Lupin Ltd — Investor Presentation 2023

Jan 11, 2023

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January 11, 2023

 BSE Limited Department of Corporate Services, P. J. Towers, Dalal Street, MUMBAI - 400 001.

National Stock Exchange of India Limited

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

Dear Sir/Madam,

Sub: Disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).

Pursuant to Regulation 30(2) read with Schedule III Part A Para A(15) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose the investor presentation which will be made at the J. P Morgan Healthcare Conference, US on January 10, 2023.

The above is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Rajvardhan Vishnu Satam

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, st=Maharashtra, 2.5.4.20=c19d8ef961d9fa59e973a093a4d3924b2532eb2f496ea7e2abcf7 4700f5375b7, postalCode=400104, street=2404,SEJAL TOWER,SEJAL PARK,LINK ROAD,GOREGAON WEST,Mumbai,Motilal Nagar,Borivali,Mumbai Suburban, pseudonym=9a4b7cd219ea516ad56e6d651dcbbe5b, title=0191, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb67a 2ff09c4242771b2a, o=Personal, cn=Rajvardhan Vishnu Satam Date: 2023.01.11 04:38:17 +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

www.lupin.com

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J.P Morgan Healthcare Conference January 10[th] , 2023

Lupin Limited Vinita Gupta, CEO

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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 does not undertake any obligation to update forward-looking statements to reflect new information, future events, or otherwise after the date thereof.

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Lupin Today

Global Presence

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10 [th]
Largest Generic
company
(by sales [1] )
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$2.2 bn
Annual sales in
FY22
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$311 mn
EBITDA in
FY22 [(2)]
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Reaching lives
in 100+
countries
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20,500+ Lupinytts

Local Leadership

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3 [rd ] 6 [th]
Largest in India Pharma
the US Market Rank
(by prescriptions [3] ) (by sales [3] )
4 [th] 6 [th]
Largest South Africa
Australia Gx [4] Generic Rank
(by prescriptions [5] )
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With Global Infrastructure

15 Manufacturing sites

7 R&D sites

Across India, the US, Netherlands, Brazil and Mexico

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1. IQVIA MAT Jun-22

Purposeful diversification (FY22)

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API
6%
US
India
34%
37%
NCE Income Emerging
Developed
3% Markets
Markets
12%
8%
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And Growing Sustainability

• GHG emissions savings >4.3 MtCO2e • Renewable energy 8% utilization increased by 5.3 MW

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1. IQVIA MAT Feb-22

2. IQVIA MAT Sep-22

3. Global ranking based on FY22 sales:

4. Excluding one time items

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Vision: A Pharmaceutical Company Focused on Delivering High Quality Medicines to Patients Around the World

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Global Other United India Developed Emerging API States Region Markets Markets Evolving portfolio and Global operational Delivering innovative Global reach and scale Meaningful scale pipeline in Complex efficiency and brands at above market achieving competitive positions us as a partner of platforms (Inhalation, presence driving leverage costs to serve internal as Growth through organic choice for innovative Biosimilars and on CAPEX and R&D across well as external and in-organic (licensing, pharma companies in Injectables) the platforms through customers and Scaled product platforms markets with similar partnering, and South Africa, Brazil, contribute meaningfully in legacy oral, ophthalmic regulatory regimes acquisitions) means, as Mexico, Philippines and to Global Public Health and dermatology (US, UK, Europe, Canada well as strategic market South East Asia and Australia) adjacencies Leading Partner for Global Institutions on TB care Continuous Improvement Culture Best in Class Global Quality

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2022 Accomplishments

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Acquisitions
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Partnering

Feb-22 AUS:

Feb-22 MENA:

Licensed Pegfilgrastim to with Axantia in MENA April-22 China:

Acquired Southern Cross Generic business in Australia April-22 India:

Acquired Anglo French Vitamin Mineral Supplement Brands in India Nov-22 US:

Inked Strategic Partnership with Yabao to bring pediatric formulations to Chinese markets

Aug-22 Japan:

Acquired Sunovion Respiratory Brands Brovana and Xopenex in the US

Exclusive licensing agreement for Denosumab Biosimilar in Japan

Nov-22 Brazil:

Acquired Bausch CNS and Oncology Brands in Brazil

2022 EBITDA Focus and Delivery:

• Focused optimization of direct and indirect costs (e.g. Plant OPEX, Freight, FTS and Low margin SKUs)

• Global, cross-functional Integrated Business Planning Processes and implementation of leading-edge, predictive planning software

• Enhanced financial controls, resource allocation and optimization from R&D capital to CAPEX, long-range network planning and G&A

• Intensified focus on launch planning and execution

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Material Approvals & NPLs

Compliance

July-22 USA:

Aug-22 UK:

MHRA approval of Lutio (Tiotropium Bromide inhalation powder) Sept-22 Canada:

US FDA EIR received and WL cleared at Somerset -- 2 out of 5 WL sites cleared US FDA inspections: 5 out of 7 satisfactory outcomes

Health Canada approval for our Biosimilar Etanercept

EU and Other Developed Market Agency inspections: 5 out of 5 satisfactory outcomes

Sept-22 USA:

Exclusive launch of our Generic to Suprep Bowel Prep Kit in the US

Nov-22 UK:

Launch of High Strength Luforbec in the UK a certified carbon neutral MDI

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Reported Net Sales, INR Mn
40,875 40,912
38,645
36,040
Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23
Reported EBITDA %
11.4%
9.9%
7.3% 6.6%
5
Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23
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Lupin US: A Substantial Contributor to Population Health

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Lupin is investing to maintain a leadership position in US Gx
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Lupin’s US Generic Business

Lupin is the 3[rd] largest Pharma company in the US by volume delivering ~6% by TRx

Evolving our Complex Product Portfolio through sustained R&D spending

• Substantial investments in Inhalation, Injectables and Biosimilars pipeline and capabilities (Development and Manufacturing)

• Completed 22 filings incl. 3 confirmed Exclusive FTF and 6 confirmed NCE-1 during CY2022

• 113 Filings pending launch representing $114B of Branded Net Sales

• 30B+ unit capacity across 11 facilities (US FDA approved) in India and the US

• 21 Filed Injectable products with 14 pipeline programs pending

• Recent launches – Restasis AGx, Suprep Gx, Performist Gx, and Pennsaid AGx

Achieving Best in Class Quality

• Substantial Seasonal products portfolio

• Historical track record of positive inspection outcomes with USFDA and other Global agencies

Gaining ground as a leader in the Respiratory TA

• Recent clearance of Somerset facility WL – 2 of 5 WL / OAI sites cleared

• • Recent inspection of Injectables & Biologics sites

• Attained 22% Generic market share in the total Albuterol HFA market for Q3 CY2022

• Completed $75M acquisition of established Sunovion brands Brovana® and Xopenex HFA®

• Other notable products include Budesonide and Formoterol

Engraining a Robust Continuous Improvement Culture

• Enhanced controls and Integrated business planning have driven improved service levels and efficiency across all levels of our network in the past 12 months

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Lupin India: An ongoing story of sustained out-performance

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Lupin is positioned to outperform IPM
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Indian Pharmaceutical Market

IPM is a $22B market with historical growth of 11% CAGR expected to reach $30B by 2025 and $60-70B by 2030

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Enhancing Depth & Reach with expansions & higher customer investments (7000+ Reps)

Lupin India

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New products continue to be one of the growth drivers (50+ new launches)

Lupin is a leading player with critical mass and industry leading doctor connect in it’s core TAs and beyond

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• Historical 13.2% CAGR

Partnering in e-commerce, organized retail and institutional business

• ~$800M FY22 revenue[1]

• IPM market rank #6

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Target M&A / inorganic activities – mid size cos., brands & portfolios

• 3.5% market share

• Substantial headroom for growth

• Strong presence and leadership in large TAs like Cardiology, Anti-Diabetes and Respiratory

Leveraging our Connect in Adjacencies

• Anti-Diabetes & Cardiology nearly half of sales, has consistently outperformed the market

Strengthening our OTC and Diagnostics businesses by building digital ecosystems

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Going beyond the pill with a strong digital and technological backbone

#2

#3

#3

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Respiratory Diabetes Care

Cardiology

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1Exchange rate used US$ 1 = INR 74.24

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Growing position in Other Developed Markets

Europe: Expanding cGx and Specialty footprint

Australia: Strong Organic and Inorganic Growth

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Luforbec NaMuscla Nepexto Southern
#4 44%
LS & HS Cross
(gFostair)
non-Dystrophic
Biosimilar
Lead Complex Myotonia AUS Generic Growth H1 Acquisition
Etanercept
product launch Orphan Drug (available in DE, FR, Pharma Rank FY23 YoY Completed
(in the UK) (available in UK, DE, FR) Belgium, Croatia, FIN) (IQVIA MAT Jun-22) (Value) (Closed Feb 4 [th] 2022)
Canada: Rapid Branded and Generics growth
Oral
Zaxine 9%
Contraceptive
Lead GI Product Growth H1 Lead Generic
(Indicated for IBS-D and FY23 YoY Portfolio
Hepatic Encephalopathy)
(value)
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Oral
Zaxine 9%
Contraceptive
Lead GI Product Growth H1 Lead Generic
(Indicated for IBS-D and FY23 YoY Portfolio
Hepatic Encephalopathy)
(value)
NB: H1 FY23 is Apr-22 to Sept-22
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Strong growth momentum in Other Emerging Markets

Mexico

Brazil

30% 68% #2 #6 Dipimed 30% Growth H1 Ophthalmic Ophthalmic Brazil Generic Lead Brand OTC Portfolio (drops indicated as an FY23 YoY contribution Rank Pharma Rank Contribution analgesic and antipyretic) (Value) (to net sales) (by prescriptions) (IQVIA Sept-22 Units) (by net sales) South Africa Philippines Efferflu Furic #6 10% 10% #2 Immune Booster Lead Brand Philippines South Africa Growth H1 Growth H1 Largest product (tablets indicated for the Branded Gx Rank Generic Rank FY23 YoY FY23 YoY treatment and prevention (Sales) (IQVIA MAT Jun-22) (by Rx MAT Feb-22) (Value excl. Efferflu) (Value) of gout)

South Africa

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NB: H1 FY23 is Apr-22 to Sept-22

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Evolving Product Development and Delivery Capabilities

Women’s Health Evolving internal LARC platforms and portfolio

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Injectables

Robust suite of depot, Biologics liposomal, peptide and iron injectable products Commercial momentum exin development US and evolving commercial capabilities in the US Inhalation backed by exceptional R&D Scaling our early yet capabilities meaningful launches while advancing our robust pipeline of MDIs, DPIs, and SMIs

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Novel Drug Discovery

Proven Research and Development capabilities in Oncology drug discovery: 2 Partnered, 3 Programs active in pipeline

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Respiratory and Injectables are driving substantial diversification of our Generics business

US Generics Revenue Decomposition

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FY20 FY23E FY26E 1.5% 22.8% Complex 36.9% Platforms Others 63.1% 77.2% 98.5% US Product Events Brovana & Budesonide Albuterol Brovana AG Xopenex Formoterol Key Launch HFA Launch Launch 6/2021 acquisition 11/2022 Launch 1/2023 Upcoming launches across Portfolio Inhalation platforms in the Drivers 5/2019 8/2020 6/2021 UK Launch of 11/2022 UK Launch of 11/2022 India launch US and Ex-US Markets Ex-US Product Events LuForBec LS LuForBec HS of DIFIZMA

Global Respiratory Portfolio

Global Respiratory Capability

Leading Respiratory Platforms

Currently scaling in India, the US and the UK with near term launches slated for Canada, Australia and broader Europe

Diversified Respiratory Development and Manufacturing footprint in both Coral Springs, Florida and Pithampur/Pune India

Metered-dose Inhalers, Dry-Powder Inhalers, Soft-Mist Inhalers, Nasal Sprays and Nebules

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Lupin Biologics - Delivering Products and Gaining Momentum

Etanercept approved in Canada Joint venture with I’rom for Denosumab in Japan 2022 Ranibizumab approved & launched in India Pegfilgrastim BLA accepted by FDA 2021 Ranibizumab filed in India Etanercept approved in EU & Australia 2020 Initiation of Global Phase 3 studies for Ranibizumab GMP clearance from EMA, PMDA & TGA on DS & DP 2019 Etanercept approved in Japan Etanercept filed in EU and Japan Commercial deal for Etanercept with Mylan 2018 (EU+ROW) & Nichi Iko (Japan) Etanercept filed in Australia & ROW Global phase III trial for Etanercept complete 2017 Filgrastim & Pegfilgrastim Approved 2015 & Launched in India Joint venture with Yoshindo for development of 2014 Etanercept for Japan Lupin biotech facility established in Pune, India 2008

Substantial Capabilities

• A fully vertically-integrated commercial-stage biosimilars company with regulated market approvals and global launches

• World-class infrastructure for drug substance, filling & packaging, already approved by EMA, PMDA, TGA & Health Canada

• Best in class COGS and low overhead – Providing staying power in global markets

Growing Scale and Momentum

• Etanercept commercialized in Europe and Japan

• Pegfilgrastim awaiting approval in the US

• Ranibizumab and aflibercept in global phase III trials

• Certolizumab pegol process development complete

• Infrastructure scale capable of supporting in-house and partnered CDMO Biologics

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Living our Values and Purpose in 2023 and beyond…

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Looking Forward…

Executing Growth Drivers

Sustaining Expanding Enabling Operating Capabilities Margins Delivering Quality

FY25 Consolidated Sales Range: $2.5 – 3.0B FY25 Consolidated EBITDA Range: 18 – 20%

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THANK YOU
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Registered Office

Lupin Limited,

3[rd] Floor, Kalpataru Inspire, Off. Western Expressway Highway, Santacruz (East), Mumbai 400 055, India. Phone: +91 22 6640 2323 | Fax: +91 22 6640 2051 | www.lupin.com

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