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1 | | Investor PresentationSeptember 2025 | As per consolidated financial statements under IFRS Q2FY27 RESULTS UPDATE Dr. Reddy’s 23 OCTOBER 2026
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2 | | Q2FY27 Results Update23 October 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, 2026, quarter ended June 30, 2026, 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
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3 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS Q2FY27 Financial Highlights Consistent double-digit base business^ growth, with EBITDA Margin @20.6% Reported Revenues ₹ 8,671 Cr 1.5% YoY 7% QoQ EBITDA | EBITDA % ₹ 1,783 Cr | 20.6% 24% YoY 77% QoQ PBT | PBT % ₹ 1,228 Cr | 14.2% 33% YoY 122% QoQ *PAT | PAT % ₹ 925 Cr | 10.7% 36% YoY 109% QoQ *Attributable to Equity shareholders ^Excluding lenalidomide in North America • Double-digit underlying base business^ YoY growth o Reported YoY growth declined 1.5% due to lower lenalidomide sales • Reported EBITDA @20.6% • Annualised RoCE @9.5% • Net Cash surplus at ₹2,502 Cr Note: Q1FY27 impacted by provision of ₹240 Cr towards inventory and other costs related to semaglutide API issue
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4 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS Q2FY27 Business Highlights Steady progress across strategic priorities • Partnered with Takeda for India’s 1st Central Drugs Standard Control Organisation (CDSCO) approved dengue vaccine, QDENGA; to launch in private markets in H1 2027 • Expanded collaboration with Gilead Sciences for investigational once-yearly lenacapavir for HIV prevention in 120 countries • In association with GARDP Foundation, secured Thai FDA approval for zoliflodacin for uncomplicated urogenital gonorrhoea treatment within 6 months of USFDA approval • Secured approval for rituximab biosimilar from the USFDA • Launched nivolumab biosimilar in India • Generic semaglutide approved in 10 countries across Latin America, Africa & the Middle East, as well as Canada & India • CDMO business under Aurigene Pharmaceutical Services surpassed $100+ million in 12 months ended Sep’26
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5 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS ESG Q2FY27 Other Highlights • ‘Silver’ medal by FinanceAsia in ‘Best Large Cap Company in India’ category at Asia’s Best Companies 2026 • Improved CRISIL ESG Rating to 73/100 for FY26 from 66/100 in FY25 - only pharma company in leadership category OTHER UPDATES • On track to resolve issue associated with semaglutide API, where certain batches were found to be out of specification • ‘VAI’ classification for API manufacturing facility in Mirfield, United Kingdom, following GMP inspection by USFDA in Sep’25 • Received a Form 483 with 3 and 4 observations respectively, following a PAI & GMP inspection at FTO-SEZ Process Unit-02, Srikakulam, Andhra Pradesh in Jul ’26 and a GMP inspection at formulations manufacturing facility, FTO-3, in Bachupally, Hyderabad in Aug’26; responded within stipulated timeline • Received a Form 2953 with 2 observations, following a records assessment under Section 704(a)(4) of the Federal Food, Drug, and Cosmetic Act at API manufacturing facility in Mexico between Jul and Sep’26; responded within stipulated timeline • Received a Form 483 with 2 & 3 observations respectively, following a PAI at formulation manufacturing facilities, FTO-11 in Pydibhimavaram, Andhra Pradesh & FTO-9 in Visakhapatnam, Andhra Pradesh in Oct’26; to respond within stipulated timeline
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6 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS GLOBAL GENERICS SPLITREVENUE BY SEGMENT 29% 21% 24% 16% GLOBAL GENERICS 90% PSAI 9.5% OTHERS 0.5% Overall ₹ 8,671 Cr 1.5% YoY Q2FY27 Revenue Split Double-digit base business* growth across key businesses, except Europe and API Global Generics ₹ 7,793 Cr 0.7%YoY 8%QoQ PSAI ₹ 831 Cr 12%YoY 2%QoQ North America ₹ 2,489 Cr 23%YoY 13%QoQ Europe ₹ 1,393 Cr 1%YoY 3%QoQ India ₹ 1,851 Cr 17%YoY 8%QoQ Emerging Markets ₹ 2,059 Cr 24%YoY 12%QoQ 7% QoQ Branded businesses (India, Emerging Markets & NRT) account for 53% of revenues *Excluding lenalidomide in North America
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7 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS *Before acquisition related payouts (₹ Cr) CASH FLOW 1,046 374 600 -216 171 *Q2FY26 Q3FY26 *Q4FY26 *Q1FY27 Q2FY27 7.0% 7.0% 7.3% 7.1% 6.0% Q2FY26 Q3FY26 *Q4FY26 Q1FY27 Q2FY27 (% of Revenues) R&D 8,805 8,727 7,516 8,071 8,671 Q2FY26 Q3FY26 *Q4FY26 Q1FY27 Q2FY27 (₹ Cr) REVENUES -0.08 -0.08 -0.09 -0.08 -0.06 Q2FY26 Q3FY26 Q4FY26 Q1FY27 ^Q2FY27 NET DEBT / EQUITY ^Net Surplus (Adjusted for non-current cash & borrowings) stood at ₹ 2,502 Cr as on 30 Sep ‘26 511 669 438 307 186 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 (₹ Cr) CAPEX 54.7% 53.6% 44.8% 46.5% 52.1% Q2FY26 Q3FY26 ^Q4FY26 *Q1FY27 Q2FY27 (% of Revenues) GROSS MARGINS 21.9% 20.4% 15.8% 5.3% 9.5% Q2FY26 Q3FY26 ^Q4FY26 *Q1FY27 Q2FY27 (%) RoCE (Annualized) 26.7% 23.5% 13.0% 12.5% 20.6% Q2FY26 #Q3FY26 ^Q4FY26 *Q1FY27 Q2FY27 (% of Revenues) EBITDA MARGINS 30.0% 30.8% 36.9% 35.7% 32.4% Q2FY26 Q3FY26 *Q4FY26 Q1FY27 Q2FY27 (% of Revenues) SG&A Key Financial Metrics Sustaining growth & profitability, while investing for the future 17.3 14.5 2.6 5.3 11.1 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 (₹ ) DILUTED EPS *15.4% excl. sema API related impact ^19.5%, excl. SSA, CAR-T charge, VAT liability #24.8%, excl. provision related to new Labour Codes in India *49.4% excl. sema API related impact ^48% excl. SSA *8% excl. sema API related impact ^17.5%, excl. SSA, Impairment of CAR -T & Eftilagimod Alfa, VAT liability *Excl. lenalidomide shelf stock adjustment (SSA), Q4 revenues ₹7,969Cr *Excl. VAT liability, 33.4% of revenues excl. SSA *Excl. CAR-T charge, 6.8% of revenues excl. SSA
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8 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS 29% • Double digit base business* growth in Q2FY27, aided by new product launches, volume expansion and favourable foreign exchange currency fluctuations • First-to-market launch of hospital drug, sugammadex injection • Secured approval for rituximab biosimilar from the USFDA KEY UPDATES 3,241 2,964 1,756 2,205 2,489 Q2FY26 Q3FY26 *Q4FY26 Q1FY27 Q2FY27 MARKET PERFORMANCE 12.4% VS 2.1% DRL Growth vs US Generics Market (Excl. lenalidomide) *As per IQVIA MAT Aug’ 26 Historical Revenues (₹ Cr) Declined YoY due to lower lenalidomide sales. Q2FY27 North America Performance Continued double digit growth in base business*; reported growth impacted by lower lenalidomide sales Revenues ₹ 2,489 Cr 23%YoY 13%QoQ NEW LAUNCHES 6 Q2FY27 NEW ANDA | NDA FILINGS 5 | 0 Q2FY27 PRICE EROSION STABLE PENDING APPROVAL 77 ANDAs 3 NDAs Includes 47 Para IVs & 27 FTFs As of Sep’26 *Includes impact of lenalidomide SSA of ₹453Cr 12 YTD 10 | 1 YTD *Excluding lenalidomide
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9 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS 1,655 1,896 1,806 1,833 2,059 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 *As per IQVIA MQT Aug’ 26 Historical Revenues (₹ Cr) YoY Growth Drivers : New product launches, acquisitions and favourable forex. Q2FY27 Emerging Markets Performance Growth driven by new product launches across geographies, aided by favourable forex movements Revenues ₹ 2,059 Cr 24%YoY 12%QoQ NEW PRODUCT LAUNCHES 24% NEW FILINGS COUNTRIES PRESENT IN 50 Russia 49% CISR 13% RoW 38% REVENUE SPLIT Russia ₹ 1,008 Cr 15%YoY 12% QoQ CISR ₹ 264 Cr 13%YoY 21% QoQ RoW ₹ 787 Cr 44%YoY 11% QoQ RUSSIA MARKET PERFORMANCE* 19.3% VS 21.3% DRL Growth vs Russian Market • Secured approval for generic semaglutide in 8 emerging markets across Latin America, Africa, and the Middle East till date KEY UPDATES 27 Q2FY27 70 YTD 31 Q2FY27 56 YTD
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10 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS • Partnered with Takeda for India’s 1st CDSCO approved dengue vaccine, QDENGA; launch planned in private markets in first half of 2027 • Launched nivolumab biosimilar in India, marking entry into India’s biosimilar immuno-oncology market • Secured 1st abatacept IV biosimilar approval in India • 4 brands in Top 50 new launches in IPM • Distribution & promotion agreement with Novartis India terminated, following change in its controlling shareholding 1,578 1,603 1,566 1,718 1,851 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 MARKET PERFORMANCE* 21.0% VS 14.7% *DRL MQT Growth vs IPM (Sep’26) *As per IQVIA MAT Sep’ 26 Historical Revenues (₹ Cr) Growth Drivers : New launches, acquired portfolios, price increases & volume growth. Q2FY27 India Performance Moved up to #8 in IPM for the quarter, delivering consistent double-digit growth ahead of IPM Revenues ₹ 1,851 Cr 17%YoY 8%QoQ IPM RANK #8 FTM & MQT Sep’26 #9 MAT Sep’26 NEW BRAND LAUNCHES 21% THERAPY LEADERHIP* #1 STOMATOLOGICALS #2 VACCINES ₹100 CR+* BRANDS 24 BRANDS IN IPM TOP 300* 16 KEY UPDATES 4 Q2FY27 11 YTD
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11 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS 16% 1,376 1,448 1,452 1,444 1,393 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Historical Revenues (₹ Cr) Growth Drivers : New product launches in generics, favourable forex, offset by price erosion and change in operating model following NRT integration Q2FY27 Europe Performance Generics launch momentum & forex gains, partly offset by pricing pressure & NRT operating model changes Revenues ₹ 1,393 Cr 1%YoY 3%QoQ NEW GX PRODUCT LAUNCHES NEW FILINGS EU* COUNTRIES PRESENT IN 21 • As reported in Q1FY27, NRT growth impacted by post-integration operating model changes; change is profit neutral NRT 47% Germany 28% UK 14% France, Italy & Others 11% REVENUE SPLIT NRT ₹ 658 Cr Germany ₹ 394 Cr 1%YoY 3% QoQ UK ₹ 195 Cr 24%YoY 16% QoQ Others ₹ 147 Cr 20%YoY 2% QoQ KEY UPDATES 6%YoY 0.3% QoQ6 Q2FY27 30 YTD 3 Q2FY27 4 YTD *Excludes NRT countries outside Europe
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12 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS 945 802 912 852 831 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Historical Revenues (₹ Cr) Q2FY27 PSAI Performance Lower API volume offtake impacting growth; CDMO business scales to $100 mn in annualized revenues Revenues ₹ 831 Cr 12%YoY 2%QoQ GLOBAL DMF FILINGS 9.5% GROSS MARGIN 11.8% VS 18.0% Q2FY27 vs Q2FY26 US DMF FILINGS • Expanded collaboration with Gilead Sciences for investigational once- yearly lenacapavir for HIV prevention in 120 countries, including India • In association with GARDP Foundation, secured Thai FDA approval for zoliflodacin for uncomplicated urogenital gonorrhoea treatment within 6 months of USFDA approval • CDMO business under Aurigene Pharmaceutical Services Limited (APSL) generated revenues of $100+ million in 12 months ended Sep’26 • APSL delivers double digit growth in Q2FY27 • APSL secured long-term manufacturing & supply agreement for USA, Europe, Canada & emerging markets with a leading global pharma co . KEY UPDATES Growth impacted by lower API volumes, partly offset by momentum in CDMO business, new product launches in API and favourable forex 28 Q2FY27 66 YTD 2 Q2FY27 2 YTD
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13 | | Q2FY27 Results Update23 October 2026 | As per consolidated financial statements under IFRS In Summary A diversified business model with broad based levers Strengthen Core Businesses, build future growth drivers (Peptides, Biosimilars, Consumer Health, Innovative Assets) Advance key products (Semaglutide including re-launch, Abatacept) Enhance capabilities – People, Digital, Processes Drive efficiencies through better operational leverage Focus on quality, compliance and sustainability Augment organic growth with M&A and In-Licensing
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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 FY26 We accelerate access to affordable and innovative medicines because Good Health Can’t Wait. At a glance ~699mn patients reached globally $3.6bn Revenue ~23% EBITDA Margin ~16% RoCE 27,500+ Employees globally 64 Nationalities (Employees) 88 Markets served 33 Plants (Manufacturing & R&D)
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15 | | Q2FY27 Results Update23 October 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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16 | | Investor PresentationSeptember 2025 | As per consolidated financial statements under IFRS Good Health Can’t Wait.