#1Investor Presentation Q1FY19 08-08-2018 Cipla#2Disclaimer Cipla Except for the historical information contained herein, statements in this presentation and the subsequent discussions may constitute "forward-looking statements". These forward-looking statements involve a number of 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 our ability to successfully implement our strategy, our growth and expansion plans, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations and exports, our exposure to market risks as well as other risks. Cipla Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. Information relating to any medical products or medical devices contained herein is provided by Cipla for general information purposes only. Information on any of the medical products or medical devices may vary from country-to-country. A reference to a medical product or a medical device does not imply that such medical product or medical device is available in your country. The commercial availability of the medical products or medical devices listed herein in your country is dependent on the validity and status of existing patents and/or marketing authorizations related to each. An independent enquiry regarding the availability of each medical products or medical device should be made for each individual country The product information contained herein is not intended to provide complete medical information, and is not intended to be used as an alternative to consulting with qualified doctors or health care professionals. 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It is important to only rely on the advice of a health care professional Investor Presentation: QIFY19 08-08-2018 2#3Continued progress on our key FY19 priorities Key Priorities Cipla 1 India: Growth & Therapy Strengthening 2 US: Launches & Ramp-up 3 ↑ 22% Product partnerships with Roche and Eli Lilly 7 approvals in Q1 including Isoproterenol HCI Inj and Testosterone Cypionate Inj US Filings Ramp-up 5 ANDAS filed in Q1 On-track for 20+ ANDA filings in FY19 4 South Africa: Growth 15% Cipla vs 7% market growth First-to-Market Launches planned in Q2 including first biosimilar Filgrastim Injection 1 IQVIA (IMS) MAT Jun'18 Investor Presentation: Q1FY19 5 Row: Growth & Biosimilars 6 Trastuzumab deal signed for key Emerging Markets (ANZ, Colombia and Malaysia) 08-08-2018 Quality & Compliance EIR for Goa & Indore Plants Received Continued focus on maintaining compliance & control at all manufacturing locations 3#4Mirren Revenue FY18 ZAR 152m 1√2.9% vs. LY Coryx: Cough & Cold Broncol: Cough & Cold ↑15% Tab & syrup market growth (Cough & Cold) "CORYX Cold &fu relief 2 Efervescent tablets 4 day bang 190% Syrup market growth with no BRONCOL Cipla SA signs a definitive agreement to acquire 100% stake in Mirren (Pty) Ltd. Deal is subject to SA Competition Commission Approval Key Transaction Financials OTC Growth in SA 11% ~300bps higher than overall market Cipla Valuation Metrics ZAR 450m 3x FY18 Sales Ultimag: Mag & Zinc Supplement Tensopyn: Pain Mgmt. 150% BRONCOL codeine (Cough & Cold) Tab & syrup market growth (Pain Mgmt) Local manufacturing facility for liquids, OSD & Effervescent Tab & syrup market growth (Mag & Zinc Supplement) TENSOPYN For TENSION PAN TENSOPYN 130% "ULTIMAG ZINC Synergies & Capabilities • Play in the ZAR11Bn OTC market Cipla OTC Accelerate OTC business to reach ZAR 1Bn 18% of 14% Expand presence in Pain, Cough & Cold therapeutic area Access to local liquid manufacturing facility Cipla overall YOY business Targeted Market ZAR3bn Investor Presentation: QIFY19 Cipla + Mirren 22%+ of Cipla overall business Targeted Market ZAR14bn#5Financial Performance - Q1FY19 Revenues INR 3,939 Cr ↑12% YOY Q1 FY19 (Consolidated) EBITDA 18.4% 12% YOY Cipla PAT 11.5% 10% Revenue¹ Break-up YOY Actuals vs Q1 FY 18 Global API, (Rs Cr) 5% Europe, 3% Total Income from 3,939 12% Operations a) Domestic Sales 1,559 20% Emerging Mkts, 12% b) Int'l Sales 2,287 7% c) Other Operating Income 93 EBITDA 726 12% EBITDA % 18.4% SAGA, 21% PAT PAT % 451 11.5% 10% Investor Presentation: Q1FY19 Others, 2% India, 39% North America, 17% 1 Others: Includes CNV business, Vet and others; SAGA includes South Africa, Sub-Saharan Africa and Cipla Global Access; Percentages have been rounded-off 08-08-2018 сл 5#6India (Rx + Gx) Sales Rs Cr Q1 Y-o-Y Q1 Q-o-Q Rs Cr 1800 1800 +22% 1544 1600 14% 1544 1600 1353 1400 1400 1270 1200 1200 1000 1000 800 800 600 600 400 400 200 0 200 0 Q1 FY 18 Q1 FY 19 Q4 FY18 Q1 FY19 Cipla Key Business Highlights¹ Key therapeutic areas delivered above market performance which includes Cardiac (11.3% Vs Mkt 7.5%), Respiratory (11.2% Vs Mkt 9.1%), Urology (14.5% Vs Mkt 13.1%) and CNS (7% Vs Mkt 4.7%) Continued leadership position in Respiratory and Urology and ranked amongst top 5 in CNS, Cardiac and Anti-infectives Strategic partnership with Roche India: Strengthened Oncology portfolio with the launch of 3 MABS (Bevacizumab, Trastuzumab & Rituximab) Diabetes franchise development: Partnered with Eli Lilly to market and distribute insulin glargine injection (Basaglar)² 1. IQVIA (IMS) MAT Jun' 18 | 2. Upon final approval Investor Presentation: Q1FY19 08-08-2018 6#7North America: Driving Value-Play in the US market through rationalization of select product categories and ramp-up of Cipla new launches Q1FY191 30% 1 Contribution from new products launches in of Q1FY19 DTM Revenues last 12 months 19% of Q1FY19 Revenues $ Mn Q1 Y-o-Y 100 100 2 Significant Gross Margin Improvement driven by product rationalization and ramp- up of new launches +300bps Improvement in overall DTM (Cipla & Invagen) business Gross Margin% 15%pp Improvement in Cipla DTM business Gross Margin% ~$5mn impact due to rationalization of low-margin SKUs 1 Only DTM revenues of new launches considered Investor Presentation: Q1FY19 90% of new product revenues in Q1 contributed by Budesonide, Decitabine, Palonosetron & Isoproterenol Q1 FY18 Q1 FY19 Q1 Q-o-Q $ Mn 105* -5% 100 Q4 FY18 Q1 FY19 Excluding one-time income#8ANDA¹ Portfolio & Pipeline (As on 30th June 2018) Total 25 152 + + 76 ANDA Portfolio Cipla 253 ANDAS 160 140 37 120 100 53 53 80 60 a 40 20 53 53 20 Approved ANDAS 1 Does not include Vet product ANDAS 4 Tentatively Approved ANDAS 2 ■Cipla Ltd PEPFAR Invagen 2 PEPFAR approved ANDAS can be commercialised in US Investor Presentation: Q1FY19 08-08-2018 622 21 47 Under Approval ANDAS Partnered ANDAS 8#9SAGA*: South Africa, Sub-Saharan Africa and Cipla Global Access ZAR Growth SA: 1 14% vs Q1 VS FY18 normalized for animal health South Africa Others Q1 Q-o-Q 125 44 38 +4% Q1 Y-o-Y $ Mn $ Mn +7% 125 127 116- 38 41 +14% 76 86 83 83 86 Cipla Q1 FY18 Q1 FY19 Q4 FY18 Key Business Highlights¹ Q1 FY19 Above market growth in South Africa private market; Cipla continues to outpace market growth at 15% vs 7% Cipla maintained its position as the 4th largest pharmaceutical company in the private market with 6% market share Strong momentum in Sereflo Synchrobreathe growing at 45% vs Q1FY18 First to market launches planned in Q2 including the first biosimilar Filgrastim Injection (Teva portfolio) 1 IQVIA (IMS) MAT Jun' 18. Investor Presentation: Q1FY19 08-08-2018 *Financial numbers are rounded off 9#10" EM, Europe and API Emerging Markets $ Mn 80 70 50 10 BRO 20 72 70 -3% 60 0 Q1 FY18 Q1 FY19 Cipla Europe $ Mn $ Mn API 32252 30 35 26 30 30 -21% 20 25 +48% 20 15 20 20 20 15 10 5 0 Q1 FY18 Q1 FY19 10 5 0 Q1 FY18 Q1 FY 19 ANZ Portfolio: Azacitidine injection approved in Australia; Dymista launched in NZ Morocco: Pharma status received for Cipla Morocco plant Colombia: 5 new product launches and 4 approvals Europe Hospital segment strategy execution with Bosentan as the first product UK FPSM: Continued traction with channel partners ■ Continued momentum in seedings and lock-ins Respiratory continues to be the largest component (36% of overall) of the business Investor Presentation: Q1FY19 08-08-2018 10#11Recap of progress on our key FY19 priorities and some emerging challenges India • Strong Y-o-Y growth in India business (↑ 22%) Cipla St US South Africa EM Quality • Differentiated approvals: Isoproterenol HCI Inj and Testosterone Cypionate Inj Filings: 5 ANDAs filed in Q1; on track to file 20+ in FY19 • 15% Cipla vs 7% market growth; first biosimilar launch planned for Q2 • Mirren* acquisition to give OTC boost Biosimilar portfolio development efforts underway Trastuzumab: deal signed for key Emerging Markets (ANZ, Colombia and Malaysia) EIR received for Goa & Indore plants *Deal is subject to South Africa Competition Commission Approval Investor Presentation: Q1FY19 08-08-2018 Emerging Challenges China, commodities and oil linked cost inflation pressure Continued geo-political volatility in emerging markets 11#12Cipla Thank you Registered Office: Cipla Limited, Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013 For any queries, please contact Naveen Bansal [email protected] For more information please visit www.cipla.com Investor Presentation: Q1FY19 08-08-2018 12