#1L LUPIN EMPOWERING HEALTH Investor Presentation Q3 FY24 February 08, 2024#2Safe Harbor Statement Materials and information provided during this presentation may contain 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. Risks and uncertainties include general industry and market conditions, domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward- looking statements. Product risks and uncertainties include, but are not limited to, technological advances, regulatory environment and patents obtained by competitors. Challenges inherent in new product development include but are not limited to completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and international operations. Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of the meeting. Lupin Limited does not undertake any obligation to update forward-looking statements to reflect new information, future events, or otherwise after the date thereof. LUPIN 2#3Lenovo LLMON 427 Q3 FY24 Performance LUPIN#4Q3 FY24: Key Growth Metrics Strong execution on all fronts Key Metrics Business Performance M -$- 50,799 mn Sales OXA 20% YoY 10,220 mn EBITDA¹ 98% YoY 20.1% Margin 6,131 mn Chl Net Income 12.1% Margin 299% YoY INR mn India 17,251 mn 13% YoY North America 18,885 mn 24% YoY Growth Markets 4,729 mn 13% YoY ΑΡΙ 2,779 mn 1% YoY EU Note: 1. EBITDA margin is 20.1 % Excluding Forex and Other Income on Net Sales as base; Arrows indicate Growth / degrowth EMEA 5,170 mn 36% YoY ROW 1,985 mn 71% YoY LUPIN 4#5Q3 FY24: Key Developments Consistent trajectory of improved profitability Financials Sales and Adj. EBITDA* Trajectory 45,369 49,392 50,799 42,446 43,303 20.1% 18.7% 13.9% 14.4% 12.2% LUPIN Complex Generics Gaining momentum gProlensa Ophthalmic Solution Launched in US gSpiriva DPI Business Development India - Launched 1st triple FDC for COPD under brand name Vilfuro-G® Middle East - Exclusive Licensing and Supply Agreement with Amman Pharma for Ranibizumab Biosimilar Compliance Q3 Q4 Q1 Q2 FY23 FY23 FY24 FY24 Q3 FY24 US FDA Sales EBITDA margin** *excludes NCE, Fx and Other Income ** EBITDA margins excludes NCE, Fx and Other Income on Net Sales as base Others Remediation completed for Tarapur & Mandideep Unit 1 Aurangabad received SMDC approval (Ukraine) 5#6Q3 FY24 Financial Snapshot Sales Mix Revenue (In INR mn and %) Key Financials India, 17,251, 34% North America, 18,885, 37% Sales INR in mn LUPIN Q3 FY24 Q3 FY23 Q2 FY24 50,799 42,446 49,392 * EBITDA 10,220 5,160 9,231 API, 2,779, 6% Growth Markets, ROW, 1,985, EMEA, 4,729, Net Income 6,131 4% 5,170, 9% 1,535 4,897 10% * EBITDA excludes, Fx and Other income 6#7India: Outperforming market growth India Rx business grew 12.9% in Q3FY24 (1.6x IPM growth) India Sales (INR mn) Leveraging therapy leadership; Added 7 new divisions in last 12 months 15,213 14,786 Q3FY23 Q4FY23 16,384 Q1FY24 16,915 17,251 Q2FY24 Q3FY24 LUPIN #2 rank Respiratory #3 rank #3 rank Diabetes Care Cardiac • Chronic share ~62% of sales Ranked #1 in New Product introductions in IPM² . Continued Outperformance in Respiratory, Gl and Gynaecology segment • India Rx business grew 10% YoY in 9MFY24 vs IPM • growth of 8.2% (1.2x IPM growth) Key segments including Respiratory, GI & Gynaecology growing faster than market¹ • Q3 Anti-diabetes Non-IL growth 11.8% vs Segment 5.5% 1 • Q3 In-licensed % of India sales: 10.4% Q3 vs 15% in FY23 . 1 IQVIA Oct-Dec-23 2. IQVIA MAT Dec-23 Gaining significant launch momentum with 7 new introductions in the quarter 1 in Diabetes Care • Key New Launches 1 in Cardiac 2 in 1 in Respiratory Neuro/CNS Valentas® Ranked #1 new launch in Cardiac² • Launched 21 products in 9MFY24 7#8India: Amplifying our Core Lupin prescription business is positioned to outperform IPM with key drivers in place Enhancing penetration and reach • Maximizing Chronic therapy focus • Sales force expansion • Grow new areas such as Biosimilars Inorganic Strategy . Target M&A/inorganic activities - mid size companies, brands & portfolios New Product Pipeline • In-house pipeline of novel assets • In-license via partnerships Expanding footprint • Partnering in e-commerce, organized retail and institutional business Empowering Business Verticals LUPIN Enabling end to end healthcare ecosystem and access for the patient community CHC Portfolio catering to GI, VMS, Cough/cold therapies Diagnostics platform expanding across India Going beyond the pill with digital offering and patient neuro-rehab Building capacity of HCPs and empowering patients by education and PSPs¹ Digitally assisting retailers and channel partners LUPIN LIFE Life Inspired by Science LUPIN DIAGNOSTICS Good health starts here LiFE ATHARV ABILITY A LUPIN INITIATIVE ABILITY - DIGNITY LIFE SCIFLIX HUMRAHI pharmarack 1 PSPs Patient Support Program 8#9North America: Delivering on Complex Generics Leadership: 4.3% TRX volume share in U.S.1 Growing Respiratory portfolio LUPIN Consistent ramp up in sales DE US Sales ($mn) 177 175 181 213 212 #3 #1 22.5% Albuterol in the US¹ in 50 products² Q3 Q4 Q1 Q2 Maintaining leadership Top 3 in 102 products² FY23 FY23 FY24 FY24 Q3 FY24 market share In generics¹ 20% YoY flat QoQ Q3 FY24 Key Highlights Focus on profitable growth Share of inhalation portfolio at ~40% of sales Legacy products maintaining market share ● • 28.6% Arfomoterol market share Brand + generic¹ Continued momentum led by investments in complex Gx, 505(b)(2) and biosimilars Upscaling portfolio to higher share of complex Gx, led by inhalation, injectables and biosimilars Strong pipeline 40+ Injectables and 20+ inhalation ● 51 FTFs incl. 18 exclusive FTFs Note: 1. IQVIA Qtr TRX Dec-23 by prescriptions Continued cost optimization initiatives to improve profitability 2. IQVIA Qtr Dec-23 NSP data 9#10Other Markets: Key Highlights Consistent performance in developed markets EU EU Steady growth registered in key markets Growth driven by higher LuforbecⓇ and tender sales Brazil • South Africa • 7th largest generics player¹ Revenues up 20% YoY and 9% QoQ (local currency) Mexico Australia 4th largest generics player² New launches from SCP Philippines portfolio API + Global Institutional Note: 1. IQVIA MAT Dec 23 by sales 2. IQVIA Midas Sales Audit Dec-23 Emerging Markets BRL 54 mn sales in Q3 FY24 Rank 2nd in reference market³ LUPIN Revenues up 150% QoQ (local currency) Resumption of site during quarter 21% YoY (local currency) growth driven by renal and women's health Global Institutional business growth driven by higher Anti-TB sales 3. IQVIA MAT Dec-23 units 10#11Innovation and Quality R&D pivoting towards complex generics and biosimilars Substantial Capabilities to become CGx powerhouse • • Inhalation: Global presence with end to end capabilities of MDIs, DPIs, Soft-Mist Inhalers, Nasal Sprays and Nebules Injectables: Robust suite of depot, liposomal, peptide and iron injectable products in development Biosimilars: A fully vertically-integrated commercial-stage company with regulated market approvals and launches. Achieve Best-in-Class Quality Recent Track Record Successful outcomes in last 9 months • • Successful completion of FDA inspection at Vizag EIR for Nagpur Unit-2, Mandideep Unit-2 LUPIN Resumption of Mexico site after successful inspection by COFEPRIS 2 Warning Letter affected sites: • Tarapur / Mandideep Unit-1 remediation completed Our Quality Goals Long term Goals Complex Generics: Launches in Regulated Markets by 2028 20 complex product launches in the areas of inhalation, injectables, amongst others Biosimilar and Novel Complex Products: By 2028 • Complete 3 biosimilar filings in regulated markets Launch 10 novel complex pipeline products in India • • Regulatory Compliance: Targeting all sites to have satisfactory compliance status by FY25 Conduct Quality Audits of suppliers regularly and provide mandatory cGMP Training to all relevant employees 11#12Key Financial Metrics: Quarterly Trend R&D (INR mn) 3,679 3,764 2,896 3,050 Capex (INR mn) Net debt/Equity 1,848 3,567 0.27 1,555 1,502 1,345 0.20 1,171 6.8% 7.0% 7.8% 7.6% 7.0% 3.7% 3.5% 3.6% 2.6% 2.7% 0.10 0.14 0.07 Q3 Q4 Q1 Q2 Q3 FY23 FY23 FY24 FY24 FY24 R&D (INR Mn) R&D (% of Sales) Q3 Q4 Q1 Q2 Q3 FY23 FY23 FY24 FY24 FY24 Capex (INR Mn) -Capex % of Sales Q3 Q4 Q1 Q2 Q3 FY23 FY23 FY24 FY24 FY24 LUPIN 12#13P&L Highlights Q3 FY24 Amount in INR mn Q3FY24 % of Sales Q3FY23 % of YOY Sales Growth Q2FY24 % of QoQ Sales Growth Sales 50,799 100.0% 42,446 100.0% 19.7% 49,392 100.0% 2.8% Other operating income Total revenue 1,175 2.3% 776 1.8% 51.4% 994 2.0% 18.2% 51,974 102.3% 43,222 101.8% 20.2% 50,386 102.0% 3.2% Gross Profit (exl..other operating 33,538 66.0% 25,375 59.8% 32.2% 32,365 65.5% 3.6% income) EBITDA* Net Income * EBITDA excludes, Fx and Other income 10,220 20.1%** 5,160 12.2%** 98.1% 9,231 18.7% 10.7% 6,131 12.1% 1,535 3.6% 299.4% 4,897 9.9% 25.2% ** EBITDA margins is calculated as EBITDA on Net Sales as base LUPIN 13#14P&L Highlights 9M FY24 Amount in INR mn 9MFY24 % of Sales 9MFY23 % of Sales YOY Growth Sales 147,612 100.0% 119,397 100.0% 23.6% Other operating income 2,888 2.0% 2,719 2.3% 6.2% Total revenue 150,500 102.0% 122,116 102.3% 23.2% Gross Profit 96,916 65.7% 69,101 57.9% 40.3% (excl. other operating income) EBITDA* 28,033 19.0%** 11,165 9.4%** 151.1% Net Income 15,551 10.5% 1,941 1.6% 701.2% ** EBITDA margins is calculated as EBITDA on Net Sales as base. EBITDA margins ex-NCE income is 17.8% during the period * EBITDA excludes, Fx and Other income LUPIN 14#15LUPIN Lupin at a Glance#16Lupin Today Operating from a position of strength Global Presence Local Leadership LUPIN Geographically Diverse (FY23 Sales) 13th Largest Generic Company 3rd Largest in the US 7th India Pharma Market Rank 37% INDIA 8% (by prescriptions³) Developed Markets (by sales³) (by sales¹) $2 bn 4th Largest Australia Largest 32% US 7th 14% South Africa Gx Gx Emerging 7% (by sales) Developing Adjacencies (by sales5) Markets ΑΡΙ Annual sales in FY23 $233 mn EBITDA in FY23 20,500+ Lupinytts Reaching lives in 100+ countries 1- Global ranking based on LTM Sep-23 sales With Global Infrastructure And Growing Sustainably ~13% reduction in Scope 1 and 2 emissions² Adding 22MW Renewable energy capacity in FY24 13 IQVIA Qtr Dec-23 14 IQVIA MAT Dec-23 15 IQVIA MAT Dec-23 15 Manufacturing R&D 7 Sites Sites Renewable energy share of 5% in FY23 across India, the US, Netherlands, Brazil and Mexico | 2 Reduction in FY23 from base of FY20 16#17Vision A pharmaceutical company focused on delivering high quality medicines to patients around the world LUPIN United States Evolving portfolio and pipeline in Complex platforms (Inhalation, Biosimilars and Injectables); Scaled product platforms in legacy oral, ophthalmic and dermatology Global Developed Markets Global operational efficiency and presence driving leverage on capital investment and R&D across platforms through markets with similar regulatory regimes (UK, Europe, Canada and Australia) India Region Delivering innovative brands and above market Growth through organic and in- organic means; establishing strategic market adjacencies Other Emerging Markets Global reach and scale as a partner of choice in South Africa, Brazil, Mexico, Philippines; Enhancing access to medicines in anti-TB and ARV in low and middle income nations Continuous Improvement Culture Best in Class Global Quality ΑΡΙ Meaningful scale achieving competitive costs to serve internal as well as external customers and contribute meaningfully to Global Public Health 17#18Lupin's ESG Journey in 2023 Our Commitment to Responsible Business Practices, Sustainability, Environmental Stewardship and Risk Management Lupin has enhanced the scope, nature and boundary of disclosures and multiple actions delivered at ground level in 2023 Enhanced disclosures on policy influence, risk culture and conducted a more robust double materiality assessment First time Scope 3 disclosures and favorable trend of emissions across scope 1+2+3, waste and water Continuous Efforts for improving access to healthcare, health outcome contributions and conducted human rights assessments at own sites Enhancements in tax governance and strategy; ISO 14001 and 45001 certification successfully completed for 3 sites: Goa, Pithampur and Nagpur; Other sites underway Conducted TCFD reporting, Better disclosures of climate risks and opportunities and conducted a scenario analysis. Institutionalized a biodiversity and no-deforestation policy/ commitment Improved disclosures across key performance indicators including gender breakdown, hiring / turnover rates and health and safety LUPIN 18#19ESG: Ratings update in 2023 Committed to accountability and public disclosure of ESG initiatives and metrics LUPIN Lupin has made progress in ratings in 2023 responses in both S&P Global CSA and featured as a Yearbook Member 2024 and also scored B in CDP Climate and C in Water Agency 2021 2022 2023 Trends Lupin Limited Pharmaceuticals S&P Global 17 ESG Score ✓ CDP 46 92 percentile C First time Climate respondent 69 95 percentile As of Oct 27, 2023 B C Climate + Water respondent MSCI BB BB BB Sustainability Yearbook Member S&P Global Corporate Sustainability Assessment (CSA) Score 2023 S&P Global CSA Score 2023: 69/100 Score date: February 7, 2024 The S&P Global Corporate Sustainability Assessment (CSA) Score is the S&P Global ESG Score without the inclusion of any modelling approaches. Position and scores are industry specific and reflect exclusion screening criteria. Learn more at https://www.spglobal.com/esg/csa/yearbook/methodology/ S&P Global Sustainable1 19#20ESG: Way forward in 2024 Our Commitment to Responsible Business Practices, Sustainability, Environmental Stewardship and Risk Management For 2024, Lupin will focus on the below key actions to create a meaningful impact among others Environment Social Governance GHG Emission: Develop a net zero/carbon neutral strategy to come up with a commitment Conduct biodiversity risk assessments; Kick off in three sites Establish a comprehensive human rights due diligence process for own operations and also start assessing Tier 1 suppliers Expand employee support programs and assess & improve employee well being Revisit double materiality assessment Establish a detailed supplier assessment and capacity building, and emission reduction program. Conduct Life Cycle Assessments of ten products to understand environmental impacts across the value chain LUPIN 20#21• . Lupin - Awards and Accolades Organizational Awards ATD (Association of Talent Development) BEST Award 'Factories of the Future' at the Economic Times Promising Plant Awards 2022 Excellence in Patient Centric Initiative at Zee Health Awards 2022 ‘Digital Pharma Marketing Excellence Award' for 'in Pharma Digital Marketing & Awards 2022 Businessworld's Diversity and Inclusion Award 2022 for "Outstanding Diversity Network" Cyber Security Excellence Awards 2022 for the Best Zero Security in Healthcare Bioprocessing Excellence in South Asia Award at Bioprocessing Excellence Awards 2022 by IMAPAC . Leadership and Other Awards Vinita Gupta, named among India's 20 Most Influential Women in Healthcare by 2022 BW Healthcare World Goa and Nagpur awarded Gold Medal at the National Awards for Manufacturing Competitiveness 2022-23 Pithampur team wins two awards - at the CII National Technology Competition and won four awards at 43rd CII National Kaizen Competition Pithampur team won Platinum and Gold Awards at the 16th CII National 3M Competition Team Quality and Operational Excellence on winning the platinum category award from CII Institute of Quality Won Best-in-Class Supply Chain Award at 15th ELSS Leadership Awards LHWRF won the Water Sustainability Awards 2022-23 for Excellence in Participatory Water Management Ankleshwar team wins Four Gold Awards at the QCFI Lean Six Sigma Competition LUPIN WORLD.com BW Healthcare FORTUNE ZEEBUSINESS NATIONAL SUSTAINABLE HEALTHCARE LEADERSHIP CONGRESS & AWARDS ** INDIA 2022 BE ST Award Winner ET Healthworld.com INDIA PHARMA WORLD AWARDS THE ECONOMIC TIMES PROMISING PLANTS 2022 ASIA-PACIFIC BIOPROCESSING EXCELLENCE 2022 AWARDS 21#22Thank You Registered Address 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai - 400055, India Phone: +91 22664 02323 | Fax: +91 22664 02051 | www.lupin.com youtube.com/c/LupinGlobal twitter.com/Lupin Global linkedin.com/company/lupin facebook.com/Lupin World/