Zydus Lifesciences Limited has informed the Exchange about Investor Presentation
Code: 532321
Code: ZYDUSLIFE
November 6, 2025
Listing Department BSE LIMITED P J Towers, Dalal Street, Mumbai–400 001
Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai–400 051
Re:
Investor Presentation
Dear Sir,
Please find attached the Investor Presentation on the unaudited financial results for the quarter / half year ended on September 30, 2025.
Please find the same in order.
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 Earnings Presentation: Q2 & H1 FY26
6th November, 2025
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Disclaimer and Safe Harbor Statement
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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.
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Q2 FY26: At a Glance
Revenues from Operations
Rs. 61,232 mn 17% YoY
R&D
Highlights of Q2 FY26
❑ Total revenues registered robust growth of 17% YoY.
Rs. 4,820 mn 7.9% of revenues
❑ India branded formulations sustained the growth momentum and
outpaced the market growth for yet another quarter.
EBITDA & Margin %
Net Profit
❑ Consumer Wellness business made first international acquisition by acquiring UK-based Comfort Click Ltd (CCL) The acquisition will build presence across key markets of the UK. EU and the US.
Rs. 20,158 mn 32.9% of revenues 38% YoY
Rs. 12,586 mn 38% YoY
❑ US formulations business delivered strong double-digit YoY growth
driven by volume expansion and new launches.
❑ International Markets business delivered strong growth for yet another
Business-wise Sales Break-up (Rs. mn) and YoY Growth
quarter driven by robust execution across markets.
API 2% ▲23%
Medtech 3%
Alliances 0.2% ▼85%
IM Formulations 13%
▲39%
Total 60,379 ▲18%
US 45% ▲14%
India Form 26% ▲8%
Consumer Wellness 11% ▲31%
❑ EBITDA margin stood at 32.9%, up 500 bps YoY.
❑ Capex (organic) for the quarter: Rs. 4,911 mn.
❑ Net debt: Rs. 22,787 mn (at 30-Sep’25) vs (-) 48,880 mn (at 31-Mar’25)
Regulatory Updates
❑ Oncology injectable manufacturing facility located at SEZ1, Ahmedabad and Baddi formulations facility received Establishment Inspection Reports (EIR) with Voluntary Action Indicated (VAI) status from the USFDA for the inspections conducted in June 2025 and August 2025 respectively.
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Key Financial Metrics (1/2)
Total Revenues (Rs. mn)
Gross Profit (Rs. mn) and Gross Margin %
52,370
52,691
65,279
65,737
61,232
71.9%
69.9 %
37,656
36,857
74.0 %
48,308
72.8 %
47,842
72.4%
44,327
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Total R&D (Rs. mn) and % to Revenues
EBITDA (Rs. mn) and EBITDA Margin %
9.2 %
4,800
9.5 %
5,031
7.4 %
7.4 %
7.9 %
27.9 %
26.3 %
4,799
4,856
4,820
32.6 %
21,255
31.8 %
20,885
32.9 %
20,158
14,614
13,877
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
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Key Financial Metrics (2/2)
PAT ex. Exceptional (Rs. mn)
Organic Capex (Rs. mn)
13,905
14,668
12,928
4,911
4,020
9,112
10,235
3,017
2,907
3,202
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Net Debt to EBITDA (x)
Net Working Capital* (Rs. mn)
0.30
62,596
60,585
56,880
56,902
72,513
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
(0.41)
(0.47)
(0.69)
(0.80)
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
*Net working capital includes Inventory, Trade receivables and Trade payables.
Q2 FY26
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India Formulations business
Sustained market outperformance driven by chronic portfolio
Highlights for the quarter
India Formulations Sales (Rs. mn) 15,394
15,195
15,145
15,931
Q2 FY26 Revenue Contribution
14,703
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY26 Gr.
YoY
QoQ
8.4%
4.8%
Brand building - a key growth driver
Therapy-wise Break-up*
Brand Value (Rs. Mn)*
1000+
500 to 1000
250 to 500
# of Brands
9
23
35
Others 14%
Cardio- Diabeto 18%
Anti- infectives 13%
Pain 8%
Derma 6%
GI 9%
Respi 14%
Gynae 7%
Onco 9%
Hepato 0.4%
Nephro 3%
▪
▪
▪
▪
▪
Branded formulations business outpaced IPM growth for yet another quarter with 9% YoY growth led by sustained traction in innovation products and pillar brands.
Outperformed IPM in key therapies of Cardiology, Gyanecology and Oncology.
On the Super Specialty front, continued to retain leadership position in Oncology therapy.
Share of Chronic portfolio has gone up consistently over the years and stood at 44.5%*, an improvement of 500 bps over the last 3 years.
Launched VaxiFluTM, India’s first trivalent influenza vaccine for flu protection, aligning with the global recommendations of WHO.
*Source: IQVIA MAT September 25
6
Consumer Wellness
Expanding international presence through CCL acquisition
Dominant market share across key brands
Consumer Wellness Sales (Rs. mn)
9,081
8,549
Q2 FY26 Revenue Contribution
Brand Name
Mkt Share %
Mkt Rank
4,875
4,488
6,374
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY26 Gr.
YoY
QoQ
30.7%
-25.4%
Highlights for the quarter
▪
▪
CCL is among the fastest-growing digital consumer healthcare platforms in high growth VMS space and derives most of its revenues from E- commerce and D2C channels. CCL’s business portfolio comprises three brands viz. WeightWorldTM which includes plant-based supplements, vitamins and minerals, collagen, omegas, probiotics, and micronutrients, and sports nutrition for adults, MaxmedixTM, a specialty VMS gummy brand which caters to all paediatric nutritional requirements and Animigo, a natural pet VMS brand which offers a range of pet care products.
Facial Cleansing #
Scrub
Peel Off
32.9%*
7.9%*
48.5%*
76.6%*
58.7%*
4.1%*
96.2%*
1*
5*
1*
1*
1*
4*
1*
*Source: Nielsen MAT September 2025 report # Facial cleansing segment includes Face wash, Scrub and Peel-off
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US Formulations business
Sustained growth through execution excellence
Highlights for the quarter
US Formulations Sales (Rs. mn)
Q2 FY26 Revenue Contribution
24,168
24,096
31,307
31,817
27,437
$ 288 mn
$ 285 mn
$ 363 mn
$ 372 mn
$ 313 mn
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY26 Gr.
YoY
QoQ
13.5%
-13.8%
Continued investment to build the generics pipeline
ANDA filings and approvals - Q2 FY26
ANDA filings and approvals - H1 FY26
6
4
^
^
9
10
^
ANDA filings and approvals - Cumulative
487
423
^
▪
▪
▪
▪
Launched 7 new products.
Filed 6 ANDAs and received approval for 4 ANDAs (incl. 1 tentative approval).
On the specialty front, in October, 2025, launched Beizray (albumin solubilized docetaxel injection), further strengthening our 505(b)(2) portfolio.
Received the first Notice of Compliance (NOC) approval in Canada during the quarter with receipt of NOC from Health Canada for Varenicline tablets 0.5 &1 mg.
Received three NOCs from Health Canada so far, including two NOCs received in October, 2025.
Filings
Approvals
Filings
Approvals
Filings
Approvals
^ includes 1 tentative approval in Q2 FY26, 3 in H1 FY26 and 27 on a cumulative basis.
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International Markets Formulations business
Strong growth driven by robust execution across markets
Highlights for the quarter
IM Formulations Sales (Rs. mn)
7,265
7,513
Q2 FY26 Revenue Contribution
5,389
5,702
5,547
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY26 Gr.
YoY
QoQ
39.4%
3.4%
▪
▪
▪
Growth was broad based across key geographies driven by strong demand and focused execution.
In Emerging Markets, adopted a focused, therapy led approach, tailoring the offerings to meet the needs of specific markets and in turn, built a more agile, market responsive portfolio.
In Europe, focus remains on expanding the offerings and enhance the market coverage.
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Updates on Innovation
NCE: Saroglitazar Magnesium
• Reported positive topline results from the pivotal EPICSTM-III Phase 2(b)/3 clinical trial of Saroglitazar Magnesium in patients
with PBC for the US market.
• The trial met the primary endpoint, with a statistically significant treatment difference in the percentage of patients
achieving a clinically meaningful biochemical response with Saroglitazar compared to placebo.
• Preparing to file NDA of the molecule with the USFDA in Q4 FY26.
Vaccine R&D
• Received regulatory approval to initiate Phase II clinical trials of Bivalent Typhoid Conjugate Vaccine in India.
PBC – Primary Biliary Cholangitis; NDA – New Drug Application
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Zydus at a Glance
~$2.75 bn
Global Revenues1
4th
Largest generic Co. in US in terms of prescription3
10 R&D Centers
For NCE, APIs, Generics, Vaccines Biosimilars, Wellness and Med-tech products
>45% Revenues from Branded Business (Formulations and Wellness)
Among Top 3
In >60% of product families marketed in US4
1st
Approved product for MASH in India - (Bilypsa® - Saroglitazar)
$11 bn
1st
Market Capitalization2
8
Brands among Top 300 in India5
1st 1st
OSD formulation for anemia associated with CKD – OxemiaTM (Desidustat)
41
Mfg. sites having capabilities across dosage forms
Biosimilars (pipeline & launched) & 7 novel products (pipeline)
>27 K
Biosimilars (pipeline & Zydans globally incl. launched) & 7 novel >1500 scientists (R&D) products (pipeline)
26 Biosimilars in portfolio
Biosimilars (pipeline & (incl. 4 ADCs), launched launched) & 7 novel 14 products in India products (pipeline)
1. 2. 3.
In FY25, assuming exchange rate of Rs. 84.57 per USD As on 4th November,2025, exchange rate of Rs. 88.7 per USD IQVIA MAT September 2025 TRx
4. IQVIA MAT September 2025 TRx 5. As per IQVIA MAT September 2025
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ESG Updates
Zydus Lifesciences Limited won the CII - Best Environment Project 2025 for its project “Life Cycle Assessment of Mesalamine”
2023
55
2024
59
2025
61
2023
29.5- Medium Risk
2024 29.5- Medium Risk
2025
28.6- Medium Risk
Zydus Lifesciences Limited commitment to become Net Zero by 2050 accepted by SBTI team (Science Based Target Initiative)
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Consolidated Financial Performance (reported)
* Excludes Research related expenses
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Rs. mnQ2 FY26Q2 FY25YoYgr.Q1 FY26QoQgr.H1 FY26H1 FY25YoYgr.Total Income from Ops.61,232 52,370 16.9%65,737 -6.9%1,26,969 1,14,445 10.9%Gross Contribution (GC)44,327 37,656 17.7%47,842 -7.3%92,169 83,870 9.9%Gross Margin %72.4%71.9%72.8%72.6%73.3%Employee benefits expenses *9,227 7,865 17.3%9,024 2.2%18,251 15,685 16.4%R&D expenses4,820 4,800 0.4%4,856 -0.7%9,676 8,725 10.9%Other operating expenses14,263 10,831 31.7%13,648 4.5%27,911 24,208 15.3%Net [gain]/loss on foreign currency transactions-4,141 -454 -812.1%-571 -625.2%-4,712 -202 -2232.7%EBITDA20,158 14,614 37.9%20,885 -3.5%41,043 35,454 15.8%EBITDA Margin %32.9%27.9%31.8%32.3%31.0%Other Income1,090 682 59.8%1,549 -29.6%2,639 1,314 100.8%Finance cost1,013 251 303.6%847 19.6%1,860 573 224.6%Depreciation and amortization3,019 2,336 29.2%2,380 26.8%5,400 4,489 20.3%PBT before exceptional items17,216 12,709 35.5%19,207 -10.4%36,422 31,706 14.9%Exceptional Expenses/ (Incomes)342 342 Profit before Tax16,874 12,709 32.8%19,207 -12.1%36,080 31,706 13.8%Tax expenses4,540 3,731 21.7%4,341 4.6%8,880 8,092 9.7%Share of profit from JVs52 221 -76.5%344 -84.9%396 410 -3.4%Profit/(loss) from discontinued ops. #- 3 -100.0%- 3 Minority Interest-200 90 -322.2%542 -136.9%342 716 -52.2%Reported Net Profit12,586 9,112 38.1%14,668 -14.2%27,254 23,311 16.9% Details of Exchange Rate Fluctuations
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Rs. mnQ2 FY26Q2 FY25YoYgr. %H1 FY26H1 FY25YoYgr. %A. On operating transactions (above EBITDA line)-3,776 -423 -792.7%-4,275 -191 -2138.2%a. Included in COGS365 31 1077%437 11 3872.7%c. Part of other operating expenses (shown separately)-4,141 -454 -812%-4,712 -202 -2232.7%Total Exchange Rate Fluctuations ('+' = loss, '-' = gain)-3,776 -423 -792.7%-4,275 -191 -2138.2% 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