Slides
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TMInvestor PresentationQ2’26
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2© 2025 Indegene. All rights reserved. Disclaimer This presentation may include opinions and assumptions about future performance which could be considered as forward-looking statements. Forward-looking statements intrinsically cover several risks and uncertainties, which may lead to a material difference between actual results and the statements themselves. Such statements comprise the company’s current visibility on market movements, client discussions, and related factors. Indegene Limited does not assume an obligation to update or revise any forward-looking statements.
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© 2025 Indegene. All rights reserved. 3 Management Commentary on Q2 FY26 results Manish Gupta Chairman and Chief Executive Officer Suhas PrabhuChief Financial OfficerIn Q2FY26, our focus was on executing our strategic priorities: from business development - to build a stronger pipeline; to delivery - especially on newer engagement models like Tectonic; from technology enablement - to bring AI to clients faster; to M&A - to deepen our expertise & credibility. We are encouraged by the progress made on each of these fronts, and expect to see tangible benefits from these initiatives in the near term.We delivered strong growth for the fourth consecutive quarter, driven by continued momentum in deal wins and execution. A robust pipeline generation points to a positive industry outlook. In the next quarter, our focus will be on renewals and new wins to build a solid foundation for the next calendar year. Further, I am excited to welcome BioPharm and WARN & Co. to the Indegene family. Both bring strong growth flywheels and advanced capabilities that align with our vision and future direction.
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© 2025 Indegene. All rights reserved. 4 Q2 FY26: Financial Highlights Significant growth at scaleStrong margin profile(1) EBITDA is adjusted to exclude non-operational M&A related expenses. INR 8,042 MnRevenue from Operations17.1%YoY revenue growth in INR terms12.4%YoY revenue growth in USD termsINR 1,461 MnAdj EBITDA(1)INR 1,021 MnPAT 15.3% YoY11.3% YoY
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© 2025 Indegene. All rights reserved. 5 H1 FY26: Financial Highlights Significant growth at scaleStrong margin profile(1) EBITDA is adjusted to exclude non-operational M&A related expenses. INR 15,650 MnRevenue from Operations14.8%YoY revenue growth in INR terms11.0%YoY revenue growth in USD termsINR 3,004 MnAdj EBITDA(1)INR 2,185 MnPAT 15.7% YoY21.8% YoY
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© 2025 Indegene. All rights reserved. 6 Q2 FY26: Business Highlights Significant growth at scaleGlobal delivery 76 (70)Active Client Relationships40 (40)Clients with $1 Million+ Revenue 63% (63%)Revenue from Top 20 Global Biopharma(1)Companies5,245/4,523(5,087/4,394)Total Employees / Delivery Employees26.3% (24.8%)Delivery Headcount with Healthcare Expertise16.2% (16.8%)Voluntary Attrition (TTM)(1) Top 20 Global Biopharma Companies based on 2023 revenues(2) Numbers in brackets indicate Q1 FY26 data
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© 2025 Indegene. All rights reserved. 7 Q2 FY26: Stable business mixRevenue from Service offering ($Mn)Revenue by Customer Industry (%)Revenue by Customer Geography (%) 28.8%28.0%27.9%56.2%58.5%60.6%11.6%10.0%7.9%3.4%3.5% 3.6%Q2 FY25 Q1 FY26 Q2 FY26Enterprise Medical SolutionsEnterprise Commercial SolutionsBrand ActivationOthers 82.0 88.9 92.292.0%3.5%3.1%1.5% Q2 FY26Biopharma Medical DevicesEmerging BiotechOthersNorth AmericaEurope India RoW27.0%69.6%0.7%2.7%Q2 FY26
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•Unique business model with the widest breadth of capabilities across the Life Sciences Commercial and Regulatory / Medical operations landscape•We contextualize technology to accelerate and scale outcomes for client processes•Integrated with well-established third-party technology platforms•Leveraging GenAI capabilities for Tectonic: Enterprise content capability, unmatched by the competition•Already developed GenAI-based applications for use in client and delivery setups: •Content Super App•MLR Automation•Medical Writing Platform © 2025 Indegene. All rights reserved. 8 Indegene - Positioned for success in the GenAI eraRich domain expertise & understanding of pharma operations and smart & timely investments in technology have positioned Indegene well •Not cost-arbitrage: Only ~8% of employees in US (~45 employees) are on H1-B visas•Deep expertise: Onshore talent with deep understanding of pharma customers’ processes (medical & regulatory) & domain understanding of HCP behavior•Contextualized (fit-for-life sciences) Technology: Complex & diverse skillsets needed for working with multiple technologies adapted for the life sciences industry combined with own IP (NEXT suite of products, Cortex); Technology leverage reflected in higher Revenue per Employee26 YearsHealthcare Domain Expertise> 26% Employees With Healthcare Background600+ Dedicated Team For Innovative Technologies HealthcareExpertiseTechnology Capabilities
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© 2025 Indegene. All rights reserved. 9 Changing US Policies impacts life science industry minimally, not disruptive 9© 2025 Indegene. All rights reserved.•While most of the regulations created by the US government initially caused concerns on the industry economics, it is now seen that there is also a regulatory way out without a significant near-term impact•Longer term, there will be continuous pressure on margins – either through the MFN agreements or IRA or other regulatory initiatives•Pharma companies will need to continuously work at cost optimization via newer ways of operations - using AI for efficient ops, efficiency in marketing ops or newer ways to reach patients, etc. Most Favored Nation pricing•US Government has been pushing pharma industry to bring price parity between drugs in the US and other developed countries•Pfizer and AstraZeneca have signed agreements with US government in alignment with the MFN model•These agreements are a likely template for rest of the industry as well and reduce the regulatory overhang Tariffs on Pharmaceutical Imports•All pharmaceutical manufacturers were to be subjected to 100% tariff on “all branded or patented drugs” imported into the US•US government has allowed for exemptions basis investments into the US (manufacturing or R&D based) and honoring existing trade agreements (EU and Japan) D2C Marketing Restrictions•US government wants to restrict “deceptive” or “misleading” D2C marketing•This will essentially tighten regulations around D2C marketing and will likely limit the dollars spent on this channel and drive the spending towards other channels
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© 2025 Indegene. All rights reserved. 10 Q2 FY26: Segment Performance UpdateAmount in INR MnSegment performance QoQSegment performance YTD •Core segments (ECS & EMS) grew 8.1% QoQ and 21.9% YoY•Brand Activation (erstwhile Omnichannel Activation) declined 15.8% QoQ 4,4532,1327582654,8742,242638288ECS EMS BRAND ACTIVATIONOTHERSQ1 FY26Q2 FY267,6123,8661,6215349,328 4,374 1,395 553ECS EMS BRAND ACTIVATIONOTHERSQ2 FY25Q2 FY26
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© 2025 Indegene. All rights reserved. 11 Growth Approach 1: Deeper Engagement with Large Pharma Customers 11© 2025 Indegene. All rights reserved.•Revenue from top 5 accounts has grown by 4.5% QoQ, signaling that past year’s challenges are behind us•Large transformative opportunities continue to bear fruit, Tectonic contributing ~$1mn revenue this quarter Amount in INR MnRevenue from Top 5 customersRevenue from Top 20 customers9,17611,34511,98411,34711,664FY22 FY23 FY24 FY25 Q2 FY26 TTM55%49%46%40%38%14,32019,32121,65722,08223,224FY22 FY23 FY24 FY25 Q2 FY26 TTM86%84%84%78%76%
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© 2025 Indegene. All rights reserved. 12 Growth Approach 2: Broader targeting leading to a wider, taller pyramid 12© 2025 Indegene. All rights reserved. 304076 (1) Active clients from whom we have earned $0.25 million or more in revenues for the last twelve months Active client base(1) Successful track record of growing accounts4662637376FY22 FY23 FY24 FY25 Q2 FY262326 2631292468934322FY22 FY23 FY24 FY25 Q2 FY262834354140$1-10 Mn$10-25 Mn$25+ Mn Active clients(1)$1Mn+ Clients Active clients(1)added since FY22
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© 2025 Indegene. All rights reserved. 13 Strategic Initiatives - FY26Tectonic•Indegene’s strategic initiative on large transformative change management deals with its customers •Enables Indegene to move up the marketing value chain on the commercial content creation side•Generated ~$2 Mn of revenue from Tectonic in H1’26 across 4 customers Sales and GTM Reorg•Strategic review of account coverage and remapping to maximize the breadth and depth of coverage•Separate teams focused on large deals and on growth accounts•Another strategic initiative (Runway11) for a relationship and solution-oriented perspective to accounts Investments in Business Capability Enhancement•Strengthening ECS capabilities - Senior talent coming onboard in Data & Analytics and Content•Strengthening EMS capabilities – Onboarding senior industry leaders in medical affairs and regulatory affairs•Consulting practice repositioned to have a broader remit with more strategic involvement in engagements (existing and new) for better client management and change management handling Building organizational processes•Implementing Malcolm Baldrige Model to drive operational excellenceM&A•Identified priority areas for M&A including Commercial capability enhancement, Medical & Clinical capability enhancement, Business IT implementation•Dedicated team of 10 people involved with M&A efforts•Announced two M&As in the recent period
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Analyst RecognitionAwards© 2025 Indegene. All rights reserved. 14 Enhancing credibility with industry recognition
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© 2025 Indegene. All rights reserved. 15Indegene Digital Summit 2025 | Commercial Now in its 7thedition, Indegene Digital Summitis a flagship thought leadership platform for the life sciences industry, facilitating dialogue among senior executives, regulators, and digital innovators.This year’s theme, “From Chaos to Clarity - and Better Decisions”, focused on delivering tangible value beyond the hype of Generative AI (GenAI)Discussion topics included:•Data unification across the value chain•Agent-augmented workforce•GenAI in commercial operations•Most Favored Nation (MFN) pricing impact on pharma•Zero-rep commercial models•The future of customer engagement•Generative Engine Optimization (GEO) 12Number of sessions14thSepDatePhiladelphiaVenue Expert Speaker Line-up Juanjo FranceschCIOMerck Animal HealthJared JosleynSVP, Global Head of Digital HealthSanofiBrian CantwellVP, Digital Strategy and Product OperationsBayer Marion DumasGlobal Head of Omnichannel TransformationSanofiDr. Andrew C. von EschenbachFormer CommissionerU.S. FDA
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© 2025 Indegene. All rights reserved. Indegene Digital Summit 2025 | Medical and Clinical This edition was designed for leaders shaping and delivering change across:•AI-driven Medical, Legal and Regulatory (MLR) Reviews•Pricing, Reimbursement and Market Access (PRMA)•Digital Patient Recruitment and Engagement (DPRE)•GenAI in Medical Writing•GenAI in Medical Affairs 17Number of sessions15thOctDateVirtualVenue Expert Speaker Line-up Conor GrennanChief AI ArchitectNYU Stern School of BusinessAida HabtezionFormer Pfizer CMO, Adjunct ProfessorStanford UniversityCraig LipsetCo-Chair, Decentralized Trials and Research Alliance (DTRA)Robert V. BrownSenior Vice President, DigitalPfizerDr. Deepshikha ThakurFounder Autism Doctor and Consultant Neurodevelopmental PaediatricianNeuraplex
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© 2025 Indegene. All rights reserved. 17 Financial Highlights
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© 2025 Indegene. All rights reserved. 18 Healthy margin profile and robust balance sheet (1) Includes cash and cash equivalents, current investments, M&A escrow and bank balances(2) EBITDA adjusted to exclude non-operational M&A related expenses. Adj EBITDA and Adj EBITDA Margin(2)INR Mn and %PAT and PAT MarginINR Mn and %Cash and Cash Equivalent(1)INR Mn1,2671,5431,461Q2 FY25 Q1 FY26 Q2 FY2618.4%20.3%18.2%9171,1641,021Q2 FY25 Q1 FY26 Q2 FY2613.4%15.3%12.7%14,66617,28018,200Q2 FY25 Q1 FY26 Q2 FY26 Maximize Profitability through Strategic Resource UtilizationScalable Operating Model Net Positive Cash Business
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© 2025 Indegene. All rights reserved. 19 Q2 FY26 Consolidated FinancialsYoY%QoQ %Q2 FY25Q1 FY26Q2 FY26Particulars17.1%5.7%6,8687,6088,042Revenue from Operations16.7%7.1%4,4204,8155,158Employee Benefit Expenses21.0%16.5%1,1871,2331,436Other Expenses107.7%-174.5%6-1712Other Income15.3%-5.3%1,2671,5431,461Adj EBITDA(1) -0.3 pts-2.1 pts18.4%20.3%18.2%% age 49851.9%507.1%0742M&A Expenses-11.5%-22.7%208238184Interest Income-4.3%3.5%403738Finance cost20.5%8.0%194216234Depreciation & Amortization7.3%-12.5%1,2411,5211,331Profit before taxes-4.3%-13.1%324357310Taxes 11.4%-12.3%9171,1641,021Profit after taxes-0.7 pts-2.6 pts13.4%15.3%12.7%% age Amount in INR Mn (1) EBITDA is adjusted to exclude non-operational M&A related expenses.
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© 2025 Indegene. All rights reserved. 20 Annexure
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© 2025 Indegene. All rights reserved. 21 We operate at the intersection of healthcare and technology HealthcareExpertiseTechnology Capabilities •Digital-first approach•Proprietary tools, platforms•Advanced data and analytics600+Dedicated Team For Innovative Technologies•Practitioner knowledge•Regulatory understanding•Medical content know-how26 YearsHealthcare Domain Expertise> 26%Employees With Healthcare BackgroundThe world’s top 20 biopharma companies trust us Solutions across the life sciences commercialization value chainClinical Regulatory Affairs Medical Affairs Market Access Sales and Marketing Patient Support Pharmacovigilance
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R&D / Clinical Transform clinical trials by unlocking real-time patient insights, accelerating patient recruitment and enhancing data management to deliver innovative therapies fasterSales and MarketingBuild and connect brand strategy to omnichannel HCP and patient engagement using data and analytics across the enterprise and for specific brands Medical & Regulatory Affairs, PharmacovigilanceCommunicate scientific information effectively, improve regulatory compliance, and manage safety operations efficiently across the enterprise © 2025 Indegene. All rights reserved. 22 We Provide Capabilities and Expertise Across the Commercialization Value Chain Strategy Data, Analytics, TechnologyOthers1Enterprise Medical Solutions14%28%Enterprise Commercial Solutions1Brand Activation18%60% (1) Revenue contribution by service offering for Q2 FY26
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© 2025 Indegene. All rights reserved. 23 Our large addressable market is underpinned by growing outsourcing and rapid digital adoption (1) Indicates revenue contribution by customer industry for Q2 FY26. Remaining 1.5% from other industry. Large Market OpportunityLife Sciences Operations Spend Across Verticals ($B)Outsourcing and Tech Expanding our TAMLifesciences at Inflection PointPatent CliffLarge number of drugs are coming off-patent between FY2023-27Margin PressureP&Ls are stretched with IRA pricing pressuresDrug LaunchesIncreased focus on efficiency and strategy by large biopharma for commercialization of existing pipeline$135 B+Our Market OpportunityMarketing and SalesRegulatory and Medical AffairsPharmacovigilanceDrug Discovery and Clinical TrialMfg, Supply Chain and Distribution $55 B$24 B$21 B$36 B$21 BGrowth in Life Sciences IndustryGrowth in Outsourcing Operations SpendRising Digital and Tech Adoption++~9-14% CAGR (2022-2026) in Outsourcing Operations Across VerticalsMedical Devices3.5%(1)Biopharma92%(1)Emerging Biotech3.1%(1) We Offer Solutions Across Life Sciences End Markets
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