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Q2 FY27 Investor Presentation
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Disclaimer 2 The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information contained herein. This presentation may include certain “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. Important factors that could cause actual results to differ materially from our expectations include, amongst others, general economic and business conditions in India and abroad, ability to successfully implement our strategy, our research & development efforts, our growth & expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its Directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Alivus Life Sciences Ltd.
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3 Financial Performance Review 3
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4 Dr. Yasir Rawjee Managing Director & Chief Executive Officer “Q2FY27 was another strong quarter for us, with revenue growing 16.0% YoY, supported by healthy demand across all key markets and robust contributions from recent launches. Non- GPL business momentum was maintained, while CDMO business saw a meaningful pick-up during the quarter. The improving business mix and greater operating efficiencies also translated into better underlying profitability. Looking ahead, our ongoing capacity expansion and healthy development pipeline give us confidence in sustaining this momentum and delivering consistent growth.” REVENUE (IN ₹ MILLION) 6,820 EBITDA (IN ₹ MILLION) 2,851 PAT (IN ₹ MILLION) 1,968 • Revenue from non-GPL business grew by 20.8% YoY. The strong growth momentum was seen across Europe, Japan, North America, LATAM and ROW markets, reflecting robust global demand. Non-GPL business now contributes 79% of our overall revenues. • Gross Margin at 64.4%, was up 420 bps QoQ and 670 bps YoY, on the back of a favourable product mix. • EBITDA Margin at 41.8%, was up 520 bps QoQ & 880 bps YoY, due to a combination of better operational efficiencies & product mix. • PAT Margin at 28.9%, was up 390 bps QoQ & 680 bps YoY. • The company generated strong free cash flow of ₹2,702 Mn, leading to Cash and Cash Equivalents (including short term investments) of ₹10,116 Mn as of 30th September 2026. Q2 FY27 | Highlights GPL: Glenmark Pharmaceuticals Ltd. 21.8% QoQ 47.0% YoY 6.5% QoQ 16.0% YoY 22.9% QoQ 51.3% YoY
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Q2 & H1 FY27 Performance Revenue (In ₹ Million) EBITDA (In ₹ Million) PAT (In ₹ Million) EPS (In ₹) 5 5,880 6,729 6,891 6,404 6,820 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1,939 2,452 2,373 2,341 2,85133.0% 36.4% 34.4% 36.6% 41.8% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1,301 1,503 1,627 1,601 1,968 22.1% 22.3% 23.6% 25.0% 28.9% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 10.60 12.25 13.23 13.04 16.02 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 3,752 5,192 31.5% 39.3% H1FY26 H1FY27 11,898 13,224 H1FY26 H1FY27 20.51 29.06 H1FY26 H1FY27 2,516 3,56921.1% 27.0% H1FY26 H1FY27
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P&L Highlights | Q2 & H1 FY27 6 Particulars (In ₹ Million) Q2FY27 Q1FY27 QoQ Q2FY26 YoY H1FY27 H1FY26 YoY FY26 Revenue from Operations 6,820 6,404 6.5% 5,880 16.0% 13,224 11,898 11.1% 25,518 Gross Profit 4,391 3,854 13.9% 3,391 29.5% 8,245 6,706 22.9% 14,853 Gross Profit (%) 64.4% 60.2% +420 bps 57.7% +670 bps 62.3% 56.4% +590 bps 58.2% Other Income 199 224 -11.2% 147 35.4% 423 237 78.5% 604 Employee Benefits Expense 696 683 1.9% 664 4.8% 1,379 1,280 7.7% 2,725 Other Expenses 1,043 1,054 -1.0% 935 11.6% 2,097 1,911 9.7% 4,155 EBITDA 2,851 2,341 21.8% 1,939 47.0% 5,192 3,752 38.4% 8,577 EBITDA Margin (%) 41.8% 36.6% +520 bps 33.0% +880 bps 39.3% 31.5% +780 bps 33.6% Depreciation and Amortisation 218 206 5.8% 184 18.5% 424 355 19.4% 753 Finance Costs 13 13 - 13 - 26 25 4.0% 53 PBT (before exceptional items) 2,620 2,122 23.5% 1,742 50.4% 4,742 3,372 40.6% 7,771 Exceptional items* - - - - - - - - 257 PBT (after exceptional items) 2,620 2,122 23.5% 1,742 50.4% 4,742 3,372 40.6% 7,514 PBT Margin (%) 38.4% 33.1% +530 bps 29.6% +880 bps 35.9% 28.3% +760 bps 29.4% PAT 1,968 1,601 22.9% 1,301 51.3% 3,569 2,516 41.9% 5,645 Net Margin (%) 28.9% 25.0% +390 bps 22.1% +680 bps 27.0% 21.1% +590 bps 22.1% *Impact of new Labour Code
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Healthy Return Indicators ROICE (%) Fixed Assets Turnover (Times) • ROICE expanded to ~34% – underscoring strong asset productivity and disciplined capital allocation. • FATR is 2.1 times – Asset turns remained above 2x despite the impact of the ongoing capex cycle. • Strong Balance Sheet – Strong free cash generation of ₹ 2,702 Mn leading to Cash and Cash Equivalents (including short term investments) of ₹ 10,116 Mn as of September 30, 2026. 7 2.9 2.7 2.5 2.2 2.1 FY23 FY24 FY25 FY26 H1FY27 34% 32% 27% 30% 34% FY23 FY24 FY25 FY26 H1FY27
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8 Business Performance Review 8
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Segmental Performance | Generic API vs CDMO Generic API (Revenue In ₹ Million) CDMO (Revenue In ₹ Million) • Generic API revenues in Q2FY27 saw a strong growth of 11.0% YoY. • Stable growth momentum continued across key markets, including Europe, North America, Japan, LATAM, and ROW, driven by new product launches and healthy demand in the existing portfolio. 8% • CDMO business saw a growth of 32.3% on QoQ and 79.9% YoY in Q2FY27, on account of strong traction in existing CDMO projects, supported by recent launches. • Several projects are in advanced stage of discussions. 9 92% 5,464 6,070 6,343 5,921 6,063 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 278 556 453 378 500 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27
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Segmental Performance | GPL vs Non-GPL • GPL business reported marginal growth of 1% YoY on account of inventory rationalization. • In Q2FY27, GPL business contributed 21% of the total revenue from operations. 21% 79% • The non-GPL business maintained a strong growth trajectory, recording 20.8% YoY growth. • This performance was driven by healthy demand across markets and new product launches. GPL (In ₹ Million) Non -GPL (In ₹ Million) % of Total Revenue 10 % of Total Revenue 1,437 2,018 2,439 723 1,451 24.4% 30.0% 35.4% 11.3% 21.3% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 4,443 4,711 4,452 5,681 5,369 75.6% 70.0% 64.6% 88.7% 78.7% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27
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Market and Therapeutic Area Mix Market Mix Therapeutic Mix • Regulated markets contributed 85% of Q2FY27 revenues, driven by broad-based growth across regions, along with favorable product mix. 11 • Chronic therapies remained a key growth driver, accounting for 67% of Q2FY27 revenues. 81% 83% 85% 83% 85% 19% 17% 15% 17% 15% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Emerging Markets Regulated Markets 69% 66% 65% 74% 67% 31% 34% 35% 26% 33% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Acute Chronic
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12 Company Overview 12
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Global Footprint 30+ 188 70+ 123 370+ 164 170+ 10+ 23 10+ 27 50+ 105 (Brazil) ROW • Filed 630 DMFs and CEPs across major markets; United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia Regulated Markets Emerging Markets India - Mix of Regulated and Emerging Number of DMF/CEP Filings Number of Customers Serviced in FY26 As of September 30, 2026 630 DMFs and CEPs 13
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R&D Capabilities Cumulative Filing Status Therapy North America Europe Japan Brazil Australia ROW Total CVS 40 42 4 28 12 41 167 CNS 45 28 8 23 4 23 131 Anti-Infective 21 11 3 3 3 15 56 Diabetes 10 5 - 9 2 19 45 Dermatology 10 6 1 14 1 11 43 Urology 12 8 2 6 1 11 40 Allergy 9 7 1 7 1 8 33 Others 41 16 4 15 3 36 115 Total 188 123 23 105 27 164 630 • DMF/CEP filings continue across major markets in Q2FY27, taking the total cumulative filings to 630 as on 30th September 2026. • Total of 15 patents were filed in FY26 and 4 were granted. In H1FY27, further 10 patents were filed, with 3 patents granted. The Company's cumulative patent grants stood at 88 as on 30th September 2026. • Added 2 synthetic small molecules to the development grid during the quarter. • The HP API portfolio continues to progress steadily, with 30 products in the active development grid with a TAM of ~$86 bn (Source: IQVIA, MAT Jun'26). Of these, 14 products have been validated, seven are in advanced stages of development, and the remaining nine are progressing through lab development. • The iron complexes portfolio continues to advance across key development milestones. Regulatory filing has been completed for one iron compound, with two products validated and another progressing through advanced development. Collectively, these assets have a TAM of ~$2.9 bn (Source: IQVIA, MAT Jun'26). R&D Spend (In ₹ Million) % of Total Revenue 652 753 805 925 510 3.0% 3.3% 3.4% 3.6% 3.9% FY23 FY24 FY25 FY26 H1FY27 14
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Quality Focused Manufacturing and R&D Infrastructure Manufacturing Infrastructure R&D Infrastructure* Location Annual Installed Capacity Last USFDA Inspection Date Approvals Ankleshwar, Gujarat 950.2 KL Jan 2025 USFDA, MHRA (UK), FIMEA (Finland), Romania (Europe) PMDA (Japan), COFEPRIS (Mexico), Health Canada, KFDA (South Korea), Gujarat FDCA, ANVISA (Brazil) Dahej, Gujarat 399.9 KL May 2025 USFDA, EDQM (Europe), PMDA (Japan), KFDA (South Korea), ANVISA (Brazil) Mohol, Maharashtra 49.1 KL March 2018 USFDA, Maharashtra FDA Kurkumbh, Maharashtra 24.6 KL -NA- Maharashtra FDA Mahape, Navi Mumbai ▪ R&D for new product development and complex molecules ▪ High-end analytical equipment for characterization Ankleshwar, Gujarat ▪ Cost improvement programs and process improvements Dahej, Gujarat ▪ Oncology R&D ▪ Cost improvement programs and process improvements *Construction of our new R&D facility in Taloja (Navi Mumbai) is progressing steadily. The state-of-the-art centre will enhance our research capabilities in flow chemistry, complex products, particle engineering, oncology research, and green chemistry, further strengthening our pipeline across key therapeutic areas. 15
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16 Strategy Going Forward 16
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Strategy Growth Levers 1 Gx API Business 2New Growth levers ✓ CDMO Ramp up ✓ Expand into complex API platforms ✓ Iron compounds ✓ Oncology & HP API 3 Capacity Greenfield expansion at Solapur facility ✓ To drive backward integration, automation and continuous manufacturing. Brownfield expansion in Ankleshwar and Dahej for ✓ New launches in next three years ✓ Expansion of CDMO footprint Own R&D set up for ✓ Enhanced API R&D in flow chemistry and particle engineering. ✓ Platform build for API++ technologies ✓ CDMO business growth 4Operational efficiencies ✓ Debottlenecking ✓ 2nd/3rd generation process adoption ✓ Backward integration ✓ Reduce carbon footprint ✓ Adoption of flow chemistry in manufacturing ✓ Pursue AVD opportunities ✓ New product launches ✓ Geographical expansion ✓ Focus on new markets becoming more regulated ✓ Pursue 2nd source opportunities with top generic players 17
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Future Capacity Expansion Expansion Type Division Location Status & Planned Capacity Operational Timelines Brownfield API / Intermediate Ankleshwar Planned addition of ~100KL Capacity Q4 FY27 Brownfield API Dahej Planned addition of ~160KL Capacity Q3 FY27 Greenfield API / Intermediate Solapur Phase 1 - ~340 KL (Intermediate block and Backward Integration) Phase 2 - ~125 KL (API / Pharma block) Phase 3 - Planned addition of ~535 KL Q3 FY27 Q4 FY27 FY29 ✓ Construction work of 465 KL capacity (Phase 1 and 2) is in process at Solapur Plant ✓ Any future capacity expansion in Solapur will be calibrated basis the volume demand ✓ The construction of new R&D facility at Taloja (Navi Mumbai) is advancing as planned Capacity Progress by Year 1,198 1,424 1,424 2,150 2,690 FY24 FY25 FY26 FY27E FY29E Total Reactor Capacity Expansion Plan (KL) 18
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Thank You REGISTERED OFFICE: Plot No. 170-172, Chandramouli Industrial Estate, Mohol Bazarpeth, Solapur - 413 213, India. CORPORATE OFFICE: Technopolis Knowledge Park, A Wing, 401-407, 4th Floor, Mahakali Caves Road, Andheri (E), Mumbai, 400 093. T: 91 22 68297979 CIN: L74900PN2011PLC139963 Website: www.alivus.com ERNST & YOUNG LLP – INVESTOR RELATIONS DIWAKAR PINGLE Email: diwakar.pingle@in.ey.com FOR FURTHER INFORMATION CONTACT Email: complianceofficer@alivus.com SNEHA SALIAN Email: sneha2.salian@in.ey.com