Slides
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Q3FY26 Results January 2026
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Disclaimer 2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Piramal Pharma Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation, directly or indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of the Company in any jurisdiction, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. Except for the historical information contained herein, statements in this Presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'likely', 'project', 'on-course', 'should', 'potential', 'pipeline', 'guidance', 'will pursue' 'trend line' and similar expressions or variations of such expressions may constitute 'forward-looking statements'. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to Company’s ability to successfully implement its strategy, the Company’s growth and expansion plans, the performance of the Indian economy and of the economies of various international markets, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, income or cash flow projections, the performance of the industry in India and world-wide, exposure to market risks as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially from results expressed in or implied by this Presentation. Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. Given these uncertainties and other factors, viewers of this Presentation are cautioned not to place undue reliance on these forward-looking statements. The information in this Presentation does not constitute financial advice (nor investment, tax, accounting or legal advice) and does not take into account an investor’s individual investment objectives, including the merits and risks involved in an investment in the Company or its securities, or an investor’s financial situation, tax position or particular needs. Past performance information in this Presentation should not be relied upon as an indication of (and is not an indicator of) future performance. This Presentation is not a prospectus, disclosure document, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Companies Act, 2013, together with the rules and regulations made thereunder, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation, and nothing in this Presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. The Presentation has not been independently verified and any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. The contents of this Presentation are strictly confidential and may not be copied or disseminated, reproduced, re-circulated, published, advertised or redistributed, in whole or in part, to any other person or in any media, website or otherwise in any manner without the Company’s written consent. Note: Figures in previous periods might have been regrouped or restated, wherever necessary to make them comparable to current period. For the ease of presentation, certain financial information herein has been rounded off to one decimal place or two decimal places or whole numbers, as the case may be.
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Piramal Pharma – A Diversified Global Pharma & Wellness Company 33 CDMO Business Integrated CDMO Company • 15 - Manufacturing and development sites across US, Europe, Canada, and India. • 140+ - Molecules under development with 30+ molecules in Phase III. • 54% - Share of Innovation related work. • 49% revenues from differentiated offerings – ADC, HPAPI, Sterile Injectables, Peptides, On- patent API Development & Manufacturing. • 120+ Integrated projects executed. A Portfolio of Differentiated Products and Services, and Commercial Presence in 100+ Countries 3,960 4,001 4,750 5,447 FY22 FY23 FY24 FY25 Complex Hospital Generics Business A Critical Care Company • One of the leading Inhalation Anesthesia companies in the world. • #1 - Rank in US sevoflurane market with 47% market share. • Vertically integrated manufacturing • #1 - Rank in US Intrathecal Baclofen market with about 75% market share. • Commercial presence in 100+ countries and 6,000+ hospitals. 2,002 2,286 2,449 2,633 FY22 FY23 FY24 FY25 Consumer Healthcare Business Consumer Health & Wellness Company • Self-funded and asset light business model with annual revenue of over ₹ 1,000 Crs. • 25+ Brands – Diversified portfolio across high growth segments. • 6 - Power Brands growing at ~20% CAGR • Multichannel distribution network • 180k+ - Chemists and cosmetics shops. • 20+ - Presence on e-commerce platforms. 741 874 985 1,093 FY22 FY23 FY24 FY25 (In ₹ Crore) Stats as per last disclosed data; Piramal Pharma demerged from Piramal Enterprises in 2022
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Performance Highlights
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Key Financial Highlights – Q3 / 9M FY26 EBITDA & EBITDA MarginRevenue from Operations (In ₹ Crore) (EBITDA: In ₹ Crore) EBITDA Margin 5 Summary 6,397 6,117 9MFY25 9MFY26 977 628 9MFY25 9MFY26 (4)% 15% 10% 2,204 2,140 Q3FY25 Q3FY26 350 239 Q3FY25 Q3FY26 (3)% 16% 11% Revenue and EBITDA growth during Q3 and 9M FY26 was impacted by: • Inventory destocking in one large on-patent commercial product by customer. • Slower early-stage order inflows in H1FY26 due to inconsistent recovery in US biopharma funding along with uncertainties on global trade policies. • Regulatory delays in inhalation anesthesia for ex-US markets from Digwal. Seeing significant pick-up in RFPs with early signs of recovery in order inflows since Oct’25 on the back of improved biopharma funding and increased M&A activities in the US. Q4 is historically the strongest quarter for the Company, driven by the CDMO business. Expect this trend to continue this year as well.
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Strengthening Our Core 6 Key Initiatives Taken Enhanced our Business Development team Adapt to market dynamics & better engage with customers. Seeing pick-up in order inflows – from both large pharma and mid-size biotech. Strengthened Execution Across Network Ensure customer delight & win repeat business. Improvement in customer satisfaction score helps in cross selling. Achieved a Net Promoter Score of 55, surpassing industry average. Investing In High Growth Areas Investing US$90mn to scale sterile injectable and payload-linker capacities at Lexington & Riverview. Seeing encouraging customer interest. Continued Focus on Quality & Sustainability Zero OAIs. Zero Fatalities. YoY Increase in sustainability scores across different rating agencies. Differentiated and Specialty Products Entered into Agreement to Acquire Kenalog® from Bristol-Myers Squibb. Adds new lever of revenue without significant incremental cost, especially in the US, Europe & Asia pacific, with healthy EBITDA margin. Commercialized Sevoflurane from India Initiated Sevoflurane supplies from lower cost Digwal facility. Should help expand our market share in price sensitive ex-US markets. Supply Assurance for Injectable Pain Management Initiatives to improve supplies of Injectable Pain Management portfolio. Should help defend and grow market share. Despite a Challenging Year, We Continue to Build on Our Strengths for a Stronger Future CDMOCHG
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Strengthening Our Core 7 These initiatives along with improving macro environment conditions (better biopharma funding, increased M&A activities, etc.) should help us deliver a turnaround performance in quarters ahead. Continued to Invest in Our Power Brands Strong growth of 20%+ in Power Brands led by advertising and brand building support, and regular new product and SKU launches to leverage mother brands. Optimizing Portfolio and Distribution Channel Mix To drive revenue growth along with better profitability – Focused efforts to grow profitable brands and distribution channels with better margins. PCH Key Initiatives Taken Despite a Challenging Year, We Continue to Build on Our Strengths for a Stronger Future Expanding Reach into Tier 3/4 Towns Accelerated expansion into Tier 3/4 towns in General Trade while also expanding our presence in Modern Trade.
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Business Wise Performance
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1,278 1,166 Q3FY25 Q3FY26 3,659 3,207 9MFY25 9MFY26 Biopharma funding showing signs of improvement • Strong recovery in biopharma funding in H2CY25 - Funding in H2CY25 was close to double vs. H1CY25 and higher by over 50% vs. H2CY24. (Source: Industry Reports) • Although, on a full year basis biopharma funding for CY25 was flat compared to CY24. • Sustained funding momentum to act as catalyst for growth in order inflows. Witnessing meaningful uptick in RFPs and order inflow since October 2025 • YoY pick-up in orders from both large pharma and mid-size biotech companies. • RFP/RFI trends for our overseas facilities with differentiated capabilities remained healthy. Scale up in revenues at these facilities to drive profitability going forward. YoY performance during Q3 and 9M FY26 • Impacted by slower early-stage discovery and development order inflows in H1FY26 due to inconsistent recovery in US biopharma funding along with uncertainties on global trade policies leading to adverse impact on order inflow and customer decision making. • Despite lower revenues, impact on EBITDA was partly offset by our efforts towards cost optimization and operational excellence. (In ₹ Crore) CDMO Business 9 (12)% (9)% Performance Highlights Revenue Growth
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Maintaining our Best-in-Class Quality Track Record 400+ Regulatory Inspections with no OAI 150+ Audits Annually by Customers 10 21 20 24 42 26 29 35 32 32 34 23 287 5 5 3 2 3 4 4 2 1 2 17 26 25 27 44 29 29 35 36 36 36 24 30 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Regulatory Inspections (Ex US FDA) US FDA Inspections 115 140 157 167 163 141 99 148 197 172 165 142 170 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Successfully cleared 48 US FDA inspections, 407 total regulatory inspections and 2,081 customer audits since FY2012 Successfully cleared 30 regulatory inspections and 170 customer audits in 9MFY26 No ‘Official Action Indicated (OAI)’ for any of our US FDA audits 10
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US Expansion on Track – Seeing Good Customer Interest 11 US$ 90Mn investment to expand Lexington and Riverview facilities, on track. Seeing good customer interest for our North America (NA) sites. Our NA sites with differentiated capabilities have superior gross margin profile, which at optimum revenue scale can deliver healthy EBITDA margins. • Lexington:- Adding commercial-scale sterile injectables capacity to increase output from 104 to 240+ batches annually. The upgrade will enhance efficiency and strengthen support for rising market demand • Riverview:- New commercial-scale suite for payload-linker development & manufacturing. This is in addition to our earlier investments totaling US$ 60Mn in Riverview and Aurora towards increasing our capacity for APIs, HP APIs, and payload-linkers Sellersville:- Multi-million-dollar joint investment with NewAmsterdam Pharma to provide commercial capacity for fixed dose combination of Obicetrapib and Ezetimibe to meet commercial demand Steadily Increasing our Footprint in the US Ongoing expansion in Lexington Manufacturing and Development Sites 3 Investment in US ~US$ 200Mn Employees 450+ Capabilities HP API, Sterile Injectable, API, Formulation Our Presence in the US Major Regulatory Accreditation USFDA, EMA, PMDA, HC Sites to benefit from clients looking for onshoring in North AmericaSellersville - Joint investment with NewAmsterdam Pharma Riverview – Payload linker expansion
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654 668 Q3FY25 Q3FY26 1,928 1,948 9MFY25 9MFY26 12 Inhalation Anesthesia • US - Continue to grow ahead of the market and maintain #1 Rank in Sevoflurane with value market share of 47% - up from 44% in Mar’24. (Source:- IQVIA) • Ex-US Markets – Initiated Sevoflurane supplies from lower cost Digwal facility. However initial pick-up lower than expected due to regulatory delays. Intrathecal Therapy • Continue to maintain our #1 Rank in intrathecal Baclofen segment in the US with about 75% value market share. (Source:- IQVIA) • Supplies impacted in Q2FY26 have normalized. Injectable Pain Management – Initiatives to resolve supply constraint starting to yield results. Differentiated and Specialty Products • Continue to invest in 505(b)(2)’s, complex generics, differentiated generics, and branded products through in-licensing deals or co-development projects to enable long term growth. Performance Highlights Revenue Growth Complex Hospital Generics Business 1% (In ₹ Crore) 2%
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The Brand is expected to generate EBITDA margin in-line with existing CHG business margins and its attractive niche with complex manufacturing requirements complements the business portfolio Despite being off-patent, the product has limited competition in most of its existing key markets Agreement to Acquire Kenalog® from Bristol-Myers Squibb 13 Kenalog®, a branded commercial injectable product containing Triamcinolone Acetonide, is a synthetic corticosteroid with anti- inflammatory, antipruritic action & antiallergic action and indicated as adjunctive therapy in acute gouty, rheumatoid arthritis, and other conditions to treat inflammation. The Brand is expected to generate EBITDA margin in-line with existing CHG business margins and its attractive niche with complex manufacturing requirements complements the business portfolio. Despite losing exclusivity more than 30 years ago, the product has limited competition in most of its existing key markets. Entered into an agreement to acquire Kenalog® from Bristol-Myers Squibb Company in an all-cash deal for upfront consideration of US$ 35Mn, and an additional contingent consideration of up to US$ 65Mn on achieving certain agreed operational and financial milestones. The acquisition will also help us broaden our CHG portfolio, add revenues without significant incremental cost, and grow our presence in key markets like the US, Europe & Asia pacific. Complex Product with Limited Competition and Healthy EBITDA margins – A Good Fit for Our CHG Portfolio
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Strong growth of 20%/16% in Q3 and 9M FY26 – faster than market Power Brands grew strength to strength at 30%/23% in Q3 and 9MFY26 • Contributing 51% to total PCH sales in 9M FY26 • Growth was driven by Little’s, Lacto Calamine, CIR, and i-range E-commerce sales grew at 63%/50% in Q3 and 9M FY26 • Contributing 28%/26% to PCH sales in Q3 and 9M FY26 • 40%+ of e-commerce sales coming from quick commerce Advertisement spends in 9M FY26 at 12% of PCH sales New product launches – 31 new products and SKUs launched in 9MFY26. Products launched in last 24 months contributed 8% to PCH sales in FY25. Piramal Consumer Healthcare Business 14 819 954 9MFY25 9MFY26 16% 20% Performance Highlights Revenue Growth (In ₹ Crore) 278 334 Q3FY25 Q3FY26
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131 131 125 FY23 FY24 FY25 Focus on Power Brands with Brand Promotion and Marketing 15 % of PCH sales (In ₹ Cr) Investments in Brand Promotion and Marketing 15% 13% 11% 370 448 538 FY23 FY24 FY25 Strong Growth in our Power Brands 21% CAGR (In ₹ Cr) 98 110 9MFY25 9MFY26 396 487 9MFY25 9MFY26 12% 12% 23%
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Ownership 49% Ownership 51% In FY2025, the JV reported revenue of ₹494 Cr. with PAT margin of 28% AbbVie Therapeutics India Private Limited, a joint venture between AbbVie and PPL, is one of the market leaders in the Indian ophthalmology therapy area Joint Venture with AbbVie 16 Brand Segment Pred Forte Eye Inflammation Lumigan Glaucoma Combigan Glaucoma Refresh Tears Dry Eyes Alphagan Glaucoma
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Financials
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Particulars Q3FY26 Q3FY25 YoY Change Q2FY26 QoQ Change 9MFY26 9MFY25 YoY Change Revenue from Operations1 2,140 2,204 (3)% 2,044 5% 6,117 6,397 (4)% CDMO 1,166 1,278 (9)% 1,044 12% 3,207 3,659 (12)% CHG 668 654 2% 644 4% 1,948 1,928 1% PCH 334 278 20% 319 5% 954 819 16% EBITDA 239 350 (32)% 224 7% 628 977 (36)% EBITDA Margin 11% 16% 11% 10% 15% Share of Net Profit of Associates 10 17 (40)% 15 (31)% 44 57 (23)% PAT (before exceptional items) (95) 4 NM (99) NM (297) (62) NM Exceptional Item2 (41) - NM - NM (20) - NM PAT (after exceptional items) (136) 4 NM (99) NM (317) (62) NM 18 (in ₹ Cr. or as stated) 1. Revenue from Operations includes foreign exchange gains/losses 2. Q3FY26 - Includes gratuity and leave encashment provision due to impact of change in LWF Act ₹ 26 Crs. & Settlement with CDMO customers ₹ 15 Crs. 9MFY26 – Includes exceptional items of Q3FY26 partially offset by one time insolvency proceeds received in Q1FY26 from a claim filed against a third-party supplier of CHG by ₹ 21Crs. Consolidated Financials Highlights
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Sustainability
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Sustainability Ratings: Demonstrated Improvement & Expanding Coverage Strengthening Sustainability Performance - External Validation 20 55 Bronze Rating Continuous improvement across leading ESG assessment frameworks reinforce Company’s sustainability maturity. Science–Based Targets initiative (SBTi Approved) 42% reduction in absolute Scope 1 & 2 emissions by FY2030 (Baseline: FY2022) 25% reduction in Scope 3 emissions aligned with SBTi methodology by FY2030 (Baseline: FY2022) 63 +15% YoY Improvement 55 61 - 65 55 Bronze Rating FY2024 FY2025 Corporate Sustainability Assessment (CSA) +18% YoY Improvement SBTi-approved decarbonisation roadmap across operations and value chain.New Validation Rising Sustainability scores reflect consistent execution against science-based targets and responsible operations Our progress on the sustainability ratings underscores our unwavering dedication to responsible operations and sustainable growth. As we continue to expand, we remain committed to excellence in every aspect of our work, ensuring our work contributes to a healthier future for all. Peter DeYoung, CEO Global Pharma
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Embedding Sustainability in Every Step of Our Growth 21 36 Successful Regulatory Inspections 165 Successful Customer Audits 2 Successful USFDA Inspections 17 KPI Dashboards to Digitalise Governance Quality and Excellence 50% Independent Directors on the Board 100% Workforce Trained on Code of Conduct Zero Cases of Data Breaches/ Corruption Incidents 26.5% Of critical Suppliers Assessed on ESG Business Resilience Figures are based on FY25 20% Of the Global Workforce are Women Zero Fatalities in the Last Four Years Stakeholder Centricity 0.05 Loss Time Injury Rate 65/100 EcoVadis Score (Bronze Medal) Zero Hazardous Waste to Landfill 10.5% Reduction in Scope 1 & 2 Emissions Over Base Year (FY22) Responsible Operations 14.08% Total Energy Sourced from Bio- Briquettes/Biomass 2.10 Lakh Kiloliters of Freshwater Saved
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22 Event Location & Time Telephone Number Conference call on 29th January 2026 India – 09:30 AM IST +91 22 6280 1461 / +91 22 7115 8320 (Primary Number) 1 800 120 1221 (Toll free number) USA – 11:00 PM (Eastern Time – New York) Toll free number 18667462133 UK – 04:00 AM (London Time) Toll free number 08081011573 Singapore – 12:00 PM (Singapore Time) Toll free number 8001012045 Hong Kong – 12:00 PM (Hong Kong Time) Toll free number 800964448 Express Join with Diamond Pass™ Please use this link for prior registration to reduce wait time at the time of joining the call –Click here Dial-in Details for Q3 and 9M FY26 Earnings Conference Call
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For Investor Queries: Madhusudan Dalmia Investor Relations Email: madhusudan.dalmia@piramal.com Gagan Borana Investor Relations and Enterprise Risk Management Email: gagan.borana@piramal.com Our Websites:- Piramal Pharma Limited www.piramalpharma.com Complex Hospital Generics www.piramalcriticalcare.com CDMO www.piramalpharmasolutions.com Piramal Consumer Healthcare www.wellify.in