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Investor Presentation Q2 FY26 November 06, 2025
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Safe Harbor Statement 2 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, geopolitical 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 other pharmaceutical companies. 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 presentation. Lupin Limited, its directors, officers, employees and affiliates expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
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Q2 FY26 Performance
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Q2 FY26 - Key Growth Metrics Continued Strong Operating Performance Key Metrics Business Performance PAT 1. EBITDA margin excludes Forex and Other Income on Net Sales as base; Arrows indicate Growth / degrowth 2. Net income is after adjusting NCI stake from PAT 21,376 mn EBITDA1 14,779 mn Net Income2 68,314 mn Sales 24% YoY 73% YoY 63% YoY Margin 21.6% 31.3% Values in INR unless indicated otherwise India 20,777 mn | 3% YoY LATAM 3,443 mn | 81% YoY ROW 2,729 mn | 68% YoY API 2,568 mn | 13% YoY Margin EMEA 7,082 mn | 24% YoY APAC 2,995 mn | Flat YoY North America 28,720 mn | 46% YoY 4
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Q2 FY26 - Key Developments Consistent improvement in margins Launched In US Compliance • Response submitted: Nagpur Unit-II & Pune Biotech • PAI inspection completed at Aurangabad (response submitted) & Somerset (response in progress) • Pithampur Unit-II: OAI; Pithampur Unit-III: VAI Business Development US FDA approval with 180- day CGT *excludes Other Operating Income ** EBITDA margins exclude Fx and Other Income on Net Sales as base Key Launches / Approvals • Strengthened Global Specialty Ophthalmology with VISUfarma acq. • Out-license partnership with Sandoz for Ranibizumab Biosimilar across multiple regions • Launched Strategic partnership program expanding PrecisionSphere - Long-Acting Injectable platform developed by Nanomi Financials Liraglutide Inj. (gVictoza®) & Glucagon Inj. Risperidone Inj. 25/37.5/50mg (gRisperdal Consta®) Sales* and EBITDA margin Trajectory 54,970 56,186 55,622 61,638 68,314 23.8% 24.3% 23.2% 26.6% 31.3% 12.0% 17.0% 22.0% 27.0% 32.0% 37.0% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Sales EBITDA margin** US FDA Others • Mexico: No observation from Cofepris • Pithampur Unit-I: Received approval from Taiwan FDA • Dabhasa: Received approval from ANVISA
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Q2 FY26: Financial Snapshot 1. United States sales includes IP income 2. Other Developed Markets comprises of Canada, Australia, Europe and others; Other Emerging Markets comprises of LATAM, Sout h Africa, Philippines & RoW 3. EBITDA excludes Fx and Other income 4. Net income is after adjusting NCI stake from PAT Key Financials INR mnSales Mix India, 20,777 30% United States, 27,6241 40% Other Emerging Markets2, 9,228 14% Other Developed Markets3, 8,117 12% API, 2,568 4% Revenue (In INR mn and %) 8,526 13,083 54,970 61,638 16,414 12,19114,779 21,376 68,314 Q2 FY26 Sales EBITDA3 Net Income4 Q2FY25 Q1 FY26 6
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India: Focus on market growth Brief OverviewContinued momentum led by investments in complex Gx, & 505(b)(2) Brief Overview India business grew 3.4%1 YoY • India Rx business grew by 8.8%1 vs IPM growth of 7.2%2 in Q2FY26 (8.7% in H1FY26 vs IPM growth of 8.02%) • India Rx business grew 10.7%1 ex-LOE products in H1FY26 • Key segments - Cardiology(1.5x), Respiratory (1.5x) & GI (6x) grew faster than market during the quarter1,2 • In-licensed % of India Rx sales1: 6.3% in H1FY26; ~12% for FY25 Leveraging Chronic Leadership Rank Cardiac2 #3 • Linvas® Ranked #2 new launch in Cardiac3 • Launched 10 Products in H1FY26 • Planned launches of 20+ Products in FY26 • Chronic growth 12.3% in H1FY26 vs IPM growth of 10.4%2 ; Chronic share1 ~65% vs ~64% in FY25 • Volume growth of 5.2% in H1FY261 • Total sales force ~10,700 (includes total MRs ~8,200) Rank Respiratory2 #2 Rank Diabetes Care2 #3 Outperformance in Key Therapeutic Segments India Sales (INR mn) 1. MIS Sales data | 2 IQVIA Qtr Sept-25 & YTD-25 | 3. IQVIA New Introductions 24 months 20,096 19,305 17,113 20,894 20,777 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Healthy Pipeline of launches in FY26 7 1 in Diabetes 1 in Derma 1 in CNS 4 in Respiratory 1 in Oncology 2 in Urology
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India: Amplifying our Core Beyond the pill approach with digital offering for cardiac patients and Neuro-rehab Diagnostics platform expanding across India Enhance market reach of generics business by collaborations with retailers and channel partners Building capacity of HCPs and empowering patients by improving awareness and adherence through PSPs1 CHC Portfolio catering to GI, VMS, Cough/cold therapies 1 PSPs – Patient Support Program IRF poised to outperform IPM by 1.2-1.3x with key drivers in place Enabling end to end healthcare ecosystem and access for the patient Business VerticalsEmpowering community Lupin Life Sciences Ltd Enhancing penetration and reach • Maximizing Chronic focus with ~70% share by FY30 • Launch of Nebulization task force to strengthen respiratory portfolio • Build emerging therapies • Target Alliances/M&A/inorganic activities – mid size companies, brands & portfolios Innovative Product Pipeline • In-house pipeline of innovative assets & biosimilars • In-license new products via partnerships including GLP-1s Expanding footprint • Partnering in e-commerce, organized retail and institutional business • Expansion of Extra-Urban division (Uday) • Strategic expansion planned in hospital channel 8
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223 240 250 282 315 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 United States: Continued momentum on Key Launches Brief Overview Brief Overview • Highest quarterly sales recorded since Q3 FY17 • Growth driven by NPLs offset by additional Gx competition in base business • Successful launch of Glucagon & Liraglutide (gVictoza®) during quarter • Building New State-of-the-Art Manufacturing facility in Florida (US) to strengthen respiratory franchise 41% YoY 12% QoQ Maintaining leadership Top 3 in 113 products2 Leadership: 4.7% Gx TRx volume share in U.S.1 Continued momentum led by investments in complex Gx & 505(b)(2)Consistent Sales trajectory3 • Plans to file 15+ Products in FY26 (2/3rd in CGx) • 50 FTFs incl. 20 exclusive FTFs • Strong pipeline of 45+ Injectables and 20+ inhalation • Target of 100+ NPLs; ~65%+ share of NPL4 Revenue from Complex Products by FY31 • Building on Specialty aspiration • Xopenex, NaMuscla • M&A & Partnerships to grow portfolio Gx market share2 Continued cost optimization initiatives to improve profitability #3 in the US1 #1 in 49 products2 ~32% Tiotropium ~17% Albuterol Brand + Gx market share2 ~12% Arfomoterol Growing Respiratory Portfolio Gx market share2 Sales in US$ Mn 1. IQVIA Qtr TRx Sept-25 by prescriptions | 2.. IQVIA Qtr Sept-25 extended units | 3. United States sales includes IP income | 4. NPL – New Product Launches b/w FY26-FY31 Key Highlights 9
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Innovation and Quality Achieve Best-in-Class Quality • Regulatory Compliance: Target all sites to have satisfactory compliance status • Conduct Quality Audits of suppliers regularly and provide mandatory cGMP Training to all relevant employees Our Quality Goals Successful outcomes in last 12 months • Successful completion of FDA inspections for Somerset (PAI with no observation, EIR received) & Pithampur Unit-III (VAI) • Recent PAI inspections at Somerset (1 observation) & Aurangabad (2 observations) 3 Remediation sites: • Tarapur, Mandideep Unit-1 & Pithampur Unit-II Recent Track Record Complex Generics: Launches in Regulated Markets by 2028 • 20 complex product launches in the areas of inhalation, injectables, Ophthalmics Biosimilar and Novel Complex Products: By 2028 • Complete 3 biosimilar filings in regulated markets • Launch 10 novel complex pipeline products in India Long term Goals • Inhalation: Global presence with end-to-end capabilities of MDIs, DPIs, Soft-Mist Inhalers, Nasal Sprays and Nebules • Injectables: Robust pipeline of peptide, iron colloid, depot, liposomal and 505(b)(2) injectable products in development • Biosimilars: A fully vertically-integrated commercial-stage company with regulated market approvals and launches Substantial Capabilities to become CGx powerhouse R&D pivoting towards complex generics and biosimilars 10
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Key Financial Metrics: Quarterly Trend R&D (INR mn) Capex (INR mn) Net Debt to Equity 4,481 4,344 5,346 4,844 5,091 8.2% 7.7% 9.6% 7.9% 7.5% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 0 1,000 2,000 3,000 4,000 5,000 6,000 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 R&D (INR Mn) R&D (% of Sales) 1,449 1,241 1,426 2,086 3,474 2.6% 2.2% 2.6% 3.4% 5.1% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Capex (INR Mn) Capex % of Sales 0.02 0.01 (0.02) (0.07) (0.08) (0.26) (0.21) (0.16) (0.11) (0.06) (0.01) 0.04 0.09 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 11
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P&L Highlights Q2 FY26 Particulars Q2’FY26 % of Sales Q2’FY25 % of Sales YoY Growth Q1’FY26 % of Sales QoQ Growth Net Sales 68,314 100.00% 54,970 100.00% 24.3% 61,638 100.00% 10.8% Other operating income 2,161 3.2% 1,757 3.2% 23.0% 1,045 1.7% 106.8% Total revenue 70,475 103.2% 56,727 103.2% 24.2% 62,683 101.7% 12.4% Gross Profit (excl. other operating income) 50,066 73.3% 38,071 69.3% 31.5% 43,919 71.3% 14.0% EBITDA1 21,376 31.3% 13,083 23.8% 63.4% 16,414 26.6% 30.2% Net Income2 14,779 21.6% 8,526 15.5% 73.3% 12,191 19.8% 21.2% 1. EBITDA excludes Fx and Other income. EBITDA margins is calculated as EBITDA on Net Sales as base 2. Net income is after adjusting NCI stake from PAT 12
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P&L Highlights H1 FY26 Particulars H1’FY26 % of Sales H1’FY25 % of Sales YoY Growth Net Sales 129,952 100.0% 110,113 100.0% 18.0% Other operating income 3,207 2.5% 2,617 2.4% 22.5% Total revenue 133,159 102.5% 112,730 102.4% 18.1% Gross Profit (excl. other operating income) 93,985 72.3% 75,768 68.8% 24.0% EBITDA1 37,790 29.1% 25,947 23.6% 45.6% Net Income2 26,970 20.8% 16,539 15.0% 63.1% 1. EBITDA excludes Fx and Other income. EBITDA margins is calculated as EBITDA on Net Sales as base 2. Net income is after adjusting NCI stake from PAT 13
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Lupin at a Glance
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Lupin Today Global Presence Largest Generic Company (by sales1) Annual sales in FY256 Reaching lives in 100+ countries 15th $2.7 Bn 24,000+ Lupinytts 3rd Largest In the US (by prescriptions2) 4th Largest Australia Gx (by sales4) 7th Largest South Africa Gx (by sales5) Strong R&D Focus 848 Active Patents Applications7 Local Leadership India 75,773 34% United States 79,975 36% API 11,772 5% Other Emerging Markets8 25,354 11% Other Developed Markets8 29,047 13% Geographically Diverse Growing Sustainability EBITDA in FY256 $624 Mn 453 ANDAs and NDAs filed with U.S. FDA7 157 US DMF Filings7 91/100 Achieved new benchmark in S&P Global ESG Rating 2025. Cementing sustainability leadership position in global pharma industry9 In INR Mn 8th India Pharma Market Rank (by sales3) 1 - Global Gx ranking based on MAT Jun-25 sales | 2 - IQVIA Qtr. TRx Sept-25 | 3 – IQVIA MAT Sept-25 | 4 - IQVIA MAT Jun-25 | 5 - IQVIA MAT Aug-25 sales | 6. Exchange rate $ to INR – 84.54 | 7. Data as of 31 March 2025 | 8. Other Developed Markets comprises of Canada, Australia, Europe and others; Other Emerging Markets comprises o f LATAM, South Africa, Philippines & RoW 9. as on October 22nd, 2025 15
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Catalyzing Treatments that serve Patients around the world API Substantial scale achieving reliability of supply, cost position to serve internal as well as external customers and contribute meaningfully to Global Public Health. Other Emerging Markets Global reach and scale positions us as a partner of choice in South Africa, Brazil, Mexico, Philippines and Southeast Asia. Leading Partner for Global Institutions on TB care. United States Evolving portfolio and pipeline in Complex platforms (Inhalation, Biosimilars and Injectables) and Specialty. Scaled product platforms in oral, ophthalmic and dermatology. Other Developed Markets Driving operating leverage in Portfolio, Capex and R&D across Platforms through markets with similar regulatory regimes (US, UK, Europe, Canada and Australia). India Delivering above- market growth. Innovative brands through organic and in-organic means (licensing, partnering, and acquisitions). Strategic adjacencies. Best in Class Global Quality Continuous Improvement Culture 16
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Lupin’s ESG Update Paving a sustainable future for Planet, People and Patients 17 22,400+ patients covered under our “Lives Program” with community-based health screenings and health camps. Climate Change1 Water Biodiversity Assessment Diversity Employee Volunteering Supplier Assessment2 Education & Awareness ESG Goal Status FY 2025 38% GHG Reduction by 2030 26% GHG Reduction 50% Recycling by 2030 44% Recycling 100% Global Sites by 2030 6 Sites Completed 15% Women by 2030 9% Women 50,000 hours by 2030 24,000+ hours 100% Suppliers by 3- year cycle Goal Achieved for FY25 cycle 3 Million Patients 50K doctors by 2030 1.4 Mn+ Patients 38,900+ doctors Livelihood: 2.5 million beneficiaries Lives: 500,000 beneficiaries 414,144 beneficiaries Social Impact Key Highlights for Q2 FY26 1. Scope 1 and Scope 2 GHG Emission Reduction from FY23 | 2. Coverage 100% Tier 1 Direct Material Suppliers | 3. As on October 22nd, 2025 Lupin MSCI ESG Rating moved up to BBB in 2025 (BB in 2024) reflecting strengthened sustainability performance and enhanced ESG disclosures. 6 Lupin Sites have attained BEC 1500:2024 certification, a recognized benchmark for Excellence in Human Rights Practices. 70,200 saplings planted across 1,034 acres, reinforcing our commitment to biodiversity and ecological restoration. 91 / 100 Achieved new benchmark in S&P Global ESG Rating 2025. Cementing sustainability leadership position in global pharma industry3.
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Lupin ESG Framework and ESG Ratings Climate Change Water Waste Biodiversity 2020 ESG Ratings Update Sustainability Ratings Our Sustainability Efforts are aligned to Global Frameworks, Certifications & Standards 91/100 in 2025 S&P Global ESG Rating (17/100 in 2021) 2nd Consecutive year in S&P Global Yearbook 2025 25.2 Medium Risk in 2025. decreasing ESG Risk rating (42.69 Severe Risk in 2019) ‘A-’ leadership rating in Climate & Water in 2024 (F in 2021) Upgraded ‘BBB’ ESG rating in 2025 (BB in 2024) 62/100 ESG rating score for FY2024 Catalyzing Planet Action Planet Transforming Our People Diversity and Inclusion People Employee Volunteering Employee Well-Being and Safety Supplier Sustainability Healing Patients Product Launches and Quality Patients Patient Assistance Program Education and Awareness Diagnosis and Rehabilitation We catalyze treatments that transform hope into healing Paving a sustainable future for Planet, People, and Patients Our ESG Framework Our Purpose
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• Lupin placed among the Top 10% of companies in our industry based on S&P Global CSA score for 2024. Earns a spot in the esteemed S&P Global Sustainability Yearbook again • Lupin Research Park facility (Pune) awarded the LEED Platinum certification – the first pharmaceutical company in India • All 12 manufacturing sites, R&D Center and Corporate office in India, certified for ISO 14001 and ISO 45001 • Lupin won the “Sustainable Organization of the Year” Award at the 2nd edition of Net Zero Summit & Awards • Lupin Diagnostics won Pathology Lab of the Year - Chain 2025 at FE Healthcare Summits & Awards • Lupin enters the Asia Book of Records for maximum camps conducted on bone mineral density as part of its patient -centric initiative • Mandideep facility honored with the Medal of Honor for environmental protection by the Hon’ble Chief Minister of Madhya Pradesh, Dr. Mohan Yadav, at the Annual Environment Awards • HuMrahi, Lupin’s Patient Support Program, won the Excellence in Patient Support Program category at the 14 th ELETS Healthcare Innovation Awards, the 11th edition of the India Pharma, and The Economic Times RE -Pharma Awards • Pithampur team won seven prestigious awards in the Platinum, Gold, and Silver categories at the CII National Level 5S competition • LupinLife, Lupin’s consumer healthcare arm, won the Best Impact Creator in Healthcare category at the Big Impact Awards 2025 organized by Big FM 92.7 • Tarapur team won the Gold Award at the India Green Manufacturing Challenge (IGMC) • Lupin Tarapur won the Excellence in Digitization & Automation Award at the Future of Manufacturing Summit & Awards 2025 • Ankleshwar and CSN facilities won Gold Medals at 11th National Awards for Manufacturing Competitiveness (NAMC) 2024 -25 • Lupin won the Best Green Procurement Initiative award at the 3rd NXTGEN ProcureConnect Confex & Awards 2024 • LHWRF won the Best Social Welfare Initiative of the Year award at the 13 th Edition of CSR Summit & Awards 2025 Lupin – Awards and Accolades 19
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Registered Address 3rd Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai - 400055, India Phone: +91 22664 02323 Fax: +91 22664 02051 youtube.com/c/LupinGlobal x.com/LupinGlobal linkedIn.com/company/lupin facebook.com/LupinWorld/ lupin.com Thank You