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A N A L Y S T / I N V E S T O R M E E T Mankind Pharma October 2026
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Our DNA | Evolution 1995 – 2026 2 R E V E N U E T R A J E C T O R Y 1995 ₹5+ Cr 2001 ₹50+ Cr 2007 ₹500+ Cr 2018 ₹5k+ Cr FY23 FY26 1995–2002 FOUNDATION • Started from small towns and GPs • GPs to CPs • Gradual launch, state by state 2002–2005 METROS & CHRONIC • Metros and Tier-1 cities • Expansion into South India • Stepped into chronic (2004) 2007 BRAND MANKIND • Entered Consumer Healthcare • Manforce, Prega News 2020–2022 SPECIALTY • Specialty divisions: cardio, diabetes, respiratory, CNS • Super-specialty: Panacea – onco & transplant • Chronic became >30% • In-licensing/ Products acquired– Novartis 2023 PUBLIC LISTING • Listed on NSE & BSE • In-licensing/ Products acquired– Biocon 2024–2026 COMPLEX & GLOBAL • BSV acquisition • In-licensing/ Products acquired: AstraZeneca Novartis Roche ₹8.7k+ Cr ₹14.2k+ Cr
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Mankind Today | FY26 at a glance Source: IQVIA MAT Mar’26. 3 M A R K E T L E A D E R S H I P #1 Prescription rank for 9 years #4 IPM rank by value 4 Consumer brands ranked #1 22 Brand families > ₹100 Cr C O M M E R C I A L R E A C H 5 lakh+ Doctors covered 18,500+ Field force 17,600+ Stockists nationwide 84% Prescriber penetration Youngest company in the IPM top 5 ₹14,278 Cr FY26 revenue 18.1% Revenue CAGR, FY21–26
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R&D | From Fixed-Dose Combination to novel molecules 4 R&D JOURNEY 2012 First R&D centre IMT Manesar, Haryana 2018–19 First in India Dydrogesterone developed in- house (Dydroboon) 2024 Biologics platforms BSV – recombinants FY26 Towards innovation Own NCE GPR-119 in Phase II JAK inhibitor in Phase I TODAY · FY26 7 R&D centres 740+ Scientists 58 US ANDAs approved
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Manufacturing | From third-party to ~75% in-house 5 MANUFACTURING EVOLUTION 1995–2001 Asset-light start 100% third-party manufacturing in the first 6–7 years Build-out 32 manufacturing facilities Built across Himachal Pradesh, Sikkim, Rajasthan and more; 5,000+ manufacturing staff Global quality 7 plants USFDA-approved EU GMP-certified Today · FY26 ~75% in-house Of manufacturing Mankind-owned or controlled plants KEY HIGHLIGHTS 2023 Backward integration Udaipur Facility (EU GMP Certified) India’s 1st fully integrated Dydrogesterone plant FY27 –28 Complex biologics Vadodara biologics plant under way
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FY24 – FY26 | Transformation 1. Ex-Tirzepatide (reported: Q1 FY27 13.5%, Q2 FY27 14.7%) 2. ₹ lakh per MR per month on TTM. Source: IQVIA; company data. Green = Mankind ahead of IPM. 6 KEY INITIATIVES Doctor engagement Optimised engagement strategy & Medico Marketing Leadership & talent Development and acquisition Re-energised field force New KRA & incentive framework Technology Extensive use in the field GROWTH REVIVAL PORTFOLIO BSV ACQUISITION · FY2 5 • High-entry barrier portfolio • Women’s health, fertility & critical care • Biological R&D platforms IN-LICENSING /BRAND ACQUISITION · FY24 –26 AstraZeneca Novartis Takeda Roche Volume growth (−0.6%) → +6.2% Outperforming IPM Volume growth vs IPM, Q2 FY27 6.2% vs 5.2% Rivotril IPM Mankind Growth Value Volume Value Volume Productivity2 A N N U A L FY24 7.6% 0.7% 8.5% -0.6% 6.5 FY25 8.0% 1.4% 7.5% 0.5% 6.5 FY26 9.9% 2.7% 8.2% 2.3% 7.2 Q U A R T E R L Y Q1 FY27 13.0%1 4.7% 12.7% 4.7% 7.3 Q2 FY27 14.2%1 5.2% 15.7% 6.2% 7.4 FY24 Q2 FY27
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OUTLOOK AHEAD | Outperform IPM 7 EIGHT PILLARS OF GROWTH PILLAR 1 Chronic & Specialty PILLAR 3 Hospital Business PILLAR 4 10 Focus States PILLAR 5 Good to Great Brands PILLAR 6 Consumer Healthcare PILLAR 7 BSV PILLAR 8 Innovative Bets Capital Allocation Chronic share ~39% → ~50% Share of sales ~1.7% → ~5% Break into the top 3 rank in each state More brands above ₹50 / ₹100 / ₹200 Cr Transform Scale branded specialty ACTx; deleverage, then reinvest PILLAR 2 New Divisions • Cardio • Gastro • Cosmetology • Geriatric • GP Division • Dental
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Pillar 1 | Chronic & Specialty 8 CHRONIC SHARE OF SALES 1% FY04 28% FY18 39% FY26 ~50% FY30E HOW WE STARTED WHAT WE ADDED From GPs -> CPs -> Super- Specialists Cold & cough + Inhalers Combihale + Symbicort – 44% YoY, 3x IPM Oral anti-diabetic + Insulin Nobeglar – 40% YoY growth Hypertension + Crenzlo (Inclisiran) 1 lac value #1 Rx brand in its category OUTLOOK · PATH TO ~50% CHRONIC New Specialty divisions Good to great brands Scale more ₹50 Cr ₹100 Cr ₹ 200 Cr New Products Build insulin and inhaler franchises MARKET SHARE IN IPM (%) 3.9% 5.5% 3.2% 4.5% FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cardiac Anti-diabetic Chronic Semi-chronic Source: IQVIA MAT Mar’26
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New Launches | Recent wins and the next wave 9Source: IQVIA MAT Sep’26, Period: H1 FY27 S UC C E S S F UL R E C E NT L A UN C H E S Vonalong Vonoprazan IQVIA RANK #1 MARKET SHARE 12% Nurokind HS PFS Mecobalamin Pre-filled syringe IQVIA RANK #2 MARKET SHARE 12% AdvaUD Nor-Ursodeoxycholic Acid IQVIA RANK #2 MARKET SHARE 36% DynaDuo Empagliflozin + Linagliptin IQVIA RANK #4 MARKET SHARE 5% UP C O M IN G BIG L AUN C H E S 01 Resmetirom NASH – fatty liver disease 02 Insulin Aspart & Degludec Diabetes – insulin franchise 03 Perfluoro-hexyloctane Dry eye disease 04 Latanoprostene bunod Glaucoma 05 Ensifentrine COPD
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Pillar 5 | Big Brands Getting Bigger 10Source: IQVIA MAT Mar’26, BRAND FAMILIES BY SIZE Sales band FY21 FY26 Added CAGR FY21–26 > ₹500 Cr 0 3 +3 14.4% > ₹200 Cr 7 13 +6 12.8% > ₹100 Cr 15 22 +7 12.3% > ₹50 Cr 36 54 +18 11.2% ₹500 CR+ BRANDS (FY26) NEW ₹50 CR+ BRANDS IN FY26 Lactare D3 Must Statpure Mahaflox Ossopan Telmikind ₹783 Cr 20% FY26 growth Nurokind ₹667 Cr 8% FY26 growth Manforce ₹647 Cr 12% FY26 growth
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Pillar 6 | Consumer Healthcare – From Sexual Wellness to Consumer Wellness Source: IQVIA Retail MAT Mar’26. 11 WHAT WE HAVE BUILT 1 Leader in sexual wellness #1 Manforce Condoms – 28% share; strengthened flavoured range in general trade #1 Unwanted Emergency contraceptives – 68% share 2 Owned pregnancy care #1 Prega News Pregnancy test kits – 83% share; extended into Ova News 3 Moved into consumer wellness #2 Gas-O-Fast Antacid powder – 11% share; Jeera variant widened appeal #1 Acne Star Medicated anti-acne – 33% share; plus Health OK, Nimulid ₹879 Cr FY26 revenue 4 Brands ranked #1 in their categories 4% → 8% → 14% E-com share, FY25 → FY26 → Q2 FY27 OUTLOOK · NEXT PHASE OF GROWTH Scale consumer healthcare led by consumer wellness and new-age channels Modern trade, e-com & quick-commerce Accelerate presence in new-age channels Premium & unflavoured condoms Scale Epic ThinX; premiumise Manforce New wellness categories Scale Ova News, Nimulid, Health OK Rx → OTx → OTC Switch proven Rx brands to consumer channels
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Pillar 7 | BSV – High-Barrier Specialty *Including Mankind. Source: IQVIA MAT Mar’26; BSV acquired 23-Oct-2024. 12 #1 Gynaecology rank in India* #1 / #2 In 9 key brand families ~37K Gynaecologists covered ~88% IVF centre coverage HIGH -BARRIER BRANDS & PLATFORMS Anti-D (recombinant) First novel biologic from India; 100% market share in India Humog (high-purity HMG) Rank #1 in India ASVS Critical care – snake-venom antiserum Biological R&D platforms Recombinants, niche biologics, immunoglobulins, complex delivery FUTURE OUTLOOK • Focus on high revenue growth • Deeper penetration in Anti-D, infertility and bites portfolio • Good-to-great brands like Octaplex and Histoglob • Geographical expansion of key products in emerging markets BSV PIPELINE Corifollitropin alfa Long-acting FSH Recombinant FSH + LH Advanced fertility biologic for severe LH/FSH deficiency K E Y I N I T I AT I V E S Vadodara biologics facility Expanded R&D EU GMP at Ambernath Fertility-led international expansion
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Pillar 8 | Capital Allocation * Subject to the actual repayment schedule and business performance. Forward-looking statements; actual outcomes may differ. DEBT TRAJECTORY (₹ CR) ~10,000 Historical peak ~2,500 Today ✓ Acquisition debt to be repaid* 2028 target ~75% lower Prudent capital allocation, led by financial discipline CAPITAL ALLOCATION ROADMAP 1 Deleverage Acquisition debt repaid by 2028* 2 Growth capex Manufacturing – biologics, etc. 3 R&D and in-licensing High-barrier bets and product pipeline 4 M&A Chronic and consumer FINANCIAL DISCIPLINE Higher growth Outperformance vs IPM Increasing gross margins Rising chronic share Improving MR productivity Operating leverage Improved EBITDA Margins & Cash Flows 13
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“Every Strategy Has an Expiry Date.” Mankind Pharma
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“Every Strategy Has an Expiry Date.” Strategic Acquisition of Armed Cell Therapeutics
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Innovative Bets | ACTx: Next-Generation CAR-T €48 Mn To be paid in tranches 70% stake in ACTx, Belgium 30% Retained & co-invest by founders NHL & SCLC lead programmes Armed CAR-T Not a startup – backed by Mankind’s scale, governance and balance sheet 16 RIGHT DIRECTION Best-in-class scientists with proven track record in CGT Transformative Oncology therapy Armed CAR-T Multi-Target In-Vivo
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Armed Cell Therapeutics | Leadership Profile 17 Key Founding Team: Deep, Proven Biotech Leadership Paul Stoffels, MD Founder and Chair of the Board Global biopharma R&D leader with proven capability to build pipelines, execute strategy, and commercialize transformative cell therapies worldwide. Former CEO, Galapagos Former CSO and Vice Chair, J&J Prof. John Mellors, MD Founder, Chief Scientific Officer and Board member World class physician scientist bringing deep immunology, translational research, target discovery and therapeutic innovation expertise to next generation cell therapy. Former SVP and Head of Discovery and Early Development, Galapagos Co founder, AboundBio Distinguished Professor, University of Pittsburgh Peter Verhaeghe Founder, Board member and Counsel Seasoned biotech board leader and legal strategist providing governance, financing, licensing, M&A, corporate structuring and company building expertise across European biotechnology. Founder and former Chair, argenx Willemijn Kremer, MD Founder and CEO Cell therapy executive combining clinical insight, strategic planning, corporate development and operational leadership to translate innovative science into scalable therapies. Former Cell Therapy Corporate Development lead, Galapagos Ex McKinsey
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The Rising Cancer Burden 18 Cancer is growing faster than health systems can absorb 20M new cancer cases globally every year 35M new cases expected by 2050, up 77% 1.5M new cancer cases in India in 2024 $252B global oncology spending in 2024, rising to $441B by 2029 Cancer remains an area of huge unmet need, especially for patients who relapse or no longer respond to existing treatments Sources: WHO/IARC GLOBOCAN 2022; ICMR National Cancer Registry Programme (2025); IQVIA Global Oncology Trends 2025
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Cell and Gene Therapy | The Next Frontier 19 Each wave of cancer treatment has added precision and value 1940s Chemotherapy Broad and toxic 2000s Targeted therapies Small molecules and antibodies 2011 Checkpoint inhibitors Unleashing the immune system 2013 Antibody drug conjugates Chemotherapy delivered to the tumor 2014 T cell engagers (bispecifics) Redirecting T cells to the tumor 2017 CAR T cell therapy One shot, long term remissions Next In vivo CAR T The power of CAR T as a simple injection Rising precision, efficacy and value
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Why CAR T | Reprogramming Your Own T Cells to Fight Cancer 20 CAR T: one treatment, lasting remissions How CAR T cells work The patient's own T cells are engineered to recognize cancer cells, bind to them and kill them. One shot A single infusion instead of continuous treatment Deep responses The highest response rates seen in heavily pretreated blood cancers Durable Remissions lasting years without further treatment, more durable than T cell engagers 50% A single infusion of CARVYKTI® delivered five year treatment free remissions in 50% of patients in early line relapsed or refractory multiple myeloma Source: Johnson & Johnson, CARVYKTI® (ciltacabtagene autoleucel) long term follow up
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Ex Vivo vs In Vivo | Solving for Scalability and Access 21 In vivo CAR T: from a complex process to a simple injection Ex vivo CAR T today Patient's cells collected Weeks of manufacturing per patient Chemotherapy beforehand (lymphodepletion) Specialized centers only In vivo CAR T: the aim No cell collection Off the shelf product Potentially no lymphodepletion Simple injection, Lower cost, Global access In vivo delivery could make CAR T scalable, faster and accessible to far more patients Figures: Pinto et al., J Transl Med 2025 (CC BY 4.0)
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Precedent Transactions | Validation for In Vivo CAR T 22 Strong strategic interest in in vivo CAR T Eli Lilly Kelonia Therapeutics Up to $7B Acquisition 2026 AbbVie Umoja Biopharma Up to $1.4B Oncology partnership 2024 AstraZeneca EsoBiotec Up to $1B Acquisition 2025 Gilead's Kite Interius BioTherapeutics $350M Acquisition 2025 Large pharma is investing significantly in in vivo CAR T , validating ACT's strategic direction Sources: company announcements; deal values include potential milestone payments where stated; AbbVie and Umoja is an option and license agreement covering multiple cancers
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Mankind's Approach | Differentiated Science and a Proven Team 23 ACT's next generation CAR T , built to deliver durable remissions at scale 01 Multi targeting Reduces antigen escape, delays or prevents relapse and prolongs remission 02 Armed Improves T cell proliferation, persistence and killing potency, and recruits the patient's own immune cells 03 Highest unmet need Hematological and solid tumors resistant to small molecules, bispecific antibodies and first generation CAR T 04 In vivo focus Aims to streamline therapy, expand access and avoid lymphodepletion 05 Proven team The scientists who discovered these programs, with leaders who have taken a CAR T to phase 3 readiness before STRATEGIC GOAL Durable remissions Scalable delivery Global reach
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Beyond Mono Targeting | Multi Targeting and Armed CAR T 24 MULTI Multi targeting versus mono targeting Mono targeting Multi targeting Reduces antigen escape Delays or prevents relapse Prolongs remission Powered by fully human single domain VH binders ARMED Improving T cell fitness, persistence and function Svoboda et al., Enhanced CAR T Cell Therapy for Lymphoma after Previous Failure, NEJM 2025 Proliferation Drives expansion after infusion Persistence Stays active longer in the tumor Killing potency Higher cytotoxic activity per cell Immune engagement Recruits the patient's own immune cells ACT combines both approaches in its next generation CAR T
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ACT Pipeline | Five Next Generation Global CAR T Programs 24 Two lead programs focusing on non Hodgkin lymphoma and small cell lung cancer Program Area Discovery Preclinical Phase 1 LEAD 1 biCAR T, armed Hemato oncology: Non Hodgkin lymphoma Preparing for first in human studies LEAD 2 CAR T, armed Solid tumor: Small cell lung cancer Preparing for first in human studies 3 Multi targeting, armed CAR T Confidential 4 Multi targeting, armed CAR T Confidential 5 Multi targeting, armed CAR T Confidential Designed for deeper and more durable responses
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Thank You www.mankindpharma.com