#1L LUPIN EMPOWERING HEALTH Investor Presentation Q2 FY24 November 08, 2023#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 LLINMONT427 Q2 FY24 Performance LUPIN#4Q2 FY24: Key Growth Metrics Strong execution on all fronts Key Metrics Business Performance M -$- 49,392 mn Sales OXEA 21% YoY 9,231 mn EBITDA¹ 113% YoY INR mn India 16,915 mn 7% YoY North America 18,666 mn 40% YoY EU 18.7% Margin Growth Markets 4,378 mn 4,897 mn Chl Net Income 9.9% margin 278% YoY 2% YoY API 2,684 mn 7% YoY Note: 1. EBITDA margin is 18.7 % Excluding NCE, Forex and Other Income; Arrows indicate Growth / degrowth EMEA 4,759 mn 24% YOY ROW 1,990 mn 102% YoY LUPIN 4#5Q2 FY24: Key Developments Consistent trajectory of improved profitability Financials Sales and EBITDA* Trajectory 47,421 49,392 40,912 42,446 43,303 LUPIN Complex Generics gSpiriva DPI Gaining momentum Diazepam Launched in Rectal Gel US Business Development • India: Acquired five legacy brands from Menarini and Ondero trademark France: Completed acquisition of Medisol Compliance • 18.7% 13.9% 14.4% 12.2% 10.6% Q2 FY23 Q3 FY23 Q4 Q1 FY23 FY24 FY24 Q2 US FDA Sales EBITDA margin Received EIR for Nagpur OSD and Mandideep unit 2 *excludes NCE, Fx and Other Income Others Successful inspection of Mexico site by COFEPRIS • Successful WHO inspection for Dabhasa 5#6Q2 FY24 Financial Snapshot Sales Mix Sales (In INR mn and %) India, 16,915 34.2% Key Financials North America, 18,666 37.8% Sales 49,392 mn INR in mn Q2 FY24 Q2 FY23 Q1 FY24 49,392 40,912 47,421 * EBITDA 9,231 4,342 8,565 API, 2,684 5.4% Growth Markets, ROW, EMEA, 1,990 4,759 4,377 8.9% Net Income 4,897 1,297 4,523 4.0% 9.6% * EBITDA excludes, Fx and Other income, and includes NCE income for Q1FY24 LUPIN 6#7India: Outperforming market growth India Region Formulations (IRF) has grown 8.9% ex NLEM impact in Q2FY24 Leveraging therapy leadership by adding 7 new divisions in last 12 months India Sales (INR mn) 16,915 16,384 15,841 15,213 14,786 #2 rank Respiratory #3 rank #3 rank Diabetes Care Cardiac • 7,250 Total ME's and 9,440 total sales force . Addition of new diabetic division in Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 LUPIN . Continued Outperformance in Cardiac and Respiratory therapies Non-IL portfolio grew 9.2% in Q2 vs IPM growth of 7%¹ Key segments including Cardiology, Respiratory, Gl and Gynaecology grew faster than market • Anti-diabetes Non-IL growth 10% vs IPM 4.9% growth¹ • In-licensed % of India sales: 13% Q2 vs 15.5% in FY23 Gaining significant launch momentum with 4 new introductions in the quarter Key New Launches 0 * 1 in Diabetes Care 1 in Derma 1 Vaccine 1 in GI • Valentas® Ranked #1 new launch in Cardiac² 1 IQVIA July-Sep 23 2 IQVIA MAT Sep-23 • Poised to launch 20+ products in FY24 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 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 Business Verticals LUPIN Enabling end to end healthcare ecosystem and access for the patient Empowering community LUPIN LIFE Life inspired try Science CHC Portfolio catering to GI, VMS, Cough/cold therapies Diagnostics platform expanding across India LUPIN DIAGNOSTICS Good health starts here LiFE ATHARV ABILITY A LUPIN INITIATIVE ABILITY-DIGNITY-LIF 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 SCIFLIX HUMRAHI pharmarack 1 PSPs Patient Support Program 8#9North America: Building Complex Gx Portfolio Leadership: 4.4% TRX volume share in U.S.1 New product sales driving DE LUPIN US growth Growing Respiratory portfolio US Sales ($mn) Rx 159 177 175 181 213 #3 #1 22.9% in the US¹ Albuterol in 48 products² Maintaining leadership Top 3 in 101 products² Q2 Q3 Q4 Q1 Q2 market share 32.8% Arfomoterol market share FY23 FY23 FY23 FY24 FY24 In generics¹ Brand + generic¹ 34% YoY 18% QoQ Q2 FY24 Key Highlights Focus on profitable growth Increasing share of complex generics in portfolio led by inhalation (>40% of sales) . Continued momentum led by investments in complex formulations, 505(b)(2) and biosimilars Upscaling portfolio to higher share of complex formulations, led by inhalation, injectables and biosimilars Strong pipeline 40+ Injectables and 20+ inhalation 53 FTFs incl. 20 exclusive FTFs • • Legacy products maintaining market share ● Note: 2. 1. IQVIA Qtr TRX Sep-23 by prescriptions IQVIA Qtr Sep-23 NSP data Continued cost optimization initiatives to improve profitability 9#10Other Markets: Key Highlights EU Steady performance in developed markets EU • Growth driven by higher LuforbecⓇ and tender sales Strong growth in Germany and UK Completed Medisol acquisition in France South Africa Brazil Emerging Markets LUPIN BRL 74 mn sales in Q2 FY24 (growth of 6% YoY) Rank 4th in reference market³ 7th largest generics player¹ Mexico Revenues of MXN 83 mn, 63% YoY decline due to impact of stock-outs Revenues of ZAR 341 mn up by 16% QoQ 4th largest generics player² Australia Philippines 33% YoY growth driven by renal and women's health New launches from SCP portfolio API + Global Institutional . • API revenues grew 7% YoY due to increase in sales of 7ACCA and Levetiracetam Global Institutional business growth driven by higher Anti-TB and ARV sales Note: 1. IQVIA MAT Sept 23 by sales 2. IQVIA Midas Sales Audit Mar-23 3. IQVIA MAT Sept-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. 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 Achieve Best-in-Class Quality Recent Track Record Successful outcomes in last 4 inspections Successful completion of FDA inspection at Vizag • • EIR for Nagpur Unit-2; • EIR for Mandideep Unit-1 • EIR for Pithampur Unit-2 with VAI status 2 Warning Letter affected sites: Tarapur and Mandideep Unit-1 resolution underway Long term Goals Regulatory Compliance: Targeting all sites to have satisfactory compliance status by FY25 LUPIN 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 3,376 2,896 3,050 8.3% 6.8% 7.0% 7.8% 7.6% Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 IR&D (INR Mn) R&D (% of Sales) Capex (INR mn) 1,540 1,555 1,502 1,345 1,171 3.8% 3.7% 3.5% 2.5% 2.7% ------ ------ -- Net debt/Equity 0.25 0.27 0.20 0.14 0.10 Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 Capex (INR Mn) Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 -Capex % of Sales LUPIN 12#13P&L Highlights Q2 FY24 Amount in INR mn Sales Q2FY24 % of Sales Q2FY23 % of Sales YOY Growth Q1FY24 % of Sales QoQ Growth 49,392 100.0% 40,912 100.0% 20.7% 47,421 100.0% 4.2% Other operating income 993 2.0% 544 1.3% 82.6% 719 1.5% 38.2% Total revenue 50,386 102.0% 41,456 101.3% 21.5% 48,141 101.5% 4.7% Gross Profit (excl. other operating income) 32,365 65.5% 23,784 58.1% 36.1% 31,013 65.4% 4.4% * EBITDA 9,231 18.7% 4,342 10.6% 112.6% 8,565 18.1% 7.8% Net Income 4,897 9.9% 1,297 3.2% 277.6% 4,523 9.5% 8.3% Adjusted Gross Profit (excluding NCE income) at 65.5% in Q2FY24 and 63.8% in Q1FY24 * EBITDA excludes, Fx and Other income, and includes NCE income for Q1FY24 LUPIN 13#14LUPIN Lupin at a Glance#15Lupin Today Operating from a position of strength Global Presence 13th Local Leadership LUPIN Geographically Diverse (FY23 Sales) Company (by sales¹) Largest Generic 3rd Largest in the US 7th India Pharma (by prescriptions³) Market Rank (by sales³) 37% INDIA 8% Developed Markets Largest South Africa Gx (by sales5) 32% US 14% Emerging Markets 7% Developing Adjacencies ΑΡΙ $2 bn Annual sales in FY23 $233 mn EBITDA in FY23 20,500+ Lupinytts Reaching lives in 100+ countries 1 Global ranking based on LTM June-23 sale Largest 4th Australia 7th Gx (by sales) With Global Infrastructure And Growing Sustainably ~13% reduction in Scope 1 and 2 emissions² 13 IQVIA Qtr Sep-23 14 IQVIA MAT Mar-23 Adding 22MW Renewable energy capacity in FY24 15 IQVIA MAT Sep-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 15#16Vision 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 India Region 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) 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 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 16#17Lupin's ESG Journey Our Commitment to Responsible Business Practices, Sustainability, Environmental Stewardship and Risk Management Environment • Adding renewable and biogenic capacities to reduce Scope 1 and 2 emissions • Scope 3 GHG assessment completed LUPIN 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 Advance & Apply • TCFD Reporting process completed FY22 Add & Expand FY23 Social Initiated 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 Do Accelerate FY24 and beyond Climate Change & Environment Renewable energy transition Decarbonization strategy finalization -00-0- Governance • • 000 F0-00- Completed double materiality assessment Obtained UNGC Membership Strengthened and enhanced existing ESG policies Kick-started supplier assessment framework to assess all third party suppliers 17#18ESG: External Validation of progress made in 2023 Committed to accountability and public disclosure of ESG initiatives and metrics • Lupin has made significant investment and progress in 2023 as an organization Maintaining momentum towards continuously enhancing our ESG systems and processes Agency 2021 2022 S&P Global 17 ESG Score CDP ecovadis 24 2023 46 92 percentile 68 95 percentile As of Oct 27, 2023 C First time Climate respondent Climate + Water respondent 40 Under submission MSCI BB BB Under evaluation Trends LUPIN 18#19Lupin - 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 BW Healthcare WORLD.com FORTUNE ISO HSE certification audit successfully completed for Goa, Pithampur and Nagpur U-1 and U-2 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 ZEEBUSINESS INDIA 2022 BE ST CONGRESS & AWARDS Award Winner NATIONAL SUSTAINABLE HEALTHCARE LEADERSHIP Healthworld.com INDIA PHARMA WORLD AWARDS THE ECONOMIC TIMES PROMISING PLANTS 2022 ASIA-PACIFIC BIOPROCESSING EXCELLENCE 2022 AWARDS 19#20Thank 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 in linkedin.com/company/lupin facebook.com/Lupin World/