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1 | | Investor PresentationSeptember 2025 | As per consolidated financial statements under IFRS Q3FY26 RESULTS UPDATE Dr. Reddy’s 21 JANUARY 2026
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2 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact, including, but not limited to, those that are identified by the use of words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “predicts”, “projects” and similar expressions. Risks and uncertainties that could affect us include, without limitation: ▪ General economic and business conditions in India and other key global markets in which we operate; ▪ The ability to successfully implement our strategy, our research and development efforts, growth & expansion plans and technological changes; ▪ Changes in the value of the Rupee and other currency changes; ▪ Changes in the Indian and international interest rates; ▪ Allocations of funds by the Governments in our key global markets; ▪ Changes in laws and regulations that apply to our customers, suppliers, and the pharmaceutical industry; ▪ Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry; and ▪ Changes in political conditions in India and in our key global markets. Should one or more of such risks and uncertainties materialize, or should any underlying assumption prove incorrect, actual outcomes may vary materially from those indicated in the applicable forward-looking statements. For more detailed information on the risks and uncertainties associated with the Company’s business activities, please see the company’s annual report filed in Form 20-F with the US SEC for the fiscal year ended March 31, 2025, quarter ended June 30, 2025, September 30, 2025, and our other filings with US SEC. Any forward-looking statement or information contained in this presentation speaks only as of the date of the statement. We are not required to update any such statement or information to either reflect events or circumstances that occur after the date the statement or information is made or to account for unanticipated events. Safe Harbor Statement •·· Dr. Reddy's ~;•
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3 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS Q3FY26 Financial Highlights Double-digit growth in base business^; overall steady profitability, despite product specific headwinds Revenues ₹ 8,727 Cr 4.4%YoY 0.9%QoQ EBITDA | EBITDA % ₹ 2,049 Cr | 23.5% 11%YoY 13%QoQ PBT | PBT % ₹ 1,543 Cr | 17.7% 18%YoY 16%QoQ *PAT | PAT % ₹ 1,210 Cr | 13.9% 14%YoY 16%QoQ • Revenue growth @4.4% • Reported EBITDA Margin @23.5% • Annualised RoCE at 20.4% • Net Cash surplus at ₹3,069 Cr Impairment: in Middleburg due to DP 4,814 54.7% 2,351 26.7% 1,835 20.8% 24.8% 19.0% One-time provision related to new Labour Codes in India As Reported 8,727 23.8% 17.7% Underlying % One-time provision Impact of new Labour Codes in India UNDERLYING FINANCIALS (Adjusted for One-off) *Attributable to Equity shareholders Revenues Gross Margins EBITDA PBT 54.1% 8,727 53.6% 23.5% 17.7% ^Excluding Lenalidomide r------------------------------------------------"" -- "--------------------------------------------------' •·· Dr.Reddy's ~;•
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4 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS Q3FY26 Business Highlights Continued progress on strategic priorities • Strategic collaboration with Immutep for commercialisation of a novel, immunotherapy oncology drug, Eftilagimod Alfa, in key Emerging Markets. • Launched Hevaxin®, a novel, recombinant vaccine for prevention of Hepatitis-E virus infection in India. • Completed integration of 85% of acquired NRT business by value. • Received Marketing Authorisation for Semaglutide injection in India from DCGI. • Filed BLA for abatacept biosimilar (IV) for US in Dec’25. • Received EC for Europe and MHRA, UK approval for denosumab biosimilar. Launched in Germany in Dec’25. •·· Dr.Raddy's~;• Recombinant Hepatitis E Vaccine (E. Coli) ,._,_,, Vo• Hevaxin
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5 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS ESG • USFDA conducted GMP inspection at CTO-SEZ API facility (Srikakulam), issued Form 483 with zero observations. • USFDA conducted GMP & PAI inspection at FTO-SEZ PU-01 formulations facility (Srikakulam), issued Form 483 with five observations. Response submitted within timelines. • USFDA issued a PAAL as part of ongoing review of responses submitted to observations at Bachupally biologics facility for Rituximab biosimilar. • Received NON from Health Canada for Semaglutide Injection. Response submitted within timelines. • Received CRL from USFDA for denosumab biosimilar BLA, related to observations at Alvotech’s facility. OTHER UPDATES Q3FY26 Other Highlights • Announced Science-Based Net Zero Climate Targets - only Indian Pharma co to commit to such a target by FY2045. • Leadership position in 2025 CDP Water Security & Climate Change. • CII Award of Merit for Excellence in 4R category, amongst top 25 in India. • TÜV SÜD South Asia certification for Net Positive Water Impact. • India’s Top 100 Great Places to Work®, 2nd year in a row. • Industrial Green Chemistry World Award 2025. • 7 Eminence Awards at Pharmaceutical Manufacturing & Automation Conclave. SCIENCE BASED TARGETS 0111\flNG AMlldTIOUS COIIPORAT E CLIMATE ACTIOH ~CDP Confederation of Indian Industry a• IOC! 1ndus1ri3I green <:hem,s1ry w O r I d •·· Dr.Reddy's ~;•
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6 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS GLOBAL GENERICS SPLITREVENUE BY SEGMENT 34% 18% 22% 17% GLOBAL GENERICS 91% PSAI 9% OTHERS 0% Overall ₹ 8,727 Cr 4.4% YoY Q3FY26 Revenue Split Broad-based growth, aided by forex; moderated by product-specific headwinds in the US Global Generics ₹ 7,911 Cr 7%YoY 1%QoQ PSAI ₹ 802 Cr 2%YoY 15%QoQ North America ₹ 2,964 Cr 12%YoY 9%QoQ Europe ₹ 1,448 Cr 20%YoY 5%QoQ India ₹ 1,603 Cr 19%YoY 2%QoQ Emerging Markets ₹ 1,896 Cr 32%YoY 15%QoQ 0.9% QoQ • • • • •·· Dr. Reddy's ~;•
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7 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS *Before acquisition related payouts (₹ Cr) FREE CASH FLOW -209 1105 451 1046 374 Q3FY25 *Q4FY25 Q1FY26 *Q2FY26 Q3FY26 8.0% 8.5% 7.3% 7.0% 7.0% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (% of Revenues) R&D 8,359 8,506 8,545 8,805 8,727 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (₹ Cr) REVENUES -0.05 -0.07 -0.08 -0.08 -0.08 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26^ NET DEBT / EQUITY ^Net Surplus (Adjusted for non-current cash & borrowings) stood at ₹,3069 Cr as on 31 Dec ‘25 709 767 683 511 669 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (₹ Cr) CAPEX 58.7% 55.6% 56.9% 54.7% 53.6% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (% of Revenues) GROSS MARGINS 27.8% 27.7% 22.0% 21.9% 20.4% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (%) RoCE 27.5% 29.1% 26.7% 26.7% 23.5% Q3FY25 Q4FY25 Q1FY26 Q2FY26 *Q3FY26 (% of Revenues) EBITDA MARGINS 28.9% 28.3% 30.0% 30.0% 30.8% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (% of Revenues) SG&A Key Financial Metrics Sustaining growth & profitability, while investing for the future 16.9 19.1 17.0 17.3 14.5 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 (₹ ) DILUTED EPS *24.8%, excl. one-time provision related to new Labour Codes in India n I I LI ,, ·I l I . ,J I I r r I •·· Dr.Reddy's ~;• r I L
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8 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS 34% • First-to-market launch of Olopatadine Hydrochloride Ophthalmic Solution, in the US • Filed Biologics Licence Application (BLA) for abatacept biosimilar for the Intravenous (IV) presentation for the US market in Dec ‘25. KEY UPDATES 3,383 3,559 3,412 3,241 2,964 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 MARKET PERFORMANCE 2.6% VS -0.3% DRL Growth vs US Generics Market (Excl. Lenalidomide) *As per IQVIA MQT Nov’ 25 Historical Revenues (₹ Cr) Declined due to lower Lenalidomide sales and product specific price erosion Q3FY26 North America Performance Moderated due to lower Lenalidomide sales and continued pricing pressure Revenues ₹ 2,964 Cr 12%YoY 9%QoQ NEW LAUNCHES 6 Q3FY26 18 9MFY26 NEW ANDA FILINGS 4 Q3FY26 10 9MFY26 PRICE EROSION MODERATE PENDING APPROVAL 71 ANDAs 2 NDAs Includes 44 Para IVs & 21 FTFs As of Dec’25 ,·------------------------------------ ' I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I \ I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ) Dr.Raddy's~;•
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9 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS • Launched Hevaxin®, a novel, recombinant vaccine for prevention of Hepatitis-E virus infection. • Received Marketing Authorisation from Drug Controller General of India (DCGI) and secured local manufacturing licenses for Semaglutide injection. 1,346 1,305 1,471 1,578 1,603 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 MARKET PERFORMANCE^ 12.3% VS 11.9% ^DRL MQT Growth vs IPM (Dec’25) *As per IQVIA MAT Dec’ 25 Historical Revenues (₹ Cr) Growth Drivers : Innovation portfolio, new brand launches, price increases, higher volumes & acquired STUGERON® portfolio. Q3FY26 India Performance Robust double-digit growth, continued outperformance of IPM Revenues ₹ 1,603 Cr 19%YoY 2%QoQ IPM RANK #9 FTM Dec’25 #10 MQT & MAT Dec’25 NEW BRAND LAUNCHES 2 Q3FY26 18 9MFY26 18% THERAPY LEADERHIP* #1 STOMATOLOGICALS #2 VACCINES ₹100 CR+* BRANDS 23 BRANDS IN IPM TOP 300* 15 KEY UPDATES Dr.Reddy's ~;• r---------------------------------------------~ ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ~---------------------------------------------J ' Recombinant He !:!_•:•ax in pat<tis E Vaccioe (E. Coli) ~-, ~ ~·=-,,..-- ~
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10 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS 1,436 1,398 1,404 1,655 1,896 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 *As per IQVIA MQT Nov’ 25 Historical Revenues (₹ Cr) Growth Drivers : New product launches particularly in RoW, favourable forex, partially offset by lower volume uptake in CISR & price erosion in RoW. Q3FY26 Emerging Markets Performance New product launches & favourable forex driving growth Revenues ₹ 1,896 Cr 32%YoY 15%QoQ NEW PRODUCT LAUNCHES 30 Q3FY26 80 9MFY26 22% NEW FILINGS 21 Q3FY26 60 9MFY26 COUNTRIES PRESENT IN 48 Russia 56% CISR 13% RoW 31% REVENUE SPLIT Russia ₹ 1,056 Cr 51%YoY 21% QoQ CISR ₹ 244 Cr 1%YoY 4% QoQ RoW ₹ 595 Cr 21%YoY 9% QoQ RUSSIA MARKET PERFORMANCE* 10.3% VS 11.9% DRL Growth vs Russian Market • Collaboration with Immutep for commercialisation of novel, immunotherapy oncology drug, Eftilagimod Alfa, outside North America, Europe, Japan & Greater China; upfront US$20 million, regulatory & commercial milestones up to US$350 million and royalties. KEY UPDATES ,-- IE, ~ ....... \ ,-- -----------------------------------------, ~ ______________________________________________________ .) , _______________________________________________________ ...., I •·· Dr. Reddy's ~;•
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11 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS 17% 1,210 1,275 1,274 1,376 1,448 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Historical Revenues (₹ Cr) Growth Drivers : Acquired NRT business (now in base), new product launches, favourable forex, offset by price erosion Q3FY26 Europe Performance Momentum in NRT business, new launches, aided by forex tailwinds Revenues ₹ 1,448 Cr 20%YoY 5%QoQ NEW GX PRODUCT LAUNCHES 10 Q3FY26 31 9MFY26 NEW FILINGS 3 Q3FY26 11 9MFY26 COUNTRIES PRESENT IN 20 • NRT integration progressing well; 85% business value integrated. • Received European Commission and MHRA, UK approval for denosumab biosimilar. Launched in Germany in Dec’25. Acquired NRT Business 51% Germany 29% UK 11% France, Italy & Others 9% REVENUE SPLIT NRT ₹ 755 Cr Germany ₹ 402 Cr 21%YoY 1% QoQ UK ₹ 166 Cr 12%YoY 6% QoQ France, Italy & Others ₹ 125 Cr 49%YoY 2% QoQ KEY UPDATES 25%YoY 8% QoQ ,..------------------------------------------------------, ·-------------------------------------------------------.1 ,..-------------------------------------------------------, , _______________________________________________________ .., •·· Dr.Reddy's ~;•
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12 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS 822 956 818 945 802 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Historical Revenues (₹ Cr) QoQ decline due to lower volume uptake Q3FY26 PSAI Performance Adverse Product mix impacting gross margins Revenues ₹ 802 Cr 2%YoY 15%QoQ DMF FILINGS 31 Q3FY26 80 9MFY26 9% GROSS MARGIN 17.3% VS 28.6% Q3FY26 vs Q3FY25 US DMF FILINGS 3 Q3FY26 5 9MFY26 • Non-binding strategic cooperation term sheet signed with Hybio Pharmaceutical on Peptide APIs. • Aurigene Pharmaceutical Services Limited (APSL), our CDMO business, served as exclusive API manufacturer for two of 46 Novel Drugs approved by USFDA in 2025. • APSL delivered three discovery programs through its in-house, AI assisted drug discovery platform, Aurigene.AI. KEY UPDATES r------------------------------------------------------"'l Q;_(J ••• • • , _______________________________________________________ ,, r------------- ,----------------------~ , _______________________________________________________ .J •·· Dr. Reddy's ~;• AURIGENE PHARMACEUTICAL SERVICES
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13 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS In Summary A diversified business model with broad based levers STRENGTHEN CORE BUSINESSES ACROSS MARKETS ADVANCE KEY PIPELINE PRODUCTS (SEMAGLUTIDE, ABATACEPT) STRENGTHEN CAPABILITIES – PEOPLE, DIGITAL, PROCESSES DRIVE EFFICIENCIES THROUGH BETTER OPERATIONAL LEVERAGE FOCUS ON QUALITY, COMPLIANCE, SUSTAINABILITY AUGMENT ORGANIC GROWTH WITH M&A AND IN-LICENSING Dr.Raddy's~;•
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14 | | Investor PresentationSeptember 2025 | As per consolidated financial statements under IFRS Research and Development CentresSales and Other Offices Manufacturing Facilities Headquarters All information as of FY25 We accelerate access to affordable and innovative medicines because Good Health Can’t Wait. At a glance ~756mn patients reached globally $3.8bn Revenue 17% Revenue Growth 28% EBITDA Margin ~28% RoCE 26,000+ Employees globally 57 Nationalities (Employees) 83 Markets served 32 Plants (Manufacturing & R&D)
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15 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS Consolidated Income Statement Particulars (₹ Cr) Q3FY26 Q3FY25 YoY Gr % Q2FY26 QoQ Gr% 9MFY26 9MFY25 YoY Gr % Revenues 8,727 8,359 4.4 8,805 (0.9) 26,077 24,048 8.4 Cost of Revenues 4,046 3,453 17 3,991 1 11,720 9,731 20 Gross Profit 4,681 4,905 (5) 4,814 (3) 14,357 14,317 0 % of Revenues 53.6% 58.7% 54.7% 55.1% 59.5% Selling, General & Administrative Expenses 2,692 2,412 12 2,644 2 7,900 6,982 13 % of Revenues 30.8% 28.9% 30.0% 30.3% 29.0% Research & Development Expenses 615 666 (8) 620 (1) 1,860 2,012 (8) % of Revenues 7.0% 8.0% 7.0% 7.1% 8.4% Impairment of Non-Current Assets, net 27 0 (6,875) 66 (59) 93 93 1 Other (Income)/Expense, net (77) (44) 75 (267) (71) (418) (189) 121 Results from Operating Activities 1,424 1,872 (24) 1,751 (19) 4,923 5,420 (9) Finance (Income)/Expense, net (117) 2 (5,940) (77) 51 (351) (237) 48 Share of Profit of Equity Accounted Investees, net of tax (2) (4) (45) (6) (63) (9) (16) (46) Profit before Income Tax 1,543 1,874 (18) 1,835 (16) 5,283 5,673 (7) % of Revenues 17.7% 22.4% 20.8% 20.3% 23.6% Income Tax Expense 353 470 (25) 408 (13) 1,257 1,536 (18) Profit for the Period 1,190 1,404 (15) 1,427 (17) 4,026 4,137 (3) Attributable to Equity holders of the parent company 1,210 1,413 (14) 1,437 (16) 4,065 4,061 0 % of Revenues 13.9% 16.9% 16.3% 15.6% 16.9% Attributable to Non-controlling interests (20) (10) 113 (10) 95 (39) 77 (2) Diluted Earnings per Share (EPS) in ₹ 14.52 16.94 (14) 17.25 (16) 48.78 48.68 0 EBITDA 2,049 2,298 (11) 2,351 (13) 6,679 6,738 (3) % of Revenues 23.5% 27.5% 26.7% 25.6% 28.0% :--·······················-··· · ·························••:--- ............... ; ................ . •·· Dr. Reddy's ~;• ------- -------~ ----~ -----·-- -----·-···-- -------·- ------~--:-- -~ ------- -------- -------- ---------~- ---- -------- ------ ·····-······ ···-· .......... : .............................. ···-· ·····-·-··· .... ··-··· ·-·· .......... : ...... ·-.......... ···-·········-··· .... ---· .... . ··-· .. ····-··· .. ·-·-············· .............................. : ·····-·········-·········-············· ·····················-· ·····-·-·-······················· ···········-·-·········-·········· ·········-·······················-········-· ..... ···-········-·· . .
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16 | | Q3FY26 Results Update21 January 2026 | As per consolidated financial statements under IFRS This press presentation contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non- GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in the press release. About Key Metrics and Non-GAAP Financial Measures
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17 | | Investor PresentationSeptember 2025 | As per consolidated financial statements under IFRS Good Health Can’t Wait.