Zydus Lifesciences Limited has informed the Exchange about Investor Presentation
November 25, 2025
BSE Limited Corporate Relations Department Phiroze Jeejeebhoy Towers Dalal Street Fort, Mumbai 400 001 Maharashtra, India
National Stock Exchange of India Limited Listing Department Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex Bandra (East), Mumbai 400 051 Maharashtra, India
Scrip Code: 532321
Symbol: ZYDUSLIFE
Dear Sir / Madam,
Re: Disclosure of Material Event / Information under Regulation 30 of the Securities and India (Listing Obligations and Disclosure Requirements)
Exchange Board of Regulations, 2015 (“SEBI Listing Regulations”)-Corporate Presentation
Sub: Submission of Corporate Presentation
In terms of Regulation 30 of the SEBI Listing Regulations, 2015, please find enclosed a copy of the corporate presentation for your records.
In compliance with Regulation 46(2)(o)(ii) of the SEBI Listing Regulations, the said presentation is also uploaded on the website of the Company at www.zyduslife.com.
We request you to take the above on record and treat the same as compliance under Regulation 30 of the SEBI Listing Regulations, as amended.
Thanking you,
Yours faithfully, For, Zydus Lifesciences Limited
Dhaval N. Soni Company Secretary and Compliance Officer Membership No. FCS7063
Encl.: As above
Zydus Lifesciences Limited Corporate Presentation
November 2025
Disclaimer
This presentation is issued by Zydus Lifesciences Limited (the “Company”) for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of any particular person. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person.
This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. This presentation should not be relied upon as a recommendation or forecast by the Company. Please note that the past performance of the Company or its Subsidiaries or its Joint Venture is not, and should not be considered as, indicative of future results. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements.
This presentation may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of applicable laws.
The information contained in these materials has not been independently verified. None of the Company or its Subsidiaries or its Joint Ventures, its Directors or affiliates nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertakes no obligation to update or revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.
This presentation has been prepared for publication in India and is not for publication or distribution, directly or indirectly, in or into the United States. The equity shares of the Company (the “Equity Shares”) have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States absent registration under the U.S. Securities Act or except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) in the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) pursuant to Section 4(a) of the U.S. Securities Act, and (b) outside the United States in “offshore transactions”, as defined in, and in reliance upon, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of the Equity Shares in the United States.
2
VISION To be a global life-sciences company transforming lives through innovative discoveries
MISSION To unlock new possibilities in life-sciences through healthcare solutions that impact lives
PURPOSE Empowering people with the freedom to live healthier and more fulfilled lives
3
Zydus Lifesciences: Innovation-led Diversified Lifesciences Company
Global Scale and Capabilities
Leadership Across Multiple Markets
Portfolio and Product Pipeline
US$ 2.75bn FY25 Revenue1
US$ 835mn FY25 EBITDA1
Leading company in India pharma; #1 in Oncology3
#1 in 3 Key Consumer Wellness brands in India4
US$ 10.4bn
US$ 219mn
Market Cap2
FY25 R&D Spends1
#4 in the US Gx Market (by prescriptions)5
H1FY26 Business Mix
Medtech 1.2% Others6 2.7%
41 Manufacturing Facilities7
8 R&D Centres7
29k+ Zydans Globally7 (with 1.5k+ Scientists)
India Formulations 24.9%
Consumer Wellness 11.9%
International Markets 11.8%
US Formulations 47.4%
H1FY26 Revenue8 $ 1.44bn
>40%: Revenue from Branded Business
Key Features of our Portfolio
Fast-Growing Markets
Entry Barriers Limiting Competition
Differentiated Products
Large Market Potential
IP led Sustainable Business
High Margins
NCEs
Specialty Portfolio
Biosimilars (incl. ADCs)
Pharma
Consumer Wellness
MedTech
Vaccines
1. 2. 3.
FY25 average exchange rate of INR 84.57/ US$ As on 24th November 2025 at an exchange rate of INR 89.62/ US$ IQVIA MAT Sep’25 Sales
4. Neilsen MAT Sep’25 Sales 5. IQVIA MAT Sep’25 TRx 6. Others includes API and Alliances
As of 30th September 2025
7. 8. H1FY26 average exchange rate of INR 86.47/ US$
4
Three Large Global Categories
India
US
International Markets
Pharma
#1 Company in Super Specialty TA of Oncology1
Increasing chronic mix (44.5%, +670 bps, Sep 21-25)1
Top 3 in ~55% of products across multiple dosage forms2
Specialty portfolio: 505(b)(2) & Rare diseases
Largely Branded business with focus on select Therapy Areas4
Deepening presence in IMs, leveraging global portfolio
Consumer Wellness
Leadership in Multiple Categories3
Functional Skin Care
Sugar Substitutes
Active Lifestyle/Glucose Powder/Beverage
High Protein / Active Lifestyle
Growing International Presence via Existing Portfolio and
MedTech
Focus areas: Orthopaedics, Cardiology and Nephrology
Leverage Amplitude Surgical platform for global expansion
1. 2.
IQVIA MAT Sep’25 Sales IQVIA MAT Sep‘25 TRx
3. Neilsen MAT Sep’25 Sales (excluding Nutralite and RiteBite) Focus Therapy Areas include Cardiac, Anti-Diabetes and CNS 4.
5
Zydus’ Portfolio Across Platforms
Successful track-record in India on Innovation portfolio3
4
Advancing pipeline for global markets
Saroglitazar US: NDA filing (PBC) planned
Desidustat China: Filed through partner
Usnoflast US: Progressing in clinical trials
NCEs
SpecialtyPortfolio
UK/EU/US: Presence in fast-growing VMS market through digital channel (D2C)
High Protein / Active Lifestyle category
s s e n l l e W
r e m u s n o C
Addressing Global markets
Orthopaedics
Cardiology
Interventional Cardiology
Nephrology
Dialyser Membranes (CKD)
Portfolio3 across 505(b)(2) and Rare diseases in US on back of Organic and Inorganic Levers
505(b)(2)1
Rare Diseases
4 Launched1
2 Launched
15 Pipeline1
1 Pipeline
Large portfolio3 addressing India and EMs
Progressing on Regulated Markets Plans
16 Approved Products2 in India
10 Pipeline2
B io s i m
i l
a r s
MedTech
Vaccines
Capabilities across multiple platforms3
17 Marketing Authorization in India
2 WHO-PQ Products
8 Vaccines Under- development
1. 2.
Includes in-house developed products and partnership products (does not include LiqMeds) Includes ADCs
3. 4.
As on 30th September 2025 TwinRab is the first NBE approved for Zydus
6
Pipeline Monetization on Track with Strengthened Commercial Capabilities – Creating an Ecosystem Focused on Patient Centricity
e v r u C n o i t a v o n n
I e h t p u g n i v o M
Current Play1
Growth Drivers
NCEs
▪ Scaled multiple products in India: Saroglitazar (Lipaglyn,
Bilypsa), Desidustat (Oxemia)
▪ Outlicenced Innovation to large Indian companies: Saroglitazar,
Desidustat
▪ Saroglitazar (PBC indication) – Commercialisation preparation underway for first NCE launch in US ▪ Desidustat: China market approval awaited, to be
commercialized by partner
Specialty Portfolio
▪ 505(b)(2) and rare disease portfolio: In-house development (3 products launched), acquisitions (LiqMeds portfolio & 3 rare disease assets) and partnerships (1 product launched)
▪ 15 505(b)(2) products in pipeline (excluding LiqMeds) ▪ To add more products via licensing partnerships ▪ Focus on differentiation to expand reach and penetration
Biosimilars
▪ 16 biosimilars approved and 13 launched in India; marketing
authorization in 19 EM countries
▪ Outlicensed biosimilar portfolio to partners (India + EM) ▪ 1st DCGI approved biosimilar of TDM-13 (ADC2) (Ujvira)4
Vaccines
▪ 17 Marketing Authorization across platforms ▪ WHO PQ for Typhoid Conjugate and Rabies vaccine
Generics / Branded Generics
▪ Comprehensive portfolio serving global markets
▪ 10 biosimilars in pipeline (including 7 oncology biosimilars) ▪ Foray in regulated market (US/EU) including partnerships
▪ Target supplies for global tenders (multilateral agencies) ▪ Target WHO-PQ for additional products ▪ 8 vaccines under development across different platforms
▪ Pipeline of 199 products in US including multiple FTFs & Para
IVs
▪ Leverage global pipeline across India and International
Markets
1. 2.
As on 30th Sep 2025 ADC – Anti-Drug Conjugate
3. 4.
TDM-1 – Ado-trastuzumab Emtansine Industry Reports
7
Zydus: Strategic Partner of Choice
In-Licensing: Fill Portfolio Gaps & Supplement Our Innovation Engine
Out-Licensing: Validates Our Innovation Engine
Collaborations
Other Areas For In-Licensing
1
▪ Partnership agreement for a novel 505(b)(2) oncology product; NDA filing expected in 2026
2
▪ Licensing and commercialization
agreement for a 505(b)(2) oncology product
3
▪ Multiple other products in pipeline
via in-licensing
➢ Partnership with Top 10 IPM Companies1 (Saroglitazar & Desidustat), China partnership for Desidustat
NCEs
➢ 15+ Partnerships in emerging markets & 4+ partners in India
Biosimilars
Radio Imaging Products
Injectable Bag products / Complex Injectables
Ophthalmic
Vaccines
Biosimilars
Inhalation / Nasal products
Differentiated Generics
MedTech & Diagnostics
➢ 2 WHO PQ vaccines (Rabies & TCV); direct supply of Rabies vaccine to 15+ emerging markets
➢ Partnership with two Indian players
for drug device combinations
➢ Alliances for surgical products and
critical implants
1.
Industry Reports
8
Long Term Track Record of Value Creation
…Driven by Healthy Financial Performance
Consistent Revenue Growth
Improving Margin Profile (EBITDA)
Revenue (INR Mn)
10.3% CAGR
2,32,415
Shareholder Value Creation…
1,42,531
Market Capitalization1 ($Bn)
>3x
10.4
EBITDA (INR Mn) & EBITDA Margin (%)
19.5%
20.5% CAGR
30.4%
70,585
27,834
3.4
FY20
FY20
FY25 Improving Margin Profile (PAT)
FY20
FY25
Efficient Capital Utilization
PAT (INR Mn) & PAT Margin (%)
Return on Capital Employed2 (%)
Current
8.5%
31.1% CAGR
20.1%
46,726
1,330 bps
24.7%
12,044
11.4%
1. Market Capitalization as on 30th March 2020 (FY20) and 24h November 2025 (Current) 2.
ROCE is calculated as (PBIT ex-exceptional + share of JV profit) / Average Capital Employed
9
FY20
FY25
FY20
FY25
Strong Topline and Bottomline Growth Across Businesses
Revenue (INR Mn)
Business-Wise Performance3
16.1%
1,95,474
1,72,374
2,32,415
10.9%
1,14,445
1,26,969
FY23
FY24
FY25
H1 FY25
H1 FY26
EBITDA (INR Mn)
22.4%
27.5%
35.2%
53,843
38,599
30.4%
70,585
31.0%
32.3%
15.8%
35,454
41,043
FY23
FY24
FY25
H1 FY25
H1 FY26
Reported PAT2 (INR Mn)
12.1%
20.3%
49.5%
39,728
20,919
20.1%
46,726
21.0%
21.7%
14.9%
27,596
24,027
FY23
FY24
FY25
H1 FY25
H1 FY26
Business Vertical
India Formulations
US Formulations
International Markets Formulations
Consumer Wellness
Medtech
Others1
CAGR (FY23 – 25)
9.9%
21.8%
17.9%
9.6%
NA
13.8%
1. 2. 3.
Income from APIs, Alliances Includes Non-Controlling Interest Business is controlled and operated by the Company (Zydus Lifesciences Limited), and through its 77 Subsidiaries (including 4 Material Subsidiaries – Zydus Healthcare Limited, Zydus Wellness Limited, Zydus Wellness Products Limited and Zydus Pharmaceuticals USA Inc.), 4 Joint Ventures, 1 Associate and 1 Partnership Firm
10
Clearly Identified Levers of Growth
Our Growth Platforms
Enhance Presence in Focus Therapies and Continue Scaling our Innovation led Portfolio in India Formulations Market
Innovation DNA and R&D Investments
Scale Up Differentiated Generics and Specialty Business in US
Leverage our Global Portfolio and Pipeline to Scale Presence in International Markets
Expand Biosimilars and Vaccines Portfolio for Global Markets
Execute Global MedTech Strategy with Focus on Orthopaedics, Cardiology and Nephrology
Leverage Acquisitions to Keep Adding New Capabilities and fill Portfolio gaps
Wide Manufacturing Infrastructure and Digital Initiatives
Strong Management Team
11
Business Overview
India Formulations: Scaled Presence with Thrust on Focus Therapy Areas
India Formulations: Brief Overview
Successfully Scaling Bigger Brands
Scaled Presence: ~INR 59,300mn revenue3 (9.9% CAGR over FY23-25)
Leadership in super specialty and fast-growing TAs like Oncology1
8 brands among top 300 brands of IPM1
Chronic therapies mix improved from 37.8% for Sep’21 MAT Sales to 44.5% for Sep’25 MAT Sales (+670 bps)1
Brand Value2
# Brands - MAT Sep’21
# Brands - MAT Sep’25
> INR 1,000 mn
INR 500 – 1,000 mn
INR 250 - 500 mn
Total
7
16
27
50
9
23
35
67
Field Force strength of ~6.9k representatives
Outperformance v/s IPM
Outperformance in Chronic Therapies Chronic MAT Sep’21-25 CAGR (%)2
11.9%
Sep 25 LTM yoy Chronic growth at 15% for Zydus vs. 10% for IPM
10.2%
10.2%
Outperformance across most Focus Therapy Areas including Oncology and Cardiac Therapy Split1
Focus Therapies MAT Sep’21-25 CAGR (%)2
Focus TAs for Zydus
Others, 14.1%
Cardio-Diabeto, 18.3%
Anti-Infective, 12.8%
Pain, 7.7% Derma, 5.8%
MAT Sep’25 Sales
Respi, 13.9%
Gynaec, 6.6%
Fastest growing TA in IPM
Zydus
IPM
29.2%
19.3%
11.6%
10.1%
9.4%
7.2%
9.3%
8.3%
14.5%
5.5%
14.0%
10.7%
l
y g o o c n O
i
c a d r a C
s e t e b a D
i
y r o t a r i p s e R
l
y g o o r h p e N
- o t a p e H
s e v i t c e t o r p
13
Zydus
IPM
IPM Top 10 Median
GI, 9.4% Hepato, 0.4%
Onco, 8.5%
Nephro, 2.5%
1. 2.
IQVIA MAT Sep’25 Sales IQVIA MAT Sep’21 – Sep’25 Sales
3.
FY25 Revenue
India Formulations: Salience of Innovation Portfolio Continues to Expand
Strong Innovation Track-Record…
Other Growth Levers
#1 Brand in Zydus’ Portfolio1
Diabetic Dyslipidemia and Hypertriglyceridemia with Type-2 Diabetes8, MAFLD2,9
INR 3.69 Bn Combined Sales1 of Lipaglyn and Bilypsa
MAFLD2,9 / MASH3
…With Deep Innovation Pipeline
Launched in Last 5 Years
Breast Cancer (launched in 2021)
1st Biosimilar of TDM-1 (ADC4) Approved by DCGI
Anemia in CKD6 (launched in 2022)
1st Novel Oral Alternative to injectable ESA5 approved in India for anemia in CKD6
13
Day-1 Launches
Differentiated Pipeline of 58 products…
7
Next Generation Drug Delivery Devices
38
Differentiated Gx (FTI/FTW)7
… across Oncology, Respiratory, Gynaecology, Cardio-Metabolic, Gastro- Intestinal, Pain Management, Derma
Continue scaling our large brands
Strengthen presence in focus therapy areas
Increase share of innovation/ specialty portfolio
Expand hospital channel, modern trade and e-commerce
M&A / inorganic activities and in-licensing opportunities
IQVIA MAT Sep’25 Sales
1. 2. MAFLD – Metabolic Dysfunction- Associated Fatty Liver Disease 3. MASH – Metabolic Dysfunction-Associated Steatohepatitis 4.
ADC – Antibody Drug Conjugate
5. 6. 7. 8.
ESA – Erythropoiesis-Stimulating Agent CKD – Chromic Kidney Disease FTI / FTW – First Time in India / First Time in World Type 2 Diabetes Mellitus not controlled by Statin therapies
9. MAFLD with co-morbidities (either obesity, Type 2 Diabetes Mellitus,
Dyslipidaemia or Metabolic Syndrome
14
Consumer Wellness: Leadership across Multiple Product Categories
Consumer Wellness: Brief Overview
Leadership Across Multiple Categories
Product Category
Brand Name
Brand Rank2
▪ Leadership across categories: Skin care, sugar
substitutes and hydration
▪ Distribution: 2,600+ field force, 1,950+ distributors,
2.6mn+ retail outlets
▪ Value accretive M&A: Nutralite, Heinz, Naturell,
Comfort Click
▪ FY25 Revenue: INR 26,810mn (9.6% FY23-25 CAGR)
▪ Growth Drivers
– Targeted marketing initiatives
– New products leveraging in-house R&D
– Enhance modern trade & E-commerce presence
– Scale international presence through both current
portfolio and Comfort Click
Functional Skin Care
Glucose Powder
Sugar Substitutes
Beverage
Active Lifestyle/ High Protein
New Age Vitamins, Minerals & Supplements
Facial Cleansing1 / Scrub / Peel Off
3
3
1
5 / 1 / 1
1
1
4
Includes face wash, scrub and peel-off
1. 2. Neilsen MAT Sep’25 Sales
3. Market share and rank pertains to Glucon-D and SugarFree
15
Consumer Wellness: Entry into Fast Growing Digital VMS Market
Expansion in Complementary Geographies and Digital VMS Market with Acquisition of Comfort Click
Combined Global Footprint: Consumer Wellness + Comfort Click
Comfort Click’s VMS Portfolio
Comfort Click's business portfolio:
i. WeightWorld - plant based
supplements, VMS, collagen, omegas, probiotics, micronutrients, and sports nutrition for adults
ii. maxmedix - specialty VMS gummy for paediatric nutritional needs
iii. Animigo a natural pet VMS brand with range of pet care products
•
•
•
Strengthening global presence and entry into UK, EU and USA markets
Entering high-growth markets in the Vitamins, Minerals and Supplements (VMS) market for adults, paediatrics, and animal health
Acquisition accelerates the growth of the digital business platform overseas
16
Zydus Wellness
Comfort Click
US Formulations: Scaled Presence with Comprehensive Portfolio across Generics and Specialty Pharma
US Formulations: Brief Overview
#4
487/ 423
225+
#1
Top 3
Multiple Dosage Forms1
$1.3bn
Rank in the US Gx market in terms of prescriptions1
ANDAs Filed / Approved
Number of products currently being distributed1
Rank in ~25% of Covered Market product categories1
Rank in ~55% of Covered Market product categories1
Transdermals, Suppositories, Injectables etc.
FY25 Revenue (19% CAGR over FY23-25; 25% growth in FY25)2
ANDA Filings & Approval Track-Record
High Velocity of ANDA Filings and Approvals ANDAs (#)
61
4
57
21
51 5
46
21
27
26 5
21
FY23
FY24
FY25
Filings
Approvals
Tentative Approvals
Growth Drivers
Deep Pipeline of Complex Gx Products
6 Drug Devices
10 Long-Acting Injections
90 NCE-1 / Other FTF
37 Para IV
File 30-35 ANDAs annually
Continued focus on differentiated Gx / FTFs / Para IVs
505(b)(2) pipeline (in- house + partnerships)
Expand rare disease portfolio
Commercialize Saroglitazar (PBC)
M&A / partnerships to grow specialty portfolio including early-stage licensing
1. 2.
IQVIA MAT Sep’ 2025 TRx Constant currency growth rate (US$)
17
US Formulations: Deep 505(b)(2) & Rare Disease Portfolio
Expanding Presence in Specialty Space through In-house Development as well as Inorganic Moves
In-House Development
9 ▪ 505(b)(2) Molecules in pipeline 3 ▪ NDA approvals and launches so far – ZituvioTM (Sitagliptin tablets) – ZituvimetTM (Sitagliptin and Metformin IR tablets) – ZituvimetTM XR (Sitagliptin and Metformin ER tablets)
▪ Addition of Sitagliptin franchise to CVS Caremark’s
template formulary
Acquisitions
Oral Liquids (LiqMeds)
In-house Development
▪ Oral liquids manufacturing facility in the UK ▪ Product pipeline for the US and the UK markets ▪ Launched 8 505(b)(2) products so far; 2 505(b)(2) products have received approval, and 1 505(b)(2) products are awaiting USFDA approval
Collaborations
Acquisitions
Collaborations
Partnership agreement for a novel 505(b)(2) oncology product; NDA to be filed
Licensing and commercialization agreement for a 505(b)(2) oncology product (Beizray)
Multiple other products being developed via partnerships
Rare Diseases
3
Molecules acquired so far viz. NULIBRY®, Zokinvy® and Zycubo (CUTX101)
Nulibry: Commercialized in US (ODD1 by US FDA) for MoCD2 Type A
Zokinvy: Commercialized in US for Hutchinson-Gilford Progeria Syndrome
Zycubo: Granted priority review for Menkes disease in US; ODD1 by US FDA
1. ODD – orphan drug designation 2. MoCD: Molybdenum Cofactor Deficiency (an ultra rare disease)
18
International Markets Formulations: Fast Growing Branded Generics & Generics business across Emerging Markets and Europe
Strong Growth in International Markets
Meaningful Presence in Multiple BGx Markets and Select Gx EU Markets
Revenue (INR Mn)
17.9%
19,294
21,947
15,794
38.1%
14,778
10,698
FY23
FY24
FY25
H1FY25
H1FY26
Focus on Specialty Therapies & Scaling Brands
# of brands with >$1Mn Revenue in Emerging Markets
48
34
FY22
FY25
▪ Focus TAs: Cardiology, Diabetology, and CNS
▪ Leveraging LiqMeds liquid orals portfolio for expansion in EU
Direct Presence
BTB Route
Growth Drivers
▪ Portfolio maximization by leveraging global product portfolio ▪ Launch and scale biosimilar portfolio across RoW and Europe ▪ Deepen presence in focus therapies ▪ Continue scaling prescription led brands ▪ Leverage partnerships and acquisition opportunities
19
MedTech: Selectively Grow In Focus Areas of Orthopaedics, Cardiology and Nephrology
Expand in Focus Areas of Orthopaedics, Cardiology and Nephrology
Orthopaedics Inorganic pipeline
Cardiology Product launches, inorganic opportunities
Zydus MedTech – Growth levers
✓ Entry into global Arthroplasty market
✓ Building presence in interventional cardiology
✓ Solutions for replacement of lower limb joints
✓ Acquisition of Amplitude Surgical, significant
orthopaedics company in Europe with global reach
✓ 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
Nephrology Product pipeline
Other Areas
Organic business
Inorganic business opportunities
Partnerships
Organizational enablers
✓ Address growing burden of Chronic Kidney
✓ Evaluating investment in other areas within the
✓ Onboarded team of 150+ employees in MedTech
Disease globally
MedTech space
✓ Establishing dialyzer manufacturing plant to
produce high end membranes
✓ Cross functional teams (research, manufacturing,
quality, regulatory, sales, finance, HR)
20
Amplitude Surgical to Act as a Platform to Execute Zydus’ Global MedTech Strategy
Value chain positioning
Geographic footprint
Research and Development ▪ Run fully in-house with 30+ active patents ▪ Extensive track record of innovation
Manufacturing ▪ Internalized production of selected critical parts ▪ Outsourcing high-volumes, low value-add processes
Marketing ▪ Historically in-house with technical / product
knowledge and medical education
Distribution ▪ In-house or externalized to agents / distributors
depending on the region
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
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
Key Key Product Product Offerings Offerings
Knee
Knee Prosthetics
Computer Assisted Surgery Program
Acetabular Components
Femoral Stems
Others
Sports Medicine
Custom Cutting Guide System (3D Printing)
Hip
Orthopaedic Table Extension
Navigation Instrument
Medical Cement
Received CE Mark for “Andy” – robotic surgical solution
Scaled Platform with ~€100Mn Revenue and Healthy Margin Profile Poised to Deliver Innovation-Led Growth in Global Markets
21
Moving Up in the Innovation Value Curve Led by R&D Investments and Centres of Excellence (CoE)
Moving Up the Innovation Curve
Complex Generics
Vaccines
NCEs
Generics
Biosimilars
Specialty Portfolio: 505(b)(2) & Rare Diseases
Fully Built Our R&D Team…
…with Consistent R&D Investment…
…And CoEs at the Core of R&D Infrastructure
1.5k+ Scientists
18,553
12,363
13,096
7.2%
6.7%
8.0%
8,725
7.6%
9,676
7.6%
FY23
FY24
FY25
H1FY25
H1FY26
R&D Cost (INR Mn)
% of Revenues
6 CoEs for Research Across
NCE, NBE / Biosimilars, Vaccines, APIs, Specialty and Generics
22
NCE Pipeline for Global Markets
Deep NCE Pipeline at various Stages of Development
NCEs Pipeline
Project
Target
Indication & (Market)
Drug Disc.
Lead Optimiz ation
Pre- clinical
IND
Phase I
Phase II
Phase III
NDA
Launch
Saroglitazar
PPAR- α:γ agonist
PBC5 (US)
s t c u d o r P d e L n o i t a v o n n
I
First indigenously developed NCE by an Indian Pharmaceutical Company Bilypsa® for MAFLD1 and MASH2,9 Lipaglyn® for Diabetic Dyslipidemia and Hypertriglyceridemia with Type-2 Diabetes10, MAFLD2,9
Desidustat
HIF-PHI inhibitor
Sickle Cell Disease (India)
ALS6 (US, India), UC7 (India)
OxemiaTM first novel oral alternative to injectable ESAs3 approved in India for anemia in CKD8 patients; launched in 2022
Usnoflast
NLRP3 Inhibitor
ZYAT1
Idiopathic Pulmonary Fibrosis
World’s first novel cocktail RmAbs4 in a clinical setting; unique combination of two mAbs - docaravimab and miromavimab
Zintrodiazine
Anti-Malaria, in collaboration with MMV
1. MAFLD – Metabolic Dysfunction- Associated Fatty Liver Disease 2. MASH – Metabolic Dysfunction-Associated Steatohepatitis 3. 4. 5.
ESA – Erythropoiesis-Stimulating Agent RmAb – Rabies Monoclonal Antibody PBC - Primary Biliary Cholangitis
ALS – Amyotrophic Lateral Sclerosis
6. 7. UC – Ulcerative Colitis 8. 9. MAFLD with co-morbidities (either obesity, Type 2 Diabetes Mellitus,
CKD – Chronic Kidney Disease
10. Type 2 Diabetes Mellitus not controlled by Statin therapies
23
Dyslipidaemia or Metabolic Syndrome
Saroglitazar: Addressing Unmet Medical Needs in PBC Globally
Saroglitazar – Overview of Opportunity
Primary Biliary Cholangitis (PBC)
PBC Prevalence
~0.1 Mn patients1
Commercialization Strategy
• The adjusted 2021 PBC prevalence was 40.9 per 100,000 adults in United States. The total adult
population (20 and above age) of US in 2021 was ~256 million
Organic: Building in-house front-end capabilities
• The molecule holds an Orphan Drug Designation (ODD) from both the USFDA & the EMA and
Fast-Track Designation from the USFDA1
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I I
.
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• Met primary end point in EPICS IIITM Phase II(b)/ III clinical trials for the US market
• NDA submission expected in Q1 2026
Partnership: Out- licensing to a strategic partner
Acquisition: Acquiring front-end commercial asset with right fit
1.
Industry Reports
24
Usnoflast: Novel 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 ~ 5 mn people globally1
affects nerve cells controlling voluntary muscle movement
▪ Affects ~ 31,000 people in the US, 30,000 in Europe 1
▪ 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 USFDA1
▪ Completed Phase II(a) clinical trials
1.
Industry Reports
25
Desidustat: Novel Oral Alternative to Injectable ESAs Approved in India for Anemia in CKD Patients
~17% Prevalence of CKD patients in INDIA1
• 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
~2,000 Patients explored in CTs
150.5 Mn People are estimated to be living with CKD in CHINA1 (~10.6% of population)
• Granted an exclusive license to a Chinese company for China,
Hong Kong, Macau and Taiwan markets
• New Drug Application (NDA) by Chinese partner 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
1.
Industry Reports
26
Biosimilars: Amongst the Key Companies in India, Increasing Presence in Emerging & Regulated Markets
Large Biosimilar Portfolio and Pipeline2
Amongst Key Companies in India1
Biosimilars: 16 approved and 13 launched in India
Recent Approvals
In India, Zydus is #1 Company in Oncology1
Oncology (7)
Nivolumab, Pertuzumab, Trastuzumab, Bevacizumab, Trastuzumab Emtansine, Peg-asparagase, Rituximab
Auto-immune (1)
Bone Health (1)
Adalimumab
Teriparatide
Pertuzumab (Sigrima®)
Nivolumab (Tishtha )
Rituximab
Afilbercept
First biosimilar of Trastuzumab Emtansine (ADC) approved by DCGI in India1
Fertility (1)
r-FSH
To Leverage Portfolio for Global Markets
Oncology Supportive (2)
G-CSF, Peg-GCSF
Others (4)
EPO, IFNα-2b, PEG-IFN, Afilbercept
10 Biosimilars in Pipeline
Oncology (7)
Respiratory (1)
Osteo (1)
Immune System (1)
Approvals in Key Markets
Mexico: Bevacizumab, Trastuzumab
Philippines: Colstim, Pegstim, Pegihep, Zyrop
Myanmar: Zyrop, Colstim, Exemptia, Pegstim, Pegihep, Bryxta, Vivitra
Sri Lanka: Exemptia, Pegstim
Columbo: Exemptia
Morocco: Exemptia
Targeting both emerging and regulated markets via partnerships
Emerging Markets: Marketing Authorization in 19 countries; presence through Subsidiaries
and Distributors
1. 2.
Industry Reports Therapy area followed by # of products in brackets
27
Vaccines: Comprehensive Portfolio with Platform Diversity
1st
1st
2nd
2nd
Indian company to have indigenously developed H1N11 vaccine6
Company globally to have an approved pDNA vaccine for human use6
Indian company receive Market Authorization for Typhoid conjugate vaccine6
Indian company to receive Market Authorization by CDSCO for MMR vaccine6
✓ WHO PQ5 for
Typhoid Conjugate and Rabies vaccines6
Portfolio of 17 Products across Platforms
Live Attenuated
Inactivated
Sub-unit
Inactivate Toxins
Others – Nucleic acid, combination
Capitalizing on Opportunity with Government and Institutions
Key Vaccines in the portfolio
Typhoid Conjugate
Flu
Rabies Vaccine
MMR2
MR3
Large Institutions and Governments
4
Deep Pipeline
8 Vaccines under development (under clinical trials and pre- clinical development)
1. H1N1 – Hemagglutinin type 1 and Neuraminidase type 1 2. MMR – Measles, Mumps, Rubella
3. MR – Measles Rubella 4. GAVI – Global Alliance for Vaccines and Immunization
5. WHO PQ – World Health Organization Pre-Qualified 6.
Industry Reports
28
Building on the Growth Opportunity in Biologics CDMO Market
Global Biologics CDMO Presents an Attractive Opportunity with a Large, High Growth Market
Zydus is Well Positioned to Tap in this Opportunity
Global CDMO Market by Modality1 (USD Bn)
CAGR (2019-24)
CAGR (2024-30F)
214.0 - 217.0
5.3%
6.0 - 7.0%
Leverage Proposed Acquisition2 of Agenus’ US Facilities to Expand in this Market
49.5 - 52.5
5.3%
9.0 - 10.0%
Immediate access Advanced biologics manufacturing capabilities
148.2
29.6
118.6
114.7
22.9
91.8
161.5 - 167.5
5.3%
5.0 - 6.0%
2019
2024
2030F
Others
Biologics
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
1. 2.
Industry Reports Definitive Agreements have been signed for acquisition of Agenus; closing is subject to regulatory approvals
29
Wide, Compliant Network of Manufacturing Facilities
Overview of Manufacturing Infrastructure
Vertical-wise Bifurcation of Manufacturing Sites
41 Manufacturing Facilities
16 USFDA Inspected Facilities
Global and de-risked manufacturing footprint with presence in India, France, UK, Brazil and Myanmar
10 Human Formulations
5 APIs
1 Animal Health
Business Vertical
Small Molecules
API
Biological Products
Vaccines
Consumer Wellness
Animal Health
Medical Devices
No. of Manufacturing Sites
19
6
4
5
4
1
2
Recent Track-record of USFDA Inspections
Capabilities across Multiple Dosage Forms
Official Action Indicated (OAI)
Voluntary Action Indicated (VAI)
No Action Indicated (NAI)
3
4
2
2
4
3
1
2
1
1
2022
2023
2024
2025
Oral Solids
Liquid Pouch
Vaccines
Topicals
Suppositories
Injectables
Nasal (incl. MDI)
Liquid Orals
30
Financial Overview
Key Financial Metrics
Total Revenues (INR Mn)
EBITDA (INR Mn) and EBITDA Margin %
16.1%
2,32,415
1,72,374
1,95,474
22.4%
27.5%
30.4%
31.0%
32.3%
35.2%
70,585
10.9%
1,14,445
1,26,969
53,843
38,599
15.8%
35,454
41,043
FY23
FY24
FY25
H1 FY25
H1 FY26
FY23
FY24
FY25
H1 FY25
H1 FY26
Reported PAT1 (INR Mn)
Return on Capital Employed (ROCE %)2
12.1%
20.3%
49.5%
39,728
20.1%
46,726
21.0%
21.7%
20,919
14.9%
24,027
27,596
15.5%
23.0%
24.7%
FY23
FY24
FY25
H1 FY25
H1 FY26
FY23
FY24
FY25
1. 2.
Includes Non-Controlling Interest ROCE is calculated as (PBIT ex-exceptional + share of JV profit) / Average Capital Employed
32
Revenue by Business Vertical
India Formulations (INR Mn)
International Markets Formulations (INR Mn)
9.9%
53,819
59,281
49,067
8.2%
28,769
31,118
17.9%
21,947
19,294
15,794
38.1%
14,778
10,698
FY23
FY24
FY25
H1 FY25
H1 FY26
FY23
FY24
FY25
H1 FY25
H1 FY26
US Formulations (INR Mn)
Consumer Wellness (INR Mn)
21.8%
1,10,500
86,851
74,451
7.5%
55,097
59,254
9.6%
26,810
22,338
23,017
12.7%
13,241
14,923
FY23
FY24
FY25
H1 FY25
H1 FY26
FY23
FY24
FY25
H1 FY25
H1 FY26
33
Board of Directors
Experienced Leadership with Execution Capabilities and In-depth Industry Knowledge
Technocrat Promoters with Deep Experience…
Pankaj Ramanbhai Patel
• Over 4 decades of experience in Pharma industry with expertise in R&D and techno‐commercial • Published 47 research papers in peer reviewed journals and is a co-inventor in >64 patents
Non- Executive Chairman
• Recipient of Padma Bhushan award
Dr. Sharvil Pankajbhai Patel
Managing Director
• Over 2 decades of experience in Pharma industry • Has specialization in chemical and pharmaceutical sciences and a PhD from University of Sunderland • Has been conferred multiple awards including the ‘ET Phama Leader’ award and recognized as ‘Most Valued CEOs’ by Business World
…And Strong Board of Directors1 Overseeing Governance
Ganesh Narayan Nayak
Mukesh Patel
Director
Associated with the group since over last 4 decades; management skills and expertise in business administration and marketing
Non-Executive, Non Independent Director
An advocate and International Tax Expert having over 5 decades of experience in the Legal profession
1.
Excluding Promoters mentioned above
Bhadresh Kantilal Shah
Independent Director
Founder and MD of AIA Engineering Ltd.
Shelina Pranav Parikh
Independent Woman Director
Joint MD of TechNova group
Apurva Diwanji
Akhil Monappa
Independent Director
Independent Director
Senior partner with Desai & Diwanji
Background in electrical engineering and business administration
Upasana Kamineni Konidela
Independent Woman Director
Philanthropist from the Apollo Hospitals family; featured as GQ Hero for her work during the Covid-19 pandemic
35
ESG Updates
ESG Highlights
ESG Performance
Climate Change (GHG Emissions)
ESG Ratings
58%1 reduction by FY2025 w.r.t baseline against 30% reduction by FY2024
Period
FY2022
FY2023
FY2024
54
62
78
39% of renewable energy in the total energy mix
Period
FY2023
FY2024
FY2025
55
59
61
Water Management
Creation of water recharge structures in progress
Achieved wastewater recycling
73% (FY25) against 68% (FY24)
Waste Management
33% waste disposal via co-processing in FY25
Environment targets are for Standalone Zydus Lifesciences Limited 1. Reducing GHG intensity by 2030 is a continuous journey, with annual performance variations against the baseline until the final target is reached in 2030.
37
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