Lupin Ltd — Investor Presentation 2021

May 13, 2021

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May 13, 2021

 BSE Limited

Department of Corporate Services, P. J. Towers, Dalal Street, Mumbai Samachar Marg, MUMBAI - 400 001.

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), MUMBAI - 400 051.

Dear Sirs,

Sub: Q4 FY2021 Investor Presentation.

Pursuant to Regulation 30(2) read with Schedule III Part A (15) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed is a copy of the Q4 FY2021 Investor Presentation.

Thanking you,

For LUPIN LIMITED

Rajvardhan Vishnu

Satam

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, o=Personal, 2.5.4.20=e8a002ede68da3b7e41e01d21c2b9062761a29a5f00491762a 5ac549cb034cae, postalCode=400104, st=Maharashtra, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb6 7a2ff09c4242771b2a, cn=Rajvardhan Vishnu Satam Date: 2021.05.13 17:20:24 +05'30'

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

Encl- : a/a.

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

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Investor Presentation Q4 FY2021

May 13, 2021

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Safe Harbor Statement
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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.

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01

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• 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 Work[TM] 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 13[th] Cycle of QCI - D.L. Shah Quality Awards

• Lupin’s Goa Facility won the Gold Category Award in 13[th] 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

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02

Sales (INR mn, YoY Growth)

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India, North America,
12,866, 8% 14,952, (5%)
Total
37,593, (1%)
API, Growth Markets,
EMEA,
2,556, (22%) 3,749, 3% 3,033, 8%
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EBITDA [1] R&D
INR 7,075 mn INR 3,427 mn
18.8% 9.1%
of sales of sales
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Mr. Nilesh.D.Gupta Managing Director Lupin Limited

“We are happy that the journey to sustain margin improvement continues, despite a challenging environment. On the back of a strong ramp-up of inline products and meaningful new product launches, we are confident of a solid growth trajectory and continued margin expansion. Ensuring the safety of our employees while maintaining business continuity is a key priority at this time.”

Important developments

Commercial

• Sequential uptake in US generics business driven by Albuterol and new launches, amidst demand disruption in seasonal products

• Levothyroxine ramped up to 18.7%[2] market share

• Expanded our Women’s Health product portfolio in Canada through partnership with Endoceutics, to commercialize Intrarosa in Canada

• India - Entered a consortium for enhancing digital infrastructure, benefiting all stakeholders and furthering NDHM vision, while enabling access to genuine medicines and enhanced experience to patients

Pipeline

• 1[st] BLA filed with the USFDA

• Filed 9 ANDAs, received 6 ANDA approvals during Q4

Regulatory

• Global Quality Action Plan underwayPG 4

PG 4

Note:

1. Before Fx & Other Income 2. IQVIA – Gx market share

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03

FY2021 Sales (INR mn, YoY Growth) India, North America, 52,712, 3% 55,520 , (5%) Total 149,270, (1%) API, Growth Markets, EMEA, 13,823, 6% 11,964, (2%) 12,781, 3%

Important developments

Commercial

• COVID Response: Delivered our mission of Ensuring the health and well-being of our people while maintaining our supply of life-saving medicines

• Inhalation and Biosimilar launches at scale

• Successfully launched our 1[st] inhalation product, gProAir HFA (Albuterol sulfate) in the US

• Launched our 1[st] biosimilar Etanercept with commercial partner Mylan in the EU

• 15 launches in the US; 19 brands launched in India

• Signed distribution agreement in key EU territories for orphan drug Namuscla[TM]

• EBITDA acceleration continued throughout FY21 led by new launches, cost optimization and restructuring activities

Pipeline

• 19 ANDA approvals and 15 filings with the US FDA

EBITDA[1] R&D INR 26,578 mn INR 14,324 mn 17.8% 9.6% of sales of sales Note:

• Advanced Inhalation pipeline with 2 US filings and 3 EU/UK filings

• Biosimilar: 1[st] BLA filed with the USFDA, global trials initiated for another biosimilar candidate (ophthalmology)

• USFDA acceptance of supplemental New Drug Application (sNDA) for Solosec (secnidazole) to treat Trichomoniasis

• PG 5

• • Namuscla[TM] - Orphan Drug Designation granted by USFDA for treatment of myotonic disorder

• Before Fx & Other Income

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04

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

Highly scaled and efficient Research, Development and Operational capabilities

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05

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Material Progress on Growth Platforms
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Injectables FY23+* Robust suite of depot, liposomal, Peptide and Iron products in development

Inhalation FY21+* Accelerating Global Inhalation Portfolio delivery

Women’s Health FY26+*

Biosimilars FY21+*

World-class R&D capabilities paired with evolving commercial capabilities

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*Timing of material contribution

06

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Financial Results Review

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Amount in INR mn	Q4 FY21	% of sales	Q3 FY21	% of sales	QoQ growth	Q4 FY20	% of sales	YoY growth
Net sales	37,593	100.0%	39,173	100.0%	(4.0%)	37,910	100.0%	(0.8%)
Other operating income	238		1,001			547
Total revenue	37,831		40,174		(5.8%)	38,457		(1.6%)
Gross profit (excl. other operating income)	24,417	65.0%	25,423	64.9%	(4.0%)	23,860	62.9%	2.3%
EBITDA(before Fx & Other Income )	7,075	18.8%	8,064	20.6%	(12.3%)	5,237	13.8%	35.1%
PBT before exceptional item	5,182	13.8%	5,247	13.4%	(1.2%)	4,123	10.9%	25.7%
Exceptional item1	-		-		-	(831)1		NA
PBT after exceptional item	5,182	13.8%	5,247	13.4%	(1.2%)	4,954	13.1%	4.6%
Profit after Tax	4,642	12.3%	4,412	11.3%	5.2%	3,903	10.3%	18.9%
Profit/(Loss) for the period	4,604	12.2%	4,383	11.2%	5.0%	3,896	10.3%	18.2%

For Q4FY20 : [1] Exceptional item includes (i) Profit on Divestment of Kyowa Pharmaceutical: INR 1,210 mn, (ii) Loss on Divestment of Kyowa Criticare: INR 284 mn & (iii) Impairment of Intangible Assets: INR 96 mn

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Amount in INR mn	FY21	% of sales	FY20	% of sales	YoY growth
Net sales	149,270	100.0%	151,428	100.0%	(1.4%)
Other operating income	2,360		2,320
Total revenue	151,630		153,748		(1.4%)
Gross profit (excl. other operating income)	95,648	64.1%	97,122	64.1%	(1.5%)
EBITDA(before Fx & Other Income )	26,578	17.8%	23,633	15.6%	12.5%
PBT before exceptional item	16,751	11.2%	15,054	9.9%	11.3%
Exceptional item1	-		7,521		NA
PBT after exceptional item	16,751	11.2%	7,533	5.0%	NA
Profit after Tax	12,266	8.2%	(4,038)	(2.7%)	NA
Net Profit from continuing operations	12,165	8.1%	(3,995)	(2.6%)	NA
Profit/(Loss) from discontinued operations	0	NA	1,301	0.9%	NA
Profit/(Loss) for the period	12,165	8.1%	(2,694)	(1.8%)	NA

[1] Exceptional item include (i) Profit on Divestment of Kyowa Pharmaceutical: INR 14,121 mn (ii) Loss on Divestment of Kyowa Criticare: INR 1,957 mn (iii) Impairment of Intangible Assets: INR 15,893 mn and (iv) Settlement with State of Texas: INR 3,792 mn

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Q4FY21
North America 40% YoY 5.3% QoQ 3.7%
Continuing the momentum Consolidating our position in the US [1]
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US quarterly sales ($ mn)

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3 #3
#4 #3
#4
#5 129
123 122
109
83
79
65 63
51 53
44 45
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
No. of Products (mkt leader) Top 3 by mkt share US Rx pharma ranking by Rx
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212
195
188
180
157
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
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US Generics: Established Leader
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• US generic revenues continued to witnessed sequential uptake driven by Albuterol and new launches; non –existent sales from flu season products

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rd 3

201

149

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• Continued focus on new launches, and maximize uptake of Albuterol

Filings pending DMF filings (cumulative)

Largest in the

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approval

US

(by prescriptions[1] )

(cumulative)

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• 45 FTF’s incl. 16 exclusive FTF await USFDA approval

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Note:

1. IQVIA Mar-21

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Q4FY21
34% YoY QoQ
India 7.9% 5.9%
India business continues to be robust Leadership across cardiac, diabetes, and respiratory
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Leadership across cardiac, diabetes, and respiratory 5 Year CAGR % Lupin Rank1 Therapy Market Lupin MAT Mar-16 MAT Mar-21 Acute 7% 4% 13 15 Chronic 11% 14% 5 4 Cardiac 10% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 7% 12% 3 2	Leadership across cardiac, diabetes, and respiratory 5 Year CAGR % Lupin Rank1 Therapy Market Lupin MAT Mar-16 MAT Mar-21 Acute 7% 4% 13 15 Chronic 11% 14% 5 4 Cardiac 10% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 7% 12% 3 2	Leadership across cardiac, diabetes, and respiratory 5 Year CAGR % Lupin Rank1 Therapy Market Lupin MAT Mar-16 MAT Mar-21 Acute 7% 4% 13 15 Chronic 11% 14% 5 4 Cardiac 10% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 7% 12% 3 2	Leadership across cardiac, diabetes, and respiratory 5 Year CAGR % Lupin Rank1 Therapy Market Lupin MAT Mar-16 MAT Mar-21 Acute 7% 4% 13 15 Chronic 11% 14% 5 4 Cardiac 10% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 7% 12% 3 2	Leadership across cardiac, diabetes, and respiratory 5 Year CAGR % Lupin Rank1 Therapy Market Lupin MAT Mar-16 MAT Mar-21 Acute 7% 4% 13 15 Chronic 11% 14% 5 4 Cardiac 10% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 7% 12% 3 2
Therapy	Market	Lupin	MAT Mar-16	MAT Mar-21
Acute	7%	4%	13	15
Chronic	11%	14%	5	4
Cardiac	10%	12%	3	3
Anti-diabetics	13%	21%	5	3
Respiratory	7%	12%	3	2

India quarterly Sales (INR bn)

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12.9 13.3 13.7 12.9
11.9
Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21
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		Strong portfolio	Strong portfolio
			BRANDS	RANK (MAT Mar’21)
			GLUCONORM-G	33
	2 brands in Top		HUMINSULIN BUDAMATE	79 110
	100		GIBTULIO	145
			CIDMUS	164
	11 brands in Top 300		ONDERO TONACT IVABRAD	178 191 239
			RABLET – D	271
			AJADUO	273
Note: 1. IQVIA Mar-21 * Branded Formulations			ONDEROMET	299

• 6[th] rank in the IPM[1] ; 65% Chronic contribution

• For Lupin, Cardiac, GI, VMS and Gynae witnessed double digit growth in Q4; For FY21, Lupin’s Cardiac, Anti-Diabetic and CNS therapeutic segments registered double digit growth

• 1 CNS brand and 1 Urology brand launched in Q4; 19 brands launched in FY21 across Cardiac, Anti diabetic, Respiratory, Immunomodulator therapeutic segments

• ~7,700 domestic sales force strength

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Other Markets
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Developed
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• Germany: EUR 5.4 mn sales in Q4 FY21

EU5

• EUR 29.2 mn sales in FY21

• ARVs, Inhalation and CNS are the key focus therapeutic segments

• 4[th] largest generics player[2]

Australia

• Growth of 14% against reference market growth of 7%[2]

• • 4[th] largest Rx generics player[3] ; Market leader in CVS space • ZAR 431 mn sales in Q4 FY21 (up 15% YoY)​; ZAR 1,295 mn in FY21 (up 6% YoY)

• • BRL 59 mn sales in Q4 FY21 (up 59% YoY)​; BRL 239 mn sales in FY21 (up 35% YoY)

• Brazil • Outperformed market growth across the generics and OTC segment

• • MXN 154 mn sales in Q4 FY21; MXN 621 mn sales in FY21

• Mexico

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Emerging markets
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South Africa

• Market Leader in Ophthalmology (#2 in units) with a national footprint

API + Global Institutional

• API revenues grew 6% YoY in FY21​

• • Continued leadership in anti-TB Institutional business

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Note:
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1. IQVIA Mar-21
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1. IQVIA Feb-21

2. IQVIA Dec-20

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R&D (INR million)

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23,101
18,509
15,731 15,538
14,324
FY17 FY18 FY19 FY20 FY21
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Capex (INR million)

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16,634
10,470
6,851
6,276
5,710
FY17 FY18 FY19 FY20 FY21
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Free cash flow (INR million)

Net debt/ Equity

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15,129
11,531
7,975
7,362
2,615
FY17 FY18 FY19 FY20 FY21
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0.41
0.38 0.38
0.12
0.05
FY17 FY18 FY19 FY20 FY21
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1 Note. R&D and balance sheet / cash flow metric data for FY17-19 include Japan operation

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Manufacturing and R&D – Diverse Global Network
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Global Commercial Presence 100 23 7 Countries where Countries with Countries with products are sold marketing offices subsidiaries 15 Manufacturing Sites ◼ 12 USFDA inspected sites ◼ 30 bn+ extended unit capacity

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7
R&D Sites
◼ 437 US ANDAs; 288 approved
◼ 45 pending US First to Files
RESEARCH
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• Range of capabilities from API to formulations including tablets, capsules, liquids, injectables, dermatological, ophthalmics, inhalation

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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

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www.twitter.com/LupinGlobal

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www.linkedin.com/company/lupin/

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www.facebook.com/LupinWorld/

www.lupin.com