#1Q4 and Full Year FY22 Investor Presentation April 2022 Unwavering Purpose Biocon#2Safe Harbor Statement Biocon 1 Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. 2#3Biocon is a global biopharmaceutical enterprise that is led by a purpose to develop innovative solutions that provide affordable access to high quality, essential and life saving medicines for patients, payers and health systems across the world. GENOMIC INSPIRATION yar trakke#4The Biocon Manifesto As a committed stakeholder of the global health agenda under the UN Sustainable Development Goals (SDGs), Biocon has drawn up a manifesto to deliver on its commitment to universal healthcare. 0000 accessibility • • Use our science, scale and expertise to enhance access to essential drugs for patients on the lowest rung of the economic ladder Uncover new medical insights aimed at expanding the scope of therapy to address unmet needs affordability • Focus on the kind of innovation that adds the condition of affordability to accessibility Bring competition for expensive innovator medicines through our generics and biosimilars availability • Build strategic global and regional partnerships to make high-quality biopharmaceuticals available to the maximum number of people Create a robust portfolio of 'blockbuster' drugs with the potential to benefit a billion patients 00 assurance • • Demonstrate the highest levels of ethics, compliance and governance Assure continuous supply of high-quality products conforming to international regulatory standards Biocon 1#5Biocon The Biocon Value Creation Journey 1978- 1999 2000- 2004 DO Transforming An Enzymes Company into a Biopharma Company 2005- 2009 2010- 2016- 2015 2018 Building the Base Business and Expertise in Biologics Strategic Global Alliance with Mylan for Biosimilars Expanded (2013) Successful IPO, Biocon listed in India (2004) Enzymes Business Divested (2007) Generic Formulations Global Development Business Unit set up (2013) Commercialized Biosimilars for Diabetes & Cancer in Japan, U.S., EU Global Partnership with Sandoz for Next-Gen Biosimilars (2018) 2019 & Beyond Poised for Global Impact with Biosimilars Investments in complex Generic Formulations of Biosimilars in Partnership with Mylan (2009) IPO of Syngene (2015) Unwavering focus through the years on research and innovation to create tangible differentiators for sustainable growths 5#6Biocon Today: Strategically poised for a strong global play Biocon | 50 *FY22 Rs 8,397 Cr | $1.1bn Revenue* 13,500+ Total Employees* 1,280+ Patents 啗 25+ CGMP approvals from International regulatory agencies 120+ Countries where our products are available Ranked 5 Among Top 10 Global Biotech Employers by Science magazine 锻 60#7Sustainability at Biocon Philosophy of 'Unconditional Equity' PATIENT EQUITY ○ 3.1M patients reached through biosimilars for diabetes & cancer in FY21 ~2B statin pills delivered in the U.S. in FY21 PEOPLE EQUITY ○ Top 5 among global pharma & biotech employer since 2012 o Recognized by UN Women for efforts to promote diversity FY22 Achievements О Biocon 1 SOCIAL EQUITY Focus on Primary healthcare, Environmental stability, Rural development & COVID relief ENVIRONMENTAL EQUITY 。 53% electricity came from green power in FY21 。 100% waste water recycled & reused STAKEHOLDER EQUITY 。 Independent Boards; Professional Management ○ Board Committees, policies for global governance Dow Jones Sustainability Indexes - Featured for 1st time in 2021 Included in 'Emerging Markets Index' in 2021 Among Top 15 from India Scored 45 with 93rd percentile ✓ CDP DISCLOSURE INSIGHT ACTION Improved score in 2021 Scored 'B' in Climate Change & Water Security Click here to view our first ESG Summary Report for FY21 ecovadis - - Secured 'Bronze' place, improved scores in 2021 Received overall score of 52 Among top 50 companies assessed 7#8Business Segments Unwavering Purpose#9Biocon 1 Growth Verticals: Aligned With Shifting Paradigms From pipeline to production, from drug discovery to drug delivery, we bring differentiated, high-quality and affordable healthcare products & services globally. Biocon GENERICS Ensuring access through quality, affordability, reliability Biocon Biologics Biocon Syngene BIOSIMILARS NOVEL RESEARCH BIOLOGICS SERVICES Expanding access through innovative, inclusive healthcare solutions Pushing scientific boundaries to deliver impactful innovations Partnering to deliver innovative scientific solutions 6#10Generics : API - the building blocks API Business: Overview Among world's largest manufacturers of immunosuppressant & statin APIs; leadership in Fermentation based APIs API: Growth Drivers across Strategic Priorities Expanding beyond fermentation-based APIs (e.g. peptides, potent APIs) Product Expertise in fermentation technology, large scale chromatography & synthetic chemistry Pipeline Balanced portfolio across cardiovascular, anti-diabetes, immunosuppressants, high potent API & few niche molecules for hospitals/institutions Consistent track record of quality compliance & regulatory approvals (U.S. FDA, EMA, TGA Australia, Health Canada, Cofepris Mexico) اشا $65b Global Generic API Market Size 2022E* 40+ APIs Investing in R&D - continuous Regional Expansion manufacturing, bio transformation • Augmenting capacities & capabilities: Immunosuppressants (Vishakhapatnam) Synthetic API (Hyderabad) Manufacturing Expansion Additional fermentation capacities (Bengaluru) Base Business 700+ API customers 75+ Countries served by API across US, Europe & large emerging markets *Source: Global Industry Analysts Inc.'s 'Active Pharmaceutical Ingredients (API) - Global Market Trajectory & Analytics' Report, March 2022 Biocon 1 • Expanding in select key markets • Large customer acquisitions · De-risking dependence for critical intermediates 日日日 5 Facilities in India 10#11Generics Forward integrating to Generic Formulations Generic Formulations Business - Overview Growth Drivers across Strategic Priorities Leveraging in-house API expertise to forward integrate and move up the value chain Portfolio across therapeutic segments - CVS, Metabolics, Oncology, Immunology & Auto-immune indications Development pipeline includes oral solids (potent & non-potent), topical, parenteral & device dependent products Product Pipeline Regional Expansion Expanding portfolio through Vertical integration & an in-licensing strategy Manufacturing Expansion Biocon 1 Adding capabilities - injectable facility in Bengaluru • Expanding beyond the US, either direct or through partners - Launched in EU, MoW - Direct Presence currently in select European markets & UAE Partnerships in place in Southeast Asia, Mexico, Brazil and MENA Commercialised in the US; now expanding to select European and MoW markets; directly & through partnerships Kil-$335b Global Generics Drugs Market Size 2021* *Source: Research & Markets' Report on 'Global Generic Drugs Market Report 2021', March 2021 -CTH 188 [ 10 Commercial US Formulations 6 Approved/ tentatively approved ANDAS 11#12Generics: Q4FY22 and full year FY22 Update KEY Q4 HIGHLIGHTS Q4 FY22 Robust sequential and YoY growth in Q4 driven by API sales ramp up, new launches in the US & normalization of operations Posaconazole and Dorzolamide, launched in the US; 1st MoW market launch in Mexico; 1st approval in Singapore & in the UAE Successful site inspection by Health Canada at Bengaluru API manufacturing unit Biocon 1 Q4 FY21 Revenue *717Cr *570Cr +26% Profit Before Tax (PBT) 116Cr *73Cr +59% 16% of revenue 13% of revenue FY22 FY 21 Revenue *2,363Cr On track to qualify & validate Vizag API facility in FY23; to commence new manufacturing expansion projects in Hyderabad & Bengaluru *2,341Cr Profit Before Tax (PBT) Diversified renewable power consumption to solar & wind energy *261Cr 11% of revenue *291 Cr 12% of revenue 12#13Biosimilars: Overview Leadership in biologics R&D, manufacturing and commercialization built over two decades 8 Driven by high scientific acumen with analytical and clinical capabilities in a complex regulatory setting Expertise in large scale biologics manufacturing across diverse technology platforms Product reach in over 75 countries including US, Europe, Canada, Japan and Australia H 2 Approved Products1 Research & Development sites Biocon 3 ☑ Manufacturing sites (2 Bengaluru, 1 Malaysia) 25+ CGMP approvals (incl. FDA & EMA) BIOCON BIOSIMILARS TARGET ADDRESSABLE MARKET $25 bn $21 bn $16 bn Serve patients through commercial partners and direct sales force in India² FY21 FY22 FY23 $73 bn 3.3x $69 bn $62 bn $42 bn FY24 FY25 FY26 FY27 Reported Innovator + Biosimilar³ Sales (2021) 1 Includes Adalimumab and Etanercept which have been in-licensed by Viatris and Biocon Biologics has economic interest. | 2 Branded Formulations India (BFI) is the commercial platform in India | 3 Only includes products where there has been company reported sales (Biosimilar sales only included for companies that report the numbers) 13#14Biosimilar strategy resulted in several 'firsts' Biocon 1 Achieved many firsts in the space despite the nascent biosimilars regulatory pathway, setting new benchmarks for the industry 2004 2017 2018 - ..2021 1st company to commercialize human insulin using proprietary P. pastoris platform 1st company to receive approval for bTrastuzumab in the US 1st company to receive approval for bPegfilgrastim in the US 1st company to receive interchangeability for a biosimilar (glargine) in the US 14#15Growing participation in global biosimilars market PARTNER BBL ROLE Mylan® VIATRIS (2009) SANDOZA Novartis (2018) Division Biosimilars co-developed and co-commercialized with R&D and manufacturing led by BBL Set of next-gen biosimilars being co-developed Biocon Biologics Transforming Healthcare. Transforming Lives. (ONGOING) Independently developing several biosimilar assets Acquisition of Viatris' biosimilar business to build a fully-integrated global biosimilar enterprise Biocon 1 BBL ECONOMICS Collaboration with partners to build complementary capabilities, de-risking the journey in an uncharted territory 15#16Biocon | Acquisition of Viatris' biosimilars business to add financial depth and global commercial capabilities... 1 Financial 2 Operational BBL to realize full revenue and profits from all its collaboration programs Revenue EBITDA $1.1b | $250m Viatris Biosimilars CY23 estimate¹ Commercialization, Supply Chain and Regulatory capabilities in Developed Markets 3 New Growth Drivers Launch of collaboration products in the US Option for new in-licensed biosimilar asset bBevacizumab bAspart bAdalimumab bAflibercept Viatris to provide commercial and transition services for an expected two-year period, at cost plus $44m p.a. Note: Transaction subject to regulatory approvals | 1 BBL estimates of Viatris' business 16#17...transforming into a fully-integrated global biosimilars business Biocon Biologics Biocon Biosimilar Value Chain PRODUCT DEVELOPMENT CLINICAL TRIALS REGULATORY MANUFACTURING CURRENT Emerging Markets Developed Markets × SUPPLY CHAIN × COMMERCIALIZATION × POST ACQUISITION OF VIATRIS' BIOSIMILARS BUSINESS Global Markets 17#18Biocon | Entering adjacencies in communicable disease: infectious disease antibodies and vaccines Key Commercial Products (COVID-19) Biocon Biologics Itolizumab for Injection (r-DNA origin) ALZUMAB-L areaphe.me tolizumab for Injection Orig ALBUMAB-L * Biocon Biologics For India Only Remdesivir for Injection Lyophilized RemWin रेमविन For templa Incote Novel up FORE 100mg CytoSorb REGAIN CONTROL ents inc 50,000+ lives impacted Recent Collaborations g مع a a SII SERUM INSTITUTE OF INDIA Continued portfolio expansion 18#19Asset-light entry into vaccines through SILS alliance BBL RIGHTS Biocon 1 SII SERUM INSTITUTE OF INDIA 1 Access to 100m doses of vaccines annually for 15 years 2 of the SILS portfolio for global markets Commercialization rights Biocon Biologics 3 BBL to have committed revenue stream and related margins from H2 FY23 Alliance to commercialize SILS COVID portfolio and other next generation vaccines Note: Transaction pending regulatory approvals 19#20Comprehensive portfolio of 20 biosimilars and vaccines... Biosimilar Product Status MoW4 Biocon Europe, CANZ Therapeutic Area Molecule US Dev. Markets: ex-US Pegfilgrastim¹ Trastuzumab¹ Oncology Bevacizumab¹ Immunology Diabetes Denosumab Pertuzumab 1 Adalimumab 1,2 Etanercept 1,2 Ustekinumab Glargine 100U 1,3 Glargine 300U¹ Aspart¹ Denosumab Europe, CANZ Europe, AU, CA Europe, CANZ, JP Europe, CA, JP Europe UK, CANZ, JP Europe, CANZ, JP Europe Europe, CA Europe, CANZ, JP Commentary bBevacizumab: Approved in EU, Canada and Australia; US approval awaiting site inspection b Denosumab: Ph-1 clinical trial on-going. Ph-3 planned start in Q1 FY'23 bAdalimumab: US launch expected in mid-2023 - bustekinumab: Ph-1 clinical trial on-going. Ph-3 clinical trial planned start in Q1 FY'23 rHI (US): BLA filing for various presentation rHI Bone Health 7 Assets Aflibercept Undisclosed Ophthalmology bAflibercept: First-to-file in US Early Dev./ Preclinical Clinical Filed Approved Access to SILS vaccine portfolio (Covishield and Covovax) and other next generation vaccines (e.g., mosquito-borne disease vaccines)6 1 In partnership with Viatris; 2 Partner Viatris has in-licensed product (Biocon benefits from economic interest) | 3 Japan is outside of Viatris partnership | 4 MoW represents Most of the World markets. Chart represents the status of the country where the product is in most advanced stage. Every country has a different status | 5 Expected to be included in BBL portfolio post the completion of BBL's acquisition of Viatris' biosimilar business (Viatris has global rights to the program partnered with Momenta) | 6 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL) 20#21...set up to deliver sustainable growth trajectory Biocon 1 Today BIOCON BIOLOGICS GROWTH DRIVERS < 2 years 2-4 years >4 years - - Pegfilgrastim - Trastuzumab - Bevacizumab (EU) Glargine 100 IU - Aspart (EU) Adalimumab (EU) - Etanercept (EU) - - Bevacizumab (US) Aspart (US) Adalimumab (US) -rH-Insulin (US) - Vaccines¹ (SILS collaboration) - Aflibercept² Ustekinumab Denosumab - Pertuzumab Glargine 300 IU Seven undisclosed programs 1 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL); 2 Expected to be included in BBL portfolio post the completion of BBL's acquisition of Viatris' biosimilar business (Viatris has global rights to the program partnered with Momenta) 21#22Biosimilars Q4FY22 and full year FY22 Revenue Core EBITDA % margin Q4 FY22 Q4 FY21 *982Cr Biocon Biologics | FY22 FY 21 *664Cr +48% *3,464Cr *2,800Cr +24% * *382Cr *215Cr +78% *1,320Cr *1,010Cr+30% 39% 33% 39% 36% Profit Before Tax *144Cr *69Cr +109% *543Cr *365Cr +49% before Exceptional Items % margin 15% 10% 16% 13% *Core EBITDA defined as EBITDA before R&D, forex, licensing and mark-to-market loss on investments 22 22#23Biocon Biologics offers differentiated value proposition through its state-of-the-art platform 1 Fully integrated global biosimilars company (lab to market) Biocon 1 2 Strong commercial presence in global markets 3 Comprehensive portfolio of biosimilars and vaccines Biocon Biologics 4 Global scale biologics manufacturing capacity 5 Experienced management team with strong execution capabilities 6 Strong business financials enabling long-term growth 23#24Biocon Novel Molecules: Pushing scientific boundaries to deliver impactful innovations Disease Area Asset Current Progress Insulin Tregopil- a first- in-class oral, prandial Phase I multiple ascending dose studies in Type 1 DM patients ongoing in Germany; in partnership with US-based Juvenile Diabetes Research Foundation (JDRF), a leading non-profit organization Insulin Diabetes Itolizumab- A novel humanized CD6 antibody • US based partner, Equillium initiated a Pivotal Phase III Study in March 2022 for use in First-Line treatment of Acute Graft- Versus-Host Disease (GVHD) After observing positive trends in the Part A, Equillium expanded Part B portion of its Phase 1b EQUALISE study for Systemic Lupus Erythematosus/Lupus Nephritis indication to clinical centers in India European Commission granted an 'Orphan Medical Product' designation for treatment of GVHD in Jul '21 Inflammation Immuno- oncology BCA101 (formerly FmAb2, a first-in-class EGFR/TGFẞ-trap bifunctional antibody) - part of Bicara Therapeutics**, a US based clinical-stage biotechnology company Repurposed for prevention & treatment of COVID-19 complications in India in 2020; granted 'Restricted Emergency Use' approval in Sep '20 for Cytokine Release Syndrome treatment in 'Moderate to Severe' Acute Respiratory Distress Syndrome Entered a Phase I/II study at leading US and Canadian cancer centers in Jul '20 Under evaluation, both as a single agent & in combination with the checkpoint inhibitor, Pembrolizumab, in patients with advanced EGFR-driven solid tumors, who no longer respond to the standard of care Completed enrollment for dose finding part of Phase I trial & established highest dose with desired level of safety & tolerability, both in monotherapy & in combination with a PD1 inhibitor. Proof of concept is expected in second half of 2022 In Feb '22, initiated dose expansion cohorts in patients with head & neck squamous cell carcinoma (HNSCC), squamous cell carcinoma of the anal canal (SCAC) and cutaneous squamous cell carcinoma (cSCC) Securing additional funding to support clinical development In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara Therapeutics Inc. to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS. 24#25Novels: Pipeline Progress made in Q4FY22 KEY HIGHLIGHTS Biocon 1 Pivotal Phase III clinical study of Itolizumab for aGVHD* initiated in March 2022 Bicara* initiated dose expansion cohorts evaluating BCA101 in patients with head and neck, anal canal & cutaneous squamous cell carcinoma 10 *Acute Graft-Versus-Host Disease #In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara Therapeutics Inc. to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS. 25#26Research Services (Syngene): Overview Offering integrated research, development & manufacturing services for small & large molecules, antibody-drug conjugates & oligonucleotides backed by best-in-class bioinformatic services World-class R&D and manufacturing infrastructure spread over 2 million square feet Audited successfully by US FDA, EMA, AAALAC and major life sciences partners Talented scientific & techno-commercial teams, led by experienced management, moving beyond cost arbitrage to innovation; 5000+ talented team of scientists, incl. ~500 PhDs ~420+ active marquee clients across multiple sectors Strong track record of top-line growth with best-in-class EBITDA margins and Net Profit margin Listed in India on BSE and NSE in 2015 Biocon 26#27Research Services: Q4FY22 and full year FY22 KEY Q4 HIGHLIGHTS Q4 FY22 Performance across all divisions in Q4 Syngene | Q4 FY21 Revenue *758Cr *659Cr +15% Profit Before Tax (PBT) *179Cr 158Cr +14% Particularly strong quarter for Development Services on account of catching up on earlier delayed projects 24% of revenue 24% of revenue Completed Phase III of Hyderabad research facility expansion FY22 FY 21 Revenue *2,604Cr *2,184Cr +19% Profit Before Tax (PBT) 515Cr *434Cr +19% 20% of revenue 20% of revenue 27#28Financial Highlights Unwavering Purpose#29Biocon 1 Financial Highlights: Q4FY22 Revenue Q4 FY22 Q4 FY21 +21% 2,476Cr * Core EBITDA* +37% *815Cr *594Cr % margin 33% 32% *2,048Cr Biosimilars +48% | Generics +26% | Research Services +15% Dilution Gain in Bicara of 30Cr vs 160Cr in Q4FY21 Mark-to-market loss on investments of *6Cr Forex Gain of 2Cr vs 7Cr in Q4FY21 EBITDA +3% *659Cr *641Cr Gross R&D spend at *232Cr R&D spend in P&L *191Cr % margin 27% 31% Profit Before Tax +9% *384Cr *353Cr before Exceptional Items % margin Exceptional Loss of *41Cr vs Gain of 13Cr in Q4FY21 15% 17% Net Profit 262Cr *257Cr Net Profit after exceptional items at *239Cr Before exceptional items % margin 11% 13% *Core EBITDA defined as EBITDA before forex, dilution gain in Bicara, R&D, mark-to-market loss on investments and licensing income#30Biocon 1 Financial Highlights: FY22 Revenue FY22 +14% 8,397Cr FY 21 *7,398Cr Biosimilars +24% | Research Services +19% Generics -1% | Dilution Gain in Bicara of 30Cr vs 160Cr in FY21 Mark-to-market loss on investments of *28Cr; Forex Gain of 58Cr vs loss of 9Cr in FY21 * Core EBITDA* +18% 2,669Cr *2,270Cr % margin 32% 31% EBITDA +14% 2,183Cr *1,907Cr Gross R&D spend at *711Cr R&D spend in P&L *595Cr % margin Profit Before Tax +4% before Exceptional Items 26% 26% *1,094Cr *1,055Cr Exceptional Loss at *111Cr % margin 13% 14% Net Profit Before Exceptional Items % margin *722Cr 9% *744Cr 10% *Core EBITDA defined as EBITDA before forex, dilution gain in Bicara, R&D, mark-to-market loss on investments and licensing income Net Profit after exceptional items at *648Cr#31Thank You INVESTOR RELATIONS CONTACT: Aishwarya Sitharam, Biocon Limited Tel: +91 93236 48143 Email: [email protected] Nikunj Mall, Biocon Biologics Limited Tel: +91 998 777 4078 Email: [email protected] Unwavering Purpose Biocon 31