Cohance Lifesciences Limited

rs,

assets d) A professionally managed organization with a strong leadership • Over the past few quarters, we have prioritized team building, strengthening our R&D capabilities, built global commercial prese

40%

Growth trajectory reaffirmed with Q3 and 9M FY25, in line with our communicated expectations o Q3: 40% YoY revenue growth, with adjusted EBITDA margins at 38.7%. o 9M: 5% YoY revenue growth, with adjust

38.7%

e with our communicated expectations o Q3: 40% YoY revenue growth, with adjusted EBITDA margins at 38.7%. o 9M: 5% YoY revenue growth, with adjusted EBITDA margins at 34.8%. o Given the lumpy nature of th

5%

mmunicated expectations o Q3: 40% YoY revenue growth, with adjusted EBITDA margins at 38.7%. o 9M: 5% YoY revenue growth, with adjusted EBITDA margins at 34.8%. o Given the lumpy nature of the Industry

34.8%

with adjusted EBITDA margins at 38.7%. o 9M: 5% YoY revenue growth, with adjusted EBITDA margins at 34.8%. o Given the lumpy nature of the Industry, business performance reviewed on an annual basis provide

101%

Business Segment Performance (individual business details on following pages) o Pharma CDMO  Q3: 101% YoY revenue growth; 9M: 11% YoY growth.  Robust pipeline expansion with 2x YoY increase in RFQs (9

11%

(individual business details on following pages) o Pharma CDMO  Q3: 101% YoY revenue growth; 9M: 11% YoY growth.  Robust pipeline expansion with 2x YoY increase in RFQs (9M), including new customers,

2x

o Pharma CDMO  Q3: 101% YoY revenue growth; 9M: 11% YoY growth.  Robust pipeline expansion with 2x YoY increase in RFQs (9M), including new customers, laterals and new product categories; expanded c

29%

; sequential recovery seen in Q3. Strategic efforts yielding early results. o API+ & Others  Q3: 29% YoY growth; 9M: 17% YoY growth Outlook: FY25E expected to grow YoY on a combined basis, with growt

17%

y seen in Q3. Strategic efforts yielding early results. o API+ & Others  Q3: 29% YoY growth; 9M: 17% YoY growth Outlook: FY25E expected to grow YoY on a combined basis, with growth acceleration expec

99.99%

ned basis, with growth acceleration expected in FY26. Merger Update: Shareholder approval received (99.99% in favor); Final NCLT hearing on February 18; Merger expected to be effective in Q1FY26, subject to

Rs 2.9

d revenue growth of 40% YoY driven by Pharma CDMO.  The Pharma CDMO business grew by 101% YoY to Rs 2.9bn  API+ segment revenue grew 29%YoY.  Spec Chem segment lower by 22%YoY. Significant recovery o

“Operating leverage will drive EBITDA margin expansion in medium term ADC Manufacturing Process Payload Linker & P/L synthesis Bio- conjugation End-to-end Integrated CRDMO Discovery Preclinical Phase 1 Phase 2 Phase 3 Commercial India + US footprint”

“BD efforts; target to add 7+ new products in FY25  Outlook: In-line with earlier expectation, expected to deliver full year launches and market demand growth backed by new product recovery.”

“we  At a combined platform anticipate level, growth in the second half of FY25, and growth acceleration from FY26 onwards.”

“58%  With a strong order book visibility, Cohance remains well-positioned to drive growth in FY25.”

Note

7

Combined Business

2

Other notable statistics include

1

What will accelerate the base growth

1

Ag-chem

1

Combined Business

Proforma Metrics Proforma Merged Entity 9MFY25 INR Mn Revenue Adjusted EBITDA Adjusted EBITDA margin % Adjusted PAT Adjusted PAT margin % RoCE RoE (Net Debt) / Net Cash to Adj. EBITDAx 7,956 3,372 42.4% 2,465 31.0% 24.9% 13.4% 0.5X 9,735 2,777 28.5% 1,513 15.5% 26.8% 23.0% (0.4)X Merged Company Merged Company 17,691 6,141 34.8% 3,978 22.5% 25.8% 13.4% 0.0X Note: 1) Adjusted EBITDA includes One-time adjustment for ESOP, Merger and acquisition costs Rs.594 mn and Rs.329 mn for 9MFY24 & 9MFY25 respectively. Source: Cohance LifeSciences Website published Investor Presentation Pg. 14 Proforma Merged Entity - Combined business mix 9MFY25 Sales Mix (9MFY25) Manufacturing Facilities (Regulatory approved) R&D Centers Formulations & Others 20% 6 (2) 3 Merged Company Merged Company CDMO 80% CDMO 30% API++ 70% API++ 48% CDMO 52% 8 (5) 4 14 (7) 7 Capacity ~1,400 kL ~1,250 kL ~2,650 kL Source: Cohance LifeSciences Website published Investor Presentation Pg. 15

Combined Business

Key segment wise strategy Our Growth Engines – Pharma CDMO key driver Small Molecules, ADCs, Oligonucleotides and Peptides constitute ~52% of New Drug Additions to the Global Preclinical and Clinical Pipeline in 20241 Pharma CDMO 53%# of Sales Specialty Chemicals 7% of Sales • Strategic Business Unit to focus on growth acceleration by adding new customers and new products. • Dedicated site (Vizag), Space for future expansion. • Relationships with innovators in AgChem, Cosmetics, Electronic Chemicals and Photochromic Lens. • Focused portfolio and market leadership in low-mid volume, specialty APIs with low competitive intensity • Ongoing augmentation of new product pipeline. • Built deep cost position through backward Small Molecules ADC* • • • 16 Commercial Patented molecules 14/20 Top innovator relations; contributing >80% revenues 7 molecules in Phase-3 translating into 12 intermediates; RFQs growing 2.2x Payload –linker – Bioconjugation • Two unique commercial ADCs supplies • Expand

Other notable statistics include

• Cancer remains the dominant focus of drug developers, with 30% novel approvals in 2024. • • • • Biologic approvals stay constant at 30-35% per year 52% received Orphan Drug Designation for treating rare diseases. 36% were designated Breakthrough designation. 56% received priority review, a regulatory designation for therapies that ‘significant improvements over the standard of care. the FDA expects to offer The positive trend continues in 2024: In 2024, 50 novel drugs were approved by FDA, of which 34 were small molecules (68%), which includes two Oligos, one Peptide and one Radiopharma Source: Citeline Pg. 20 Suven is present in the fast growing tech platforms of ADCs & Oligos CDMO Market by Technology – Market Size and Projected Growth (2023-29) ) 9 2 - 3 2 0 2 ( h t w o r G t e k r a M d e t c e p x E 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% Suven High-Growth Technology Platforms ADC ($2.7 Bn) Protein Degraders (~$100 Mn) Cell and Gene Therapy Oligonucle

Note

(1) P–L = Payload – Linker, (2) CY= Calendar Year “January to December” Pg. 25 Expansion of ADC - CDMO Market share for Suven+Cohance platform via NJ Bio Suven’s Addressable Market expands 7x (US$200mn to US$1.4bn), post-acquisition. Suven Platform and NJ Bio’s relevant addressable market is slated to grow from US$1.4bn to US$4bn (23%+ CAGR) Addressable market size(US$1.36Bn) Addressable market size(US$3.88Bn) Expansion of Addressable Market • Acquisition expands the serviceable market for late is presently which Cohance phase/Commercial Payloads in • Supply to Early-Stage Payload along with addition of novel offerings like Linkers and Bioconjugation Source: Industry Data Market Share within Existing Segments • Enables Suven+Cohance to tap the customer early and maintain continuity of supply New Opportunities: Bioconjugation and Linkers at Commercial Phase • NJ Bio’s Linker and Bioconjugation capabilities are confined to early stage due to lack of GMP experience • Combination with Coha

What will accelerate the base growth

 Portfolio is unique and can drive sustained growth o Business model focus is on small-mid volume APIs. These products segments have less concentration risk and limited pricing pressure. o Focus on expanding market share on the back of deep cost position backed by backward integration • Continue to be amongst the Top 3 players for most top molecules (8/10) o Capabilities to handle a drug end-to-end throughout its lifecycle $101+ Bn Total Addressable Market Sustained growth Sustained growth Merchant API market revenues*, Euro 91 95 100 106 113 117  Higher product validations over 18-24 months; well supported by our 2023 2024 est. 2025 est. 2026 est. 2027 est. 2028 est. BD efforts; target to add 7+ new products in FY25  Outlook: In-line with earlier expectation, expected to deliver full year launches and market demand growth backed by new product recovery. Source: Cohance investor presentation Small molecules continue to be a significantly large proportion of Merchant API market reven

Ag-chem

 As indicated, we have seen strong sequential recovery in this business segment. Our concerted BD efforts and early benefits of SBU strategic focus yielding results.  We’re seeing new product discussions and fresh RFQs including from potential new customers and existing strategic partnerships.  Development and Commercial manufacturing with focus on intermediates and AIs  Flexible capacity - Dedicated site for AgChem (Vizag), Space for future expansion, Kilo / Pilot scale facility available  Improved processes, introducing EHS Best Practices Spec Chem  Relationships with Originators in Cosmetics, Electronic Chemicals, Photochromic Lens and Energy Industries  Successfully delivered innovator projects from gram to multi kilo scale  Amongst India’s leading manufacturers of high purity electronic chemicals;  Highly backward integrated Source: Cohance investor presentation Pg. 28 Pg. 28 Update on Amalgamation of Suven Pharmaceuticals with Cohance Lifesciences Suven Pharma – Cohance