Onesource Specialty Pharma Limited

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Star 1, Opp IIM Bangalore, Bilekahalli, Bannergha�a Road, Bengaluru – 560076, India T: +91 80 6784 0738

201, Devavrata, Sector 17, Vashi, Navi Mumbai - 400 703, India T: +91 22 2789 2924 F: +91 22 2789 2942

Date: 29.01.2025

BSE Limited National Stock Exchange of India Ltd Listing DepartmentExchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street Bandra (E) Mumbai- 400001 Mumbai – 400 051 Scrip Code: 544292, Symbol: ONESOURCE ISIN: INE013P01021 Scrip Code: 975645, ISIN: 1NE013P07028

Dear Madam/ Sir,

Sub: Press Release

Please find enclosed herewith Press Release (along with Earnings presentation) issued by the Company.

The Board Meeting commenced at 06:30 hrs IST and concluded at 07:15 hrs IST.

The above information is also available on the website of the Company i.e. https://www.onesourcecdmo.com/investor-relations/stock-exchange-intimation/

You are requested to kindly take the same on record.

For and on behalf of

Digitally signed by A. Trisha A. Trisha Date: 2025.01.29 07:16:24 +05'30'

Trisha A

Company Secretary and Compliance Officer Membership Number: A47635

OneSource Specialty Pharma Limited Formerly Stelis Biopharma Limited [email protected] | www.onesourcecdmo.com

CIN: U74140MH2007PLC432497

Press Release January 29, 2025

OneSource announces strong financial results in its first quarter postlisting; Q3FY25 revenues at ₹3,926 million with an EBITDA of ₹1,432 million, demonstrating a 36.5% EBITDA margin

Q3FY25 Performance Highlights

Revenues of ₹3,926 million grew 18% QoQ.
EBITDA grew 85% QoQ to ₹1,432 million.
EBITDA margin of 36.5% grew by 1,334 basis points QoQ.
Q3 FY25 normalized PAT was ₹898 million, resulting in an EPS of ₹7.8 for the quarter.
Reported PAT was impacted by one-time OneSource setup and transaction costs.

Bangalore, India, January 29, 2025 - OneSource Specialty Pharma Limited (BSE:544292, NSE: ONESOURCE) today announced its consolidated financial results for the quarter (Q3FY25) ended December 31, 2024.

Financial Highlights (In ₹ million )

Particulars	Q3FY25	Q2FY25	QoQ	9 months FY25
Revenues	3,926	3,340	18 %	10,189
Gross Margin	3,023	2,240	35 %	7,436
Gross Margin %	77%	67%	995 bps	73%
EBITDA	1,432	773	85%	2,848
EBITDA %	36.5%	23%	1,334 bps	28%
Normalised PAT	898
Normalised EPS	₹7.8/share

Normalised PAT = Excluding exceptional items, interest on discontinued debt & Scheme amortization

Mr. Neeraj Sharma, CEO, OneSource Specialty Pharma Limited speaking on the performance said,

“We're off to a promising start as an independent platform. Our strong Q3 results and impressive new business wins across various modalities demonstrate we're on the path to continued growth and profitability while achieving the targeted FY25 outcomes. We're committed to providing significant value and establishing ourselves as the leading Indian CDMO on a global stage.”

Detailed investor communication on the performance of the Company is attached.

About OneSource Specialty Pharma Limited

OneSource Specialty Pharma Limited (BSE:544292, NSE: ONESOURCE) , formerly known as Stelis Biopharma Limited, is India’s first specialty pharma pure-play CDMO business. Our comprehensive solu]ons span across pla^orms and therapeu]c modali]es, including, Drug-device Combina]ons, Biologics, Sterile Injectables, and Oral Technologies. Commi`ed to innova]on and excellence, we support our global partners in delivering life-saving products efficiently. OneSource Specialty Pharma operates five state-of-the-art facili]es, all approved by major regulatory bodies, including the USFDA and EU authori]es. Along with a team of over 1,200 professionals, we specialize in diverse dosage formats and advanced biologics pla^orms. For more details please visit the company website at www.onesourcecdmo.com

Press Release January 29, 2025

For further information, please contact:

Institutional Investors Corporate Communication Anurag Bhagania Pallavi Panchmatia: +91 8951939181 CFO Abhilash Mukherjee: +91 89044 28907 Email: investorEmail: [email protected] [email protected] PR Consultancy Adfactors PR Janhavi Bellare : +91 93228 54508 Email: [email protected] Syed Talal: +91 99876 19679 Email: [email protected]

T H E N E W W A Y T O C D M O

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Q3’25

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earnings update

OneSource Specialty Pharma Ltd | January 29, 2025

Safe harbor

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Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", “seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements“. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those suggested by the forwardlooking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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Q3’25

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Quarterly Highlights

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A stellar debut in its first quarter as an independent platform: Strong Q3 results and significant new business wins across modalities have set the stage for continued growth and profitability

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( Q3’25 Key Financial Highlights )

We're off to a promising start as an independent platform. Our strong Q3 results and impressive new business wins across various modalities demonstrate we're on the path to continued growth and profitability while achieving the targeted FY25 outcomes. We're committed to providing significant value and establishing ourselves as the leading Indian CDMO on a global stage.

₹3,926m

Revenue from operations, Up 18% QoQ

₹1,432m

EBITDA, Up 85% QoQ

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EBITDA margins up by 1,334 basis points over Q2

~36.5%

Neeraj Sharma CEO & MD

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Strong Q3 Performance with normalized PAT of ₹898 million

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Particulars (In ₹ million)	Reported	Normalized		Remarks
EBITDA	1,432	1,432	•	EBITDA margins at 36%
Other income	54	54	•	Interest income, Forex gain
Finance cost - Continued debt	(232)	(232)	•	Recurring cost of ₹232m continuing debt
Finance cost - discontinued debt	(226)		•	Interest cost of ₹226m relates to discontinued debt paid in Q3
Depreciation and amortization expenses	(333)	(333)	•	Depreciation and amortization against originally carrying assets of ₹10,857 million.
Scheme amortization	(355)	-	•	Amortization against scheme intangibles assets of ₹10,921 million
Tax expenses	(23)	(23)
Exceptional items	(1,005)	-	•	One-time scheme related expenses
Reported PAT	(688)	-
Normalized PAT*		898	•	Adjusted for one-time payments
Earning Per Share (in ₹ )		7.8

Excluding exceptional items, interest on discontinued debt & Scheme amortization

Delivering continued upward trajectory: Onesource continues building on its successful project delivery track record and a strong pipeline of ongoing projects

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60+ Global customers

20 GLP-1 customers

Successful regulatory, customer audits in last 2 years

78 million

Industry leading DDC capacity (40million cartridges & 38 million PFS)

1 NBE

7 NCE-1

7 of 8

Parenteral GLP-1s developed/ under development

1

Of the few integrated biologics DS and DP manufacturing in the world

Programs in US

20+ DDC projects

150+

DDC batches successfully tech transferred in last 18 months

20+

Years of sterile manufacturing legacy

Top 5 Soft gelatin manufacturing capacity[1] in the world

1Pharmaceutical

Meeting the FY25 targets :

On track for a strong finish to FY25, laying the groundwork for continued and accelerated growth in the future

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Particulars FY25 Outlook($m) FY25 Outlook(₹m) Status
Revenues $160-$180m ₹13,375-₹15,047m On track
EBITDA $55m-$61m ₹4,598-₹5,099m On track
EBITDA % ~30%+ ~30%+ On track
Q4’25 EBITDA $20m+ ₹1,672m+ On track
$160-
$180
Revenues($m)
$131
EBITDA ($m)
$122
$85 ~30%+
$75 ~28% 21% $55-$61
~36%
22% $47
$34 $27
$17 $17
$(5)
H1'25 Q3'25 YTD Dec FY23 FY24 FY25E
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On Sep 26, 2024, Onesource updated an investor presentation via the Strides website: [Link]
Subsequently, OneSource reported H1 '25 revenues of ₹6,263 million ($74.9 million) with 22% EBITDA margins.
With strong growth in Q3 '25, OneSource's 9M '25 revenues are ₹10,189 million ($121.9 million) with 28% EBITDA margins.
OneSource is tracking toward an exit EBITDA of upwards of $20 million in Q4 ‘25.

( Raising the bar )

~40% 25-30% Revenue CAGR over Steady state EBITDA FY24-29 margins over FY27-29

USD:INR conversion at 83.59 as considered for guidance by the company on September 26, 2024.

Investing into the future: Capex of $100m over 4 years to build capacities and unparalleled CDMO capabilities

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Capacity FY25 FY26 FY27 FY28
Cartridges
40 100 140 220
(Million units)
Pre-filled syringe
38 38 38 38
(Million units)
2.4 billion annual capacity is available as part of the transition service agreement (TSA) with Strides
Soft Gelatin Capsules
OneSource to build independent greenfield capacity over the next 5 years
Sterile Injectables Adding new capabilities to manufacture complex injectables – Lyophilized vials, Prefilled syringes (PFS)
o Implementing a modular capacity expansion plan over four years to optimize efficiency and flexibility
o Asset turn to remain in line with industry standards, while our strategic focus and operational efficiency will drive higher ROCE.
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Outlook:

Onesource creation is now complete, and we're unlocking our full potential to drive superior financial performance and deliver exceptional value to our stakeholders

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o Capital Investments secured: Adequately funded to fuel our expansion plans. Committing investments of $100m (largely Internal accruals) to position us for future growth

o Debt: Significantly reduced our net debt from ₹11,660 million ($139.5 million) to ₹5,817 million ($69.6 million), strengthening our balance sheet and improving financial flexibility. Our current net debt-to-EBITDA ratio is 0.9, and we project it to become Debt free over the next 3 to 4 years

(Targeted	Key Metrics)
Key metrics	H2’25E Annualized2	3–4-year outlook
EBITDA margins	36-39%	35-40%
Fixed Asset Turns (excl. intangibles)	> 1.5	> 2
Return on Capital Employed1	35%	>35%
Net Debt to EBITDA	< 1	Net Cash

Goodwill and Scheme Intangibles arising from the business combinations in absence of common control has been excluded from the ROCE calculation to reflect true operating performance (Capital employed = Equity + Net debt - Goodwill - Scheme Intangibles)
H2’25E Fixed assets turns, ROCE & net debt to EBITDA computed on annualized basis.

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about

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Our business
at a glance
10
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India’s first Specialty Pharma CDMO covering Biologics, Drug-device combinations, complex Injectables and Oral Technologies (soft gelatin capsules)

5 state-of-the-art facilities with approval from major regulatory agencies, with 54 successful inspections in last 24 months

1,200+ employees with 100+ scientists and techno-commercial leaders

Extensive capacity for wide range of modalities and ability to expand at industry leading speed

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OneSource stands out among global CDMOs by offering a diverse, multi-modality approach with a comprehensive suite of services

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Drug-device Combinations Biologics Soft gelatin Sterile fill-finish
including GLP-1s (DS and DP) capsules [1] (excluding DDCs)
CDMO Market 38
Size ($bn) 20 18
12 12 10 13
5
2023 2028 2023 2028 2023 2028 2023 2028
Primarily driven by GLP-1s, Increase in R&D spending, new Supply constraint, high skill and
Growth LOEs, ageing facilities,
Biosimilar and shift towards modalities, wider acceptance specialization for pharma grade
Drivers cost optimization
homecare/ self-administration of biologics softgels
20+ Projects delivered 3 Platform technologies Top 5 global capacity 20+ years of sterile
OneSource manufacturing legacy
Positioning 20 GLP-1 customers 1 of the few integrated DS-DP 19 ANDAs commercialized
site for microbial and mammalian Top 5 Inj. Penicillin [2 ]
supplier to US
CAGR: ~14%
CAGR: ~9%
CAGR: ~5%
CAGR: >20%
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Pharmaceutical
In molecules being supplied to US Source: Industry research, Frost & Sullivan, LEK Consulting, McKinsey

OneSource's deep expertise in development, extensive installed capacity, and proven compliance track record ensure high-quality, reliable service for our clients

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Formulation capabilities – 35+
Scale advantage – Installed capacities
approved ANDAs for Sterile Injectables
across all dose formats boosted by
and soft gelatin capsules
recent additions
DDC capabilities – 20+ projects, 9
device platforms Development Manufacturing Faster execution –Track record of
expertise capability adding and commercializing capacities
Biologics – 6 development projects
at speed
initiated
Compliance – 2 decades of proven
Technical acumen - 100+ scientists & Skilled Compliance
regulatory compliance with 54
techno commercial leaders in DDC, workforce track record
successful regulatory and customer
softgel, injectables and biologics
audits in last 2 years
Agility – Ability to handle multiple
FDA approval from CDER & CDRH [1] for the
projects and rapidly expand and support
flagship site, proving drug-device-
evolving customer needs
combination expertise
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1 CDRH - Center for Devices and Radiological Health

Poised for sustained growth over the coming decades, driven by conducive industry opportunities and M&A trends

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GLP-1s rise
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Supply Chain diversification

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M&A in
CDMO space
Acquisition of a large CDMO
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Obesity and Diabetes are major societal challenges à GLP-1s bring transformative innovation to patients

Global biopharmaceuticals looking for alternatives to mitigate geo-political risks as well as lower cost of product development and manufacturing

Acquisition of a large CDMO by a Pharmaceutical major has put pressure on already constrained supply for injectables and soft gelatin capsules

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LOEs provide near and mid term opportunity for established players with DDC capacities

Players with demonstrated DDC capabilities to benefit from rising demand for fill-finish and assembly by generic entrants

US and Japanese companies are looking for alternative destination for their clinical as well as commercial supplies

Indian CDMOs well-positioned for increased growth due to their cost effectiveness and highly skilled workforce

New drug developers and generic entrant are seeking independent CDMOs for diversifying their supply chain

CDMOs with scale, cost advantage and broad spectrum of offering to benefit from ensuing supply chain risk mitigation

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Get in touch with us

REGISTERED AND CORPORATE OFFICE

OneSource Specialty Pharma Ltd

Registered Office: 201, Devavrata, Sector 17, Vashi, Navi Mumbai – 400 703, India T: +91 22 2789 2924 F: +91 22 2789 2942

Corporate Office: OneSource Specialty Pharma Limited Star 1, Opp IIM Bangalore, Bilekahalli, Bannerghatta Road, Bengaluru – 560076, India T: +91 80 6784 0738

www.onesourcecdmo.com

the new way to CDMO

INVESTOR RELATIONS

[email protected]

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AI assistant

Onesource Specialty Pharma Limited Earnings Release 2025

59072_rns_2025-01-29_56a3288d-3df6-4c35-8666-09d6d18bf82a.pdf

Sub: Press Release