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CORPORATE February 2026 PRESENTATION
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2 • Introduction • Domestic Branded Formulations • R&D, Technology & Manufacturing • International Business
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INTRODUCTION TO ERIS 3Source - AWACS Pharmatrac ▪ Domestic Branded Formulations ▪ Among the Top-20 Indian pharmacos in less than 20 years since inception; youngest company on the list ▪ Strong presence in Super-Specialty segment accounting for 80% of revenue ▪ Top-5 market position (by revenue) in Anti-Diabetes therapy with a 6% market share ▪ Leading position in Insulins (RHI and Glargine) with a 16% market share ▪ International Business ▪ Our products are marketed in 70+ countries around the world through our global distribution network ▪ Business at an inflection point starting FY27 with significant revenue visibility from EU-CDMO business ▪ Technology and Manufacturing ▪ State of the art R&D Center with a ~65-member team focused on Solids, Steriles, Semi-Solids and NDDS ▪ Manufacturing capabilities across a wide range of dosage forms, technologies and specialties o EU-EGMP, ANVISA and PIC/s accredited Injectable units with a wide range of presentations o WHO-GMP Biologics units for recombinant Bulk & Fill-finish manufacturing o ANVISA-approved unit for Oral Solid Dose, Oral Liquids and Topicals
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LEVERAGED ACQUISITIONS TO ENTER DERMATOLOGY, INJECTABLES & BIOLOGICS…. Oaknet – entry into Derma (INR 650 cr.) Glenmark Derma Brands (INR 340 cr.) May-22 Jan-23 Mar-23 Derma Brands from Reddy’s (INR 275 cr.) Nov-23 Feb-24 Apr-24 Biocon Nephro & Derma Business (INR 366 cr.) 70% of Swiss Parenterals Ltd. (INR 875 cr.) Biocon Injectable Business (INR 1,242 cr.) FY22 Revenue INR 195 cr; 10% EBIDTA margin Revenue INR 50 cr Revenue INR 85 cr Revenue INR 100 cr; 19% EBIDTA margin Revenue INR 360 cr; 19% EBIDTA margin FY23 Revenue INR 280 cr; 37% EBIDTA margin Total investment of INR 4,300+ cr. in acquisitions over FY23-FY26 4 Sep-24 Eris BioNxt (INR 105 cr.) Oct-24 30% Stake in Levim Lifetech (Bio) Jan-26 30 % Stake in Swiss Parenterals (INR 423 cr.)
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Expanded geographic reach from India to Africa, Asia-Pacific, Latam and the CIS/Middle East, now foraying into the EU through the Specialty CDMO Model On the back of a strong foundation in oral anti-diabetes and cardiology, we have expanded into Insulins, Dermatology, GLP-1, Nephrology, Oncology & Women’s Health Added new growth levers to our flagship B2C business model in India; expanded into B2B business models in India and overseas; now investing in Specialty CDMO; We now have manufacturing ops across 6 globally accredited/ compliant facilities deploying a diverse suite of technologies across small molecules and Biologics 1 2 3 4 …WITH A SIGNIFICANT EXPANSION IN THERAPEUTIC & GEOGRAPHIC FOOTPRINTS Geographies Business Model/s Therapies Technologies India Africa & Asia-Pacific EU USA Oral Diabetes Cardiac Care Derma Insulins and GLP-1 Onco, Nephro IVF Critical Care MABs, Nibs India B2C India B2B Exports B2B CDMO International B2C Oral Solids, Liquids & Powders Topicals – semi-solids and Gels Sterile Injectables & Peptides E-Coli based Biologics Mammalian Cell Culture Respiratory Latin America 5
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485 537 675 1,017 847 36% 32% 34% 35% 36% 29% 30% 31% 32% 33% 34% 35% 36% 37% 0 200 400 600 800 1,000 1,200 FY22 FY23 FY24 FY25 9MFY26 EBITDA EBITDA% ALL ACQUISITIONS INTEGRATED; MARGINS EXPANDED 400 BPS SINCE FY23 * Excludes the impact of M&A related amortisation; For FY24, adjusted EBITDA is based on full -year proforma EBIT of FY24 acquisitions 6 Business Integration and Operating Margin Expansion 32% (FY23) to 36% (9M FY26) 1,347 1,685 2,009 2,894 2,373 FY22 FY23 FY24 FY25 9MFY26 406 374 397 375 380** FY22 FY23 FY24 FY25 9MFY26 33 34 38 40 38** FY22 FY23 FY24 FY25 9MFY26 34% 20% 19%* 20%* FY22 FY23 FY24 FY25 REVENUE (INR CR) EBITDA (INR CR) PAT (INR CR) CASH EPS (INR) ROCE FY23 – 9M FY26 Operating Cashflow to EBITDA 75% average^ ** Adjusted for exceptional item ^Historical average from FY 17 to 9m FY 26; Adjusted for GST -related one-off items on brand acquisition
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ENTERED AN ERA OF ACCELERATED EPS GROWTH OVER FY26-FY28 7* Sum of Tangible and Intangible assets Last 4 years’ Investment Cycle • 6x expansion in asset base, largely driven by acquisitions • Acquisitions in various stages of value creation – especially Swiss (acquired Feb-24) and Biocon (acquired Apr-24) • Significant increase in Amortisation & Finance Cost • Expiration of Guwahati fiscal benefits in FY24 and a sharp increase in effective book tax rate in FY25 • Flat-to-declining EPS trajectory from FY22 to FY25 • Inflection point in EPS growth starting FY26, driven by multiple factors • Growth and margin improvement in acquired businesses • Debt reduction in FY25 higher by INR 378 cr., lowering interest expenses in FY26 • Tighter capital management – as evidenced by FY25 OCF of 105% • Post FY26, EPS growth will continue to get augmented each year by • QoQ debt reduction, and • YoY declining book tax rate Assets* EPS FY 22 921 29.9 FY 25 A ~5,400 ~28 Outlook – FY26 and Beyond 6x 19%
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STRATEGIC INVESTMENTS IN DIABESITY & INJECTABLES OVER NEXT 3 QUARTERS RoW market opportunity in Insulins/ GLP-1 Ramp-up in EU-CDMO book/ revenue visibility Levim - Diabesity pipeline + DS manufacturing Insulin capacity doubling at Bhopal – Rs. 150 cr. Unit-3 for general sterile injectables - Rs. 130 cr. Second round investment of Rs. 100 cr. • Capex outlay of Rs. 380-400 cr. over the next 2-3 quarters • Will be funded through internal accruals • Forms part of total capex guidance of Rs. 750-800 cr. provided for FY26 to FY28 Market Opportunity Strategic investment 1 2 3 8 STRATEGIC INVESTMENTS IN DIABESITY & INJECTABLES OVER NEXT 2-3 QUARTERS
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* Outstanding debt includes full debt for acquisitions announced in Mar 2024 (19% stake in Swiss and Biocon’s India Formulati ons Business). 9 DEBT REDUCTION – REITERATING GUIDANCE OF < 1.5x DEBT-TO-EBIDTA BY DEC-26 • Net Debt to TTM EBIDTA ratio has significantly reduced from ~ 4x to ~2x from FY 24 to 9m FY 26 • Net Debt as on 31st Dec 2025 was Rs. 2,270 cr. • We have expedited a few strategic investments while retaining our total capex guidance over FY26- FY28 at ~ Rs. 750-800 cr. • We expect to get to a Net Debt to TTM EBIDTA ratio of less than 1.5x by Dec 2026 As On Date Outstanding Debt (Rs. Cr) Debt to TTM-EBIDTA 31st Mar 2024 (FY 24) * 3,000 3.9x 31st Mar 2025 (FY 25) 2,222 2.5x 30th Sept 2025 (H1 FY26) 2,000 1.8x 31st Dec 2025 (Q3 FY 26) 1,800 1.6x 31st Dec 2026 (Q3 FY27) Debt-to-EBIDTA Ratio Outstanding Debt (Rs. Cr) Debt to TTM EBIDTA 3,000 3.9x 2,222 2.2x 2,278 2.1x 2,270 2.1x 1,800 1.3x Plan shared at the start of FY26 Debt Reduction guidanceDebt-to-EBIDTA Ratio Outlook at the end of Q2-FY26
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10 • Introduction • Domestic Branded Formulations • R&D, Technology & Manufacturing • International Business
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EXPANDED OUR DOMESTIC CVM/ TAM BY 77% DURING APR-23 TO DEC-2025 11 Insulins + GLP-1 MAT Mar’22 Revenue = Rs. 1,662 cr. 32% 28% 20% 8% 4% 8% Oral anti diabetes CVD VMN CNS WHC Rest Source - AWACS Pharmatrac Dataset VMN MAT Dec’25 Revenue = Rs. 3,004 Cr. 22% 15% 14% 13% 12% 5% 4% 3% 3%2% 4% Oral Anti- diabetes CVD CNS WHC Rest Derma Critical Care Nephro Gastro 77% expansion in CVM/ TAM – from Rs. 70,000 Cr. to ~ Rs. 1,23,600 Cr.
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DOMINANT POWER BRANDS; SUCCESSFULLY LEVERAGED LOE OPPORTUNITIES MAT Dec’25 Sales (₹ Cr) Market share Our Top 20 Mother Brands with Market Share Successfully Leveraged LOE (Loss of Exclusivity) Opportunities 4% 2% 2% 5% 10% 4% 7% 5% 6% 16% 5% 4% 9% 4% 2% 63% 38% 6% 41% 1% 2,989 1,713 1,566 1,068 959 805 799 752 742 679 672 613 563 457 411 392 390 301 291 285 333 170 158 136 104 91 88 86 82 75 73 67 67 59 57 48 39 38 38 38 35 35 38 45 47 56 63 64 65 66 73 73 82 89 106 142 146 166 169 283 • 6 brands Rs. 100+ cr. • 9 brands Rs. 50-100 cr. Vildagliptin – Launched Dec-19 Rank #2 among BGx Dapagliflozin – Launched Oct-20 Rank #4 among BGx Linagliptin – Launched Feb-22 Rank #2 among BGx Sitagliptin – Launched Jul-22 Rank #11 among BGx FCM Injection – Launched Jul 22 Rank #6 among BGx Empagliflozin – Launched Sep 23 Rank #1 among BGx Source: AWACS MAT Dec’25 │BGx – Branded Generics 12
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ESTABLISHED PLAYER IN ANTI-DIABETES WITH A FULL-SPECTRUM PRESENCE Source: AWACS Pharmatrac and SMSRC | * In Covered Market 13 • The only 19-year old company to have achieved a Top-5 market rank in Anti-Diabetes • And the only company with a dominant presence in Oral as well as Injectable Diabetes • Market share* expansion from 4.9% to 6.0% in the last two years • Dominant player in RHI and Glargine with a 16% market share • Commercial engine consisting of ~ 1,200 MRs and ~ 500 Managers – among the largest in India • Powered by one-its-kind Patient Care Initiatives (PCI) platform Eris ranks in Anti-Diabetes therapy 4.9% 6.0% Mar'23 Dec'25 Eris market share in Anti-Diabetes* By Revenue* By # Rx 6 5
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14 RHI CARTRIDGES – TRIPLED MARKET SHARE SINCE ACQUISITION Source – IQVIA Retail Audit, HealthPlix Rx Audit RHI Cartridges – Eris market share by Sales 8% 15% 25% Apr 24 Sep 25 Dec 25 RHI Cartridges – Eris market share by Rx 10% 23% 28% Apr 24 Sep 25 Dec 25 • 1,800 bps increase in Rx market share since acquisition • Acceleration in Rx share growth in Dec - clear indication in Rx switch from the innovator brand • Tripled market share since acquisition – highest gain ever seen in the Insulin segment by any player • Strong tailwind for FY27 given inflection in Rx share starting Dec-25 + 1,800 bps + 1,700 bps Our stated objective of 25% market share in Insulins at the time of Biocon acquisition • Achieved in RHI Carts segment • On course to replicate in the overall RHI+Glargine market
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15 OVERALL INSULINS MARKET – REAFFIRMING OUR RIGHT TO WIN * An interchangeable product is a biological product that is approved based on data demonstrating that it is highly similar t o an FDA-approved reference product (RP) and that there are no clinically meaningful differences between the products; it can be expected to produce the same clinical result as the RP in any given patient Source – IQVIA Retail Audit, HealthPlix Rx Audit Total RHI + Glargine – Eris Market Shares 9% 13% 16% Apr 24 Sep 25 Dec 25 • Rs. 3,000+ cr. p.a. market • Nearly doubled market share (9% to 16%) since acquisition – confident of getting to 25% overall market share • Fully interchangeable* products with best-in-class economic model + 700 bps Insulin Analogues • Aspart & Aspart Mix – To launch in FY27 • Validation batches scheduled during March-April 2026 • Degludec plain • Degludec+ Liraglutide Combination Product Market Size Aspart and Aspart Mix Rs. 650+ cr. Degludec & comb. Rs. 800 cr. Lispro Rs. 300+ cr. Total Rs. 1,750+ cr. Rs. 1,750+ cr. market with a 3-year CAGR of 10% and controlled by the Innovator 25% market share in our core RHI + Glargine market of Rs. 3,000 crore+ + Strong position in the adjacent Rs. 1,750 cr. market dominated by the Innovator Our Insulins Strategy
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16 INSULIN MANUFACTURING AT BHOPAL – ON COURSE DESPITE DELAYS Product Segment RHI Vials Glargine Vials Cartridges (RHI + Glargine) Status of in-house manufacturing Started in Aug-25; manufactured over 5 million vials since Initiated in Feb 2026 Process Validation batches in Q4-FY26 Commercial manufacturing from Q2-FY27 Degludec Plain Process Validation batches in March-April 2026 Degludec + Liraglutide comb. Process Validation batches in March-April 2026
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17 GLP-1 UPDATE – LAUNCH READINESS AND MANUFACTURING SELF-SUFFICIENCY Source – Healthplix – Feb’25 - Jan’26 ▪ Strategic partnership announced with Natco Pharma Ltd for launch of Semaglutide injection in India ▪ Final approval received from CDSCO ▪ Form-fill-finish of Semaglutide at our AMD site ▪ Process Validation complete ▪ Adequate manufacturing capacity ▪ Ability to double capacity with minimal investment Go-to-Market ReadinessExciting Market Opportunity ▪ Large and fast-emerging GLP-1 market in India ▪ Endocrinologists/ Diabetologists continue to lead the prescriptions with a 68% share ▪ Recent trials demonstrate that, in comparison with other GLP alternatives, Semaglutide delivers significant benefits in respect of cardiovascular outcomes ▪ This is particularly encouraging for the Indian market given the high prevalence of cardiovascular risk in the Indian population
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18 ✓ 42% misdiagnosis - 23.7% of the respondents had white-coat hypertension and 18% of the respondents had masked hypertension ✓ Indians have an average resting heart rate of 80 beats per minute, higher than the desired rate of 72 beats per minute. INDIA-CENTRIC STUDIES FOCUSED ON IMPROVING DISEASE MANAGEMENT India Head and Neck Cancer Study Long Term Results Of A Randomized Phase III Study Of Nimotuzumab Participants - 536 ✓ Nimotuzumab Improves Survival Rates in Head & Neck Cancer ✓ Nimotuzumab with Radiotherapy and Cisplatin gives a 10-yr overall survival rate of 33.5% compared to 22.5% in patients who received only Radiotherapy and Cisplatin Presented in ASCO Poster Session 2024 Cardiovascular risk in newly diagnosed T2DM patients in India Participants – 5080 | Physicians - 1932 27 Indian States ✓ 49% patients had HbA1c > 8 ✓ 82.5% patients had at least one lipid profile abnormality ✓ 66% patients classified overweight ✓ 42% patients were hypertensive (45% Men had Hypertension 37.5% Women had Hypertension) Public Library of Science (PLOS*) Journal One of its kind study on Hypertension based on India population Participants – 18,918 | Doctors – 1,233 | 15 Indian States Journal of Hypertension** About the Study About the Study About the Study Outcome Outcome Outcome Presentation Publication Publication * US-based non-profit publisher of peer-reviewed content in science, medicine and technology established in the year 2000 ** The official journal of the International Society of Hypertension and the European Society of Hypertension
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PATIENT CARE INITIATIVE – A DIFFERENTIATED SERVICE PLATFORM ▪ Objective - Bring cutting- edge healthcare solutions to patients through the involvement of Key Opinion Leaders ▪ State-of-the-art diagnosis at home, followed by customised treatment plans ▪ Helped tens of thousands of patients towards healthier lives through initiatives such as ABPM, CGM, Holter and Sleep studies 19 Key elements of Eris Patient Care Platform
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20 • Introduction • Domestic Branded Formulations • R&D, Technology & Manufacturing • International Business
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STATE-OF-THE-ART R&D CENTRE WITH A WIDE RANGE OF DOSAGE CAPABILITIES R&D Facility is situated in our Unit-3 Campus, which is a 15- minute commute from our sterile facilities (Unit-1 and Unit-2) ✓ State-of-the-art 11,000 sq. ft. center ✓ Multidisciplinary team of ~ 65 scientists ✓ Dedicated labs and zones for: • Formulation Development • Analytical Development • Technology Transfer • Regulatory and Research Quality Assurance ✓ Co-location with flagship manufacturing facilities enables a seamless and integrated approach to: • Product development • Technology transfer • Scale-up and commercialization Formulation Development Capabilities Dedicated Production Lines for various dosage forms: • Injectable, Oral Solid, Oral Liquid, and Topical Semisolid formulations Advanced Processing Equipment: • High-Shear Granulator, Fluidized Bed Processor, Auto- Coating System • Blister Packaging Line for oral dosage forms Aseptic Fill-Finish Technologies: • Lyophilization Unit for Freeze-Dried Parenteral • Ampoule and Vial Filling and Sealing Machines Analytical Development Capabilities Chromatographic Systems: GC, HPLC (PDA, RI & Florescence Detector), UPLC for qualitative and quantitative analysis. Spectroscopic Instruments: UV-Visible Spectrophotometer for assay and dissolution profiling. Dissolution Testing Apparatus: USP Apparatus I & II for in vitro release studies Rheological & Physical Testing Tools: Viscometer for semisolids and suspensions Stability Infrastructure: • ICH-Compliant Stability Chambers (25°C/60% RH, 30°C/65% RH, 30°C/75% RH and 40°C/75% RH) • Deep Freezers for cold chain and thermolabile APIs
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22 OUR DIABESITY PRODUCT PIPELINE SPANNING INSULIN ANALOGS AND GLP-1 Insulin Analogues ~ Rs. 1,700+ cr. p.a. market with 3-year CAGR of 11% - presently dominated by Innovator Semaglutide (Synthetic) Candidate H1-F26 H2-F26 H1-F27 H2-F27 H1-F28 H2-F28 Strategic Partnership with Natco Degludec Ph-I trialPreclinical studies Phase-III trial Degludec + Liraglutide Comb. Ph-I trialPreclinical studies Phase-III trial Aspart Mix Ph-I trialForm. Dev. Aspart Aspart + Degludec Comb. Ph-I trialPreclinical studies Phase-III trial Semaglutide (Recombinant) Ph-I trialPreclinical studies Phase-III trial Phase-III trial GLP 1 – LoE in Mar ‘26, expected TAM of ~ Rs. 3,000-4,000 cr. in Yr 1
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23 BUILDING MOMENTUM IN OUR SMALL MOLECULE PIPELINE OF INNOVATIVE FDCs* AND FIRST-TO-MARKET PRODUCTS FY23 FY24 FY25 Start of Year pipeline Additions during the year Launches in the year Pipeline entering next year 0 5 2 3 FY26 3 8 4 7 7 10 3 14 14 15 11 (Planned) 18 (for FY27) A modest beginning in FY23……now a pipeline of 30+ active candidates * FDC stands for Fixed Dose Combinations
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24 SIX MANUFACTURING UNITS ACROSS A WIDE RANGE OF TECH/ DOSAGE FORMS BIOLOGICS FILL-FINISH - BHOPAL BIOLOGICS BULK - CHENNAI AMD – BETALACTAM INJECTABLESAMD – GENERAL INJECTABLESAMD CAMPUS – INJECTABLES, DERMATOLOGY AND ORAL SOLIDS GUWAHATI – ORAL SOLIDS
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EU-GMP AND ANVISA APPROVED STERILE MANUFACTURING FACILITIES Dosage Form Units per month Liquid Ampoules 8 million Liquid Vials 3.6 million Dry Powder Vials 2.6 million Prefilled Syringes 1.3 million Lyophilized Vials 800,000 Inhalation Anesthetics 200,000 Dosage Form Units per month Cephalosporins 4.2 million Penicillins 2.6 million Carbapenems 3.6 million Unit 2 – Beta-lactams Dry Powder – Dedicated blocks for Cephalosporins, Penicillins, Penems Unit 1 – General Injectables – Ampoules, Vials, Dry Powders, PFS, Lyophilised 25
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OUR BHOPAL BIOLOGICS MANUFACTURING FACILITY • Presently manufacturing Liquid and Lyophilised vials for Insulin Glargine and RHI (Recombinant Human Insulin) • Will commission cartridge manufacturing for Insulin Glargine by H1 FY 27; will subsequently introduce GLP-1 (Semaglutide) • Targeting to commission Liquid and Lyophilised MABs line from H1 FY 27 ✓ Liquid Vials ✓ Prefilled Syringes ✓ Lyophilised Vials ✓ Liquid Cartridges Capabilities across 4 presentations 26
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27 • Introduction • Domestic Branded Formulations • R&D, Technology & Manufacturing • International Business
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INTERNATIONAL BUSINESS – PRESENCE ACROSS 70+ WORLD MARKETS Pan-Africa Central & Latin America Middle East • Our International Presence spans 70+ countries across Latin America, Africa, Asia Pacific, the Middle East and CIS countries • ANVISA approval for injectable facilities in Aug 2025 paves the way for Brazil market launch Emerging presence in the EU APac 28
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LEVERAGING OUR MANUFACTURING FOOTPRINT TO EXPAND OUR GLOBAL ACCESS Eris AMD * Swiss Eris Bhopal Levim India PIC/s Anvisa EU * Approved by Brazil (Anvisa) in Aug 2025 (oral liquid line); targeting inspection for OSD and Topicals lines in CY 2026 FY23 FY24 FY25 FY25 Approved Approvable Evolving from an “India-only” business to an “India + International” business 29
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KEY INTERNATIONAL ACCREDITATIONS FOR OUR INJECTABLE FACILITIES 30
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31 REMINDING OURSELVES – WHY DID WE FIND SWISS PARENTERALS ATTRACTIVE? Pure-play injectables business Widest range of dosage forms in steriles Large Dossier Bank Marquee regulatory accreditations 60% General and 40% Betalactams The largest range among Indian Peers* 1,000+ approved and 1,000+ in pipeline EU-GMP and PIC/s * Among the set of EU-GMP approved injectable manufacturers in India Value Driver Key attributes Our thesis in Exports • We found Swiss to be the only RoW focused Indian pharmaco with 60%+ ROCE with a strong reputation for quality • The business, though tender- driven, was well diversified across 80+ markets • We recognised this as a viable platform for “moving up the pyramid” in the international markets Four Key Value Drivers from our perspective 31
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• Onboarded a new Head-R&D from a Top-10 Indian Pharmaco • Expanded R&D team by 60% (50 to 80 FTEs) with a significant expansion in Technology Transfer capability • Developed COEs (Centers of Excellence) in key segments • Corticosteroids • Monobactams • Complex Carbohydrates • Controlled substances • Anaesthetics WE UNDERTOOK FOCUSED ACTION TO EXPAND OUR CAPABILITIES R&D/ Tech. Transfer Capability Manufacturing & Quality • Secured our first Brazilian ANVISA PIC/s approval for both injectable sites in Aug • Secured EU-GMP approval for both sites for the second time in mid-2025 • Swiss Parenterals now ranks among a select few Indian injectable cos to have received both EU and ANVISA regulatory approvals • Onboarded Head-Quality Assurance from a Top-10 Indian pharmaco Go-to-Market Capability • Strengthened our customer- facing teams with several senior lateral hires in Business Development and Regulatory • Thereby expanding momentum on customer outreach and business building in “higher entry barrier” markets • Europe • Canada • Australia/ New Zealand • Latin America • South Africa 1 2 3 WE UNDERTOOK FOCUSED ACTION TO EXPAND OUR CAPABILITIES 32
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SIGNIFICANT VISIBLITY ON FY27 BEING A BREAKOUT YEAR FOR THE BUSINESS * Combination of confirmed contracts and advanced discussions Key growth drivers for FY27/ beyond • EU-CDMO book of business* ramping up • Rs.100+ cr. at the end of Q1 • Rs. 700-800 cr. at the end of Q2 • Rs. 1,000+ cr. at the end of Q3 1 • Tailwinds in base business • Corticosteroids acceleration and capacity expansion • Latin America new product approvals 2 • New business opportunities • Semaglutide CMO opportunity • Eris AMD site exports 2 • Strong visibility on FY27 Revenue of Rs. 550-600 cr. • With an EBIDTA of Rs. 180-200 cr. • With a third injectable unit set to be commissioned in FY28 • Our International Business is well on its way • To achieve Rs. 1,000 cr. revenue by 2029/ 2030 • With significant contribution from CDMO • And Regulated Markets 33
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SAFE HARBOR STATEMENT 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 the underlying assumptions and statements, other than those based on historical facts, 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 the 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 the healthcare sector; • Changes in the 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 the political conditions in India and in other global economies. Should one or more of such risks and uncertainties materialise, or should any underlying assumption prove incorrect, actual outcomes may vary materially from those indicated in the applicable forward-looking statements. 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, unless it is required by Law. 34
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For Further Information, Please Contact: Registered Office Shivarth Ambit, Plot No 142/2, Ramdas Road Off SBR, Near Swati Bungalows, Bodakdev, Ahmedabad, Gujarat - 380054 investor.relations@eris.co.in Thank You! https://eris.co.in/ 35 Kruti Raval / Atul Modi E: kruti@erislifesciences.com E: atul.modi@eristherapeutics.com 35
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APPENDIX 36
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BUSINESS STRUCTURE AND HOLDINGS Eris Healthcare Private Limited Eris M. J. Biopharm Private Limited Aprica Healthcare Limited (Step-down subsidiary) Eris Lifesciences Limited Eris Pharmaceuticals Limited Earlier known as Eris Pharmaceuticals Private Limited Eris Therapeutics Limited Eris Oaknet Healthcare Private Ltd (Step-down subsidiary) Swiss Parenterals Limited Eris BioNxt Private Limited Earlier known as Chemman Labs Private Ltd Shareholding pattern is as on 31st Dec 2025 NSE Symbol ERIS BSE Ticker 540596 Market Cap (₹ Cr) 20,514 Shares Outstanding (Cr) 14 Industry Pharmaceuticals Levim Lifetech Private Limited (JV) Promoters, 54.85% DIIs, 20.32% FPIs, 15.64% Public, 8.51% Others, 0.69% Shareholding Pattern as of Dec 2025 37
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FINANCIAL SUMMARY (1/2) Source: Consolidated Financial Statements, INR Cr . • OCF as % of Ebitda adjusted for Acquisition related one -off items = 75% P&L Summary FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue 982 1,074 1,212 1,347 1,685 2,009 2,894 Gross Profit 828 903 974 1,089 1,333 1,629 2,180 Gross Profit Margin (%) 84.4% 84.0% 80.3% 80.8% 79.1% 81.1% 75.3% Operating EBITDA 345 368 431 485 537 675 1,017 Operating EBITDA Margin (%) 35.1% 34.3% 35.5% 36.0% 31.9% 33.6% 35.2% PBT 317 331 394 442 405 431 489 PBT Margin (%) 32.3% 30.9% 32.6% 32.8% 24.0% 21.5% 16.9% PAT 291 297 355 406 374 397 375 PAT Margin (%) 29.6% 27.6% 29.3% 30.1% 22.2% 19.8% 12.9% EPS 21.15 21.61 26.16 29.89 28.10 28.82 25.85 Dividend (per share) 0 2.87 5.50 6.01 7.35 - 7.35 Cash Flow Generation Operating Cash Flow (OCF) 223 271 375 378 292 486 1,065 OCF as % of EBITDA 64.7% 73.6% 87.2% 78.0% 54.4 % * 72.0% 104.7% 38
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FINANCIAL SUMMARY (2/2) Source: Consolidated Financial Statements, INR Cr │** Borrowed Funds include Financial Leases │ RoE is excluding treasury investments, cash & cash equivalents | *RoCE excludes the impact of M&A related amortisation in all periods | For FY 24, adjusted EBITDA is b ased on full-year proforma EBIT of FY24 acquisitions BS Summary Mar'19 Mar'20 Mar'21 Mar’22 Mar’23 Mar’24 Mar’25 Share Capital 14 14 14 14 14 14 14 Reserves 1,137 1,283 1,563 1,895 2,182 2,573 2,841 Shareholders Fund 1,151 1,296 1,576 1,908 2,196 2,586 2,854 Borrowed Funds** 176 6 4 80 869 2,772 2,466 Tangible Assets 56 87 78 192 377 558 729 Intangible Assets 707 792 778 753 2,212 3,781 4,645 Treasury Investments + Cash & Bank Balances 363 145 416 635 95 1,416 238 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Margin (%) Gross Margin 84.4% 84.0% 80.3% 80.8% 79.1% 81.1% 75.3% EBITDA Margin 35.1% 34.3% 35.5% 36.0% 31.9% 33.6% 35.2% EBIT Margin 31.4% 29.6% 32.0% 31.2% 24.9% 24.5% 24.3% PAT Margin 29.6% 27.6% 29.3% 30.1% 22.2% 19.8% 12.9% Return (%) RoCE 33% 30% 34% 34% 20% 19% * 20%* RoE 44% 30% 31% 33% 22% 20% 15% Others Debt/Equity 0.2 0.0 0.0 0.0 0.4 1.1 0.9 EPS (₹) 21.15 21.61 26.16 29.89 28.10 28.82 25.85 Working Capital (in days) Receivables 31 53 42 44 63 77 58 Inventory 31 24 28 32 28 34 42 Payables 31 34 31 32 27 40 42 Net Working Capital 31 43 40 44 65 71 58 39
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THANK YOU Eris Lifesciences 40