazole) to include the treatment of trichomoniasis
• Received US\$50 mn as 'milestone payment' from Boehringer Ingelheim on MEK inhibitor (novel oncology compound) progress
• Received UK marketing authorization for Luforbec® 100/6 µg pMDI, 1st branded generic alternative to Fostair® (100/6 µg) for treatment of Asthma & COPD
• Filed 3 ANDAs, received 3 ANDA approvals in the US

Regulatory

PG 4 • Somerset facility issued warning letter by the U.S.FDA

Strategic Vision Well Diversified Pharma Company

Integrated Global Quality Culture
Novel products Committed to building robust specialty business			North America NaMuscla Women's Health Franchise Capability building and Geographic expansion portfolio expansion and partnership			Novel Oncology Research Platform Pipeline acceleration
Complex Generics Investing heavily in the development of high barrier therapeutics		Platform	Global Inhalation Execution and scaling in our markets and beyond	Global Biosimilars Business		Launch execution, Portfolio expansion and Development	and Scale	Global Long Acting and US Gx Injectables Clinical execution
Strong Generics Foundation Amongst the Top 10 generic companies in the World	US Generics Growth driven by a diversified portfolio Execution on high-value opportunities		India Region Formulations Achieving Top 3 by share Build select adjacencies			Other Growth Markets Self Sustenance, Growth and Operating Leverage

Commercial leverage through In-licensing, M&A and Partnerships

Highly scaled and efficient Research, Development and Operational capabilities

Q1 FY22 Financial Results Review

P&L Highlights – Q1 FY2022

Amount in INR mn	Q1 FY22	% of sales	Q4 FY21	% of sales	QoQ growth	Q1 FY21	% of sales	YoY growth
Net sales	42,374	100.0%	37,593	100.0%	12.7%	34,686	100.0%	22.2%
Other operating income	328		238			593
Total revenue	42,702		37,831		12.9%	35,279		21.0%
Gross profit (excl. other operating income)1	27,094	63.9%	24,417	65.0%	11.0%	21,807	62.9%	24.2%
EBITDA	9,926	23.4%	7,657	20.4%	29.6%	5,314	15.3%	86.8%
PBT	7,503	17.7%	5,182	13.8%	44.8%	2,725	7.9%	175.3%
Profit after Tax	5,480	12.9%	4,642	12.3%	18.1%	1,082	3.1%	406.5%
Profit/(Loss) for the period	5,425	12.8%	4,604	12.2%	17.8%	1,069	3.1%	407.5%

Note: 1. Royalty/Profit Share Expenses on certain in-licensed/partnered products have been reclassified to Material Costs from Manufacturing and Other expenses starting Q1 FY2022. On a comparable basis, the Gross Margin adjusted for such change would be 63.3% of sales in Q4 FY2021 and 62.7% of sales in Q1 FY2021. Manufacturing & Other Expenses adjusted for this change related to Royalty/Profit Share Expenses would be 28.0% of sales in Q4 FY2021 and 26.9% of sales in Q1 FY2021

North America 35%

Q1FY22 YoY QoQ 9.6% 10.8%

Competitive pressures witnessed in specific products

Consolidating our position in the US¹

• Focus on maximizing inhalation generic opportunities Albuterol and Brovana AG^
• Successfully completed launch of Trichomoniasis indication for Solosec; 1 st and only single-dose oral prescription antimicrobial agent for the treatment of both trichomoniasis and bacterial vaginosis approved by the U.S.FDA
• 50 FTF's incl. 18 exclusive FTF await U.S.FDA approval

US quarterly sales (US\$ mn)

US Generics: Established Leader

India 42%

Q1FY22 YoY QoQ 27.3% 27.2%

Strong focus on building brands

	BRANDS	RANK (MAT Jun'21)
	GLUCONORM-G	40
	HUMINSULIN	85
2 brands in Top	BUDAMATE	103
100	GIBTULIO	160
	CIDMUS	169
10 brands in Top	ONDERO	193
	TONACT	216
300	IVABRAD	236
	RABLET – D	288
	AJADUO	289

Robust India business performance Consistently outpacing chronic market growth

		5 Year CAGR %	Lupin Rank1
Therapy	Market	Lupin	MAT Jun-16	MAT Jun-21
Acute	9%	6%	13	15
Chronic	11%	15%	5	4
Cardiac	11%	12%	3	3
Anti-diabetics	13%	21%	5	3
Respiratory	9%	14%	4	2

• 6 th rank in the IPM¹

• 64.5% Chronic contribution¹ ; Our chronic segment grew 22.6% against 19.4% chronic market growth in Q1 FY22²
• Branded formulations grew 30.9% YoY in Q1FY22
• For Lupin, Cardiac, Respiratory, Anti Infectives and GI witnessed strong growth
• ~7,700 domestic sales force strength; PCPM tracking at INR 0.92 mn per month in Q1FY22

Other Markets

		• Germany: EUR 7.4 mn sales in Q1 FY22
EU5 d e		• UK: gFostair launch preparations on track
p o el v e D	Australia	• th largest generics player1 4 • Acquisition of Southern Cross Pharma to significantly increase value proposition and market share in the Australian market
s t e k	South Africa	• th largest Rx generics player2 5 ; Market leader in CVS space • ZAR 273 mn sales in Q1 FY22 (up 15% YoY)
r a m g n gi r	Brazil	• BRL 63 mn sales in Q1 FY22 (up 15% YoY) • Outperformed market growth across the OTC segment
e m E	Mexico	• MXN 163 mn sales in Q1 FY22; (growth of 33% YoY) • Market Leader in Ophthalmology (#2 in units) with a national footprint
	API + Global Institutional	• API revenues down 3.8% QoQ on lower offtake of anti-infectives • Received Tentative U.S.FDA Approval for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) Tablets under PEPFAR
Note: IQVIA Mar-21	2. IQVIA May-21

Key Financial Metrics

Manufacturing and R&D – Diverse Global Network

Thank you

Registered Office

Lupin Limited, 3rd Floor, Kalpataru Inspire, Off. Western Expressway Highway Santacruz (East), Mumbai 400 055, India.

Phone: +91 22 6640 2323 | Fax: +91 22 6640 2051