Slides
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Investor Presentation – September 2026
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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Concord Biotech Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness Safe Harbor
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C O N C O R D B I O T E C H L I M I T E D I n v e s t o r P r e s e n t a t i o n Q2 & H1 FY27 October 2026
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Q2FY27 Key Highlights 1 Broad based Growth • Witnessed broad based growth across All Product Categories & across Geographies 2 Wallet Share Growth & Customer Acquisition • Increase in wallet share among existing customers along with Addition of New Products in existing customers • Increase in customer base with advanced discussions with large customers 3 Robust Product Pipeline • Robust product pipeline across product categories • Target to launch 2-3 products every year 4 Bonus Shares • Issuance of bonus shares in the ratio of 1:1 5 Expansion into Dermatology with the Launch of Inspira • Launched new dermatology division, Inspira, expanding presence into dermatology with a portfolio of science-led skin solutions 6 Strengthening of Global Approvals • Completed USFDA inspection at the Unit II formulation facility in Valthera, Ahmedabad, with one minor procedural observation unrelated to GMP 7 ANDA Approvals • Received approvals for Tofacitinib and MMF OS Margin Impact • Margins were lower on account of higher input costs & change in product mix 8
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Q2 & H1FY27 Consolidated Financial Highlights Revenue (Rs. in Crs) EBITDA (Rs. in Crs) PAT (Rs. in Crs) Gross Profit Margin (%) EBIDTA Margin (%) PAT Margin (%) 247.1 309.1 451.1 566.6 Q2FY26 Q2FY27 H1FY26 H1FY27 +25% +26% 88.5 104.4 149.9 186.8 Q2FY26 Q2FY27 H1FY26 H1FY27 +18% +25% 63.1 69.6 107.1 127.3 Q2FY26 Q2FY27 H1FY26 H1FY27 +10% +19% Q2FY26 Q2FY27 H1FY26 H1FY27 80.2% 76.2% 79.1% 77.4% -400 bps -170 bps Q2FY26 Q2FY27 H1FY26 H1FY27 35.8% 33.8% 33.2% 33.0% -200 bps -20 bps Q2FY26 Q2FY27 H1FY26 H1FY27 25.5% 22.5% 23.7% 22.5% -300 bps -120 bps EBIDTA margins (excluding impact of Injectable Facility & Expenses related to Stellon Biotech) stood at 37.1% for Q2FY27 & 37.8% for H1FY27
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191.8 250.2 345.6 469.1 Q2FY26 Q2FY27 H1FY26 H1FY27 +30% +36% 55.3 58.9 105.5 97.5 Q2FY26 Q2FY27 H1FY26 H1FY27 +6% -8% 247.1 309.1 451.1 566.6 Q2FY26 Q2FY27 H1FY26 H1FY27 +25% +26% API Revenue (Rs. in Crs) Formulation Revenue (Rs. in Crs) Total Revenue (Rs. in Crs) 78% 22% API Formulation Q2FY26 81% 19% Q2FY27 API : Formulation (Q2FY27) 77% 23% API Formulation H1FY26 83% 17% H1FY27 API : Formulation (H1FY27) Q2 & H1FY27 Segment Wise Revenue Split
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126.0 178.7 246.9 314.6 Q2FY26 Q2FY27 H1FY26 H1FY27 +42% +27% 121.1 130.4 204.1 252.0 Q2FY26 Q2FY27 H1FY26 H1FY27 +8% +23% Domestic Revenue (Rs. in Crs) Exports Revenue (Rs. in Crs) Total Revenue (Rs. in Crs) 51%49% Domestic Export Q2FY26 58% 42% Q2FY27 Domestic : Export (Q2FY27) 55% 45% Domestic Export H1FY26 56% 44%H1FY27 Domestic : Export (H1FY27) 247.1 309.1 451.1 566.6 Q2FY26 Q2FY27 H1FY26 H1FY27 +25% +26% Q2 & H1FY27 Geography Wise Revenue Split
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Management Commentary Ankur Vaid Joint Managing Director & Chief Executive Officer Commenting on Q2FY27 performance Mr. Ankur Vaid, Joint Managing Director & Chief Executive Officer said: “We are pleased to report strong year-on-year revenue growth of 25% in Q2FY27, driven by broad-based performance across product categories and geographies. Margins were marginally impacted on account of change in product mix & increase in raw material prices. During the quarter, we have launched Inspira, our new dermatology division, marking Concord Biotech’s expansion into the dermatology segment. With a portfolio of science-led skin solutions, we aim to address evolving patient needs, strengthen partnerships with dermatologists and contribute to improved patient outcomes. We have also received 2 ANDA approvals during the quarter for Tofacitinib and MMF OS which will increase our market reach and strengthen our positioning in US and other regulated markets. We successfully completed global regulatory inspections, including the USFDA inspection, at our Unit II formulation facility located at Valthera. This reinforces our global compliance standards and supports the continuity of international supplies. We also strengthened our commitment to shareholder value, with the Company approving a 1:1 bonus share issue, reflecting confidence in the Company’s sustained profitability, future earnings potential and operational stability. We remain confident of delivering sustainable long-term growth, supported by our strong compliance track record, differentiated product portfolio and expanding customer relationships.”
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Q2 & H1FY27 Consolidated Profit & Loss Account Profit and Loss (Rs. in Crs) Q2FY27 Q2FY26 YoY H1FY27 H1FY26 YoY Revenue from Operations 309.1 247.1 25.1% 566.6 451.1 25.6% Cost of Goods Sold 73.6 49.0 127.9 94.1 Gross Profit 235.5 198.0 18.9% 438.7 356.9 22.9% Gross Profit Margin 76.2% 80.2% 77.4% 79.1% Employee Cost 52.3 44.5 96.0 82.4 Other Expenses 78.8 65.1 156.0 124.7 EBITDA 104.4 88.5 18.0% 187 150 24.6% EBITDA Margin 33.8% 35.8% 33.0% 33.2% Depreciation 18.4 18.4 36.5 36.2 Other Income 10.2 13.4 23.0 27.0 EBIT 96.2 83.4 15.3% 173.3 141.0 Finance Cost 0.0 0.1 0.1 0.1 Share in Profit/(loss) in JV and Associates -0.7 2.3 0.6 3.8 Profit before Tax 95.5 85.7 173.8 144.0 Tax 25.9 22.6 46.6 37.3 PAT 69.6 63.1 10.3% 127.3 107.0 19.0% PAT Margin % 22.5% 25.5% 22.5% 23.7%
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Consolidated Balance Sheet Assets (in Rs. Crs) Sept-26 Mar-26 Non - Current Assets 1,036.3 984.6 Property Plant & Equipment's 759.6 785.7 CWIP 111.7 78.2 Intangible assets 3.1 0.3 Intangible assets under development 2.1 1.2 Goodwill 0.5 0.4 Right of use asset 1.6 2.2 Investment accounted for using equity method 3.6 3.7 Financial Assets Investments 96.0 84.9 Other Financial Assets 19.4 6.5 Other Non-Current Assets 24.8 15.9 Income Tax Assets (Net) 13.9 5.8 Current Assets 1,290.7 1,250.1 Inventories 397.8 326.4 Financial Assets (i)Investments 438.1 402.1 (ii)Trade receivables 412.5 460.2 (iii)Cash & cash equivalents and Bank Balance 7.7 13.6 Other Financial Assets 13.8 25.2 Other Current Assets 20.9 22.7 Total Assets 2,326.9 2,234.7 Equity & Liabilities (in Rs. Crs) Sept-26 Mar-26 Total Equity 2,071.9 2,015.1 Share Capital 10.5 10.5 Other Equity 2,065.3 2,006.6 Non Controlling Interest -3.9 -1.9 Non-Current Liabilities 53.4 50.5 Financial Liabilities (i) Lease Liabilities 1.5 1.4 Provisions 3.3 3.7 Deferred Tax Liabilities (Net) 48.6 45.4 Current Liabilities 201.7 169.1 Financial Liabilities (i) Borrowings - - (ii) Trade Payables 112.1 101.9 (iii) Lease 0.3 0.9 (iv) Other Financial Liabilities 48.0 42.7 Other Current Liabilities 28.6 12.3 Current tax liabilities (Net) 0.2 0.0 Provisions 12.4 11.2 Total Equity & Liabilities 2,326.9 2,234.7
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Abridged Consolidated Cashflow Statement Particulars (in Rs. Crs) H1FY27 H1FY26 Net Profit Before Tax 173.8 144.4 Adjustments for: Non -Cash Items / Other Investment or Financial Items 20.9 11.7 Operating profit before working capital changes 194.7 156.1 Changes in working capital -26.8 -56.9 Cash generated from Operations 221.5 213.0 Direct taxes paid (net of refund) 53.3 61.9 Net Cash from Operating Activities 168.2 151.1 Net Cash from Investing Activities -93.3 -21.3 Net Cash from Financing Activities -79.6 -113.4 Net Decrease in Cash and Cash equivalents -4.7 16.4 Add: Cash & Cash equivalents at the beginning of the period 12.2 0.9 Cash & Cash equivalents at the end of the period 7.5 17.3
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Company Overview Four manufacturing facilities in Ahmedabad, Gujarat, India, producing fermentation-based APIs and Finished Formulations A P I F A C I L I T Y Dholka Ahmedabad, Gujarat A P I F A C I L I T Y Limbasi Ahmedabad, Gujarat F O R M U L A T I O N F A C I L I T Y Valthera Ahmedabad, Gujarat I N J E C T A B L E S F A C I L I T Y Valthera Ahmedabad, Gujarat
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Concord Biotech at a Glance An R&D-driven biopharma company manufacturing Active Pharmaceutical Ingredients (APIs) through fermentation & semi- synthetic processes, and finished formulations 30+ Fermentation APIs in the portfolio 150+ Drug Master Files (DMFs) filed globally 180+ Approved formulation products across markets 7 ANDAs approved for products from our facilities 1,250m³ Fermentation capacity Leading & Prominent Player in Fermentation & Biotechnology World Leadership Position in Niche Fermentation-based API FORMULATION CAPACITY OSD (incl. softgel) 869 Mn Liquid vials 13 Mn Dry powder filling 12 Mn Bulk Sterile Lyophilized 2,200 kg FOUR PILLARS OF OUR LEADERSHIP Fermentation Technology R&D-led Innovation Quality & Compliance Consistent Performance • APIs with high entry barriers • One of few consistent global players • Among the largest capacities globally • State-of-the-art R&D facilities • Dedicated team of scientists • Robust new-product pipeline • Inspected by USFDA, EU GMP, WHO & PMDA, Japan • World-class infrastructure • Presence in 70+ countries • From single- to multi- product company • Visionary leadership • Built for sustained leadership through innovation
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Driving Innovation Through Our Expertise Mission Focus Quality products that enhance human health, built on lasting partnerships Fermentation Expertise Strong fermentation capability delivering high-quality APIs Diversified Portfolio Immunosuppressants, oncology & anti- infectives: 30+ fermentation APIs Commitment to Innovation R&D investment drives process optimisation and new products Regulatory Compliance Rigorous standards ensure product integrity and customer trust Visionary Leadership Industry veterans driving sustained growth and a healthier tomorrow 1 2 3 4 5 6 Strengths that set Concord Biotech apart in fermentation-based biopharma 13
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API Business Overview Leading global developer & manufacturer of fermentation APIs Niche APIs, backward-integrated to key starting materials Diversified across Immunosuppressants, Oncology, Anti- Infectives, Anti -Fungal API BUSINESS · FY26 ₹829 Cr Revenue 79% Share of FY26 revenue 30+ Fermentation-based APIs Key products Across five therapy areas Immunosuppressant 8 APIs · Tacrolimus · Mycophenolate Mofetil · Mycophenolate Sodium · Cyclosporine · Sirolimus · Pimecrolimus · Everolimus Premix 2% · Voclosporin Oncology 8 APIs · Temsirolimus · Everolimus · Romidepsin · Mitomycin · Dactinomycin · Staurosporin · Midostaurin · Everolimus Premix 9.09% Antibacterial 6 APIs · Mupirocin · Mupirocin Calcium · Polymyxin B Sulfate · Teicoplanin · Vancomycin Hydrochloride · Fidaxomicin Antifungal 5 APIs · Anidulafungin · Caspofungin Acetate · Micafungin Sodium · Amphotericin B · Nystatin Others 3 products · Lovastatin · Pravastatin Sodium · Enzymes
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Formulation Business Overview Since 2016, leveraging backward integration from our APIs Presence in regulated & emerging markets. Branded Generics in India Orals (tablets, capsules, softgel, Oral suspension) & Injectables FORMULATION BUSINESS · FY26 ₹226 Cr Revenue 21% Share of FY26 revenue 180+ Approved products Key brands Across four therapy areas Antibiotics CRITICAL CARE · Dapute · Fosutrac · Pobix · Teicocord · Vanogard · Cricolist · Avycord · Mepecon · Minocrit · Tigicon · Primataz · Muprevent · Clarinazest · NextMatch · Adacord · Arthimide 1 · Arthimide 2 · Conimab 1 · Conimab 2 · Conimmune 25 · Mabdeno · Cyclograp · Mofecon 250 · Tacrocord 0.25 · Tofajoint ER · Tofajoint · Unuric 40 · Pricroda Chronic Kidney Disease NEPHROLOGY · Darbecon · Epocord · Sevecord · Coniron · Cinacet · Valolog · Injecarb · Upshield · Milipro · Nabosis · Kalcord · Picatol · Kanilev · Lavits Antifungal CRITICAL CARE · Amfoterol · Anicord · Caspocon · Micacord · Vorixia · Picocord GR · Isacrest · Gamacon · Obulin Skincare Products · Jokoway · Muprevert · Fusivent · Picroda · Pobix · Tacrocord · Zitcor –CNI · Hypivent Transplant & Immuno NEPHROLOGY · Tacrocord · Mofecon · Evercon · Conimune ME · Cyclograf · Valocon · Conimab · Gammacord · Zitcor- AC DERMATOLOGY Immunology RHEUMATOLOGY
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Trusted CDMO Partner for Fermentation & Semi-Synthetic APIs Over 1250 M3 of Fermentation capacity for consistent & uninterrupted supplies CDMO Fermentation & semi- synthetic APIs Prioritizes innovation, backed by a DSIR-certified R&D facility SERVICES INCLUDE Strain Improvement Media Optimisation Process Development Downstream Processing Necessary regulatory approvals to ensure smooth & consistent supply 190+ strong team with Expertise in fermentation technology and strong R&D infrastructure AMPLE CAPACITIES DSIR TEAMREGULATORY APPROVALS Lab Scale Pilot Scale Commercialization
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Pushing Boundaries through Manufacturing Capabilities Four facilities in Gujarat, built step by step over 25 years of expansion FY2000 UNIT I · API · DHOLKA 1,12,302 sq.m. Site area 450 m³ Installed capacity FY2016 UNIT II · FORMULATIONS · VALTHERA 94,826 sq.m. Site area 869 Mn units Installed capacity FY2021 UNIT III · API · LIMBASI 5,96,309 sq.m. Site area 800 m³ Installed capacity FY2025 UNIT IV · INJECTABLES · VALTHERA 36,441 sq.m. Site area INJECTABLES CAPACITY 13 Mn Liquid Vials 12 Mn Dry Powder Filling 2,200 kg Sterile Lyophilized
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Pioneering R&D Capabilities R&D IN NUM BERS 194 R&D employees 150+ API DMFs filed 12 / 7 Approved ANDAs / finished products 22+ Non-infringing processes 10+ Pipeline products in oncology, anti- infectives & anti- fungals R&D spend (₹ Cr) % of sales 26 2022 3.6% 30 2023 3.5% 23 2024 2.2% 27 2025 2.3% 29 2026 2.8% R&D initiatives 01 Cost improvement 02 New product development 03 Process improvement 04 Technology transfer 05 Scale-up initiatives 06 Backward integration API R&D lab • Expertise in strain isolation, mutation, selection, and strain improvement. • Strong R&D capabilities for efficient development of new APIs. • Advanced fermenters and pilot plant facilities for seamless scale-up from lab to commercial production. Formulations R&D lab • Focused on formulation development supported by advanced analytical capabilities. • Close collaboration between R&D and API experts to ensure quality, efficacy, optimal drug delivery, and patient convenience. Our integrated R&D capabilities across API and formulations development allow us to bring new and innovative pharmaceutical products to the market effectively.
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DMF Fillings Across Geographies Tacrolimus ✓ ✓ ✓ ✓ ✓ Mycophenolate Mofetil ✓ ✓ ✓ ✓ ✓ Mycophenolate Sodium ✓ ✓ ✓ ✓ Cyclosporine ✓ ✓ ✓ ✓ ✓ Sirolimus ✓ ✓ ✓ ✓ Pimecrolimus ✓ Voclosporin ✓ Temsirolimus ✓ ✓ Everolimus ✓ ✓ ✓ ✓ Romidepsin ✓ ✓ Mitomycin ✓ ✓ ✓ Dactinomycin ✓ Midostaurin ✓ Mupirocin ✓ ✓ ✓ ✓ Nystatin ✓ ✓ Mupirocin Calcium ✓ ✓ ✓ Fidaxomicin ✓ Vancomycin Hydrochloride ✓ ✓ Lovastatin ✓ ✓ Pravastatin Sodium ✓ ✓ USMolecules EU Canada Japan China Immuno- SuppressantsOncologyAnti- BacterialOthers Recent filling
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Wide Range of Formulation Products for US & Global Markets M A R K E T F O O T P R I N T Key market presence United States LATAM Middle East K E Y T H E R A P Y A R E A S Nephrology Rheumatology Multiple Sclerosis U S B U S I N E S S T H R O U G H Stellon Biotech Our subsidiary 7 U N I T E D S T A T E S ANDA approved products 12 E M E R G I N G M A R K E T S Products Mycophenolate Mofetil Capsules Mycophenolic Acid DR Tablets USP Mycophenolate Mofetil Tablets Mycophenolate Mofetil Suspension Tacrolimus Capsules USP Teriflunomide Tablets Tofacitinib Tablets Mycophenolate Mofetil Capsules Mycophenolate Mofetil Tablets Mycophenolate Mofetil Suspension Mycophenolate Sodium 180mg Tablets Mycophenolate Sodium 360mg Tablets Tacrolimus 0.5 / 1 / 5mg Capsules Teriflunomide 7 / 14mg Tablets Tofacitinib 5 / 10mg Tablets
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70+ Countries 300+ Customers Reducing Customer Concentration % Contribution from Top 10 Customers Worldwide Presence Collaborative Partnerships Tailored Distribution Models FY24 FY23 FY22 42.0% 44.3% 47.7% FY2537.8% FY2637.6% Diversified Customer Base
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Paving the Way for Sustainability Awarded Silver Medal by EcoVadis Received ISO-14001:2015 & ISO-45001:2018 Certifications Our Initiatives on Sustainability ✓ Corporate Social Responsibility ✓ Driving towards sustainable future ✓ Reduced ecological harm ✓ Improved water quality Link Our Vision for Sustainability Sustainable Manufacturing Global Green Leadership Environmental Conservation The Path of Sustainability Research & Development Efficient Resource Management Constant Improvement & Adaptation
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Key Business Differentiators
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End-to-End Expertise in Complex Fermentation Value Chain 01 Leadership Position Leadership position for select molecules in global markets 02 Over 2 Decades Experience in the industry with a demonstrated track record of developing niche and complex molecules 03 1,250 M³ Fermentation Capacity across two API facilities 04 30+ Fermented based API's One of leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants oncology and Anti- infectives in terms of market share OVERVIEW OF INTEGRATED PLATFORM R&D Patents Key Starting Material API Manufacturing Formulations Marketing & Distribution
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Constructing Formidable Barriers to Entry Complex technical capabilities, difficulties in scaling up operations and substantial capital investment required have resulted in significant barriers to entry in the fermentation-based API space Concord Biotech’s Strong Capabilities 01 Portfolio Across a Wide Range of Therapeutic Areas 02 Scaled manufacturing facilities with a consistent regulatory compliance track record 03 Flexible plant configuration 04 Backward Integrated to KSM level 05 Regulatory Approvals for global markets 06 Commercialized a wide spectrum of fermentation-based APIs Complex Process & Technical Expertise + Capital Intensive Infrastructural Requirements + Operational Requirements (large scale fermenters) + Long gestation Period = Significant Entry Barriers
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Key Growth Drivers 1 2 3 4 API Business CDMO Business Formulations Business Operational Efficiencies Key Growth Drivers CONCORD BIOTECH Expanding API Portfolio Marketing existing APIs to new customers Increasing wallet share with existing customers Expanding portfolio through own development & in-licensing Launching new dosage forms including injectables & dermatology Expanding geographic reach in India, EMs and the US Leverage established fermentation platform, strong R&D, manufacturing and relationships with global players Trusted CDMO partner for Fermentation & Semi-Synthetic API’s Focus on process efficiency, operating leverage and product mix Utilization & Capex to drive future growth
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For further Information, please contact Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Mr. Sagar Shroff / Mr. Krishna Sarda sagar.shroff@sgapl.net / krishna.sarda@sgapl.net +91 98205 19303 / +91 73871 41495 www.sgapl.net Investor Relations Advisor: Concord Biotech Limited CIN: L24230GJ1984PLC007440 Mr. Raviraj Karia – Chief Financial Officer ravirajkaria@concordbiotech.com www.concordbiotech.com Company: