Wockhardt Ltd — Investor Presentation 2025

Jun 5, 2025

5[th] June, 2025

Ref. No.: WOCK/SEC/SE/2025-26/014

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BSE Limited Corporate Relations Department P J Towers Dalal Street Mumbai - 400 001 Scrip Code: 532300		National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (E) Mumbai - 400 051 NSE Symbol: WOCKPHARMA

Dear Sir/ Madam,

Subject: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended – Investor Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and in continuation to our letter bearing reference no. Ref. No.: WOCK/SEC/SE/2025-26/012 dated 2[nd] June, 2025, please find enclosed herewith a copy of the updated Investor Presentation.

The said Investor Presentation will also be uploaded on the Company’s website and can be accessed through the following link:

• https://www.wockhardt.com/investors/analyst investors/presentation/

Kindly take the same on record please.

Thanking you,

For Wockhardt Limited

Rashmi Digitally signed by Rashmi Dinesh Dinesh Mamtura Date: 2025.06.05 Mamtura 15:03:52 +05'30'

Rashmi Mamtura Company Secretary

Encls: as above

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Investor Presentation June 2025

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Disclaimer

– This presentation contains “forward-looking statements” that is, statements that relate to future, not past events or historical facts. All forward-looking statements are based on judgments derived from the information available to the company at this time. Forward-looking statements can be identified by terminology such as such as “potential,” “expected,” “will,” “planned,” or similar terms. Forward looking statements are based on the current beliefs and expectations of Wockhardt regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Actual results may differ materially from anticipated results. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, and changes to laws and regulations applicable to our industry. We do not undertake any obligation to update any forward-looking statement in this presentation, whether as a result of changes in underlying factors, new information, future events or otherwise. The information in this document have been collected with the purpose to provide interested parties with information about Wockhardt. The information is not comprehensive or complete and thus does not represent an adequate basis for a final decision about an investment. Information contained in this document is to be used for the sole purpose of evaluating potential strategic transactions or partnerships and cannot be used for any other purpose without specific written and prior approval of Wockhardt. The presentation may not be copied, duplicated or transferred to third parties without the prior written approval of Wockhardt.

Information contained in this document is to be used for the sole purpose of evaluating potential strategic transactions or partnerships and cannot be used for any other purpose without specific written and prior approval

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Global Research - driven multinational

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INR 3,033 Cr. FY25 Income

INR 418 Cr. FY25 EBITDA

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Novel Antibiotics

Biotechnology

Pharmaceuticals

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Global Footprint FY25 sales contribution (%)

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12 manufacturing facilities across globe

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UK

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39%

23%

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India
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2 R&D centers one each in India, UK

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Emerging Markets

23%

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12%

Ireland (& other EU)

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~~Stronger~~ ~~business performance~~

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67%

Y-o-Y EBITDA growth[1]

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20% growth for biosimilars in emerging markets[3]

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0.01 Net Debt : Equity ratio[2]

INR 326 Cr. Reduction in debt[4]

1. Growth in FY25 over FY24

2. As on 31[st] March 2025, excluding promoter debt & net of cash & cash equivalents and other bank balances (Net Debt: INR 64 Cr ; Equity: INR 4,657 Cr.) 3. Growth in FY25 over FY24

3. As at 31[st] March 2025 vs 31[st] March 2024 (excluding promoter debt)

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Key positives for FY24-25: Development milestones

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• Successful completion of global Phase III cUTI study with 20% superiority

• Phase II Carbapenem-Resistant Organism study with >90% clinical efficacy

• NDA filed with DCGI, India

ZAYNICH® (WCK 5222)

• Compassionate use: 51 lives saved

• Approved & Launched in India

• Grant of Breakthrough Medicinal Product (BMP) by Saudi Arabia

MIQNAF® Approved & Launched in India  (Nafithromycin) Grant of Breakthrough Medicinal Product (BMP) by Saudi Arabia ODRATE®  Completion of Phase I clinical study in collaboration with NIH, USA (WCK 6777)

• FOVISCU®  Completion of Phase II clinical study

• (WCK 4282)

• EMROK® /  Emrok treated >100k patients cumulatively; 

• EMROK O® Launched in other divisions for additional indications 

• Insulin Aspart Filed for marketing approval to DCGI, India

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Key positives for FY24-25

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Operational Excellence Cost reductions & Achievements

Sales Growth Cost reductions & Achievements Emerging Markets 10% Manufacturing Re-structuring - External to Internal India Branded 4% Business Energy cost reduction initiative activated UK 8% Biotech New ~$30 Mn Wastage reduced from last year Business Capital raise of INR 1,000 Cr. through QIP

Manufacturing Re-structuring - External to Internal Energy cost reduction initiative activated

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Financial Highlight: 67% EBITDA growth[1]

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Total Income [1] in INR Cr. EBITDA [1] in INR Cr.
5% growth [1] 67% growth [1]
3,033
418
2,879
251
FY24 FY25 FY24 FY25
EBITDA
9% 14%
Margin
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1. FY25 vs FY24, excluding exchange rate fluctuations

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Net Debt : Equity @ 0.01[1]

Debt Reduction by INR 397 Cr.[1]

Equity INR Cr.

Net Debt[1] INR Cr.

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4,657
4,202
3,662 3,662
As at 31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25
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4,657
4,202
3,662 3,662 882 975
461 64
31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25 As at 31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25
Cash & Cash Equivalents and other Bank Balances INR Cr. Net Debt-Equity Ratio [1]
0.27
544 615 0.21
406
0.13
0.01
124
31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25 As at 31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25
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615
544
406
124
As at 31st Mar'22 31st Mar'23 31st Mar'24 31st Mar'25
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1. As at 31st March 2025, excluding promoter debt & net of cash & cash equivalents and other bank balances (Net Debt: INR 64 Cr.; Equity: INR 4,657 Cr.)

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Short-term and Mid-term growth drivers

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3 years growth drivers

Glargine, Insulin Analogues, Diabetes Biosimilars for India + Emerging Human Insulin markets

Zaynich[® ] (WCK 5222), Miqnaf[® ] (Nafithromycin), Novel drug discovery Emrok[®] & Emrok O[®]

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5 years growth drivers

New Insulin Analogues, GLP-1 Analogues

Foviscu[® ] (WCK 4282), Odrate[®] (WCK 6777)

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New Chemical Entity (Novel Antibiotics)

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Wockhardt drug discovery efforts focused on the antibiotics segment

~145 Drug Discovery team with more than 50 PhD’s. ~25 Focused commitment to Novel Antibiotics research leading to end-toend Discovery & Development capabilities years Programs granted QIDP* status by US FDA denoting unmet needs; 6 abridged trials, faster review and approvals by US FDA * Qualified Infectious Disease Product (QIDP) status granted by US FDA eligible for fast track development process and priority review. QIDP status also grants five year extension to the market exclusivity in the United States

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Novel Antibiotics pipeline encompassing all the Resistant Organisms

		Gram Negative Portfolio	Gram Negative Portfolio	Gram Negative Portfolio	Gram Negative Portfolio	Gram Positive Portfolio	Gram Positive Portfolio
		ZAYNICH® (WCK 5222)		FOVISCU® (WCK 4282)	ODRATE® (WCK 6777)	EMROK® / EMROK O®	MIQNAF® (Nafithromycin)
Status		GlobalPhase III Completed	Carbapenem resistant pathogen study (India) completed	Phase III ongoing	Phase I Completed In collaboration with NIH (US)	Launched in India; Filed in Emerging Markets	Launched in India
Potential Indication		cUTI, HABP / VABP (Global) + Carbapenem Resistant infections (India)		cUTI HABP / VABP	cUTI	ABSSSI	CABP / RTI
Target Market		Global		Global	Global	Emerging Market	Emerging Market
Positioning		Destination therapy for difficult-to-treat Gram-ve Klebsiella, Acinetobacter and Pseudomonas		Empiric-use; Carbapenem- sparing Gram-ve	Out-patient therapy for MDR Gram -ve	MDR Gram+ve Anti-MRSA	Macrolide-resistant Respiratory Pathogens, Quinolone-Sparing

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ZAYNICH[®] (WCK 5222) Establishing ꞵ-lactam enhancer - a new class of antibiotic to treat MDR/XDR Gram-negative infections

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ZAYNICH[®] (WCK 5222): New class of antibiotic after >30 years to treat Gram-negative infections Global Phase III clinical stud com leted y p

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Global Phase III clinical study: achieved 20% higher (statistically superior) composite cure over gold standard Meropenem

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Phase II Carbapenem-Resistance Organism study completed with >90% clinical efficacy

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Saved 51 lives so far in compassionate usage including 3 in USA Patients had failed all available therapies: Penems, Ceftazidime+Avibactam, Cefiderocol, Colistin/Polymyxins; Safety established through extensive usage

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Only product granted with investigational breakpoint of 64 mg/L for all major gram-negative pathogens by CLSI, USA

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CLSI: Clinical and Laboratory Standards Institute

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ZAYNICH[®] (WCK 5222) Regulatory status

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India: Filed to DCGI* Approval / launch expected in H2 FY25-26.

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US: Pre-NDA meeting completed with US FDA in May 2025 Filing to the US FDA in Q2 FY 25-26 with potential launch in FY2627

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Europe & Emerging markets: Filing in H2 FY26

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DCGI: Drug Controller General of India; Apex regulatory authority in India for granting approvals

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Addressable pool of ~2 million patients in select markets for ZAYNICH[®] (WCK 5222)

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Europe
~213K [c] patients
China
~657K [a ] patients
USA
~158K [c] patients
India
~1,109K [b] patients
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Excluding: Rest of World, Japan & Russia

a) China : Adapted and derived using China incidence/epidemiology papers & CHINET China Bacterial Drug Resistance Surveillance Results (January-December 2022) b) India : Adapted and derived using India incidence studies and ICMR Anti Microbial Resistance Research & Surveillance Network 2022 c) US & Europe: Adapted and derived using epidemiology data and carbapenem resistance to key pathogens

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~1.1 Million cases in India addressable by ZAYNICH[® ] (WCK 5222) for key indications

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Cases not treated Addressable
Carbapenem Carbapenem
Total cases resistance % Resistance cases by newer cases for
treatment Zaynich [TM]
options
~2.2 -3.1 Mn ~1.4 -2.0 Mn ~1,109K
Acinetobacter B. ~0.5-0.7 Mn 94%
~0.5-0.6 Mn 100%
Pseudomonas A. ~0.6-0.8 Mn 51%
~0.56 Mn
~0.3-0.4 Mn 91%
K. Pneumonia ~0.6-1.0 Mn 70%
~0.4-0.7 Mn 10% ~0.34 Mn
~0.06 Mn
E. Coli ~0.4-0.6 Mn 40%
~0.2 Mn 78% ~0.16 Mn
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• Excludes Complicated Urinary Tract Infection patients due to available treatment options – select patients would be available as addressable patient pool for WCK 5222, which would be an upside • Patient population derived on basis of ICMR AMR Report 2022 & other epidemiology data sources.

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ZAYNICH[® ] (WCK 5222) addressable market in India

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Total cases affected by Key Pathogens (E.coli, Klebsiella P., Pseudomonas A., Acinetobacter B)

Carbapenem Resistance cases for key pathogens

Carbapenem resistance cases not treated by newer therapy options and addressable by WCK 5222

~2.2 -3.1 Mn ~1.4 -2.0 Mn

~1.1 Mn

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Addressable market potential (INR Cr.)

~INR 17K Crores

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WCK 5222 addressable market opportunity of ~US$ 7 billion in USA and Europe

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Addresses major Gram-negative infections cUTI, HABP/VABP, BSI, cIAI, indications

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Pathogen coverage includes: Carbapenem resistant Acinetobacter B (CRAB), Carbapenem resistant Enterobacterales (CRE), Carbapenem resistant Pseudomonas A (CRPA) & Carbapenem resistant Stenotrophomonas including MBL producers

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~371K carbapenem resistant cases in US & Europe ~4.3 million hospitalized cases for key gram-negative pathogens

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New class antibiotic WCK 5222 offers addressable market opportunity of ~US$ 7 billion in USA & Europe

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MIQNAF[®] (Nafithromycin) Next generation respiratory tract infection antibiotic

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Wockhardt has ended a wait of > 30 years for a new antibiotic in Macrolide class with approval and launch of Miqnaf® (Nafithromycin)

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MIQNAF[®] (Nafithromycin): Broad spectrum novel lactone ketolide for Community Acquired Bacterial Pneumonia (CABP) & Upper Respiratory tract infections(RTI)

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Increasing resistance and incomplete coverage for current treatment options: − Macrolides (Azithromycin, Erythromycin) resistance in S. Pneumonia of ~65% in India − Lack of atypical pathogen coverage by Amoxicillin/Clavulanic acid Nafithromycin has broad spectrum (covers entire range of gram +ve, gram -ve & atypicals) enabling monotherapy; effective against Azithromycin resistant strains / multi-drug resistance bacteria with 100% coverage based on high lung concentrations Best-in-class Lung concentration (Human lung exposure 8 times higher than Azithromycin) allowing (Human lung exposure 8 times higher than Azithromycin) allowing for Ultra short duration therapy (3 day) with once-a-day dosingUltra short duration therapy (3 day) with once-a-day dosingwith once-a-day dosingonce-a-day dosing dosing Successfully completed phase III study with 96.77 % of cure rate in CABP and other respiratory completed phase III study with 96.77 % of cure rate in CABP and other respiratory with 96.77 % of cure rate in CABP and other respiratory 96.77 % of cure rate in CABP and other respiratory in CABP and other respiratory

Best-in-class Lung concentration (Human lung exposure 8 times higher than Azithromycin) allowing (Human lung exposure 8 times higher than Azithromycin) allowing for Ultra short duration therapy (3 day) with once-a-day dosingUltra short duration therapy (3 day) with once-a-day dosingwith once-a-day dosingonce-a-day dosing dosing Successfully completed phase III study with 96.77 % of cure rate in CABP and other respiratory completed phase III study with 96.77 % of cure rate in CABP and other respiratory with 96.77 % of cure rate in CABP and other respiratory 96.77 % of cure rate in CABP and other respiratory in CABP and other respiratory infections, with safety profile commensurate with community usage India Marketing approval granted and launched QIDP status granted by USFDA indicating significant unmet need Breakthrough Medicinal Product (BMP) designation granted in Saudi Arabia; NDA filed

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MIQNAF[®] (Nafithromycin) outperforms current CABP 1st line treatment options in terms of efficacy, treatment options and safety

					Macrolide	Macrolide	Penicillin	Cephalosporin
				MIQNAF® (Nafithromycin)	Azithromycin	Clarithromycin	Amoxicillin + Clavulanic acid	Cefixime / Cefpodoxime
		Resistance (%) in S. Pneumoniae + H. Influenza		0%	Up to 65%	Up to 65%	11%	Up to 42%
%Mark et size		Indian market size at generic prices (INR Cr.)*		NA	1,078	145	2,272	1,736
		Days of Therapy (Mn) #		NA	526	20	260	419
Anti-bacterial activity		Efficacy for macrolide-, penicillin- & quinolone-resistant_S. pneumoniae_		Yes	No	No	No	No
		Efficacy for atypical RTI1 pathogens		Yes	Yes	Yes	No	No
		Coverage of_MDR H. influenzae_		Yes	No	No	No	No
		Prevalence of resistance		MOA driven low propensity	High	High	High	High
Treatment options		3-day therapy potential		Yes	Yes	No	No	No
		Lung concentration for resistant strains		High	Low	Low	Low	Low
		Pediatric use potential		Yes	Yes	Yes	Yes	Yes
Safety/ adverse events		Hepatic safety		Yes	Yes	Moderate	Yes	Yes
		Drug-drug interaction potential		No	No	Moderate	No	No
		_C. difficile_diarrhoea potential		No	No	No	Yes	Yes
IP		Patent protection		Assured	Expired	Expired	Expired	Expired

*Source: IQVIA

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Derived from IQVIA

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MIQNAF[®] (Nafithromycin): Addressable market in India

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RTI is one of the leading Rx category in India with ~367 Mn Rx • 62 Million Lower Respiratory Tract Infection Rx 01 • 305 Million Upper Respiratory Tract Infection Rx

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02 Antibiotics market size for Respiratory Tract Infection (RTI) in India (at current generic prices) is ~INR 6,500 Cr.

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03 Miqnaf® is targetting 96 Mn* Rx segment of relevant doctor specialities, with addressable market opportunity of ~INR 10,800 Cr.

• does not include potential upside of Rx by GP

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Biotechnology

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Competitive advantage in Diabetes Biosimilars: Integrated capabilities from lab to patient

R&D Capabilities:

• 1 • Yeast, Bacterial & Mammalian expression

• Focused only on Diabetes segment - Insulin, Insulin Analogues

• Product development, process development, analytical development & analytical bio similarity

Commercialization model

India

• Through own field force for promotion to Diabetologists/ Endocrinologists

Emerging Market

Drug Substance (DS) manufacturing

• 2 • DS facility with 4 blocks for different expression Through partners / distributors in >30 countries systems using E. coli, mammalian and yeast Integrated Drug Product (DP) manufacturing capabilities 3 • Flexibility of drug product manufacturing at India facility (2 sites) Devices Patented delivery 4 Vials Cartridges • Patented delivery devices (Disposable & Re-usable) devices (pen)

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Diabetes Biosimilars for Emerging markets - Competitive scenario

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6-7
1 Limited competition
players
2 Registered in emerging markets >30
markets
Drug
3 Manufacturing infrastructure ready substance +
Products
Competitive 4 Integrated end to end capabilities Development
to marketing
scenario
> US$ 1.5
5 Focus on Human Insulin & Glargine
Billion market
Pipeline: Aspart R (filed in India) & ~ US$ 700
6
Aspart Mix Million market
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Significant opportunity opening up in Human Insulin due to changing market dynamics

Change in market dynamics

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Novo Nordisk intends to discontinue its Human disposable insulin pens and cartridges.

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Initiative to increase production of GLP-1 analogues

• Novo Nordisk's phase-out of Human Insulin cartridges and dispopen provides an opportunity worth ~INR 450 Cr. In India

• ~INR 450 •

• Cr. Only 3 key players including Wockhardt to benefit from this opportunity • Novo Nordisk's phase-out of Human Insulin cartridges and dispopen provides an

• Emerging Markets* ~US$ 157 opportunity worth ~US $157 Mn in Emerging markets Mn

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Wockhardt's strong position in Insulin will enable to capitalize this opportunity

*Emerging markets: excluding China & India

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Comprehensive antidiabetic biosimilars pipeline across Human Insulin & Insulin analogs targeting India and Emerging Markets

Commercialized Products 1 Recombinant Human Insulin 2 Glargine 100 IU Product Pipeline Aspart R Aspart 30/70 Lispro R Process development ✓ ✓ ✓ Process Scale Up ✓ ✓ ✓ *** Drug substance validation batches ✓ ✓ ✓ *** Drug product validation batches ✓ ✓ PK/PD study ✓ Planned Planned Analytical similarity ✓

✓ Completed

• To be further scaled up

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Strategic growth levers

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Robust Business performance driven by operational leverage

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Novel Antibiotic Portfolio : Best-in-class portfolio across infection spectrum targeting high value global markets

Zaynich: A Breakthrough innovation

• Life-saving innovation for gram negative infections

• TAM of ~US$ 9 bn in US, Europe and India

Miqnaf: Oral Antibiotic for RTI

• New antibiotic in Macrolide class after > 30 years

• − TAM of ~INR 10,800 Cr. in India

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Diabetes Biosimilars

• Uniquely positioned diabetes portfolio (EM market size of US$ 3 bn) with end-to-end capabilities

• Doubling capacity in next 3 years to tap growing demand that would help business to grow at 20-25%

TAM: Total Addressable Market

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Abbreviations

• ®: Registered

®: Registered E.coli: Escherichia coli NCE: New chemical entity ~: Approximate EU: European Opinion NDA: New Drug Application A.baumannii: Acinetobacter baumannii Gram –ve: Gram negative NIH: National Institute of Health ABSSSI: Acute bacterial skin and skin Gram +ve: Gram positive PhD: Doctor of Philosophy structure infections HABP: Hospital Acquired Bacterial PK: Pharmacokinetics AmpC: Ampicillin-resistance gene group C Pneumonia PK/PD – AMR: Anti Microbial Resistance ICMR: Indian Council of Medical Research Pharmacokinetics/Pharmacodynamics ꞵ-lactam: Beta Lactam ICU: Intensive care unit QIDP: Qualified Infectious Disease Product Bn: Billion IND: Investigational New Drug R&D: Research and Development BSI: Blood Stream infection INR: Indian rupee RTI: Respiratory Tract Infection CABP: Community-acquired bacterial IU – International Unit S. maltophilia : Stenotrophomonas pneumonia IV: Intravenous maltophilia CAZ/AVI: Ceftazidime-avibactam K Pneumoniae :Klebsiella pneumoniae TID: Thrice a day CDSCO: Central Drugs Standard Control KPC: Klebsiella pneumoniae UK: United Kingdom Organization carbapenemase US: United States cIAI: Complicated Intra-abdominal Infections MBL: Metallo-beta-lactamase US-FDA: United Stated Food and Drug CLSI: Clinical & Laboratory Standards MDR: Multidrug resistance Administration Institute, USA MDR/XDR: Multi Drug Resistant/ Extremely VABP: Ventilator Acquired Bacterial Cr.: Crore drug resistant Pneumonia CRAB: Carbapenem-Resistant Acinetobacter Mn – Million WHO: World Health Organization baumannii MOA: Mechanism of Action Y-o-Y: Year-over-year cUTI : Complicated urinary tract infections MOH – Ministry of Health EBITDA : Earnings before interest, taxes, MRSA: Methicillin-resistant Staphylococcus depreciation, and amortization aureus

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Thank you

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