#1G LUPIN BUILDING BETTER HEALTH Investor Presentation Q4 FY23 10 May 2023#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, 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. 2#3CHILL Lupin at a Glance LUPIN 3#4Lupin Today Operating from a Position of Strength Global Presence 12th Local Leadership Largest Generic 3rd Company (by sales¹) Largest in the US 6th (by prescriptions³) lool $2 bn Annual sales in FY23 $233 mn EBITDA in FY23 21,300+ Lupinytts Reaching lives in 100+ countries Geographically Diverse (FY23 Sales) LUPIN India Pharma Market Rank 37% INDIA 8% Developed Markets (by sales³) 4th Largest Australia Gx South Africa 8th 32% US 14% Gx (by sales) (by sales) Emerging 7% Developing Adjacencies Markets API With Global Infrastructure And Growing Sustainably² >10% reduction in Scope 1 15 Manufacturing R&D 7 Sites Sites Renewable energy across India, the US, Netherlands, share of 6.5% Brazil and Mexico 1 - Global ranking based on CY2022 sales | 2 FY23 Preliminary evaluation |3 IQVIA Qtr Mar-23 | 4-IQVIA MAT Mar-23 - | 5 IQVIA MAT Feb-23 and 2 emissions Adding 22MW Renewable energy capacity in FY24 4#5Vision 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 CAPEX and R&D across the platforms through markets with similar regulatory regimes (UK, Europe, Canada and Australia) India Region Delivering innovative brands at above market Growth through organic and in- organic means, as well as establishing strategic market adjacencies Other Emerging Markets Global reach and scale positions us as a partner of choice in South Africa, Brazil, Mexico, Philippines Enhancing Access to Medicines in anti-TB in low and middle income nations Continuous Improvement Culture Best in Class Global Quality API Meaningful scale achieving competitive costs to serve internal as well as external customers and contribute meaningfully to Global Public Health 5#6Q4 FY23 Performance LUPIN 6#7Q4 FY23 Key Highlights Continued focus on profitable growth Key Metrics Business Performance 43,303 mn Revenue India 14,786 mn 9% YoY 3% QoQ 12% YoY 2% QoQ 6,150 mn $ EBITDA 14% Margin Growth Markets 4,385 mn 15% YoY 5% QoQ 118% YoY 12% QoQ mi 2,360 mn Net Income 5% of sales ΑΡΙ 3,226 mn 46% YOY 15% QoQ 54% QoQ EU INR in mn North America 15,503 mn 9% YoY 2% QoQ EMEA 4,535 mn 11% YoY 19% QoQ ROW 868 mn 2% YOY 25% QoQ LUPIN 7#8Q4 FY23 Financial Snapshot Sales Mix Key Financials INR in mn India, 14,786, 34% Revenue (In INR mn and %) Q4 FY23 Q3 FY23 Q4 FY22 Total 43.303 North America, 15,503, 36% Sales 43,303 42,446 38,645 EBITDA 6,150 5,506 2,823 API, Growth 3,226, Markets, 7% ROW, EMEA, 4,385, 869, 2% 4,535, PBT 2,585 2,461 (864) 10% 11% LUPIN 8#9India: An ongoing story of sustained outperformance Lupin has grown better than the market ex-in-licensed portfolio across FY23 Leveraging leadership by adding 6 new divisions LUPIN Overall Non-IL 14.3% 11.3% 10.2% #2 rank Respiratory D #3 rank #3 rank Diabetes Care Cardiac 7.6% 7.5% 6.2% 2.8% 1.1% Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Leveraging therapy strength by adding ~1,000 ME in 6 new divisions to reach ~7,000 Total MES¹ and 9,100 total sales force Gaining significant launch momentum with multiple new introductions in the quarter • Cardiac and respiratory are back on growth trajectory Cardiac, GI, Respiratory and Gynaecology registered double- digit growth since H2 FY23 Diabetes is recovering from impact of patent expiries in segment 1 in 2 in 1 in Diabetes Care Cardiac Anti-infective Lupin grew close to par with market at 14.3% in Q4 excluding in-licensed portfolio Launched a total of 16 products with 53 SKUs in FY23 • Poised to launch ~21 products in FY24 Note: 1. As of 31-Mar-23 9#10North America: Investing to increase complex share Leadership: Delivering ~5.5% TRX Gx volume of the U.S.1 New product sales driving US growth ($ mn) US quarterly sales ($ mn) DE Growing Respiratory portfolio R #3 圄 #1 177 175 159 121 20.5% Albuterol market in the US¹ in 41 products² share Maintaining leadership Top 3 in 109 products² In generics -3% YoY Q1 FY23 Q2FY23 Q3FY23 Q4FY23 -1% QoQ • • Q4 FY23 Key Highlights Focused on profitable growth in base portfolio Continued strength in in Q4FY23 Total 9 launches in FY23 with Suprep performing well • USFDA Inspections: Vizag, Lupin Bio-research center and Pharmacovigilance had zero observations Note: IQVIA Qtr Gx Mar-23 by prescriptions 1. 2. iQVIA Qtr Mar-23 NSP data 48.0% Arfometerol market share Brand + generic LUPIN ● • . Evolving Complex Product Portfolio through investments in Injectables, Inhalation and Biosimilars Current pipeline includes 55 FTFs incl. 22 exclusive FTF Substantial investments in Inhalation, Injectables and Biosimilars pipeline and capabilities (Development and Manufacturing) 155 ANDAS pending approval; 30+ strong pipeline of Injectables (filed + under development) 10#11Other Markets: Key Highlights Other Key Markets driving growth Emerging Markets: Steady growth EU EU Successful MHRA inspection of Pithampur facilities Acquired Medisol in France - unique hospital business Brazil BRL 75 mn sales in Q4 FY23 (growth 24% LCL YoY); In reference market, ranks 10th position in value terms³ 8th largest generics player¹ Market leader in Ophthal (#2 in South Africa 35% QoQ growth to reach ZAR 417 mn sales in Q4 FY23 Mexico units and #5 in value)³ AN 4th largest generics player² Australia SCP acquisition performing well API + Global Institutional Note: 1. IQVIA Feb23 by sales 2. IQVIA Midas Sales Audit Dec-22 • Strong QoQ growth of 20% Philippines Q4FY23 to reach PHP542 mn API revenues grew 46% QoQ in Q4 FY23 due to core API business growth Continued leadership in anti-TB Institutional business and increased ARV presence 3. IQVIA MAT Jan-23 LUPIN 11#12Key Financial Metrics: FY23 Quarterly Trend R&D (INR mn) Capex (INR Mn) 3,478 3,376 1,613 1,540 1,555 1,502 3,050 2,896 9.6% 4.5% 8.3% 6.8% 7.0% 3.8% 3.7% 3.5% Net debt/Equity 0.27 0.25 0.21 0.20 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 IR&D (INR Mn) R&D (% of Sales) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 ICapex (INR Mn) -Capex (% of Sales) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 LUPIN 12#13P&L Highlights- Q4 FY23 LUPIN Amount in INR mn Q4FY23 % of Sales Q3FY23 % of Sales QoQ Growth Q4FY22 % of Sales YOY Growth Sales 43,303 100.0% 42,446 100.0% 2.0% 38,645 100.0% 12.1% Other operating income 998 2.3% 776 1.8% 28.6% 185 0.5% 439.5% Total revenue 44,301 102.3% 43,222 101.8% 2.5% 38,830 100.5% 14.1% Gross Profit 25,802 59.6% 25,375 59.8% 1.7% 22,323 57.8% 15.6% (excl. other operating income) EBITDA 6,150 14.2% 5,506 13.0% 11.7% 2,823 7.3% 117.8% PBT before exceptional item 2,585 6.0% 2,461 5.8% 5.0% -864 -2.2% NM Exceptional item¹ -12 PBT after exceptional item 2,585 6.0% 2,461 5.8% 5.0% -852 -2.2% NM Profit after Tax 2,424 5.6% 1,576 3.7% 53.8% -5,119 -13.2% NM Profit/(Loss) for the period 2,360 5.4% 1,535 3.6% 53.7% -5,180 -13.4% NM NM: Not Meaningful 13#14P&L Highlights- FY23 YOY Amount in INR mn FY2023 % of Sales FY2022 % of Sales Growth Sales 162,700 100.0% 161,928 100.0% 0.5% Other operating income 3,717 2.3% 2,127 1.3% 74.8% Total revenue 166,417 102.3% 164,055 101.3% 1.4% Gross Profit 94,902 58.3% 97,116 60.0% -2.3% (excl. other operating income) EBITDA 18,715 11.5% 23,073 14.2% -18.9% PBT before exceptional item 7,165 4.4% 12,135 7.5% -41.0% Exceptional item 0.0% 25,861 16.0% -100.0% PBT after exceptional item 7,165 4.4% -13,726 -8.5% NM Profit after Tax 4,477 2.8% -15,097 -9.3% NM Profit/(Loss) for the period 4,301 2.6% -15,280 -9.4% NM NM: Not Meaningful LUPIN 14#15ESG: FY23 Updates and Future Initiatives Our Commitment to Responsible Business Practices, Sustainability, Environmental Stewardship and Proactive Risk Management LUPIN • Environment о Adding 22+ MW in FY24 renewable capacity to increase total capacity to 36+ MW Scope 3 GHG assessment completed Advance & Apply • TCFD Reporting process ongoing Enhancing targets and tracking for ESG To enhance and take additional targets in areas of ESG for both internal and Environment / Society Assess & Launch FY21 FY22 Add & Expand FY23 Social ti EDO . Initiating Human Rights Assessment at all Lupin premises in May 2023 Employee Volunteering Program in India: 9,200 hours clocked in FY23 • Access to Healthcare: Maintained momentum of registrations for anti-TB and ARVS in low/middle income countries to increase Access to medicines in FY23 Accelerate FY24 and beyond Climate Change & Environment Renewable energy transition Decarbonization strategy finalization Governance . -000- -00-0 10-000 Completed double materiality assessment Obtained UNGC Membership Strengthened and enhanced existing ESG policies Kick-started supplier assessment framework to assess all third party suppliers 15#16Lupin - Awards and Accolades + LUPIN 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 Asia Pacific 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 Dabhasa Recognized in the silver category at the India Green Manufacturing Challenge 2021-22 organized by International Research Institute for Manufacturing Lupin's corporate communication team named among the Top 30 Corporate Communications Team for 2022 by Reputation Today Global Supply Chain team won the 'Apex 10 Supply Chains (West)' award at the Top 200 Supply Chains Awards (West) LHWRF won the Water Sustainability Awards 2022-23 for Excellence in Participatory Water Management Lupin Diagnostics won Best Pathology Lab (National Category) at The Economic Times ET Healthcare Awards 2022 Healthcare WORLD.com 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 16#17Thank you REGISTERED OFFICE 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. India, Phone: +91 22 6640 2323 | Fax: +91 22 6640 2051 | www.lupin.com ◉youtube.com/c/LupinGlobal twitter.com/LupinGlobal in linkedin.com/company/lupin/ f facebook.com/LupinWorld/ LUPIN