#1LUPIN Investor Presentation Q1 FY2022 August 11, 2021#2Safe Harbor Statement LUPIN 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, and general 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 and patents obtained by competitors. Challenges inherent in new product development, including 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 foreign 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 this presentation. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. 01#3• . Lupin - Awards and Accolades Vinita Gupta named among Most Powerful Women in Business in India - #7 by Fortune India India Pharma Leader Award - India Pharma 2020 and India Medical Device 2020 conference organized by FICCI and the Ministry of Chemicals and Fertilizers, GOI Lupin ranked No.1 in the Biotech and Pharma, and amongst Top 50 large organisations in the list of top 100 Great Place to Work TM for 2019-20 Lupin awarded 'Masters of Risk in Pharma & Healthcare' category at India Risk Management Awards 7th Edition by CNBC-TV18 LUPIN FORTUNE INDIA MCKESSON 2019 ⚫ Lupin named 'Best Researcher of the Year' at the ETHealthworld.com India Pharmaworld Awards BE Great Best Workplaces™ Place in Biotechnology & Pharmaceuticals • LHWRF won Greentech CSR India Award ST TO Work INDIA 2019 • • Lupin's Ankleshwar Facility won the Gold Award - American Society for Quality; Gold Award for Improvement Project in Manufacturing and Operation by CII, Gold Award at the National Award for Manufacturing Competitiveness Assessment conducted by International Research Institute of Management and Gold Award in 13th Cycle of QCI - D.L. Shah Quality Awards Lupin's Goa Facility won the Gold Category Award in 13th Cycle of QCI-D.L. Shah Quality Awards • 3 sites rated 7 by ISRS (International Sustainability Rating System), the highest score in the pharmaceutical sector globally AWARD WINNER ON FOR QASQ ASQ Quality Circle G AMERICAN SOCIETY FOR QUALITY Forum of India In house Tax Director of the year (Ramesh Khaitan) and In house Indirect Tax team of the year - ITR Asia Tax Awards 2020 Sreeji Gopinathan in CIO Power List 2020 - RPA Icon from Core media • ⚫ Won 5 INDIASTAR Awards for Excellence in Packaging - 2020 India Pharma Awards 2019 CIO POWER LIST 02 22#4Q1 FY2022 Snapshot Sales (INR mn, YoY Growth) India, 16,362, 27% Total 42,374, 22% North America, 13,330, 10% NCE Licensing Income, 3,734 EMEA, API, 2,459, (40%) 2,613,5% EBITDA INR 9,926 mn 23.4% of sales R&D Growth Markets, 3,328, 10% INR 3,737 mn 8.8% of sales Mr. Nilesh.D.Gupta Managing Director Lupin Limited "While the quarter's profits were bolstered by the Boehringer Ingelheim MEK program income, despite a tough operating environment, we see substantial room for growth. We remain committed to grow our US business both with our inline products as well as ramp up of Albuterol and Brovana, to continue above-market growth in India, and ensure growth in every part of the business. We see meaningful uplift in the second half and remain focused on our journey of expanding margins through driving strong double-digit revenue growth and optimizing costs, while ensuring the safety of our people and the highest standards of compliance." Important developments Commercial LUPIN • Acquisition of Southern Cross Pharma in Australia, gaining access to over 60 registered products having sales of over AU$ 30 mn (~US$ 22 mn) Pipeline . • U.S.FDA accepted the Biologics License Application for proposed biosimilar to Neulasta® (Pegfilgrastim) U.S.FDA approved to expand the use of SOLOSEC® (secnidazole) to include the treatment of trichomoniasis Received US$50 mn as 'milestone payment' from Boehringer Ingelheim on MEK inhibitor (novel oncology compound) progress • Received UK marketing authorization for Luforbec® 100/6 μg pMDI, 1st branded generic alternative to Fostair (100/6 µg) for treatment of Asthma & COPD • Filed 3 ANDAs, received 3 ANDA approvals in the US Regulatory . Somerset facility issued warning letter by the U.S.FDA 03#5Strategic Vision Well Diversified Pharma Company Novel products Integrated Global Quality Culture North America Women's Health NaMuscla Franchise Committed to building robust specialty business Complex Generics Investing heavily in the development of high barrier therapeutics Capability building and portfolio expansion Global Inhalation Platform Execution and scaling in our markets and beyond Geographic expansion and partnership Novel Oncology Research Platform Pipeline acceleration Global Biosimilars Business Launch execution, Portfolio expansion and Development Global Long Acting and US Gx Injectables Clinical execution and Scale Strong Generics Foundation Amongst the Top 10 generic companies in the World US Generics Growth driven by a diversified portfolio Execution on high-value opportunities India Region Formulations Achieving Top 3 by share Build select adjacencies Other Growth Markets Self Sustenance, Growth and Operating Leverage Commercial leverage through In-licensing, M&A and Partnerships Highly scaled and efficient Research, Development and Operational capabilities LUPIN 04#6Q1 FY22 Financial Results Review LUPIN#7P&L Highlights - Q1 FY2022 LUPIN Amount in INR mn Q1 FY22 % of sales Q4 FY21 % of QoQ sales growth % of Q1 FY21 sales YOY growth Net sales 42,374 100.0% 37,593 100.0% 12.7% 34,686 100.0% 22.2% Other operating income 328 238 593 Total revenue 42,702 37,831 12.9% 35,279 21.0% Gross profit 27,094 63.9% 24,417 65.0% 11.0% 21,807 62.9% 24.2% (excl. other operating income)¹ EBITDA 9,926 23.4% 7,657 PBT 7,503 17.7% 5,182 20.4% 13.8% 29.6% 5,314 15.3% 44.8% 2,725 7.9% 86.8% 175.3% Profit after Tax 5,480 12.9% 4,642 12.3% 18.1% 1,082 3.1% 406.5% Profit/(Loss) for the period 5,425 12.8% 4,604 12.2% 17.8% 1,069 3.1% 407.5% Note: 1. Royalty/Profit Share Expenses on certain in-licensed/partnered products have been reclassified to Material Costs from Manufacturing and Other expenses starting Q1 FY2022. On a comparable basis, the Gross Margin adjusted for such change would be 63.3% of sales in Q4 FY2021 and 62.7% of sales in Q1 FY2021. Manufacturing & Other Expenses adjusted for this change related to Royalty/Profit Share Expenses would be 28.0% of sales in Q4 FY2021 and 26.9% of sales in Q1 FY2021 06#8North America Competitive pressures witnessed in specific products US quarterly sales (US$ Mn) Q1FY22 35%) YOY QoQ 9.6% 10.8% LUPIN Consolidating our position in the US¹ #3 #3 #3 #3 #4 #4 180 188 195 172 157 29.4% average market share² #5 129 123 121 120 109 79 83 65 65 51 63 53 44 45 55 55 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 US Generics: Established Leader 3rd Largest in the US (by prescriptions¹) Note: 1. IQVIA Jun-21; ^AG - Authorized generic 149 Filings pending approval (cumulative) 202 DMF filings (cumulative) 2015-16 2016-17 2017-18 No. of Products (mkt leader) 2018-19 2019-20 2020-21 Q1 FY22 Top 3 by mkt share US Rx pharma ranking • Focus on maximizing inhalation generic opportunities - Albuterol and Brovana AG^ • Successfully completed launch of Trichomoniasis indication for Solosec; 1st and only single-dose oral prescription antimicrobial agent for the treatment of both trichomoniasis and bacterial vaginosis approved by the U.S.FDA • 50 FTF's incl. 18 exclusive FTF await U.S.FDA approval 07#9India Robust India business performance India quarterly Sales (INR bn) 13.7 13.3 12.9 12.9 Q1FY22 (42% YOY QoQ 27.3% 27.2% LUPIN Consistently outpacing chronic market growth 5 Year CAGR % Lupin Rank¹ 16.4 MAT MAT Therapy Market Lupin Jun-16 Jun-21 Acute Chronic 9% 6% 13 15 11% 15% 5 4 Cardiac 11% 12% 3 3 Anti-diabetics 13% 21% 5 3 Respiratory 9% 14% 4 2 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 6th rank in the IPM¹ • 64.5% Chronic contribution¹; Our chronic segment grew 22.6% against 19.4% chronic market growth in Q1 FY222 Branded formulations grew 30.9% YoY in Q1FY22 • For Lupin, Cardiac, Respiratory, Anti Infectives and Gl witnessed strong growth ~7,700 domestic sales force strength; PCPM tracking at INR 0.92 mn per month in Q1FY22 Strong focus on building brands BRANDS • RANK (MAT Jun'21) GLUCONORM-G 40 HUMINSULIN 85 2 brands in Top BUDAMATE 103 100 GIBTULIO 160 · CIDMUS 169 10 brands in Top 300 ONDERO 193 TONACT 216 IVABRAD 236 RABLET-D 288 AJADUO 289 Note: 1. IQVIA MAT Jun-21; 2. IQVIA 08#10Other Markets Emerging markets Developed LUPIN EU5 Australia South Africa . Germany: EUR 7.4 mn sales in Q1 FY22 UK: gFostair launch preparations on track 4th largest generics player¹ Acquisition of Southern Cross Pharma to significantly increase value proposition and market share in the Australian market 5th largest Rx generics player²; Market leader in CVS space ZAR 273 mn sales in Q1 FY22 (up 15% YoY) Brazil Mexico API + Global Institutional • • BRL 63 mn sales in Q1 FY22 (up 15% YoY) Outperformed market growth across the OTC segment MXN 163 mn sales in Q1 FY22; (growth of 33% YoY) Market Leader in Ophthalmology (#2 in units) with a national footprint API revenues down 3.8% QoQ on lower offtake of anti-infectives Received Tentative U.S.FDA Approval for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) Tablets under PEPFAR Note: 1. IQVIA Mar-21 2. IQVIA May-21 09#11Key Financial Metrics R&D (INR million) Capex (INR million) 3,843 3,575 3,479 3,737 1,793 1,905 3,427 1,396 1,182 1,057 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 R&D (% of sales) 10.3% 10.2% 8.9% 9.1% 8.8% 0.03 Net debt/Equity 0.13 0.10 0.05 (0.02) Q1FY21 Q2FY21 Q3FY21 Q4FY21 QIFYZ2 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 LUPIN 10#12Manufacturing and R&D - Diverse Global Network OPERATIONS Mexico City, Mexico 15 Manufacturing Sites 13 U.S.FDA inspected units ■ 30 bn+ extended unit capacity Range of capabilities from API to formulations including tablets, capsules, liquids, injectables, dermatological, ophthalmics, inhalation New Jersey, USA Florida, USA 100 Global Commercial Presence 23 Countries where products are sold Countries with marketing offices 13 Countries with subsidiaries Minas Gerias, Brazil Oldenzaal, Netherlands Jammu Vadodara Ankleshwar Mandideep Indore Sikkim Nagpur Aurangabad Tarapur Pune Goa⚫ Vizag Manufacturing Research RESEARCH 7 R&D Sites ■ 440 US ANDAS; 291 approved ■50 pending US First to Files ■ Secured a total of 36 patents in FY21 LUPIN 11#13LUPIN Thank you Registered Office Lupin Limited, 3rd Floor, Kalpataru Inspire, Off. Western Expressway Highway Santacruz (East), Mumbai 400 055, India. Phone: +91 22 6640 2323 | Fax: +91 22 6640 2051 www.lupin.com www.twitter.com/LupinGlobal in www.linkedin.com/company/lupin/ fwww.facebook.com/LupinWorld/