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Investor Presentation Q2 FY27 November 04, 2026
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2 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, geopolitical and market conditions, 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, regulatory environment and patents obtained by other pharmaceutical companies. Challenges inherent in new product development include but are not limited to 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 international 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 the presentation. Lupin Limited, its directors, officers, employees and affiliates expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
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Q2 FY27 Performance
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4 Q2 FY27 - Key Growth Metrics Steady Operating Performance Key Metrics Business Performance PAT 1. EBITDA margin excludes Forex and Other Income on Net Sales as base; Arrows indicate Growth / degrowth 2. Net income is after adjusting NCI stake from PAT 19,574 mn EBITDA1 11,553 mn Net Income2 77,855 mn Sales 14% YoY 22% YoY 8 % YoY Margin 14.8% 25.1% Values in INR unless indicated otherwise India 23,836 mn | 15% YoY LATAM 2,427 mn | 30% YoY ROW 2,624 mn | 4% YoY Margin EMEA 9,913 mn | 40% YoY APAC 4,273 mn | 43% YoY North America 31,696 mn | 10% YoY API 3,086 mn | 20% YoY
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5 • Mandideep Unit I : Approval received from ANVISA2 (Brazil) • Tarapur : WHO3 approval received 68,314 71,005 73,919 82,172 77,855 31.3% 31.1% 29.4% 30.0% 25.1% 12.0% 17.0% 22.0% 27.0% 32.0% 37.0% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Sales* EBITDA margin** Compliance Q2 FY27 - Key Developments Steady Revenue Growth with Healthy EBITDA Margins • Ankleshwar & Somerset: EIR received with VAI status • Pithampur Unit II (OAI): response submitted; remediation in progress Business Development *excludes Other Operating Income ** EBITDA margins exclude Fx and Other Income on Net Sales as base Key Launches / Approvals • Entered a strategic partnership with Tenpoint Therapeutics to commercialize YUVEZZI across the EU, UK, Switzerland, Norway & Iceland • Received MAA1 for Ranibizumab in the UK & Australia • Launched Formoflo-G® MDI, the world's first fixed-dose triple combination inhaler for COPD management, in India • Strategic spin-out of two oncology programs to Kaveri Therapeutics • Initiated supply of developmental batches related to a tech transfer deal in the CDMO business Financials Sales* and EBITDA margin Trajectory U.S. FDA Note: 1. MAA - Marketing Authorization Application 2. ANVISA - Agência Nacional de Vigilância Sanitária 3. WHO – World Health Organization Others Tentative Approval from U.S. FDA Launched in the US Apixaban Oral Suspension 505(b)(2) Sugammadex Injection
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6 Q2 FY27: Financial Snapshot 1. United States sales includes IP income 2. Other Developed Markets comprises of Canada, Australia, Europe & Others; Emerging Markets comprises of LATAM, South Africa, Philippines & RoW 3. EBITDA excludes Fx and Other income 4. Net income is after adjusting NCI stake from PAT Key Financials INR mnSales Mix India, 23,836 31% United States, 30,2021 39% Emerging Markets2, 8,908 11%Other Developed Markets3, 11,823 15% API, 3,086 4% Revenue (In INR mn and %) 14,779 21,376 68,314 82,172 24,635 14,15011,553 19,574 77,855 Q2 FY27 Sales EBITDA3 Net Income4 Q2 FY26 Q1 FY27
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7 India: Focus on outperforming market growth • Lupisert ranked # 3 in new launch in CNS6 • Launched 12 products in H1FY27 • Plan to launch 20+ products in FY27 Brief OverviewBrief Overview India business grew 14.7%1 YoY • India Rx business grew by 14.4%4 in H1 vs IPM growth of ~14.33% (13.8% in Q2FY27) • Key segments – Anti-Diabetes (1.5x), Derma (1.5x) & Cardio (1.1x) grew faster than market during H14,3 • Anti-diabetes segment grew 28.6%4 vs IPM growth of 18.8%3 in H1 • In-licensed % of India Rx sales4: ~6% in H1, in line with FY26 Leveraging Chronic Leadership Rank Cardiac2 #3 • Chronic growth 19.5% in H1 (vs IPM growth of 17.2%3 ) • Chronic share ~66% in H1 vs ~65% in FY26 • Volume growth of 6.1% in H1 • Total sales force ~11,400 (includes MRs ~8,800)5 Rank Respiratory2 #2 Rank Diabetes Care2 #3 Double digit growth with outperformance in leading Therapies India Sales (INR mn) 1. India business comprises of Rx + OTC+ Diagnostics +Others Sales data | 2 IQVIA MAT Sept’26 | 3. IQVIA H1’26 | 4. MIS data | 5. Total Sales Force represents India Formulations field force and related MR’s | 6. IQVIA New Introductions 12 months 20,777 20,387 19,082 23,796 23,836 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Healthy launches across therapies in FY27 4 in Respiratory 3 in GI 1 in Neuro 1 in Gynae 1 in Cardio 1 in Ortho 1 in Anti-Infectives
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8 India: Focus on outperforming market growth • Beyond the pill approach with digital offering for cardiac patients (~15,000 patients onboarded during quarter) & Neuro-rehab • 32% YoY growth with 7+ lakh patients served during quarter • Building capacity of HCPs and empowering patients by improving awareness & adherence through PSPs1 • CHC Portfolio catering to GI, VMS, Cough/cold therapies • Business grew ~57% YoY with highest quarterly sales in last six quarters 1 PSPs – Patient Support Program IRF poised to outperform IPM by 1.2-1.3x with key drivers in place Enabling end to end healthcare ecosystem & access for the patient Business VerticalsEmpowering community Lupin Life Sciences Ltd Enhancing penetration and reach • Maximizing Chronic focus with ~70% share by FY31 • Dedicated division for Semaglutide across Diabetology/Endocrinology & Gastroenterology/Gynecology • Build emerging therapies • Target Alliances/M&A/inorganic activities – mid size companies, brands & portfolios Innovative Product Pipeline • In-house pipeline of innovative assets & biosimilars • In-license new products via partnerships including GLP-1s Expanding footprint • Partnering in e-commerce, organized retail & institutional business • Expansion of Extra-Urban division (Uday) • Strategic expansion planned in hospital channel • Enhance market reach of generics business by collaborations with retailers and channel partners
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9 US: Continued Evolution towards Complex Platforms 314 350 371 366 317 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Brief Overview Brief Overview • Quarter affected by increased competition and LOE on key products, partially offset by seasonal demand and volume growth in select products • Received Tentative Approval for Novel Apixaban Oral Suspension via 505(b)(2) pathway • Plan to launch ~15 products including 1 505(b)(2), 1 Biosimilar & 3 Injectables in FY27 1% YoY (13%) QoQ Maintaining leadership Top 3 in 113 products2 Leadership: ~5.0% Gx TRx volume share in U.S1 Continued investments in complex Gx & 505(b)(2)sSales trajectory3 • Plans to file 15+ ANDAs in FY27 • 48 FTFs incl. 21 exclusive FTFs • Strong pipeline of 45+ Injectables and 30+ inhalation • Target of 100+ NPLs; ~70%+ share of NPL4 Revenue from Complex Products by FY32 • Plan to launch at least 6 biosimilars by FY32 • Building on Specialty aspiration • Xopenex, NaMuscla • M&A & Partnerships to grow portfolio Gx market share2 Continued cost optimization initiatives to improve profitability #3 in the US1 #1 in 61 products2 ~36% Tiotropium ~15% Albuterol Gx market share2 ~16% Mirabegron Market Share of Key Products Gx market share2 Sales in US$ Mn 1. IQVIA Qtr TRx Sept-26 by prescriptions | 2.. IQVIA Qtr Sept-26 extended units | 3. United States sales includes IP income | 4. NPL – New Product Launches b/w FY27-FY32 Key Highlights
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10 Innovation and Quality Achieve Best-in-Class Quality • Regulatory Compliance: Continue to strengthen inspection readiness to ensure satisfactory compliance across all manufacturing sites • Participate in the US FDA's Quality Maturity Management Program • Transform Quality into a future-ready & digitally enabled function Our Quality Goals Successful outcomes in last 12 months • Successful FDA inspections with EIR received for Nagpur Unit-II (Injectable – VAI), Nagpur Unit-I (NAI), Goa (VAI), Pithampur Unit-III (VAI), Aurangabad (VAI), Somerset (VAI), Pune Biotech (BLA received) & Ankleshwar (VAI) Remediation sites : • Tarapur, Mandideep Unit-1 & Pithampur Unit-II Recent Track Record Complex Generics: Launches in Regulated Markets by 2028 • 20 complex product launches in the areas of inhalation, injectables, Ophthalmics Biosimilar and Novel Complex Products: By 2029 • Complete 6 biosimilar filings in regulated markets • Launch 10 novel complex pipeline products in India Long term Goals • Inhalation: Global presence with end-to-end capabilities of MDIs, DPIs, Soft-Mist Inhalers, Nasal Sprays and Nebules • Injectables: Robust pipeline of peptide, iron colloid, depot, liposomal and 505(b)(2) injectable products in development • Biosimilars: A fully vertically-integrated commercial-stage company with regulated market approvals and launches Substantial Capabilities to become CGx powerhouse R&D pivoting towards complex generics and biosimilars
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11 5,222 5,352 5,081 6,077 6,181 7.6% 7.5% 6.9% 7.4% 7.9% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% (500) 500 1,500 2,500 3,500 4,500 5,500 6,500 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 R&D (INR Mn) R&D (% of Sales) (0.08) (0.14) (0.21) (0.12) (0.14) (0.65) (0.15) 0.35 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 3,474 2,007 3,052 2,786 2,230 5.1% 2.8% 4.1% 3.4% 2.9% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Capex (INR Mn) Capex % of Sales Key Financial Metrics: Quarterly Trend R&D1 (INR mn) Capex1 (INR mn) Net Debt to Equity 1. R&D as % of Sales & Capex as % of Sales is calculated basis Net Sales excluding Other Operating income
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12 Particulars Q2’FY27 % of Sales Q2’FY26 % of Sales YoY Growth Q1’FY27 % of Sales QoQ Growth Net Sales 77,855 100.0% 68,314 100.0% 14.0% 82,172 100.0% -5.3% Other operating income 418 0.5% 2,161 3.2% -80.7% 597 0.7% -30.0% Total revenue 78,273 100.5% 70,475 103.2% 11.1% 82,769 100.7% -5.4% Gross Profit (excl. other operating income) 57,774 74.2% 50,066 73.3% 15.4% 61,280 74.6% -5.7% EBITDA1 19,574 25.1% 21,376 31.3% -8.4% 24,635 30.0% -20.5% Net Income2 11,553 14.8% 14,779 21.6% -21.8% 14,150 17.2% -18.4% P&L Highlights Q2 FY27 1. EBITDA excludes Fx and Other income. EBITDA margins is calculated as EBITDA on Net Sales as base 2. Net income is after adjusting NCI stake from PAT
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13 Particulars H1’FY27 % of Sales H1’FY26 % of Sales YoY Growth Net Sales 160,028 100.0% 129,952 100.0% 23.1% Other operating income 1,014 0.6% 3,207 2.5% -68.4% Total revenue 161,042 100.6% 133,159 102.5% 20.9% Gross Profit (excl. other operating income) 119,054 74.4% 93,985 72.3% 26.7% EBITDA1 44,209 27.6% 37,790 29.1% 17.0% Net Income2 25,703 16.1% 26,969 20.8% -4.7% P&L Highlights H1 FY27 1. EBITDA excludes Fx and Other income. EBITDA margins is calculated as EBITDA on Net Sales as base 2. Net income is after adjusting NCI stake from PAT
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Lupin at a Glance
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15 Lupin Today Global Presence Largest Generic Company (by sales1) Annual sales in FY266 Reaching lives in 100+ countries 14th $3.2 Bn 27,000+ Lupinytts 3rd Largest In the US (by prescriptions2) 5th Largest Australia Gx (by sales4) Largest South Africa Gx (by sales5) Strong R&D Focus 924 Active Patents Applications7 Local Leadership India 81,140 30% United States 116,783 42% API 9,685 4% Emerging Markets8 34,828 13% Other Developed Markets8 32,439 11% Geographically Diverse Growing Sustainability EBITDA in FY266 $922 Mn 430 ANDAs and NDAs filed with U.S. FDA7 94 US DMF Filings7 91/100 Global No 1. in ESG rating in the pharma sector in INR Mn As of FY26 Values 8th India Pharma Market Rank (by sales3) 1 - Global Gx ranking based on MAT June-26 sales | 2 - IQVIA Qtr. TRx Sept-26 | 3 – IQVIA MAT September -26 | 4 - IQVIA MAT June -26 | 5 - IQVIA August -26 sales | 6. Exchange rate $ to INR – 88.47 | 7. Data as of 31 March 2026 | 8. Other Developed Markets comprises of Canada, Australia, Europe and others; Emerging Markets comprises of LATAM, South Africa, Philippines & RoW 8th 48% share of renewable energy 5 years of water positivity in a row
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16 Catalyzing Treatments that transform hope into healing API Substantial scale achieving reliability of supply, cost position to serve internal as well as external customers and contribute meaningfully to Global Public Health Other Emerging Markets Global reach and scale positions us as a partner of choice in South Africa, Brazil, Mexico, Philippines and Southeast Asia. Leading Partner for Global Institutions on TB care United States Evolving portfolio and pipeline in Complex platforms (Inhalation, Biosimilars and Injectables) and Specialty, with utmost attention to patient access and customer service Scaled product platforms in oral & ophthalmic Other Developed Markets Driving operating leverage in Portfolio, Capex and R&D across Platforms through markets with similar regulatory regimes (US, UK, Europe, Canada and Australia) India Delivering above-market growth. Innovative brands through organic and in-organic means (licensing, partnering, and acquisitions) Strategic adjacencies Best in Class Global Quality Continuous Improvement Culture
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17 Sustainability Goal Status FY 2026 Key Highlights for Q2 FY27 Lupin’s Sustainability Update Paving a sustainable future for Planet, People and Patients Climate Change1 Water Biodiversity Assessment Diversity Employee Volunteering Supplier Assessment2 Education & Awareness 42% GHG Reduction by 2030 ~41% GHG Reduction 50% Recycling by 2030 ~45% Recycling 100% Global Sites by 2030 66% Sites Completed 15% Women in Top Management by 2030 ~12% Women 50,000 hours by 2030 35,400+ hours 100% Suppliers by 3- year cycle 17% Ongoing Engagement with Suppliers 3 Million Patients 50K doctors by 2030 980,000 Patients 73,500 doctors 3 million beneficiaries under Lives & Livelihood program 2.5+ million beneficiaries impacted Social Impact 1. Scope 1 and Scope 2 GHG Emission Reduction from FY23 2. Coverage 100% Tier 1 Direct Material Suppliers Refer Lupin website for the full list of Sustainability goals. Achieved Zero Waste to Landfill external certification for manufacturing sites (Platinum Rating for 7 sites and Gold Rating for 1 site) Strengthened responsible sourcing through ESG assessments covering 130+ suppliers and seven capability building programs conducted Advancing Diversity Equity & Inclusion through We-Sync for PwD inclusion and iMPACT 3.0 for women’s mentoring and leadership development Enhanced community healthcare outreach by screening 105,853 individuals for non- communicable diseases (NCDs) and organized 756 health camps
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18 Climate Change Water Waste Biodiversity 2020 ESG Ratings Update Sustainability Ratings Our Sustainability Efforts are aligned to Global Frameworks, Certifications & Standards 91/100 in 2025 S&P Global ESG Rating. (17/100 in 2021) No. 1 in Pharma Sector Globally 3rd Consecutive year in S&P Global Yearbook 22.11 Medium Risk in 2026. decreasing ESG Risk rating (42.69 Severe Risk in 2019) ‘A’ leadership rating in Climate & Water in 2025 (F in 2021) Upgraded ‘BBB’ ESG rating in 2025 (BB in 2024) 71/100 ESG rating score for FY2025 Catalyzing Planet Action Planet Transforming Our People Diversity and Inclusion People Employee Volunteering Employee Well-Being and Safety Supplier Sustainability Healing Patients Product Launches and Quality Patients Patient Assistance Program Education and Awareness Diagnosis and Rehabilitation We catalyze treatments that transform hope into healing Paving a sustainable future for Planet, People, and Patients Our ESG Framework Our Purpose Lupin ESG Framework and ESG Ratings Crisil ESG 69 and Crisil Core ESG 65 for 2026
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19 Lupin – Awards and Accolades ❖ Lupin Secured Global No. 1 Ranking in the Pharma Sector in S&P Global ESG Ratings and Secured No. 1 in India across all sectors ❖ Lupin Wins the Sustainable Pharmaceutical Excellence Award at the ASSOCHAM 2nd Pharma Summit and Awards 2026 ❖ Lupin makes its debut in the Dow Jones Best-in-Class (DJBIC) Indices for 2026, with inclusion in both the World Index and the Emerging Markets Index ❖ Lupin is World #1 in Sustainable Pharma with an S&P Global ESG Score of 91 and has been included in the S&P Global Sustainability Yearbook 2026 ❖ Lupin Secures SBTi Validation for Emission Reduction Targets ❖ Lupin Research Park facility (Pune) awarded the LEED Platinum certification – the first pharmaceutical company in India ❖ Lupin won the “Sustainable Organization of the Year” Award at the 2nd edition of Net Zero Summit & Awards ❖ Mandideep facility honored with the Medal of Honor for environmental protection by the Hon’ble Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, at the Annual Environment Awards ❖ Lupin has been recognized on TIME and Statista’s World’s Most Sustainable Companies 2026 list ❖ Lupin has been recognized under the Zero Waste to Landfill (ZWTL) Certification Program, with seven sites achieving Platinum ratings and one site earning a Gold rating ESG & Sustainability Leadership ❖ Lupin has been honored with the prestigious Excellence in Technology 2026 Award at the Manufacturing Today 14th Annual Conference & Awards ❖ Lupin’s Supply Chain Operations won the Kinaxis 2026 Impact Award in Las Vegas for reducing waste and emissions, boosting employee wellbeing through automation, and strengthening patient access through more resilient, predictive supply chain decisions. ❖ Lupin has been Recognized as one of India's Best Employers Among Nation-Builders 2026 by Great Place To Work® ❖ Tarapur and Jammu Team Received Gold Medals at the National Awards for Manufacturing Competitiveness 2025- 2026 ❖ All 12 manufacturing sites, R&D Center and Corporate office in India, certified for ISO 14001 and ISO 45001 ❖ Pithampur team won seven prestigious awards in the Platinum, Gold, and Silver categories at the CII National Level 5S competition ❖ Lupin Tarapur won the Excellence in Digitization & Automation Award at the Future of Manufacturing Summit & Awards 2025 ❖ Ankleshwar and CSN facilities won Gold Medals at 11th National Awards for Manufacturing Competitiveness (NAMC) 2024-25 Operational & Organizational Excellence ❖ Lupin Diagnostics has been honored with the Pathology Lab of the Year (National) Award at the ET Healthcare Awards 2026 ❖ Lupin enters the Asia Book of Records for maximum camps conducted on bone mineral density as part of its patient-centric initiative ❖ Humrahi, Lupin’s flagship patient support program, has been recognized at the 5th CII WR Health Innovation Awards 2026 with the Best Community/Patient Education Initiative Award ❖ LupinLife, Lupin’s consumer healthcare arm, won the Best Impact Creator in Healthcare category at the Big Impact Awards 2025 organized by Big FM 92.7 ❖ Team Lupin Respiratory earned recognition from the Asia Book of Records for engaging 8,500+ doctors nationwide in a first-of-its-kind asthma awareness initiative on World Asthma Day 2026. ❖ Lupin Digital Health wins the Excellence in Chronic Disease Management Programs Award at the BW Healthcare Awards 2026 Patient-Centric Healthcare Excellence
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THANK YOU! Lupin.com MadeInIndia.com REGISTERED OFFICE 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. India. Tel: + 91 22 6640 2323 Phone: +91 22664 02323 Fax: +91 22664 02323 lupin.com lupin.com x.com/LupinGlobal x.com/LupinGlobal linkedin.com/company/lupin/ linkedin.com/company/lupin/ facebook.com/LupinWorld/ facebook.com/LupinWorld/ youtube.com/c/LupinGlobal youtube.com/c/LupinGlobal