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Investor Presentation Q4 & FY25 20 May 2025 GLAND PHARMA GLANDI GLAND PHARMA InvestorPresentationQ4 & FY2520 May 2025
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2 Safe Harbour Statement 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. 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 any other country, ability to successfully implement our strategy, our research and development efforts, our growth and 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 Gland Pharma Limited. 2 Safe Harbour Statement 2 The Presentation is to provide the general background information about theCompany’s activities as at the date of the Presentation. The informationcontained herein is for general information purposes only and based onestimates and should not be considered as a recommendation that any investorshould subscribe / purchase the company shares.This presentation may include certain “forward looking statements’’. Thesestatements are based on current expectations, forecasts and assumptions thatare subject to risks and uncertainties which could cause actual outcomes andresults to differ materially from these statements. Important factors that couldcause actual results to differ materially from our expectations include, amongstothers general economic and business conditions in India and any othercountry, ability to successfully implement our strategy, our research anddevelopment efforts, our growth and expansion plans and technologicalchanges, changes in the value of the Rupee and other currencies, changes inthe Indian and international interest rates, change in laws and regulations thatapply to the Indian and global pharmaceuticals industries, increasingcompetition, changes in political conditions in India or any other country andchanges in the foreign exchange control regulations in India. Neither thecompany, nor its directors and any of the affiliates or employee have anyobligation to update or otherwise revise any forward-looking statements. Thereaders may use their own judgment and are advised to make their owncalculations before deciding on any matter based on the information givenherein.No part of this presentation may be reproduced, quoted or circulated withoutprior written approval from Gland Pharma Limited.
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Financial Highlights GLAND Financial Highlights
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4 Particulars Q4 FY25 Q4 FY24 YoY Q3 FY25 QoQ FY25 FY24 YoY Revenue from operations 14,249 15,375 -7% 13,841 3% 56,165 56,647 -1% Other Income 440 421 4% 585 -25% 2,136 1,702 25% Total Income 14,689 15,796 -7% 14,426 2% 58,301 58,349 0% Gross Profit(1) 9,370 9,381 0% 9,213 2% 35,261 34,916 1% % margin 66% 61% 67% 63% 62% EBITDA(2) 3,475 3,587 -3% 3,600 -3% 12,689 13,331 -5% % margin(3) 24% 23% 26% 23% 24% PBT 2,883 2,982 -3% 2,993 -4% 10,627 11,325 -6% % margin 20% 19% 22% 19% 20% PAT 1,865 1,924 -3% 2,047 -9% 6,985 7,725 -10% % margin(4) 13% 13% 15% 12% 14% 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortisation expense excluding other income. 3.EBITDA margin = EBITDA / Revenue from operations; 4. PAT margin = PAT / Revenue from operations Consolidated P&L Highlights ₹ Mn Consolidated P&L Highlights MnParticularsQ4 FY25Q4 FY24YoYQ3 FY25QoQFY25FY24YoYRevenue from operations14,24915,375-7%13,8413%56,16556,647-1%Other Income4404214%585-25%2,1361,70225%Total Income14,68915,796-7%14,4262%58,30158,3490%Gross Profit* (1) 9,3709,3810%9,2132%35,26134,9161%% margin 66%61% 67°/o63%62%EBITDA'2’ 3,4753,587-3%3,600-3%12,68913,331-5%% margin(3) 24%23°/o26°/o23%24%PBT 2,8832,982-3%2,993-4%10,62711,325-6%% margin 20°/o19% 22% 79%20%PAT 1,8651,924-3%2,047-9%6,9857,725-10%% margin(4) 13%13% 15°/o72%74% 4Icmnl1. Gross Profit = Revenue from Operations - Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortisation expense excluding other income. 3.EBITDA margin = EBITDA / Revenue fromoperations; 4. PAT margin = PAT / Revenue from operations
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5 Consolidated Financial Highlights 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 4. EBITDA margin = EBITDA / Revenue from operations. 5. PAT margin = Profit for the period / Revenue from operations. Revenue from Operations (₹ Mn) Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) PAT / PAT Margin (5) (₹ Mn / %) EBITDA (3) / EBITDA Margin (4) (₹ Mn / %) 15,375 13,841 14,249 56,647 56,165 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 9,381 9,213 9,370 34,916 35,261 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 67%61% 62% 63% 66% 3,587 3,600 3,475 13,331 12,689 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 26%23% 23% 24% 24% 1,924 2,047 1,865 7,725 6,985 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 13% 15% 13% 14% 12% Consolidated Financial Highlights Revenue from Operations(< Mn) 56,64756,165■15,37513,841 14,249■■ ■ 1IQ4 FY24Q3 FY25 Q4 FY25 FY24FY25 Gross Profit / Gross Profit Margin &(< Mn / %) 35,26134,91663%62% 9,381 9,3709,21361% 66%Q4 FY24Q3 FY25Q4 FY25FY24FY25 EBITDA*3) / EBITDA Margin <4>(< Mn / %) PAT / PAT Margin *5)(< Mn / %)13,33112,68924%23% 3,5873,6003,47523%26%24%Q4 FY24Q3 FY25Q4 FY25FY24FY25 7,7256,98514%12%2,0471,924 1,86515%13%13%Q4 FY24Q3 FY25Q4 FY25FY24FY2551. Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding otherincome. 4. EBITDA margin = EBITDA / Revenue from operations. 5. PAT margin = Profit for the period / Revenue from operations.
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6 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortisation expense excluding other income. 3.EBITDA margin = EBITDA / Revenue from operations; 4. PAT margin = PAT / Revenue from operations Base Business (Gland) P&L Highlights ₹ Mn Particulars Q4 FY25 Q4 FY24 YoY Q3 FY25 QoQ FY25 FY24 YoY Revenue from operations 10,332 11,737 -12% 10,123 2% 41,248 41,769 -1% Gross Profit(1) 6,280 6,571 -4% 6,357 -1% 23,943 23,567 2% % margin 61% 56% 63% 58% 56% EBITDA(2) 3,954 4,306 -8% 3,911 1% 14,451 14,142 2% % margin(3) 38% 37% 39% 35% 34% PBT 3,924 4,268 -8% 3,845 2% 14,607 14,109 4% % margin 38% 36% 38% 35% 34% PAT 2,913 3,161 -8% 2,864 2% 10,868 10,456 4% % margin(4) 28% 27% 28% 26% 25% Base Business (Gland) P&L HighlightsMn ParticularsQ4 FY25Q4 FY24YoYQ3 FY25QoQFY25FY24YoYRevenue from operations10,33211,737-12%10,1232%41,24841,769-1%Gross Profit{1) 6,2806,571-4%6,357-1%23,94323,5672%% margin 61%56% 63%58%56%EBITDA®3,9544,306-8%3,9111%14,45114,1422%% margin(3) 38%37% 39%35%34%PBT 3,9244,268-8%3,8452%14,60714,1094%% margin 38%36% 38%35%34%PAT 2,9133,161-8%2,8642%10,86810,4564%% margin(4) 28%27% 28%26%25% 6Icmnl1. Gross Profit = Revenue from Operations - Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortisation expense excluding other income. 3.EBITDA margin = EBITDA / Revenue fromoperations; 4. PAT margin = PAT / Revenue from operations
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7 Revenue from Operations (₹ Mn) 11,737 10,123 10,332 41,769 41,248 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 EBITDA / EBITDA Margin (3) / PAT / PAT Margin (4) (₹ Mn / %) R&D Expenses (₹ Mn / %) Base Business (Gland) Financial Highlights 4,306 3,911 3,954 14,142 14,451 3,161 2,864 2,913 10,456 10,868 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 28% 28% 25% 26% 27% 35%34% 38%39%37% EBITDA PAT 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA margin% % = EBITDA / Revenue from operations; 4.PAT margin = Profit for the period / Revenue from operations. 436 437 503 1,773 1,922 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 3.7% 4.3% 4.9% 4.3% 4.7% Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) 6,571 6,357 6,280 23,567 23,943 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 63%56% 56% 58% 61% Base Business (Gland) Financial Highlights Gross Profit / Gross Profit Margin &(< Mn / %)Revenue from Operations(? Mn) 23,94323,56758%56%6,5716,3576,28061%56%63%Q4 FY24Q3 FY25Q4 FY25FY24FY25 41,769 41,248 11’73710,123 10,332Q4 FY24 Q3 FY25 Q4 FY25FY24 FY25 R&D Expenses(? Mn / %)EBITDA / EBITDA Margin <3>/ PAT / PAT Margin W(? Mn / %) 14,142 14,451 1,9221,7734.7%4.3%5034374363.7%4.3%4.9%Q4 FY24Q3 FY25Q4 FY25FY24FY25 10,86810,45634%35%26%4' 3063,16127% 3,9542,9132_9112,86428% 25%39%38% 28%Q4 FY24Q3 FY25 Q4 FY25 FY24■ ■ EBITDA ■ PATFY25 71.Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. EBITDA margin% % = EBITDA / Revenue from operations; 4.PAT margin = Profit for the period / Revenue fromoperations.
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8 Group Financial Highlights (1/2) Net Worth (1) (₹ Mn) 1.Net Worth refers to sum of equity share capital and other equity. 2. Return on Capital Employed (ROCE) = EBIT/ Average Capital Employed for the period. Capital Employed represents Total Assets – Current Liabilities; 3. Return on Net Worth (RONW) = Profit for the period / Average Net Worth for the period. Net Worth represents sum of equity share capital and other equity. 4. Asset Turnover is calculated as Revenue from operations for the period divided by average total assets for the period; 5. Fixed Asset Turnover is calculated as Revenue from operations for the period divided by average total fixed assets for the period (Property, plant and equipment + Right-of-use assets + Capital work in progress) 79,587 87,238 91,507 FY23 FY24 FY25 ROCE (2) / RONW (3) (%) 11% 11% 9% 11% 9% 8% FY23 FY24 FY25 RoCE RoNW Asset Turnover Ratio (4)(5) (x) 0.4 2.1 0.6 1.5 0.5 1.4 Total asset turnover Fixed asset turnover FY23 FY24 FY25 Capital Expenditure (₹ Mn) 2,230 3,975 3,938 FY23 FY24 FY25 Group Financial Highlights (1/2) Net Worth (1) ROCE (2)/ RONW (3>(%) -A- RoCE RoNW11% 11%(? Mn) 91,50787,23879,587 FY23 FY24 FY25 11% 9% 8% FY23 FY24 FY25Asset Turnover Ratio <4)<5)(X)Capital Expenditure(? Mn) 3,9752,230 FY23 FY24 FY25 2.10.60.50.4Total asset turnover Fixed asset turnoverFY23 ■ FY24 ■ FY25---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 8I.Net Worth refers to sum of equity share capital and other equity. 2. Return on Capital Employed (ROCE) = EBIT/ Average Capital Employed for the period. Capital Employed represents Total Assets - Current Liabilities; 3. Return on Net Worth(RONW) = Profit for the period I Average Net Worth for the period. Net Worth represents sum of equity share capital and other equity. 4. Asset Turnover is calculated as Revenue from operations for the period divided by average total assets forthe period; 5. Fixed Asset Turnover is calculated as Revenue from operations for the period divided by average total fixed assets for the period (Property, plant and equipment + Right-of-use assets + Capital work in progress)
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9 Group Financial Highlights (2/2) Cash Conversion Cycle (CCC) (3)(4) (# of Days) Cash Flow from Operations (₹ Mn) 98 78 100 238 152 138 -80 -57 -66 256 173 172 FY23 FY24 FY25 Receivable days Inventory days Payable days Cash conversion cycle 3,640 9,968 9,147 FY23 FY24 FY25 1. Net Cash refers to Cash, Investments in Debt Mutual Funds, Deposits with Financial Institutions, and Bank Balances less Non-current borrowings (including current maturities). 2. Net Working Capital refers to Current assets (excluding cash and bank balances and other financial assets) less Current liabilities. 3. COGS means cost of goods sold includes cost of materials consumed, purchases of traded goods, change in inventories of finished goods, traded goods, and work-in-progress, and manufacturing overheads; 4. Receivable days calculated as average trade receivables for the period divided by revenue from operations * over 365/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 365/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 365/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days. Cash and Bank Balances / Net Cash (1) (₹ Mn) 37,707 24,953 25,562 37,669 21,756 22,870 FY23 FY24 FY25 Total Cash Net Cash Net Working Capital (2) (₹ Mn) 23,355 21,554 21,683 FY23 FY24 FY25 Group Financial Highlights (2/2)Cash Flow from Operations(? Mn)Cash and Bank Balances / Net Cash (1)■■Total Cash(? Mn) Net Cash 9,968 3,640 FY23FY24FY25 37,70737,669 25,56224,953 22,87021,756 FY23FY24FY25 Net Working Capital (2)(? Mn) Cash Conversion Cycle (CCC) (3)(4)(# of Days)25621,68321,554 238 138100152-80FY23 FY24 FY25FY23 FY24 FY25 Cash conversion cycleReceivable days Inventory days Payable days 1. Net Cash refers to Cash, Investments in Debt Mutual Funds, Deposits with Financial Institutions, and Bank Balances less Non-current borrowings (including current maturities). 2. Networking Capital refers to Current assets (excluding cash andbank balances and other financial assets) less Current liabilities. 3. COGS means cost of goods sold includes cost of materials consumed, purchases of traded goods, change in inventories of finished goods, traded goods, and work-in-progress,and manufacturing overheads; 4. Receivable days calculated as average trade receivables for the period divided by revenue from operations * over 365/365 days (as applicable), Inventory days calculated as average inventory for the perioddivided by COGS* over 365/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 365/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payabledays.
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Business Update GLAND Business Update
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11 Base Business (Gland) Updates • R&D expenses: R&D expenses were ₹503 million in Q4 FY25, representing 4.9% of revenue, while for FY25 were ₹1,922 million (4.7% of revenue). • New Launches: Four new molecules, including Latanoprost, Midazolam Bags RTU, Dexamethasone, and Vancomycin (New Strengths), were launched in Q4 FY25, contributing to 31 cumulative launches in FY25. • Filings and approvals: In Q4 FY25, five ANDAs were filed and seven were approved, with a total of 24 ANDAs filed and 32 ANDAs approved in FY25, contributing to a cumulative total of 371 ANDA filings in the U.S. (318 approved, 53 pending). • In-house Complex pipeline: Nine filings have been completed within a targeted in-house complex product portfolio of 19 products, with six already launched and three more anticipated for approval, addressing an IQVIA market opportunity of approximately $6.5 billio n (March 2025 report). • Co-development partnership: Fifteen products are under co-development, including six 505(b)(2) and nine ANDAs at various developmental stages, are showing promising progress with anticipated commercialization starting from FY27 . • RTU Bags: The RTU bag portfolio includes 14 filed products, with five filed in FY25 and seven more in development, targeting a $620 mil lion US market. • GLPs, pens, and cartridges: The company launched its first partnered GLP-1, Liraglutide, in Q4 FY25, have secured two contracts, and there are ongoing discussions with several other partners. Investments being made to increase the current GLP -1/Pen/cartridge capacity of ~40 million to a total of 140 million units. • Biologics: Focusing on the expanding biosimilar and Biologic CDMO segment, the company's collaboration with DRL and discussions with Henlius are progressing well, with revenue generation from DRL business expected from FY26. • The company received EIRs from the USFDA for its Dundigal and Pashamylaram facilities in Hyderabad, India, indicating the successful closure of recent USFDA inspections. • The Board of Gland Pharma has recommended a final dividend of ₹18 per equity share for FY25, pending shareholder approval. Base Business (Gland) Updates * R&D expenses: R&D expenses were 503 million in Q4 FY25, representing 4.9% of revenue, while for FY25 were ,922 million (4.7% ofrevenue). New Launches: Four new molecules, including Latanoprost, Midazolam Bags RTU, Dexamethasone, and Vancomycin (New Strengths), werelaunched in Q4 FY25, contributing to 31 cumulative launches in FY25. Filings and approvals: In Q4 FY25, five ANDAs were filed and seven were approved, with a total of 24 ANDAs filed and 32 ANDAs approved inFY25, contributing to a cumulative total of 371 ANDA filings in the U.S. (318 approved, 53 pending). In-house Complex pipeline: Nine filings have been completed within a targeted in-house complex product portfolio of 19 products, with sixalready launched and three more anticipated for approval, addressing an IQVIA market opportunity of approximately $6.5 billion (March 2025report). Co-development partnership: Fifteen products are under co-development, including six 505(b)(2) and nine ANDAs at various developmentalstages, are showing promising progress with anticipated commercialization starting from FY27. RTU Bags: The RTU bag portfolio includes 14 filed products, with five filed in FY25 and seven more in development, targeting a $620 million USmarket. GLPs, pens, and cartridges: The company launched its first partnered GLP-1, Liraglutide, in Q4 FY25, have secured two contracts, and thereare ongoing discussions with several other partners. Investments being made to increase the current GLP-1/Pen/cartridge capacity of ~40 millionto a total of 140 million units. Biologies: Focusing on the expanding biosimilar and Biologic CDMO segment, the company's collaboration with DRL and discussions withHenlius are progressing well, with revenue generation from DRL business expected from FY26. The company received EIRs from the USFDAfor its Dundigal and Pashamylaram facilities in Hyderabad, India, indicating the successful closureof recent USFDA inspections. The Board of Gland Pharma has recommended a final dividend of 18 per equity share for FY25, pending shareholder approval. 11|CLAND|
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12 Cenexi Updates • Cenexi’s Q4FY25 revenue saw an increase of 8% year-on-year and 5% quarter-on-quarter • The Fontenay site in Paris, France, experienced production disruptions in Q4 FY25 due to equipment breakdown; however, a new high-capacity ampoule line is on schedule to begin production from Q1 FY26, adding 70–80 million units to ampoule manufacturing capacity for improved customer service. • Commercial production of a new inactivated vaccine is slated to begin in Q1 FY26 at the Hérouville site in Normandy, France, where ophthalmic gel production commenced as planned in Q4 FY25 and will progressively increase throughout FY26; Additionally, a new pre-filled syringe line is being installed and is expected to be operational later this year, significantly increasing capacity for this dosage form. • The Braine-l’Alleud site in Belgium has recovered from previous challenges, returning to normal production levels and demonstrating increased revenue growth. • Cenexi is maintaining its outlook to achieve a positive EBITDA by Q3FY26. Particulars Q4 FY25 Q4 FY24 YoY Q3 FY25 QoQ FY25 FY24 * YoY € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. Revenue from operations 43 3,917 40 3,637 8% 41 3,717 5% 164 14,916 166 14,878 0.3% Gross Profit 34 3,089 31 2,809 10% 32 2,856 8% 125 11,318 126 11,349 -0.3% % margin 79% 79% 77% 77% 77% 77% 76% 76% 76% 76% EBITDA (5) (479) (8) (720) (4) (312) (19) (1,761) (9) (812) % margin -12% -12% -20% -20% -8% -8% -12% -12% -5% -5% * Numbers for Cenexi are not comparable due to the acquisition happened during FY24. Cenexi UpdatesParticularsQ4 FY25€ Mn.?Mn.Q4 FY24€ Mn.?Mn.YoYQ3 FY25€ Mn.?Mn.QoQFY25€ Mn.?Mn.FY24*€Mn.?Mn.YoYRevenue from operations433,917403,6378%413,7175%16414,91616614,8780.3%Gross Profit343,089312,80910%322,8568%12511,31812611,349-0.3%% margin79%79%77%77%77%77%76%76%76%76%EBITDA(5)(479)(8)(720)(4)(312)(19)(1,761)(9)(812)% margin-12%-72%-20%-20%-8%-8% -72%-72%-5%-5% Cenexi’s Q4FY25 revenue saw an increase of 8% year-on-year and 5% quarter-on-quarter The Fontenay site in Paris, France, experienced production disruptions in Q4 FY25 due to equipment breakdown; however, a new high-capacityampoule line is on schedule to begin production from Q1 FY26, adding 70-80 million units to ampoule manufacturing capacity for improvedcustomer service. Commercial production of a new inactivated vaccine is slated to begin in Q1 FY26 at the Herouville site in Normandy, France, where ophthalmic gelproduction commenced as planned in Q4 FY25 and will progressively increase throughout FY26; Additionally, a new pre-filled syringe line is beinginstalled and is expected to be operational later this year, significantly increasing capacity for this dosage form. The Braine-l’Alleud site in Belgium has recovered from previous challenges, returning to normal production levels and demonstrating increasedrevenue growth. Cenexi is maintaining its outlook to achieve a positive EBITDA by Q3FY26. 12GLANDl" * Numbers for Cenexi are not comparable due to the acquisition happened during FY24.
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Geographical Revenue GLAND GeographicalRevenue
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14 US Filings Update US Contribution to the Group New Launches (3) US Market Q4FY25 Cumulative ANDAs (1) - Filed 5 371 - Approved 7(2) 318 Four new molecules, including Latanoprost, Midazolam Bags RTU, Dexamethasone, and Vancomycin (New Strengths), were launched in Q4 FY25, contributing to 31 cumulative launches in FY25. 54%FY25 Group Revenue Contribution Gland Cenexi 8,784 7,293 7,918 30,375 30,387 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -10% YoY 57 158 204 595 621 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 259% YoY 4% YoY 8,727 7,135 7,714 29,780 29,766 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -12% YoY Note: 1. ANDA count includes technology transfer ANDAs. 2. Received final approval for one product which was earlier tentatively approved 3. Includes products where the launch quantity is dispatched to our partners. ₹ Mn US Market tMnGroup Revenue ContributionGland Cenexi4% YoY-10% YoY -12% YoY 259% YoY29,780 29,766 IIFY24 FY25 30,37530,387 62159520415857Q4 FY24 Q3 FY25 Q4 FY25FY24 8- 7277,135 7,714■ ■ ■Q4 FY24 Q3 FY25 Q4 FY258,7847,9187,293Q4 FY24 Q3 FY25 Q4 FY25FY24FY25 FY25 US Filings UpdateUS Contribution to the GroupNew Launches <3>Q4FY25 Cumulative 54% Four new molecules, includingLatanoprost, Midazolam Bags RTU,Dexamethasone, and Vancomycin(New Strengths), were launched in Q4FY25, contributing to 31 cumulativelaunches in FY25.ANDAs <1>- Filed 5 371-Approved 7<2> 318 |GL\ND|Note: 1. ANDA count includes technology transfer ANDAs. 2. Received final approval for one product which was earlier tentatively approved 3. Includes products where the launch quantity is dispatched to our partners.14
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15 Europe Contribution to the Group Business Update Europe Market Gland: Revenues decreased due to volume degrowth. Cenexi: Revenues increased due to volume growth. 19% FY25 Group Revenue Contribution Gland Cenexi 2,685 2,646 2,801 10,648 10,470 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 4% YoY -2% YoY 2,208 2,227 2,399 9,093 8,915 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 9% YoY -2% YoY 477 419 402 1,555 1,555 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -16% YoY ₹ Mn Europe Market ZMnGroup Revenue ContributionGland Cenexi9% YoY ’2%YoY4% YoY -2% YoY -16% YoY1,555 1,555 IIFY24 FY25477419402Q4 FY24 Q3 FY25 Q4 FY25 10,648 10,470 9,093 8,9152,3992,2082,2272,8012,6852,646Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 Europe Contribution to the GroupBusiness UpdateGland: Revenues decreased due tovolume degrowth.Cenexi: Revenues increased due tovolume growth. 19%FY25 15|CLAND|
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16 Other Core Markets Contribution to the Group Business Update Other Core Markets (Canada, Australia and New Zealand) Gland: Revenue increased due to volume growth in our existing products. Cenexi: Revenue increased on the back of volume growth 4% FY25 Group Revenue Contribution Gland Cenexi 578 459 601 1,575 2,021 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 4% YoY 28% YoY 161 121 164 475 647 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 2% YoY 36% YoY 417 338 437 1,100 1,374 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 5% YoY 25% YoY ₹ Mn Other Core Markets (Canada, Australia and New Zealand)? MnGroup Revenue Contribution Gland Cenexi25% YoY28% YoY 5% YoY4% YoY 36% YoY2% YoY1,3741,1002,0211,575 647475437417338601578459 164161121Q4 FY24 Q3 FY25 Q4 FY25FY24FY25 Q4 FY24 Q3 FY25 Q4 FY25FY24FY25Q4 FY24 Q3 FY25Q4 FY25FY24FY25 Other Core Markets Contributionto the GroupBusiness Update4%FY25 Gland: Revenue increased due tovolume growth in our existing products.Cenexi: Revenue increased on the backof volume growth 16
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17 RoW Contribution to the Group Business Update Rest of the World Gland: Q4FY25 revenue decreased 21% compared to Q4FY24 due to volume degrowth in existing products. 19% FY25 Group Revenue Contribution Gland Cenexi 2,802 2,881 2,404 11,239 10,800 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -14% YoY -4% YoY 1,212 1,212 1,150 4,715 4,734 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -5% YoY 1,590 1,669 1,254 6,524 6,066 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -21% YoY -7% YoY ₹ Mn Rest of the World ?MnGroup Revenue ContributionGland Cenexi-4% YoY -21% YoY-7% YoY -5% YoY-14% YoY 4,7341,1506,5246,0662,8812,8022,404 1,6691,5901,254Q4 FY24 Q3 FY25 Q4 FY25FY24 FY25 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25Q4 FY24 Q3 FY25Q4 FY25FY25FY24 RoW Contribution to the GroupBusiness Update 19%FY25 Gland: Q4FY25 revenue decreased21% compared to Q4FY24 due tovolume degrowth in existing products. 17
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18 India Gland 526 562 525 2,810 2,487 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 -% YoY -11% YoY India Contribution to the Group 4% FY25 ₹ Mn Business Update Revenue declined due to a decrease in volume India India Contribution to the GroupGland Business Update-% YoY -11%YoY4%FY252,8102,487562526 525Q4 FY24 Q3 FY25 Q4 FY25FY24FY25 Revenue declined due to a decrease involume 18|CLAND|
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About Gland Pharma GLANDAbout Gland Pharma
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20 Base Business (Gland) | Snapshot Centralized R&D Laboratory with Team of ~257 Personnel Portfolio of Injectable Products Across Therapeutic Areas and Delivery Systems Diversified revenue model fuels growth and profitability FY25A(3): Revenue : INR 41,248 Mn. EBITDA margin: 35% (4)(5) PAT margin: 26% (6) Wide Portfolio of Complex Products Supported by Internal R&D Extensive and Vertically Integrated Injectables Manufacturing Capabilities Consistent Compliance Track Record with Range of Regulatory Regimes Diversified B2B-led Model Across Markets Complemented by a Targeted B2C Model in India Strong financials, healthy balance sheet, and robust cash flow. Greater Control Over Manufacturing Processes 7 Manufacturing Facilities – 4 Finished Formulation and 3 API 371 ANDA Filings in the US (1) (2): 318 Approved; 53 Pending Approval No Warning Letters from USFDA Since Inception of Each Facility Exports to Over 60 Countries(1) Successful Track Record of Operating B2B Model with Leading Pharma Companies Note: (1) As of March 31, 2025; (2) Filed by Gland Pharma, along with partners; (3) Based on Financial Information prepared in accordance with Ind AS; (4) EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortization expense excluding other income and foreign exchange loss or gain; (5) EBITDA margin = EBITDA / Revenue from operations;(6) PAT margin = Profit for the year / Revenue from operations. Base Business (Gland) | Snapshot 7 ManufacturingFacilities -4 Finished Formulationand 3 APIGreater Control OverManufacturingProcessesExtensive and Vertically IntegratedInjectables Manufacturing Capabilities No Warning Lettersfrom USFDA SinceInception of EachFacility371 ANDA Filings inthe US (2>:318 Approved; 53Pending ApprovalConsistent Compliance Track Record withRange of Regulatory Regimes Successful TrackRecord of OperatingB2B Model with LeadingPharma CompaniesDiversified B2B-led Model Across MarketsComplemented by a Targeted B2C Model in India Exports to Over 60Countries ) Portfolio of InjectableProducts AcrossTherapeutic Areas andDelivery SystemsCentralized R&DLaboratory with Teamof -257 PersonnelWide Portfolio of Complex Products Supportedby Internal R&D FY25A3):Revenue : INR 41,248 Mn.EBITDA margin: 35%(4)<5>PAT margin: 26% (6)Diversified revenuemodel fuels growth andprofitabilityStrong financials, healthy balance sheet,and robust cash flow. 20Note: (1) As of March 31, 2025; (2) Filed by Gland Pharma, along with partners; (3) Based on Financial Information prepared in accordance with Ind AS; (4) EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortization expenseexcluding other income and foreign exchange loss or gain; (5) EBITDA margin = EBITDA / Revenue from operations;(6) PAT margin = Profit for the year / Revenue from operations.
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21 Base Business (Gland) | Our Journey 1978 2003 2000 2016 2010 2014 2017 2019 2018 2007 2004-05 Land leased at Vishakhapatnam SEZ on which Oncology facility and API facilities situated Set up In-house R&D facility at Dundigal, Hyderabad Incorporation by P.V.N. Raju Received USFDA approval for the manufacturing facility at Dundigal USFDA and EU approval for Oncology plant, Vishakhapatnam SEZ Filed first ANDA from Penems facility USFDA approval for facilities at Visakhapatnam, Visakhapatnam SEZ and the manufacturing facility at Pashamylaram Commenced commercial sales in the US from Pashamylaram facility Capital infusion of ~₹1,000 million pursuant to PE investment Launched Heparin Sodium Injection in the US Launch of Enoxaparin Sodium Injection (Cutenox) in India and Rest of the world markets PE investment of US$ 200mn from KKR Fosun Singapore acquired majority stake Received ANDA approval for Enoxaparin Sodium Injection USP Received ANDA approval for first Ophthalmic product Commissioned Pashamylaram unit First filing with National Medical Products Administration, China, and received clinical waiver for Dexrazoxane Commission of Asset Investor / Capital Infusion Launch / Filings 2020 Listed on Indian stock exchanges, NSE & BSE First OTC launch in US market for Olopatadine ophthalmic solution 2021 Foray into biologics CDMO business with acquisition of manufacturing facility from Vitane Biologics, Hyderabad 2023 Acquired Cenexi to strengthen CDMO build out. Collaboration with Dr Reddy’s Laboratories for Biologics CDMO 2024 Base Business (Gland) | Our JourneyReceived ANDA approval for Enoxaparin Sodium Injection USPReceived ANDA approval for first Ophthalmic productFirst OTC launch inUS market forOlopatadineophthalmic solutionListed on Indianstock exchanges,NSE & BSEAcquired Cenexito strengthenCDMO build out. 2020 2021 Foray into biologiesCDMO businesswith acquisition ofmanufacturingfacility from VitaneBiologies, iHyderabadCollaboration with DrReddy’s Laboratoriesfor Biologies CDMO Launched HeparinSodium Injectionin the US USFDA and EUapproval forOncology plant,VishakhapatnamSEZ USFDA approval for facilitiesat Visakhapatnam,Visakhapatnam SEZ and themanufacturing facility atPashamylaramLaunch of Enoxaparin SodiumInjection (Cutenox) in Indiaand Rest of the world marketsFiled first ANDAfrom PenemsfacilityCommenced commercialsales in the US fromPashamylaram facilityReceived USFDAapproval for themanufacturingfacility at DundigalIncorporationby P.V.N. Raju ' 1978 / 2003 / / 2004-05 1 1 1 2016 1 / / 2018 i2010 2014 20002007 First filing withNational MedicalProductsAdministration,China, and receivedclinical waiver forDexrazoxane Capital infusion of~?1,000 million pursuantto PE investment Fosun Singaporeacquired majoritystakeCommissionedPashamylaram unitSet up In-house R&Dfacility at Dundigal,HyderabadLand leased atVishakhapatnam SEZ onwhich Oncology facilityand API facilities situatedPE investment of US$200mn from KKR 21Commission of AssetInvestor / Capital Infusion— Launch / Filings
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22 Base Business (Gland) | Business Overview API facilities provide in-house manufacturing capabilities for critical APIs, thereby controlling costs and quality, and mitigating supply chain-related risks around key products. Quality & Compliance FocusConsistent Compliance Track Record • No USFDA warnings letters since inception of each facility. • Manufacturing facilities include those certified by regulatory agencies such as MHRA (UK), ANVISA (Brazil), AGES (Austria), TGA (Australia), and BGV Hamburg (Germany). • Team of 1,586(1) full-time employees- ~37% of total employees(1) • Regular quality management reviews with corporate oversight and governance. • 40+ audits per year on average, including customer audits and regulatory agency audits. 7 Facilities 4 Finished Formulation Facilities ~1,200 million units & 3 API Facilities ~11,000 kg / year Dundigal, Hyderabad • Sterile Injectables Facility (Flagship) Pashamylaram, Hyderabad • Sterile Injectables Facility • Penems Injectables Facility Vishakhapatnam • Oncology Injectables Facility • 2 API Facilities Genome Valley, Hyderabad • Biologics Facility (DS) Note: (1) As of March 31, 2025. Base Business (Gland) | Business Overview API facilities provide in-house manufacturingcapabilities for critical APIs, thereby controlling costsand quality, and mitigating supply chain-related risksaround key products.3 API Facilities-11,000 kg /year4 FinishedFormulation Facilities7 Facilities-1,200 million units Genome Valley, Hyderabad Biologies Facility (DS)Dundigal, Hyderabad Sterile Injectables Facility (Flagship)Pashamylaram, Hyderabad Sterile Injectables Facility Penems Injectables FacilityVishakhapatnam Oncology Injectables Facility 2 API Facilities Consistent Compliance Track Record No USFDA warnings letters since inception of each facility. Manufacturing facilities include those certified by regulatory agenciessuch as MHRA (UK), ANVISA (Brazil), AGES (Austria), TGA(Australia), and BGV Hamburg (Germany). Quality & Compliance Focus Team of 1,586<1) full-time employees- -37% of total employees 1) Regular quality management reviews with corporate oversight andgovernance. 40+ audits per year on average, including customer audits andregulatory agency audits. 22Note: (1) As of March 31, 2025.
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23 Base Business (Gland) | Business Overview (Cont’d) Note: (1) As per IQVIA Report. (2) Reflects typical features of such business models in regulated markets. Split of Revenue from Operations (FY25) Based on Business Model Based on Geography B2B (Global) B2C (India) B2B – IP Led B2B Tech Transfer B2B CMO B2COwn Filing Partner Filing Overview • Out-license to Marketing partners • Long term product supply contracts • Co-development with Partner • Manufacturing by Gland • Fill and finish service • Loan and license agreements • Direct marketing of products Revenue Model • License and milestone payments • Selling price per unit dose + Profit Share • Tech transfer fee • Selling price per unit dose + Royalty • Fixed per unit price • Direct sale of products ANDA Ownership(2) ✓ ✓ IP Ownership(2) ✓ Co-owned ✓ • Operating in 60+ countries as of March 31, 2025. • One of the fastest growing generic injectables-focused companies by revenue in the US from 2019 to Mar’25 (1) • Successful track record of operating B2B model with leading companies, complemented by a B2C model in home market of India leveraging brand strength and sales network B2B's high-volume orders optimize facility use, lowering per-unit costs. Targeted B2B partnerships cut marketing costs while reaching patients Collaborative quality and compliance establish us as a trusted manufacturer. Advantages of B2B models Higher capacity, lower marketing, and strong reputation drive profit margins. B2B, 98% B2C, 2% USA, 72% RoW, 15% India, 6% Europe, 4% CA,AU,NZ, 3% Base Business (Gland) | Business Overview (Cont’d) Split of Revenue from Operations (FY25)Based on Business Model Operating in 60+ countries as of March 31, 2025. One of the fastest growing generic injectables-focused companies by revenue in the USfrom 2019 to Mar’25 0) Successful track record of operating B2B model with leading companies, complementedby a B2C model in home market of India leveraging brand strength and sales network B2B, 98% B2B (Global)B2C (India)B2B - IP LedOwn Filing Partner FilingB2B Tech TransferB2B CMOB2C Overview RevenueModelANDAOwnership*2) Z xX X y'IP Ownership*2) SX X y' Based on GeographyEurope, 4% CA,AU,NZ, 3% RoW,15% USA,72%Collaborativequality andcomplianceestablish us as atrustedmanufacturer. B2B's high-volumeorders optimizefacility use,lowering per-unitcosts. Targeted B2Bpartnerships cutmarketing costswhile reachingpatients Higher capacity,lower marketing,and strongreputation driveprofit margins.Advantagesof B2Bmodels___________> 23Note: (1) As per IQVIA Report. (2) Reflects typical features of such business models in regulated markets.
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24 Base Business (Gland) | Business Overview (Cont’d) R&D & Regulatory Capabilities Present in sterile injectables, oncology and ophthalmics, and focus on complex injectables, NCE-1s, First-to-File products and 505(b)(2) filings Delivery Systems: • Liquid vials • Lyophilized vials • Pre-filled syringes • Ampoules • Bags • Drops • Pens • Cartridges • Anti-diabetic • Anti-infectives • Anti-malarial • Anti-neoplastic (Oncology) • Blood-related • Cardiac • Gastro-intestinal • Hormones • Neurological and Central Nervous System • Ophthalmics and Otologicals • Pain, neuro-muscular blocking agents & analgesics • Respiratory • Vitamins, minerals & nutrients Therapeutic Areas: ▪ Dedicated R&D facility at Hyderabad, with on-site support at each manufacturing location, boasts a team of over ~257 professionals, including PhDs, pharmacy post-graduates, and chemists. ▪ Scale of expertise enables rapid and efficient development and supports global regulatory filings. ▪ Capabilities span a broad range of pharmaceutical research, with growing expertise in injectables, allowing new products to market quickly and efficiently. Regulatory Track Record Note: (1) As of March 31, 2025, refer to ANDA filings by Gland Pharma, along with partners. 151 25 176 167 28 195 318 53 371 Approved Pending Total Owned Partner Owned 47% 53%53% 47% Total 371 ANDAs (1) 499 73 1176 US, Canada, Europe, Australia,New Zealand India RoW Total 1,748 Product Registrations Globally (1) Extensive Portfolio of Complex Products Base Business (Gland) | Business Overview (Cont’d) , oncology and ophthalmics, and focuson complex mje<505(b)(2) filings DropsPensAmpoules Cartridges Neurological and CentralNervous SystemAnti-diabeticAnti-infectivesOphthalmics and OtologicalsAnti-malarialPain, neuro-muscularblocking agents & analgesicsBlood-relatedRespiratoryCardiacVitamins, minerals &nutrientsGastro-intestinalHormones R&D & Regulatory Capabilities■ Dedicated R&D facility at Hyderabad, with on-site support ateach manufacturing location, boasts a team of over -257professionals, including PhDs, pharmacy post-graduates, andchemists.■ Scale of expertise enables rapid and efficient developmentand supports global regulatory filings.■ Capabilities span a broad range of pharmaceutical research,with growing expertise in injectables, allowing new products tomarket quickly and efficiently.Regulatory Track RecordTotal 371 ANDAs318 371532825 19553%53%167 17647%47%151Pending■ Owned ■ Partner OwnedTotal 1,748 Product Registrations Globally (1)Approved Total1176499 73 RoWUS, Canada,Europe, Australia,NewZealandIndia 24Note: (1) As of March 31, 2025, refer to ANDA filings by Gland Pharma, along with partners.
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25 Strong Product Portfolio Supported by Strong R&D Right Capability Matrix in Products and Delivery Systems Present in: ▪ Oncology ▪ Ophthalmics and Otologicals ▪ Blood-related ▪ Neurological and Central Nervous System ▪ Pain, neuro-muscular agents and analgesics Expanding capabilities in: ▪ Peptides ▪ Long-acting injectables ▪ Suspensions ▪ Hormonal products Expanding in new delivery systems: ▪ Pens ▪ Cartridges Focussed expertise in : ▪ NCE-1s ▪ First-to-File products ▪ 505(b)(2) filings ▪ Complex injectables Key products include: ▪ Cis-Atracurium Besylate ▪ Enoxaparin Sodium ▪ Heparin Sodium ▪ Rocuronium Bromide Collaborate on co- development of targeted complex injectables with specialty pharma companies- • MAIA Pharma • Xiromed Centralized R&D team of ~257 members, including PhDs, pharmacy post graduates, and chemists Significant R&D Investment Track record of coming up with new complex products Translating into Revenue From New Launches 2,014 1,773 1,922 FY23 FY24 FY25 Total R&D expenditure (₹mn) 4.3% R&D expenditure as % of revenue from operations 1,410 6,038 1,723 FY23 FY24 FY25 Revenue from new product launch (₹mn) 14% As % of revenue from operations # products launched 52 5.6% 4% 35 4.7% 31 4% Strong Product Portfolio Supported by Strong R&DRight Capability Matrix in Products and Delivery SystemsFocussedexpertise in :■ NCE-1s■ First-to-Fileproducts■ 505(b)(2) filings■ Complexinjectables Present in:■ Oncology■ Ophthalmics andOtologicals■ Blood-related■ Neurological andCentral NervousSystem■ Pain, neuro-muscularagents andanalgesics Expandingcapabilities in:■ Peptides■ Long-actinginjectables■ Suspensions■ Hormonal products Expanding in newdelivery systems:■ Pens■ Cartridges Key productsinclude:■ Cis-AtracuriumBesylate■ Enoxaparin Sodium■ Heparin Sodium■ RocuroniumBromide Collaborate on co-development oftargeted complexinjectables withspecialty pharmacompanies- MAIA Pharma Xiromed Centralized R&D team of -257 members, including PhDs, pharmacy postgraduates, and chemists4.7%5.6%4.3%2,014 1,922 FY23FY24FY25■ Total R&D expenditure (?mn)R&D expenditure as % of revenue from opc new complex products 14%4%4% 6,038 52 3135FY23 FY24 FY25■ Revenue from new product launch (?mn)# products launched25
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26 0.5 0.7 1.20.04 1.3 0.2 0.0 0.4 0.4 0.0 0.7 Genericized Next 1-3 years Beyond next 3 years Ophthalmology CNS Health Cardiology Other TA's 1.3 2.1 2.3 ANDAs In-house R&D Pipeline Pipeline Portfolio (Total Addressable Market in $billion, # of ANDAs) - Innovator's Year off-patent Small molecules pipeline as per ANDA - patent certification ANDA - patent certification # of ANDAs TAM US $ bn. (Mar-25) NCE-1 4 0.6 PIV 27 3.8 PI 31 1.0 PII 6 0.1 PIII 3 0.1 TOTAL 71 5.7 • In-house portfolio spans diverse therapeutic areas, including Anti- diabetics, Anti-infectives, Anti-malarial, Oncology, and more. • Diversification across key growth areas like Ophthalmology, CNS Health, and Cardiology. • Portfolio evolution on market formation date: • Genericized portfolio covers a $1.24 billion market with 40 ANDAs. • Next 1-3 years Market formation: Pipeline to capture a $2.12 billion market with 5 ANDAs. • Beyond 3 years market formation: Strategic investment in high-growth areas, targeting a $2.34 billion market. • Total ANDAs in pipeline: 71, with a TAM of $5.71 billion 40 25 5 1 9 5 2 1 1 R&D Pipeline Status 26 12 6 8 # ANDA submitted, pending approval , 29, 41% Tentatively approved , 12, 17% Under Development , 30, 42% Note: Pipeline includes Own and Partner filings, and Excluding Tech transfer. $ bn 1 In-house R&D PipelinePipeline Portfolio (Total Addressable Market in $billion, # of ANDAs) - Innovator's Year off-patent R&D Pipeline StatusANDA submitted,pending approval , 29,41%Under30, 42% Tentativelyapproved , 12,17% 2.3 0.70.4 1.2 26 126 2.1 50.0 20.0 y 1.31 $ bn 4025519 0.4 In-house portfolio spans diverse therapeutic areas, including Anti-diabetics, Anti-infectives, Anti-malarial, Oncology, and more.Diversification across key growth areas like Ophthalmology, CNSHealth, and Cardiology.Portfolio evolution on market formation date: Genericized portfolio covers a $1.24 billion market with 40ANDAs. Next 1-3 years Market formation: Pipeline to capture a $2.12billion market with 5 ANDAs. Beyond 3 years market formation: Strategic investment inhigh-growth areas, targeting a $2.34 billion market. Total ANDAs in pipeline: 71, with a TAM of $5.71 billion 0.7 10.5GenericizedNext 1-3 yearsBeyond next 3 years■ Ophthalmology■ CNS Health ■ Cardiology ■ Other TA's # ANDAsSmall molecules pipeline as per ANDA - patent certificationANDA - patent certification# of ANDAsTAMUS $ bn. (Mar-25) TOTAL 71 5.7 26Note: Pipeline includes Own and Partner filings, and Excluding Tech transfer.
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27 Complex injectable & co-development pipeline • Developing complex injectables, enhancing formulations, novel drug delivery technologies, and co-development partnerships. • 19 products and TAM is ~$ 6.5 bn in US. (4 co-development products). • 9 submissions and 6 approvals in various delivery systems and formulation technologies. • Pursuing co-development to accelerate pipeline and portfolio expansion. • Co-development for 15 products (6 505(b)(2) and 9 ANDA submissions). • Co-development Pipeline: o Key Therapeutic Areas: Immunology, Chemo-adjuvants, Mineral Supplements, Pain Management, Endocrinology, and Radiocontrast Agents. Complex R&D pipeline Co-development Model 6 3 10 Launched Filed, pending approval Under development 7 4 1 3 1 2 1 Hormone Peptide Complex API Suspension Emulsion Microsphere Nano Suspension # of Products and TAM by classification-wise # of Products and TAM by Status-wise TAM US ~$ 6.5 bn. $ 0.35 bn. $ 1.96 bn. $ 0.08 bn. $ 0.26 bn. $ 0.17 bn. $ 0.71 bn. $ 2.90 bn. TAM US ~$ 0.29 bn. TAM US ~$ 0.23 bn. TAM US ~$ 5.90 bn. Submission type # of Submissions ANDA 9 505(b)(2) 6 Total 15 Therapy # of products Immunology 2 Chemo-adjuvants 1 Mineral supplements 1 Pain management 1 Endocrinology 3 Radiocontrast agents 7 TOTAL 15 Complex injectable & co-development pipelineComplex R&D pipeline Co-development ModelDeveloping complex injectables, enhancing formulations, novel drug deliverytechnologies, and co-development partnerships.19 products and TAM is 6.5 bn in US. (4 co-development products).Pursuing co-development to accelerate pipeline and portfolioexpansion.Co-development for 15 products (6 505(b)(2) and 9 ANDAsubmissions).Co-development Pipeline:o Key Therapeutic Areas: Immunology, Chemo-adjuvants,Mineral Supplements, Pain Management,Endocrinology, and Radiocontrast Agents. various delivery systems and formulation9 submissions and 6 approvals intechnologies.# of Products and TAM by Status-wise# of Products and TAM by classification-wiseTAM US ~$ 6.5 bn.Hormone7PeptideComplex APISuspensionEmulsionMicrosphereNano Suspension TAMUS ~$ 0.29 bn.TAMUS ~$ 5.90 bn. TAMUS ~$ 0.23 bn. $0.35 bn.$1.96 bn.$0.08 bn.$0.26 bn.$0.17 bn.$0.71 bn.$2.90 bn. Submission type # of SubmissionsANDA 9505(b)(2) 6Total 15| Therapy # of productsImmunology2Chemo-adjuvants1Mineral supplements1Pain management1Endocrinology3Radiocontrast agents 7TOTAL 15■ Launched■ Filed, pending approval■ Under development 27|CLAND|
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28 Cenexi: Advancing our CDMO capabilities Planned Capex > €60 Mn in next three years • Moving up the value chain: Focus to move towards higher- value presentations such as Vials, Ophthalmic Gels and PFS with higher Net Revenue per Unit (NRV) to drive increased customer acquisition and new product launches. • Continued focus on bridging expertise gaps, improving equipment utilisation, and streamlining production planning to enhance growth and profitability. • Gland and Cenexi have integrated their efforts to source opportunities across both Europe and India. This integration will drive cost efficiency and unlock cross-selling opportunities across a combined customer base. Strategic OutcomesSite Specific Strategy Fontenay Site (Paris, France): • Largest ampoule manufacturing site in Europe • Enhancing installed capacity with new high-speed and efficient equipment • Exploring opportunities in controlled substances to diversify the portfolio. • Optimising product mix to better absorb fixed costs and enhance margins Osny (Paris, France): • Specialises in oral solids based on highly active molecules such as hormones and anti-allergenic products • Undertaking process optimisation initiatives to boost efficiency Hérouville Site (Normandy, France): • Manufacturing high-value vials, pre- filled syringes (PFS), cartridges, and ophthalmic gels • Investing in new PFS line (2025) • Driving high automation levels for operational efficiency and production consistency Braine-l’Alleud Site (Belgium): • Focuses on highly active sterile (cytotoxic) products: vials, liquids, lyophilised products, and pre-filled syringes • Investing for expanding freeze- drying capacity • Building a new vial production area with isolator technology • High-value pipeline for tech transfer under progress Cenexi: Advancing our CDMO capabilities Site Specific StrategyFontenay Site (Paris, France): Largest ampoule manufacturing sitein Europe Enhancing installed capacity withnew high-speed and efficientequipment Exploring opportunities in controlledsubstances to diversify the portfolio. Optimising product mix to betterabsorb fixed costs and enhancemargins Osny (Paris, France): Specialises in oral solids based onhighly active molecules such ashormones and anti-allergenicproducts Undertaking process optimisationinitiatives to boost efficiency Herouville Site (Normandy, France): Manufacturing high-value vials, pre-filled syringes (PFS), cartridges, andophthalmic gels Investing in new PFS line (2025) Driving high automation levels foroperational efficiency and productionconsistency Braine-l’Alleud Site (Belgium): Focuses on highly active sterile(cytotoxic) products: vials, liquids,lyophilised products, and pre-filledsyringes Investing for expanding freeze-drying capacity Building a new vial production areawith isolator technology High-value pipeline for tech transferunder progress Strategic Outcomes Moving up the value chain: Focus to move towards higher-value presentations such as Vials, Ophthalmic Gels and PFSwith higher Net Revenue per Unit (NRV) to drive increasedcustomer acquisition and new product launches. Continued focus on bridging expertise gaps, improvingequipment utilisation, and streamlining production planning toenhance growth and profitability. Gland and Cenexi have integrated their efforts to sourceopportunities across both Europe and India. This integrationwill drive cost efficiency and unlock cross-selling opportunitiesacross a combined customer base.Planned Capex > €60 Mn in next three years 28|CLAND|
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29 Cenexi: Future Growth Opportunities Growth Levers: Focused Outcomes: ▪ 5+ ongoing tech transfers for significant future growth ▪ Capex for modernization and new technologies capacity creation ▪ Building capability to fill expertise gaps, improving operational efficiency ▪ Driving cost and revenue synergies with Gland ▪ Implementing a future state organizational structure (centers of excellence, Quality-by-Design, CMO for projects and Tech transfers) ▪ Strong Sales Growth: Sales growth from high-value products and enhanced price per unit ▪ Strategic Shift: Transition from low-value, high-volume business (70% of the current business) to higher-value products (PFS, Lyo Vials, Ophthalmic Gels) ▪ NRV Expansion: Focus on high-NRV products driving profitability ▪ Customer & Portfolio Expansion: Targeting high-value segments for growth. Cenexi is growing its high-value product portfolio, having already added 4 new customers for PFS and 6 for Vials Cenexi: Future Growth Opportunities ■ 5+ ongoing tech transfers for significant future growth■ Capex for modernization and new technologies capacity creation■ Building capability to fill expertise gaps, improving operational efficiency■ Driving cost and revenue synergies with Gland■ Implementing a future state organizational structure (centers of excellence, Quality-by-Design,CMO for projects and Tech transfers) Growth Levers: ■ Strong Sales Growth: Sales growth from high-value products and enhanced price per unit■ Strategic Shift: Transition from low-value, high-volume business (70% of the current business) tohigher-value products (PFS, Lyo Vials, Ophthalmic Gels)■ NRV Expansion: Focus on high-NRV products driving profitability■ Customer & Portfolio Expansion: Targeting high-value segments for growth. Cenexi is growing itshigh-value product portfolio, having already added 4 new customers for PFS and 6 for VialsFocused Outcomes: 29|CLAND|
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Thank You Gland Pharma Limited Plot No. 11 & 84, TSIIC Phase: IV Pashamylaram (V), Patancheru (M), Sangareddy District Hyderabad 502307, Telangana, India Corporate Office 543245 GLAND GLAND:IN EY Investor Relations Runjhun Jain / Sneha Salian investors@glandpharma.com Investor Relations: 30 GLAND PHARMA Gland Pharma Sampath Kumar Pallerlamudi Company Secretary & Compliance Officer 30 iGiANPl GLAND PHARMA Thank You Corporate OfficeGland Pharma LimitedPlot No. 11 & 84, TSIIC Phase: IVPashamylaram (V), Patancheru (M),Sangareddy DistrictHyderabad 502307, Telangana, India Investor Relations:Gland PharmaSampath Kumar PallerlamudiCompany Secretary & Compliance OfficerEY Investor RelationsRunjhun Jain / Sneha Salianinvestors@glandpharma.com 3SE 5432450 NSE GLANDBloomberg 3LANDJN