ZYDUSLIFENSE24 June 2025

Zydus Lifesciences Limited has informed the Exchange about Investor Presentation

Zydus Lifesciences Limited

June 24, 2025

Listing Department BSE LIMITED P J Towers, Dalal Street, Mumbai-400 001

Code: 532321

Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051

Code: Zyduslife

Re.: Investor Presentation for Investor Conference

In continuation to our earlier letter dated June 19, 2025, please find attached the presentation to be made during the investors’ conference to be held between June 25, 2025, to June 27, 2025.

Please bring the aforesaid update to the notice of the members of the exchange and the investors’ at large.

Thanking you,

Yours faithfully, For, ZYDUS LIFESCIENCES LIMITED

DHAVAL N. SONI COMPANY SECRETARY AND COMPLIANCE OFFICER MEMBERSHIP NO. FCS7063

Zydus Lifesciences Limited Investor Presentation

June 2025

Disclaimer and Safe Harbor Statement

•

THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF ZYDUS LIFESCIENCES LIMITED OR ITS SUBSIDIARIES OR JOINT VENTURES (TOGETHER, THE “COMPANY”). The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation has been prepared by and is the sole responsibility of the Company. By accessing this Presentation, you are agreeing to be bound by the trading restrictions. It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe / purchase the Company shares. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward- looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. There are some important factors that could cause material differences to Company’s actual results. These include (i) our ability to successfully implement our strategy (ii) our growth and expansion plans (iii) changes in regulatory norms applicable to the Company (iv) technological changes (v) investment income (vi) cash flow projections etc.

The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. This document is just a Presentation and is not intended to be a “prospectus” or “offer document” or a “private placement offer letter” (as defined or referred to, as the case may be, under the Companies Act, 2013). It is clarified that this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended, except pursuant to an exemption from registration there from. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipient, and should not be reproduced in any manner whatsoever.

Zydus at a Glance

A Leading Lifesciences Player

With a Global Footprint

Aptly Supported by

~ US$ 2.75 bn Revenues1 in FY25

API 2%

Alliances 1%

IM 10%

India Geography 38%

FY25 Sales Rs. 225.7 bn

Formulations 26% Consumer Wellness 12%

US 49%

7 R&D Centers

US$ 219 mn R&D spend1 in FY25 (8.0% of revenues)

Having Leadership in key markets

Leading Player in Indian Pharma Market

#1 in 5 out of 7 wellness brands

#5 in the US Gx market (by prescriptions3)

US$ 835 mn EBITDA1 in FY25 (30.4% margin)

US$ 11.3 bn Market cap2

38 Manufacturing facilities

27000+ Zydans

1. At an exchange rate of Rs.84.57/ US$ 2. As on 24th June, 2025 at an exchange rate of Rs. 86/ US$

3. IQVIA MAT Mar 2025 TRx

Innovation Updates

Innovation at the Core: Creating an ecosystem focused on patient-centricity

Orphan Disease & Specialty Portfolio through 505(b)(2) Portfolio of nine 505(b)(2) programs; 3 of them approved and launched Presence in liquid orals space through LiqMeds Acquired 3 assets in rare disease space in the US so far

Biosimilars

Leading Indian player with multiple product approvals in India incl. the world's first Antibody Drug Conjugate (ADC) biosimilar of TDM-1

Vaccines 2nd in the world to develop Typhoid Conjugate vaccine 2nd Indian Company to develop and launch MMR vaccine

Generics

Comprehensive portfolio to serve different markets across the globe

Global innovative life-sciences company

NCEs

Saroglitazar – World’s first approved therapy for MASH Desidustat – India’s first oral therapy for CKD Anemia Usnoflast – NLRP3 inhibitor; under clinical development four 4 indications

NBEs Targeting rare & orphan diseases and difficult to treat cancers

Novel ADCs

Developing novel ADCs for difficult to treat cancers

Our vision is to improve accessibility and affordability of novel therapeutics, biologicals, and antibody drug conjugates for the patients across the globe

MedTech Developing advanced med- devices (Amplitude acquisition)

US Generics Pipeline: Building sustainability through differentiation

Pivoting towards differentiated, high value opportunities

From

Leveraging the licensing strategy for technically complex products with large opportunity size

Market Exclusivity

Low Competition

Complex Technology

Drug Device Combination

Niche therapy area

NCE-1, First-to-file

CGT/ First Generic

Products focused in oncology, Novel polymorph, API sameness / characterization

High entry barrier, Long-Acting Products

Rare diseases

Focus

• Volume-centric

• Value centric, differentiated products

Strategy

• Generics

• Generics, Complex generics, CGT,

Drug devices, Radio imaging

Business Model

•

In-house development

•

In-house development and partnerships

Products under development for filing over next 5 years

Product Type

No. of Products

Drug Device

Long-Acting Injections

NCE-1/ Other FTF

Para III/ IV

Open Opportunity

207 Products with addressable market size of ~ US$ 170 bn

India Portfolio: Value creation through new launches keeping innovation and affordability at core

First-in-India, Day-1 launches and next generation Drug Delivery platforms will be one of the key growth drivers

Multiple initiatives being undertaken towards ensuring access and affordability to patients and meet their healthcare needs

India Innovation Portfolio in Near – Mid Term

No. of Products

Focused TA

• Working closely with Health-care Professionals (HCPs)

to better understand evolving medical practices

FTI Opportunities

Day-1 Launches

Next Gen. Devices

Differentiated Gx / LCM

Respiratory, Gynecology, Oncology, Cardio-Metabolic, Gastro-Intestinal

Respiratory, Oncology, Gynecology, Cardio- Metabolic

Respiratory, Gynecology, Pain Management

Respiratory, Gynecology, Cardio-Metabolic, Gastro- Intestinal, Oncology, Pain Management, Derma

Addressable Market

~ Rs. 50 bn

• Evaluating multiple in-licensing opportunities with global players to meet unmet healthcare needs

• Developing novel solutions keeping in mind the patient

convenience

• Developing novel packaging solutions for better

customer experience

•

Increase Awareness to drive greater penetration of diseases by supporting diagnosis, particularly for unmet medical needs (like MASH, MAFLD)

NCEs and NBEs: Highlights and focus therapy Areas

s t c u d o r P d e v o r p p A

l e v o N

First NCE Approved/ Launched In India Bilypsa® for MAFLD and MASH Lipaglyn® for Hypertriglyceridemia, Type 2 Diabetes and Diabetic Dyslipidaemia

OxemiaTM first oral alternative to injectable ESAs in India; launched in 2022

• World’s first novel cocktail RmAbs • Novel rabies mAb cocktail

containing docaravimab and miromavimab

Project

Target

Indication

Drug Disc.

Lead Optim.

Pre- clinical

IND

Phase I Phase II Phase III NDA Launch

NCEs Pipeline

MASH

PBC

Saroglitazar

PPAR- α:γ agonist

Desidustat

HIF-PHI inh.

Usnoflast

NLRP3 inh.

PBC & MASH (for US)

Sickle Cell Disease (for India)

ALS

Parkinson’s Disease

CAPS

ZYAT1

Idiopathic Pulmonary Fibrosis

Zintrodiazine

Anti- Malaria (In collaboration with MMV)

Programs

Therapy Areas

NBEs/ ADCs Pipeline

4 NBEs

Autoimmune disease

Nephrology

Hematology

Infectious Disease

4 ADCs

High unmet need for cancers

NCE – Saroglitazar : Leveraging strengths and experience in liver diseases to address unmet medical needs in PBC and MASH indications globally

Saroglitazar Magnesium

PBC Prevalence

~1.3 lac patients

MASH Diagnosed Population

Primary Biliary Cholangitis (PBC)

• A rare, progressive auto-immune disease which affects women,

with 1 in 1000 women over 40 years of age being affected.

• The molecule holds an Orphan Drug Designation (ODD) from both the USFDA & the EMA and Fast-Track Designation from the USFDA. • Completed patient recruitment for EPICS IIITM Phase II(b)/ III

clinical trials for the US market.

• The trials would study the effects of a molecule relative to placebo

over 52 weeks across 100 sites.

• Data monitoring and follow-up is going on with readout expected

towards the end of CY2025.

~15 lac patients

Metabolic Dysfunction-Associated Steatohepatitis (MASH)

• A progressive liver disease which is estimated to affect over 5% of

the US adult population.

• Following the successful launch in India, the molecule is undergoing

clinical trials for the US market.

• Completed patient recruitment for EVIDENCES-XTM Phase II(b)

clinical trials across multiple sites.

NCE – Desidustat: First novel oral alternative to injectable ESAs approved in India for anemia in CKD patients

~17% Prevalence of CKD patients in INDIA

>120 Mn People are estimated to be living with CKD in CHINA

• Provided relief to over 65000 patients

• Phase IV clinical trials viz. DREAM-CKD to generate real world evidence of the molecule in patients with CKD induced anaemia is going on at present

~ 2000

Patients explored in CTs

15+ Publications & Research articles

• Granted an exclusive license to the molecule to China Medical System Holdings Limited (CMS) for China, Hong Kong, Macau and Taiwan markets.

• New Drug Application (NDA) by CMS has been accepted by the National Medical Products Administration of China (NMPA).

• China phase

III trial demonstrated positive results. The primary endpoint indicated that Desidustat is more effective than placebo in increasing Hb level.

Evaluating opportunities for expansion into new international markets

Source : CKD anemia market global presswire 2021 internal data , clinical trial.gov

NCE – Usnoflast: First-in-class small molecule NLRP3 inhibitor aimed at addressing unmet needs in Neurodegenerative and Autoimmune Diseases

Amyotrophic Lateral Sclerosis (ALS)

Ulcerative Colitis (UC)

• A progressive, fatal neurodegenerative disease which affects nerve

cells controlling voluntary muscle movement.

• Affects ~ 31,000 people in the US, 30,000 in Europe and 75,000 in

India.

• Completed Phase II(a) clinical trials in India and initiated Phase

II(b) trials in the US.

• Holds Orphan Drug Designation (ODD) and Fast Track Designation

from the USFDA.

• Affects ~ 5 mn people globally and ~ 1.2 mn people in the US. • Completed Phase II(a) clinical trials which showed positive

outcomes for UC patients’ intolerance to amino salicylates.

Parkinson’s Disease (PD)

Cryopyrin-Associated Periodic Syndrome (CAPS)

• Phase II clinical trials are going on in the US. • ~ 1 mn patients in the US suffer from PD; ~ 90,000 new cases of

PD in the US each year.

• Established Phase II proof of concept of Usnoflast in CAPS

patients.

• Holds Orphan Drug Designation (ODD) from the USFDA.

Biosimilars: Amongst largest players in India; increasing reach in Emerging markets

Largest biosimilar portfolio and pipeline

14 biosimilars launched/ approved

Oncology – 6

Nivolumab (Approved), Pertuzumab, Trastuzumab, Bevacizumab, Trastuzumab Emtansine, Peg-asparagase,

Domestic market

Recent Approvals

In India, Zydus is #1 player in Oncology

World’s first biosimilar Antibody Drug Conjugate of Trastuzumab Emtansine

Auto-immune – 1

Adalimumab

Bone Health – 1

Teriparatide

Fertility – 1

r-FSH

Onco. Supportive – 2

G-CSF, Peg-GCSF

Others – 3

EPO, IFNα-2b, PEG-IFN

10 Biosimilars in Pipeline

Oncology – 7

Respiratory - 1

Osteo – 1

Opthal – 1

Pertuzumab (Sigrima )

Nivolumab (Tishtha )

International markets

Expanding in ~23 countries with more than 20 partners who are regional market leaders

Recent Approvals

Bevacizumab (Bhava )

Trastuzumab (Mamitra )

Ecuador: Trastuzumab, Adalimumab Myanmar: Bevacizumab Colombia: Adalimumab

Vaccines: End-to-end development expertise

20+

Vaccine products in portfolio

Multiple types

Of offerings

Manufacturing (5) and R&D (1) Facilities

Dedicated

Pool of scientists and workforce

Vaccine innovation comes from an R&D center focused on developing different types of vaccines

•

Vaccine discovery – viral, bacterial, recombinant and others

Process and analytical development

Dedicated QC unit Dedicated manufacturing suites for various vaccines types

Formulation, filling & dedicated vaccine warehouse (Lyo & Liquid)

Vaccine Technology Centre (VTC) Ahmedabad, India

Vaccines: Comprehensive portfolio with platform diversity

1st

Indian company to have indigenously developed H1N1 vaccine

2nd

In the world to develop Typhoid conjugate vaccine

2nd

Indian company to indigenously develop and launch MMR vaccine

1st

Company globally with an approved pDNA vaccine for human use

✓ WHO PQ for Typhoid Conjugate and Rabies vaccines

Live Attenuated

Live viral (Cell culture) Measles, MR, MMR Varicella

Live viral (Chicken Embryo Fibroblast) Mumps

Inactivated

Sub-unit

Inactivated viral (Egg based) Swine flu (H1N1) Seasonal influenza Rabies (WHO-PQ)

Recombinant (VLP) Hepatitis B

Polysaccharide Typhoid Vi

Combination Live Viral vaccine MMRV (Phase I clinical)

Inactivated viral (Cell culture) Hepatitis A (Phase I Clinical) Chikungunya (Pre-Clinical)

Polysaccharide conjugate Typhoid (Vi-TT) (WHO-PQ)

Recombinant (Prokaryotic) Hepatitis E (Phase II clinical)

Virus Like Particles (VLP) Human papillomavirus – HPV9 (Pre-Clinical)

Polysaccharide conjugate Bivalent Typhoid (Phase I clinical)

d e v o r p p A

t n e m p o l e v e d r e d n U

Inactivate

Toxins

Toxoid Tetanus Diphtheria

Others

Nucleic Acid Vaccine ZyCoV-D

Combination vaccine DTwP DTwP-Hib-Hep B Td

Platforms Virosomes Measles Vectored backbone

Zydus’ Innovation Engine is fueled by Centers of Excellence

NCE / NBE Research

R&D Investment

US$ mn

R&D Cost

% of Revenues

7.8

6.9

7.2

6.7

9 1 2

1 5 1

0 4 1

4 5 1

8 5 1

FY21

FY22

FY23

FY24

FY25

8.0

10 8 6 4 2 0

155 135 115 95 75

1400+ Scientists

Generic Development - Moraiya

Biotech Research

Vaccines Research

API Research

Generic Development - Changodar

Business Updates

India Formulations: Market outperformance led by pillar brands and innovation portfolio

Branded business continues to deliver healthy growth

Strong presence in progressive therapy areas

India Formulations Sales (Rs. mn)

Therapy-wise Break-up1

48125

49111

40429

53888

59315

10% CAGR (FY21-FY25)

FY21

FY22

FY23

FY24

FY25

Successfully built bigger brands over the years

Brand Value

> Rs. 1000 mn

Rs. 500 - 1000 mn

Rs. 250 - 500 mn

Total

(Source: IQVIA)

1. IQVIA MAT Mar 2025

# Brands - MAT Mar 21

# Brands - MAT Mar 25

Progressive TAs

• 51% of total revenues

Progressive TAs

• Grew 11% vs. total

portfolio growth of 10%

Overall performance in IPM1

▪ 2.9% market share in IPM ▪ 8 brands among top 300 brands of IPM ▪ 43% - chronic therapies share, up 400 bps over last 3 years ▪ Grew faster than IPM in Cardiac, Respiratory, Anti-infectives

and super specialty areas of Oncology in FY25.

India Formulations: Rich brand portfolio to drive growth

Increasing contribution of Innovation portfolio

Growth Strategies

• #1 brand in Zydus’ portfolio1 • Provided relief to over 50 Lacs patients since launch • 38% increase in patient base in FY25 • Significant increase in prescribers and volumes since launch • Surge in market share post inclusion in guidelines for

MAFLD and MASH by INASL2

• Secondary sales of Rs. 750 mn, up 44% in last 12 months1 • Launched in FY22. First biosimilar of an ADC drug TDM-1 • Rapid volume expansion driven by affordability • Access to > 10000 patients since launch • First novel oral alternative to ESA • Substantial increase in patient base since launch in FY22 • Provided relief to over 65000 patients

Other Key brands driving the growth

http://exemptia.com/wp-content/uploads/2014/12/Adalimumab-Logo.jpg

1.. IQVIA MAT March 2025 2. INASL - Indian National Association for the Study of Liver

Focused brand building initiatives to scale up more brands and gain market share in key brands also known as pillar brands

Expand the presence in existing geographies and entering the new geographies

Enhance the footprint in hospital sales and modern trade and e-commerce business

Launch of new products across key therapies and entering into new therapy areas

Leverage the innovation pipeline of New Chemical Entities (NCEs), biologics, vaccines and generics portfolio

Zydus Wellness: A leading consumer wellness player in India

Building strong brand presence over the years

Market leadership across brands

Consumer Wellness Sales (Rs. mn)

Brand Name

Mkt Share %

Mkt Rank

18409

19788

22338

23017

26810

10% CAGR (FY21-FY25)

FY21

FY22

FY23

FY24

FY25

Strong volume growth driving performance across categories

Food & Nutrition

Personal Care

FY25 Growth – 13.0%

FY25 Growth – 33.4%

* Nielsen and IQVIA MAT Mar 2025 report

** Company estimates

# Includes Face Wash, Scrub and Peel-off

Facial Cleansing #

Scrub

Peel Off

33.8%*

7.7%*

48.5%*

77.7%*

58.8%*

4.0%*

95.9%*

1**

1 ** 19

Zydus Wellness: Strategic initiatives to drive growth

Accelerate growth through targeted marketing initiatives such as multi-channel advertising, in-store promotions, strategic pricing, and consumer engagement programs aimed at building brand loyalty

Robust GTM strategy aimed at distribution optimization, retail visibility, data-driven demand forecasting, and trade collaboration to ensure rapid product availability (Present coverage: >2.8 mn retail outlets)

Build a robust new products pipeline by leveraging in-house R&D capabilities to meet evolving consumer preferences and offer novel solutions across brands

Adapt to evolving consumer preferences by enhancing e-commerce and modern trade presence (In FY25, organised trade was 23% of revenues – 10% e-commerce and 13% modern trade)

Build scale in international business by focusing on SAARC, MEA, SEA and ISC regions; Targeting 8- 10% of total revenues from international markets over next 4-5 years

Embrace digital transformation to enhance customer engagement, streamline operations, and improve decision-making

Looking for bolt-on acquisitions in focused markets. Completed acquisition of Naturell (India) Pvt. Ltd., supporting expansion in the health-centric, functional food space

US formulations: Focused execution powered by a rich portfolio

Strong performance with sustained growth potential

Continued investment to build value-centric portfolio

US Formulations Sales (Rs. mn)

63505

58138

$ 856 mn

FY21

$ 780 mn

FY22

74451

$ 926 mn

FY23

86851

$ 1049 mn

FY24

110500

$ 1307 mn

FY25

15% CAGR (FY21-FY25)

Leading player in the generics space

15%

Revenue CAGR over last 4 years (FY21 to FY25) despite challenging market conditions

Rank in the US Gx market in terms of prescriptions1,

225+

Number of products currently being distributed

Rank in ~25% of product families in term of prescriptions1

Amongst Top 3

in >55% of product families in term of prescriptions1

ANDA filings and approvals - FY25

^ 27

Filings

Approvals

ANDA filings and approvals - Cumulative

486

421 ^

Filings

Approvals

IQVIA MAT Mar 2025 TRx

^ includes 5 tentative approvals in FY25 and 27 tentative approvals on a cumulative basis.

US formulations: Expanding presence in the specialty space through in-house development as well as inorganic moves

505(b)(2) portfolio – in-house development and partnerships

Building rare disease portfolio through acquisitions

Molecules acquired so far viz. NULIBRY®, Zokinvy® and Zycubo (CUTX101)

Molecules in pipeline

NDA approvals and launches so far The products are: ZituvioTM (Sitagliptin tablets), ZituvimetTM (Sitagliptin and Metformin IR tablets) and ZituvimetTM XR (Sitagliptin and Metformin ER tablets) Addition of ZituvioTM, ZituvimetTM and ZituvimetTM XR in CVS Caremark’s template formulary

Focused Therapies

CNS

Pain Management

Opportunistic Products

Orphan Disease

Nulibry®

Partner- ships

Agreement with Synthon BV for a novel 505(b)(2) oncology product; NDA filing expected in 2026

Building presence in liquid orals through LiqMeds portfolio

•

Liquid orals – a large, growing market and serves unmet needs • Greater ease of convenience and better therapy compliance for

•

geriatric and paediatric patients

LiqMeds possesses

▪ Oral liquids manufacturing facility in the UK ▪ Product pipeline for the US and the UK markets

Launched 8 505(b)(2) products so far; 3 505(b)(2) products awaiting the USFDA approval

Zokinvy®

Zycubo (CUTX 101)

• Holds Marketing authorization in the US, EU and

Great Britain for Molybdenum Cofactor Deficiency (MoCD) Type A, an ultra-rare disease

• Orphan Drug Designation (ODD) status by the USFDA • Commercialised in the US • Executed exclusive distribution deal for the EU and

the UK markets

• Holds Marketing authorization in the US, EU, Great Britain and Japan for Hutchinson-Gilford Progeria Syndrome, a collection of ultra-rare, fatal, genetic premature aging diseases • Commercialised in the US • Executed exclusive distribution deal for the EU and

the UK markets

• A copper histidinate product for Menkes disease • NDA accepted for filing and granted priority review

by the USFDA

• Orphan Drug Designation (ODD) and Fast-Track

designation by the USFDA

US formulations: Strategic initiatives to drive growth

Continue delivering strong performance on commercialised products

Continue to file 30-35 ANDAs annually and launch new products to address erosion in base portfolio and grow the business

Focus on limited competition/ differentiated/ FTF products to gain competitive advantage (high cashflows)

Leverage partnership opportunities to enter into newer dosage forms and therapies

Build 505(b)(2) products pipeline through in-house development efforts as well as through partnerships

Expand rare and orphan disease portfolio and emerge as a relevant player in this space

Over medium to long term, become a credible branded pharmaceutical player by launching own innovative products

International Markets (IM) formulations: Leveraging the global portfolio to expand the presence across markets

Consistent growth through the years

Growth Strategies

International Markets Formulations Sales (Rs. mn)

19294

21947

Increase the salience of larger brands (known as MDC brands) in emerging market (EM) countries

12442

14444

15794

15% CAGR (FY21-FY25)

Expand offerings in EM countries by leveraging portfolio of differentiated generics and specialty products

FY21

FY22

FY23

FY24

FY25

Emerging Markets

Europe

•

A meaningful branded generics player with presence in key

markets of Asia, Africa and Latin America

Focused therapy areas: CVS, Diabetology, CNS and Pain Mgt.

Focus on overall disease management through engagement

with all the stakeholders rather than brand management

Increase in no. of large brands also known as million-dollar club (MDC) brands over the years

Tally of MDC brands – 48 (an addition of 14 over last 3 yrs)

Direct presence in the generics markets of France, Spain

and the UK; Servicing other markets through BTB route

Entered liquid orals space through acquisition of UK based

LiqMeds group of Companies

Explore local partnerships to grow the presence in select EM countries

Strengthen retail presence in France & Spain through portfolio expansion & increase in pharmacy coverage

Scale-up B2B segment in Europe and enter new markets through partnerships

Build meaningful presence in the UK by leveraging global portfolio of differentiated generics & specialty products

Leverage oral liquids portfolio of LiqMeds to serve unmet needs of patients across different markets

JVs and Alliances: Proven track-record of successful partnerships

Zydus Takeda Healthcare Pvt. Ltd.

Zydus Hospira Oncology Pvt. Ltd.

Sterling Biotech Ltd.

• A 50:50 JV with a manufacturing site at Vashi, Navi Mumbai having capabilities to

manufacture a range of APIs and intermediates Regulatory compliant mfg. site confirming to both national and international GMP standards Completed 25 years of operations in India during FY25 Strategic site for Takeda; the JV supplies exclusively to Takeda for its generic portfolio; Caters to Europe and Japanese markets Presence in therapies such as Antiseptic, Analgesic/Anti-inflammatory, Antihypertensive etc.

• • •

•

• A 50:50 JV between Zydus and Hospira Inc., USA (now part of Pfizer group) to manufacture

oncology injectables and supply to the JV partners Portfolio of 30 products; Annual capacity to manufacture upto 7 mn vials Implementing various digitalization and automation measures to ensure smooth and lean manufacturing operations The JV site has been inspected by USFDA, EAEU, EMA, PMDA, ANVISA, WHO and Taiwan FDA

• •

•

• Acquired 50% stake in Sterling Biotech Ltd (SBL) during FY25 from Perfect Day Inc. to from

•

a 50:50 JV and foray into specialised bio-tech products for health and nutrition The JV will cater to consumers who prefer animal-free protein or suffer from lactose intolerance The JV will establish a state-of-the-art manufacturing facility to manufacture fermented animal free protein to cater to the global markets

Med-Tech Foray

Zydus has identified three priority segments in the MedTech space to build its global presence

Cardiology Product launches, inorganic opportunities

Nephrology Product pipeline

Zydus MedTech – Growth levers

✓ Building presence in interventional cardiology

✓ Acquired manufacturing facility of Nano

Therapeutics in 2024 located at Surat, Gujarat

✓ Capabilities across research, manufacturing

and sales

✓ Portfolio expansion through new launches

and partnerships

✓ Address growing burden of Chronic Kidney

Disease globally

✓ Establishing dialyser manufacturing plant to

produce high end membranes

Orthopaedics Inorganic pipeline

Other segments

✓ Entry into global Arthroplasty market

✓ Offer solutions for replacement of lower limb

joints

✓ Proposed acquisition of Amplitude Surgical, formidable orthopaedics player in Europe with global reach

✓ Exploring other areas within the MedTech

space

Organic business

Inorganic business opportunities

Partnerships

Organizational enablers

✓ Incorporated a new entity for the

business

✓ Onboarded 150+ core team members

with deep experience in MedTech

✓ Cross functional teams (research, manufacturing, quality, regulatory, sales, finance, HR)

Within MedTech, Orthopaedics is large and attractive

Orthopaedics market worldwide (in US$ bn)

2024E Segment breakdown

2016A

2024E

2029E

Key players and markets share (2024E)

Others

25%

Spine

17%

Ortho market

17%

Knee

12%

Sports Med

15%

14%

Trauma

Hip

o/w 31% for knee and hips segment

Robotic-assisted surgery is becoming a competitive necessity, with major players investing heavily in next-generation surgical techniques and robotic solutions to improve precision and patient outcomes

22%

19%

18%

Source: Industry research

Amplitude Surgical to act as a platform to execute Zydus’ global MedTech strategy

Business segment

Right fit with Zydus’ strategy of creating an entire ecosystem focused on “Patient centricity” by offering high quality products and solutions

Leadership

Leading position in the attractive orthopaedics market with global reach (#2 in France, #6 in Europe, #6 in Brazil)

Product portfolio

Extensive, high-quality offering compliant with highest quality standards and regulations enhanced by ongoing product development pipeline and computer assisted program

R&D

Access to dedicated R&D personnel working in close partnership with various stakeholders to develop technologically advanced products (e.g. Andy – Surgical Robot)

Synergies

Zydus’ operational excellence and current global footprint will enable potential synergies and efficiencies

Attractive financial profile

€ 100 mn+ revenue and superior margin profile with continuous management initiatives to optimize business model and maximize value creation

Medical technology is a natural extension for Zydus having a proven track record in life sciences and wellness

Amplitude Surgical is a well- invested international orthopaedics leader with several differentiating pillars to capture future growth

Positions MedTech as a sizeable and profitable growth pillar for Zydus Group

Source: Company information

Amplitude Surgical: Geographic footprint and in-house capabilities

Value chain positioning

Research and Development

✓ Run fully in-house with 30 active patents ✓ Extensive track record of innovation

Manufacturing

✓ Internalized production of selected critical parts ensuring quality consistency and cost control ✓ Outsourcing of high-volumes, less value-add

processes

Marketing

✓ Historically in-house with strong technical / product

knowledge and medical education

Distribution

✓ In-house or externalized to agents / distributors

depending on the region

Geographic footprint

International distributors 20+ distribution centres across Europe, LATAM, Africa, Middle East, and APAC

Amplitude international subsidiaries 6 international sales subsidiaries covering Europe, LATAM, APAC, and Africa

France 4 sites including Group HQ, a brand- new manufacturing site, and a logistic centre, with 5 regional sales subsidiaries

Subsidiaries with local HQ

Distributors

Production plant with group HQ

France market

(in US$ mn)

Brazil market

(in US$ mn)

Australia market

(in US$ mn)

India market

(in US$ mn)

Orthopaedics Devices Market Size

1,500

1,700

1,900

1,000

1,300

600

500

600

800

400

600

900

2016A

2024E

2029E

2016A

2024E

2029E

2016A

2024E

2029E

2016A

2024E

2029E

Source: Company information; Industry research

Agenus: Entry into Global Biologics CDMO business

Agenus: Entry into the high potential CDMO market through the acquisition of two biologics manufacturing facilities in California, the US

Deal structure

Strategic advantages of the deal

US$ 75 mn upfront payment to Agenus for two manufacturing facilities each in Emeryville and Berkeley

US$ 50 mn contingent payments to Agenus

Exclusive manufacturing agreement for BOT/BAL with Agenus

Exclusive license for BOT/BAL in India and Sri Lanka

US$16 mn equity investment at US$ 7.5 per share

Immediate access • Advanced biologics manufacturing capabilities

Presence in California, a biotech hub • Proximity to technology and brain power

One stop solution • Pre-clinical to commercial manufacturing

Favourable geopolitical environment • Domestication wave of the industry

BOT/BAL: Botensilimab + Balstilimab

Manufacturing, Supply Chain and Digitalization Initiatives

Global operations are well supported by a wide network of manufacturing facilities

India

Aligarh – Consumer Wellness

Baddi - OSD Form

Sikkim

Formulations

Oral Solids (Unit I)

Oral Solids, Topicals, Aerosols (Unit II)

Consumer Wellness

Cosmetic, Glucose Powder (Unit I)

Sugar Substitute (Unit II)

Brazil

Myanmar

Zydus Nikkho (Formulations)

Alidac Myanmar (Formulations)

Ahmedabad

Human Formulations Multiple dosages (Moraiya) Oral Solids (SEZ I) Oral Solids (SEZ II) Transdermal (SEZ) Injectables (SEZ) Topicals (Changodar) Lyophilised Inj. (Vatva) Injectables (Sanand) Biologics Bulk I Bulk II Fill and Finish Vaccines Flu and Hepatitis Vaccine MMR Vaccine Bacterial Vaccine Rabies Vaccine ZyCov-D Vaccine API Changodar API Consumer Wellness Nutralite Table Spread Animal Health Formulations Oral Solids and Topicals (SEZ)

Surat – Medtech facility

Daman

Formulations

Unit I

Unit II

Ambarnath (API)

Goa (Formulations)

Ankleshwar

API

Unit I

Unit II

Ekalbara – API

Dabhasa- API

Jarod – Inj. Formulations

LiqMeds Oral liquids Form

Total facilities – 38 (Formulations – 18, APIs – 6, Vaccines – 5, Biologics – 3, Consumer – 4, Animal Health – 1, Medtech - 1)

Total facilities inspected by USFDA – 16 (Formulations – 9, APIs – 5, Biologics – 1, Animal Health - 1)

Agile and integrated global supply chain manages complete value chain from forecasting to demand fulfillment across markets

75+ Presence in number of countries

4850+ SKUs being supplied across markets

2600+ FG (Finished Goods) batches demand/ month

150+ new launches per year

12+ Dosage Forms

Key Strengths

Robust Performance

Vertically Integrated

on Key Molecules

Agile Production Planning

Supplier Selection & Risk Mitigation

End to end Supply Chain Digitalization

•

Improved service levels to customers

• Reliability of supplies; Partner of choice

• Agility and responsiveness; Capability to encash the opportunities like Exclusivities, Day 1 launches etc.

Resilience

• Optimum cost to serve

• Minimum instances of Failure to Supply Penalties

Embracing digital transformation journey across functions to generate greater value for all the stakeholders (1/2)

Area: Technical Operations

Initiatives

Features

Benefits

Data Analytics Software - Tableau

• Real-time data analytics dashboard through

integration with different software

• Quick and clear insights • Reduction in human efforts and errors

Electronic Logbook

• Centralised data repository for all logs

• Reduced paperwork and GDP errors • Data analytics for alarms and OEE;

Robotic Process Automation

Paperless checklist - Digital Work Instruction

• Automation of high volume, repetitive tasks

• Completion of tasks in a faster and

with less or no manual intervention

more consistent manner

• Paperless cleaning, line clearance equipment, area cleaning checklist & packing setup sheets

cleaning steps

• Prevention of inadvertent missing of

Paperless Cleaning Validation, CLEEN

• Streamline and automate cleaning

validation processes

• Error-free calculations; enhanced compliance; improved efficiency

Artwork Management System, ZyArts

• Simplification of domestic market artwork

• Accelerated artwork approval

workflow

Training Management System, ZyTIMS

• Paperless classroom training, evaluation, employee skill/ proficiency matrix and training analytics

• Real-time training status; reduced

human efforts and errors

Energy Monitoring

•

Implementation of advanced energy monitoring system

• Automatic collection and analysis of 36

energy consumption data

Embracing the digital transformation journey across functions to generate greater value for all the stakeholders (2/2)

Area: Supply Chain

Initiatives

Project PACE

Features • Platform to bring consensus among

•

multiple stakeholders on planning front Identification of optimum production needs based on forecasted demand

Benefits • Proactive decision-making to optimize

procurement needs, demand forecasting, production schedules and storage solutions

Innovative Logistics Solutions

• Real-time vessel and shipment tracking • Consolidation of import-export

documentation

Digital Office for Process Automation

• AI driven decision-making and streamlining

the operations

• Efficient freight management and

seamless visibility in global logistics

• Enhanced operational efficiency

Inventory optimization

• • Production prioritization - efficient

production schedule & timely delivery

• Automated dispatch planning

Area: R&D

Initiatives

Project IRIS

Area: SAP S/4 HANA

Initiatives

Project BLAZE

Features • End-to-end visibility of the project from

product nomination to launch

Benefits

• Automated project management • Digital dashboards for launch tracking

Features

Benefits

• SAP S/4 HANA implementation across the

enterprise

Improved decision-making capabilities

• • Enhanced speed of execution

Financials

Key Financial Metrics (1/2)

Total Revenues (Rs. mn)

GC (Rs. mn) and Gross Margin %

2,32,415

1,95,474

1,72,374

1,44,035

1,51,099

66.7%

62.7%

63.4%

68.1%

72.7%

1,69,035

1,33,192

FY21-FY25 CAGR: 12.7%

96,014

95,647

1,09,273

FY21-FY25 CAGR: 15.2%

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

EBITDA (Rs. mn) and EBITDA Margin %

Total R&D (Rs. mn) and % to Revenues

23.5%

22.1%

22.4%

27.5%

30.4%

7.8%

6.9%

7.2%

6.7%

8.0%

70,585

53,843

33,871

33,407

38,599

FY21-FY25 CAGR: 20.1%

11,196

10,406

12,363

13,096

FY21-FY25 CAGR: 13.5%

18,555

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Key Financial Metrics (2/2)

Adjusted Net Profit (Rs. mn)

Organic Capex (Rs. mn)

47,451

38,507

24,097

21,289

25,691

7,634

FY21-FY25 CAGR: 18.5%

11,218

9,579

8,628

12,140

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Net Debt/ EBITDA

Return on Capital Employed (ROCE) *

1.03

FY21

(0.02)

FY22

(0.14)

FY23

(0.16)

FY24

(0.69)

FY25

23.0%

24.7%

14.3%

13.6%

15.5%

* ROCE is calculated as (PBIT ex exceptional + share of JV profit) / Total Capital Employed.

FY21

FY22

FY23

FY24

FY25

ESG and CSR Updates

ESG Highlights

Zydus Srishti, the group’s CSR program, through five pillars, endeavors to make a difference in the society in sync with Sustainable Development Goals

➢ Driving equitable, quality education ➢ New school built in Changodar near Ahmedabad ➢ Advanced science labs at Zydus School for

Excellence

➢ Scholarships to 200 pharmacy students annually ➢ Support for Deaf and Mute School students

SHIKSHA

➢ Healthcare access and well-being ➢ ZCMH* Dahod: Care for

underserved

➢ Improved sanitation in 5 schools

at Shirpur, Maharashtra

➢ Nutrition kits for TB patients, Padra

SWASTHYA

SHODH

Zydus’

CSR

Initiatives

➢ Fostering research and innovation

for societal impact

➢ Zydus Innovation Programme: Platform for grassroot ideas

➢ “Naavachar” - Showcasing

grassroots innovation stories

➢ Advancing environmental sustainability ➢ Seed Ball Campaign 2.0: Boosting reforestation under Green Gujarat

➢ Plantation drives to expand green cover ➢ Watershed project: Sustainable water

management

➢ Rooftop solar in schools for clean energy

* ZCMH - Zydus Medical College and Hospital

SAATH

SAKSHAM

➢ Skill-building for better livelihoods ➢ Promoting self-reliance &

entrepreneurship

Well diversified board at the helm of the affairs

Pankaj R. Patel

Chairman

Over 4 decades of experience in Indian Pharma industry with both, research and techno‐commercial expertise

Dr. Sharvil P. Patel

Managing Director

Over 2 decades of experience in Pharma industry having specialization in chemical and pharmaceutical sciences and a doctorate in breast cancer

Ganesh N. Nayak

Executive Director

Associated with the group since over last 4 decades; Possesses strong management skills and expertise in sales and marketing

Mukesh M. Patel

Non-Executive Director

An advocate and International Tax Expert having over 4 decades of experience in the Legal profession

Bhadresh K. Shah

Independent Director

Founder and MD of AIA Engineering Ltd., a global leader in the niche market it operates in

Shelina Parikh

Independent Woman Director

Joint MD of TechNova group, the largest manufacturer of offset and digital print solutions in India

Apurva S. Diwanji

Independent Director

Senior partner with Desai & Diwanji, a law firm; specialization in M&A, capital markets, co- investments, private equity

Akhil Monappa

Independent Director

Background in technology both in investing and operating roles; active investor in public and private companies

Upasana Konidela

Independent Woman Director

Third generation entrepreneur and philanthropist from the Apollo Hospitals family

Thank you

For any queries, please contact Arvind Bothra Arvind.Bothra@zyduslife.com +91-22-62711905

For more information, please visit: www.zyduslife.com

www.linkedin.com/company/zyduslife

Registered Office:

Zydus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Sarkhej-Gandhinagar Highway, Ahmedabad – 382 481 Gujarat, India

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