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zydus Dedicated To Life Scaling Innovation Redefining Care Zydus Lifesciences Limited Earnings Presentation : Q1 FY27 11th August 2026 Delivering Value
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Disclaimer and Safe Harbor Statement • THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF ZYDUS LIFESCIENCES LIMITED OR ITS SUBSIDIARIES OR JOINT VENTURES (TOGETHER, THE “COMPANY”). The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation has been prepared by and is the sole responsibility of the Company. By accessing this Presentation, you are agreeing to be bound by the trading restrictions. It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe / purchase the Company shares. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. • By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward- looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. There are some important factors that could cause material differences to Company’s actual results. These include (i) our ability to successfully implement our strategy (ii) our growth and expansion plans (iii) changes in regulatory norms applicable to the Company (iv) technological changes (v) investment income (vi) cash flow projections etc. • The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. This document is just a Presentation and is not intended to be a “prospectus” or “offer document” or a “private placement offer letter” (as defined or referred to, as the case may be, under the Companies Act, 2013). It is clarified that this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended, except pursuant to an exemption from registration there from. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipient, and should not be reproduced in any manner whatsoever. 2
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India Form 23% North America 40% IM 12% API 2% Alliances 0.2% Consumer Wellness 18% Medtech 4% ▲20% ▲34% ▲67% ▼3% ▲9% ❑ Injectable manufacturing facility at Zydus Biotech Park received an Establishment Inspection Report (EIR) with a Voluntary Action Indicated (VAI) classification following a GMP surveillance inspection conducted in April - May 2026. ❑ Total revenues grew 22% YoY. ❑ Within Pharmaceutical business, ➢ India branded formulations sustained strong growth momentum and outpaced the market growth for yet another quarter. ➢ North America formulations business grew sequentially driven by sustained volume expansion and new launches. ➢ International Markets business sustained its growth trajectory driven by strong demand. ❑ Consumer Wellness business continued to hold dominant market share in key brands in India; International business including CCL business delivered robust performance on a like-to-like basis. ❑ MedTech business continued to enhance capabilities in focused therapies. ❑ EBITDA margin stood at 24.1%, down 770 bps YoY. ❑ Capex (organic) for the quarter: Rs. 5,852 mn. ❑ Net Debt: Rs. 59,041 mn (as at 30-Jun’26) Q1 FY27: At a Glance Highlights of Q1 FY27 Rs. 80,170 mn 22% YoY Revenues from Operations Rs. 6,424 mn 8% of revenues R&D Rs. 19,294 mn 24.1% of revenues 7.6% YoY EBITDA & Margin % Rs. 9,398 mn 35.9% YoY Net Profit Business-wise Sales Break-up (Rs. mn) and YoY Growth 3 Total 78,020 Regulatory Updates ▲21% ▲15% Pharma Business 78%
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47,842 44,327 50,282 56,107 57,772 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 20,885 20,158 18,164 25,544 19,294 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 4,856 4,820 6,074 6,982 6,424 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Key Financial Metrics (1/2) Total Revenues (Rs. mn) EBITDA (Rs. mn) and EBITDA Margin % Total R&D (Rs. mn) and % to Revenues Gross Profit (Rs. mn) and Gross Margin % 4 7.4 % 7.9% 8.8% 9.2% 8.0 % 31.8 % 32.9% 26.5 % 33.7 % 24.1% 72.8% 72.4% 74.0 % 72.1% 73.2% 65,737 61,232 68,645 75,870 80,170 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
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56,971 72,513 75,938 81,987 86,143 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Key Financial Metrics (2/2) Reported PAT (Rs. mn) 5 Net Debt to EBITDA (x) Organic Capex (Rs. mn) Net Working Capital* (Rs. mn) *Net working capital includes Inventory, Trade receivables and Trade payables. 4,020 4,911 4,637 3,577 5,852 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 14,668 12,586 10,421 12,725 9,398 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 (0.80) 0.28 0.34 0.49 0.70 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
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15,192 15,926 17,094 17,528 18,158 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 India Formulations Sales (Rs. mn) Cardio-diabeto 18% Respi 13% Gynaec 5% Onco 9% Nephro 9% GI 8% Derma 5% Pain 8% AI 14% VMN 3% Others 8% 23% India Formulations business Outperformed IPM across super specialty, chronic and acute segments Highlights for the quarter *Source: AWACS MAT June 2026 data 19.5% Q1 FY27 Gr. YoY 3.6%QoQ Brand building - a key growth driver 1000+ 500 to 1000 250 to 500 # of Brands Brand Value (Rs. Mn)* 11 29 38 Therapy-wise Break-up* Q1 FY27 Revenue Contribution ▪ Branded business grew faster than the market with 20% YoY growth. ▪ Outperformed IPM in key therapies of Cardiology, Diabetology, Gynaecology, Anti-infectives, Pain Management and in super specialty areas of Oncology and Nephrology. ▪ Ranking improved in key therapies of Cardiology, Diabetology and Pain Management. ▪ On the Super Specialty front, continued to retain leadership position in Oncology therapy. ▪ Consistently outperformed IPM growth over the last 3 financial years. ▪ Share of Chronic and sub-chronic portfolio has gone up consistently over the years and stood at 54.2%*, an improvement of 360 bps over the last 4 years. Growth drivers: • Chronic portfolio • Innovation and differentiated portfolio
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31,817 27,437 28,043 29,523 30,979 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 North America Formulations Sales (Rs. mn) North America Formulations business Resilient performance on account of base business and branded portfolio Continued investment to build the specialty and innovation pipeline 7 -2.6% Q1 FY27 Gr. YoY 4.9%QoQ Highlights for the quarter $ 372 mn $ 313 mn $ 314 mn Q1 FY27 Revenue Contribution $ 323 mn $ 327 mn US Generics ▪ Base business continued to gain market share driven by sustained volume expansion and new launches. ▪ Recently received approval from the USFDA for Indocyanine Green for Injection with 180-Days CGT exclusivity. ▪ Launched 11 new products during the quarter. ▪ Filed 5 ANDAs and received approval for 9 ANDAs (incl. 4 tentative approvals). US Specialty ▪ Launched NUFYMCO (Ranibizumab) injection, the company’s first biosimilar in the US market. ▪ Completed the acquisition of Assertio Holdings Inc., significantly strengthening presence in the specialty space. Canada ▪ Received 2 ANDS approvals and launched 2 new products. ^ includes 4 tentative approvals in Q1 FY27 and 29 on a cumulative basis. 513 443 Filings Approvals ANDA filings and approvals - Cumulative 5 9 Filings Approvals ANDA filings and approvals – Q1 FY27 ^ 40% ^ Growth drivers: • Volume expansion • New launches • Branded and specialty portfolio
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7,265 7,513 7,881 8,041 9,735 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 IM Formulations Sales (Rs. mn) International Markets Formulations business Strong growth on the back of resilient demand across markets 8 34.0% Q1 FY27 Gr. YoY 21.1%QoQ Highlights for the quarter Q1 FY27 Revenue Contribution 12% ▪ Growth was broad based in both Emerging markets (EM) and Europe driven by strong demand and focused execution. ▪ In EM, adopted a focused, therapy led approach, tailoring the offerings to meet the needs of specific markets and in turn, built a more agile, market responsive portfolio. ▪ In Europe, focus remains on broadening the portfolio and enhance the market coverage. Growth drivers: • Focused therapy approach in EM • Portfolio expansion and penetration in Europe • Focused execution
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Consumer Wellness ▪ Domestic business grew 5% y-o-y. Skin & hair care brands and food & nutrition brands registered 35% and 16% y-o-y growth respectively while seasonal brands de-grew due to softer summer season. ▪ In domestic business, organized channel saliency reached 38% (Modern Trade: 17% and E-commerce: 21%). ▪ International business, including CCL business, delivered 25% y-o-y growth on a like-to-like basis. 9 67.2% Q1 FY27 Gr. YoY -2.3%QoQ Strengthening presence across markets Key brands in India continued to hold dominant market share Brand Name Market Share# 59.1% 32.9% 96.1% 8.2% 49.4% 75.5% 4.0% , ## Mkt. Rank as per Company Estimates, #Source: Nielsen and IQVIA MAT June 2026 report, * Facial cleansing segment includes Face wash, Scrub and Peel -off Facial Cleansing * Scrub Peel Off Highlights for the quarter NA NA NA NA NA Fat spread Dairy Nutrition & Protein Bar Protein Cookies & Chips Other Nutrition Products Market Rank 1 1 1 4 1 1 4 1## NA 1 ## NA 1 ## Q1 FY27 Revenue Contribution 18% Growth drivers: • Product Innovation • Disciplined execution • Quick commerce 8,549 6,374 9,578 14,633 14,292 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Consumer Wellness Sales (Rs. mn)
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Updates on Innovation and Others 10 NCE Research • The USFDA granted priority review to the New drug Application (NDA) of Saroglitazar Magnesium for the treatment of Primary Biliary Cholangitis (PBC). • Received regulatory approval in India to initiate Phase III clinical trials of Desidustat in patients with sickle cell disease. Biotech R&D • Initiated Phase III clinical trials in India for the company’s second biosimilar antibody drug conjugate. Vaccines R&D • Completed Phase II clinical trials of bivalent Typhoid Conjugate vaccine and initiated Phase I clinical trials of Chikungunya vaccine in India. • On the global development front, submitted the dossier of Measles and Rubella (MR) vaccine to WHO. The dossier has been accepted for review Other Updates • Entered into a joint venture agreement with Sunshine Healthcare Lanka Limited to establish a pharmaceutical manufacturing facility in Sri Lanka to strengthen local production and reduce import dependence for the country.
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Zydus at a Glance 1st Approved product for MASH in India - (Bilypsa® - Saroglitazar) Biosimilars (pipeline & launched) & 7 novel products (pipeline) 1. In FY26, assuming exchange rate of Rs. 88.33 per USD 2. As on 10th Aug 2026, exchange rate of Rs. 95.30 per USD 3. IQVIA MAT June 2026 TRx 11 10 R&D Centers For NCE, APIs, Generics, Vaccines Biosimilars, Wellness and Med-tech products 1st 1st Biosimilar of Nivolumab in the world - TishthaTM Launched in India 1st OSD formulation for anemia associated with CKD – OxemiaTM (Desidustat) Biosimilars (pipeline & launched) & 7 novel products (pipeline) 7 >55% Revenues from Branded Business (Pharmaceutical, Wellness and Med -Tech) Biosimilars (pipeline & launched) & 7 novel products (pipeline) 1st 3rd Largest generic Co. in US in terms of prescription3 Among Top 3 In ~60% of product families marketed in US4 Brands among Top 300 in India5 >29 K Zydans globally incl. >1500 scientists (R&D) Global Revenues1 $11.7 bn Market Capitalization2 44 Mfg. sites having capabilities across dosage forms 4. IQVIA MAT June 2026 TRx 5. As per AWACS MAT June 2026 +$3 bn
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Waste Management Waste disposal via co-processing up 40% for India operations by 2026 28% waste disposal via co-processing FY2026 70% target achievement by FY2026 Water Management Net Water Neutral by 2028 Creation of water recharge structures in progress ~68% recycle and reuse of treated wastewater Climate Change (GHG Emissions) 50% energy requirements from renewable sources by 2030 37% of renewable energy in the total energy mix 74% of renewable energy target achievement by FY2026 Net Carbon Neutral by 2035 ESG PERFORMANCE 11% reduction in water intensity in FY2026 vs. FY2025
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ESG RANKINGS . 2024 2025 2026 3.3/5 3.2/5 3.9/5 Higher the Better 29.5 28.6 28.3 2024 2025 2026 Lower the Better The ESG Risk Rating of Zydus Lifesciences Limited is in the “Medium Risk” category and is at par with industry peers. 22% improvement over the previous year’s score of 3.2 18% higher than the pharmaceutical subsector average of 3.3 44% higher than the industrial healthcare average of 2.7 Zydus Lifesciences has remained a constituent of the FTSE4Good Index Series for the third consecutive year (2024– 2026). ❑ FTSE4Good Index Series, created by FTSE Russell, is a globally recognized benchmark for responsible investment and ESG performance. ❑ The index recognizes companies demonstrating strong practices in corporate governance, health & safety, anti-corruption, and climate change management. ❑ Inclusion in the index reflects alignment with internationally recognized environmental, social, and governance (ESG) criteria.
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Consolidated Financial Performance (reported) * Excludes Research related expenses 14 Rs. mn Q1 FY27 Q1 FY26 YoY gr. Q4 FY26 QoQ gr. Total Income from Ops. 80,170 65,737 22.0% 75,870 5.7% Gross Contribution (GC) 57,772 47,842 20.8% 56,107 3.0% Gross Margin % 72.1% 72.8% 74.0% Employee benefits expenses* 12,491 9,024 38.4% 11,298 10.6% R&D expenses 6,424 4,856 32.3% 6,982 -8.0% HR Cost 1,191 1,028 15.9% 1,090 9.3% Opex 5,233 3,828 36.7% 5,892 -11.2% Other operating expenses* 20,132 13,648 47.5% 18,732 7.5% Net forex [gain]/loss -569 -571 0.4% -6,449 91.2% EBITDA 19,294 20,885 -7.6% 25,544 -24.5% EBITDA Margin % 24.1% 31.8% 33.7% Other Income 1,061 1,549 -31.5% 1,342 -20.9% Finance cost 1,560 847 84.2% 1,230 26.8% Depreciation and amortization 5,547 2,381 133.0% 5,084 9.1% PBT before exceptional items 13,248 19,206 -31.0% 20,572 -35.6% Exceptional Expenses/ (Incomes) 182 3,975 -95.4% Profit before Tax 13,066 19,206 -32.0% 16,597 -21.3% Tax expenses 3,542 4,340 -18.4% 3,184 11.2% Share of profit from JVs 378 344 9.9% -3 Minority Interest 504 542 -7.0% 685 -26.4% Reported Net Profit 9,398 14,668 -35.9% 12,725 -26.1%
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Details of Exchange Rate Fluctuations 15 Rs. mn Q1 FY27 Q1 FY26 YoY gr. % A. On operating transactions (above EBITDA line) -577 -500 15.4% a. Included in COGS -8 71 -111% b. Part of other operating expenses (shown separately) -569 -571 0% Total Exchange Rate Fluctuations ('+' = loss, '-' = gain) -577 -500 15.4%
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Thank you Registered Office: Zydus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Sarkhej-Gandhinagar Highway, Ahmedabad – 382 481 Gujarat, India For any queries, please contact Arvind Bothra Arvind.Bothra@zyduslife.com +91-79-48040969 For more information, please visit: www.zyduslife.com www.linkedin.com/company/zyduslife Annual Report FY2025-26