ALIVUS

January 23, 2024 To, To, Dy. General Manager The Manager – Listing, Department of Corporate Services, National Stock Exchange of India Ltd., BSE Ltd., Plot No. C/1, G Block, P. J. Towers, Dalal Street, Bandra Kurla Complex, Fort, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Ref: Scrip Code: 543322 Ref: Scrip Name: GLS Dear Sirs, Sub: Investor Presentation Pursuant to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith the Investor Presentation – Q3 FY 23-24. You are requested to take the same on record. Thanking You. Yours faithfully, For Glenmark Life Sciences Limited Rudalf Corriea Company Secretary & Compliance Officer Encl: As above Glenmark Life Sciences Limited Corporate Office: 4th Floor, OIA House, 470, Cardinal Gracious Road, Andheri (E), Mumbai 400 099, India. Registered Office: Plot No. 170-172, Chandramouli Industrial Estate, Mohol Bazarpeth, Solapur - 413 213, India. T: 91 22 68297979 CIN: L74900PN2011PLC139963 E: complianceofficer@glenmarklifesciences.com W: www.glenmarklifesciences.com Q3 FY24 | Highlights “Our Q3 FY24 numbers reflect our commitment to quality growth, with revenue from operations rising by 5.9%. This was fuelled by the robust performance of the US, Dr. Yasir Rawjee LATAM, RoW and India (ex-GPL) markets. Our external business continued its upward Managing Director & trajectory, balancing the subdued performance of the GPL business. Chief Executive Officer I am happy to inform you that we signed a multi-year definitive agreement to supply APIs for an innovator’s product, which is expected to commercialize in FY25. Looking ahead, a strong orderbook for external business coupled with improved visibility of CDMO business gives me confidence of delivering steady growth in FY24 and in the coming years.” • GLS registered a revenue from operations of ₹ 5,728 Mn for Q3FY24, recording a growth of 5.9% REVENUE 5,728 5.9% (3.8%) YoY and de-growth of 3.8% QoQ YoY QoQ (IN ₹ MILLIONS) • Gross Margins improved in Q3FY24 trending at 57.7%, up 670 bps YoY and up 360 bps QoQ, driven by better product mix and lower input cost; EBITDA margins for the quarter were at 30.4% up 230 EBITDA 1,742 14.6% 1.0% bps YoY and up 140 bps QoQ; driven by better gross margin YoY QoQ (IN ₹ MILLIONS) • External business grew by 9.8% YoY to ₹ 4,187 Mn whereas CDMO business witnessed strong recovery growing 27% YoY to ₹ 355 Mn; GPL business was subdued during the quarter at ₹ 1,541 PAT 1,188 13.1% 0.0% Mn YoY QoQ (IN ₹ MILLIONS) • During 9MFY24, company generated strong free cash flow of ₹ 2,214 Mn leading to Cash and Cash Equivalents of ₹ 2,359 Mn as of 31st December 2023. (Post payment of Interim dividend of ₹ 2,757 Mn.) 3 GLS: Glenmark Life Sciences; GPL: Glenmark Pharmaceuticals Ltd. (parent co.) Q3 & 9M FY24 Performance Strong growth with stable margins PAT Revenue EBITDA PAT EPS EBITDA PAT Margin (In ₹ Millions) (In ₹ Millions) (In ₹ Millions) (In ₹) EBITDA Margin 5.9% 23.6% 23.4% 20.7% 19.9% 33.7% 33.7% 30.4% 19.4% 1 6 28.1% 29.0% 4, 1 1 3 1 2, 7, 5 4 5 9, 5 5, 1 3 9 0, 2 0 5 9, 1 5 2 7, 1 0 5 0, 1 4 6 5 5 3, 7 8 1, 1 7 5. 8 4 9. 1 5 0. 1 1 9 6. 9 8 2 5 1 5 4, 0 7 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 FY23 FY23 FY24 FY24 FY24 FY23 FY23 FY24 FY24 FY24 FY23 FY23 FY24 FY24 FY24 FY23 FY23 FY24 FY24 FY24 13.4% 30.0% 31.0% 20.8% 21.4% 17,466 30.4 5,417 26.2 15,399 4,620 3,730 3,206 9M 9M 9M 9M 9M 9M 9M 9M FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 4 P&L Highlights | Q3 & 9M FY24 Particulars (In ₹ Millions) Q3 FY24 Q2 FY24 QoQ Q3 FY23 YoY 9M FY24 9M FY23 YoY Revenue from Operations 5,728 5,954 -3.8% 5,407 5.9% 17,466 15,399 13.4% Gross Profit 3,306 3,223 2.6% 2,759 19.8% 9,833 8,062 22.0% Gross Profit (%) 57.7% 54.1% 51.0% 56.3% 52.4% Other Income 17 54 -68.5% 66 -74.4% 89 261 -65.9% Employee Benefits Expense 711 667 6.5% 485 46.5% 1,859 1,364 36.3% Other Expenses 870 885 -1.7% 819 6.2% 2,646 2,340 13.1% EBITDA 1,742 1,725 1.0% 1,521 14.6% 5,417 4,620 17.3% EBITDA Margin (%) 30.4% 29.0% 28.1% 31.0% 30.0% Depreciation and Amortisation Expense 132 131 0.4% 108 22.0% 389 306 27.2% Finance Costs 4 4 -2.9% 2 93.6% 12 4 195.5% PBT 1,607 1,589 1.1% 1,411 13.9% 5,016 4,310 16.4% PBT Margin (%) 28.1% 26.7% 26.10% 28.7% 28.0% PAT 1,188 1,187 0.0% 1,050 13.1% 3,730 3,206 16.3% Net Margin (%) 20.7% 19.9% 19.4% 21.4% 20.8% 5 Strong Returns Indicators ROICE Fixed Assets Turnover Working Capital Days 40% 202 36% 171 170 34% 35% 3.3 3.4 176 152 31% 2.9 2.9 98 102 103 99 89 152 136 122 120 116 FY20 FY21 FY22 FY23 9M FY24 FY20 FY21 FY22 FY23 9M FY24 -48 -43 -53 -67 -55 • ROICEis tracking at ~35% – Higher capital employed driven by calibrated Capex strategy FY20 FY21 FY22 FY23 9M FY24 • FATRis 2.8 times – Asset turn trending slightly lower due to Capex cycle Inventories Days AR days • WC daysremained stable at 170 days AP days Total WC days • Strong Balance Sheet– strong free cash flow of ₹ 2,214 Mn leading to Cash and Cash Equivalents as of 31st December 2023 at ₹ 2,359 Mn (post payment of interim dividend of ₹ 2,757 Mn) 6 Financial Performance Track Record Robust growth and profitability indicators over the years Revenue EBITDA PAT EPS (In ₹ Millions) (In ₹ Millions) (In ₹ Millions) (In ₹) EBITDA PAT EBITDA Margin PAT Margin 21.6% 31.0% 20.4% 31.5% 31.4% 19.7% CAGR 11.4% 29.7% 20.8% 18.6% 2 2 1 3 8, 8 1 2 3 2, 1 2 1 6, 30.6% 3, 6 7 , 6 1, 4 0 7 6 , 4 2 3 6. 5 3 1. 8 0, 4 1 3 7 3, 5 1 2 5 4 8, 4 9 1 9, 5 8 0 2 1 9, 2 1 3 1, 3 6 1 5, 3 7 8 1. 7 2 0. 9 2 6. 5 4 0 2 0 2, 7 9 8 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Note: Numbers of FY19 are based on Proforma Financials. 7 Segment Performance | Generic & CDMO business Generic API CDMO 568 (Revenue In ₹ Millions) (Revenue In ₹ Millions) 5,428 464 5,299 5,105 5,042 279 253 4,799 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 • CDMO business witnessed a strong growth of • Generic API revenues in Q3FY24 increased by 40.4% on QoQ and 27.2% YoY basis driven by 6.4% YoY and de-grew by 5.9% QoQ recovery in demand • Generic API business was driven by steady • Signed multi-year definitive agreement with an 93% 7% growth in external business which was offset by innovator for supply of API. Expect the contract to de-growth in GPL business. commercialise in FY25. • Emerging markets lead the growth whereas • Multiple discussions ongoing with companies regulated markets delivered stable growth globally for additionalbusiness opportunities 9 Segment Performance | GPL vs. External External GPL External GPL % of Total Revenue (In ₹ Millions) (In ₹ Millions) % of Total Revenue 37.2% 33.9% 33.5% 73.1% 29.0% 2,309 26.9% 71.0% 1,964 2,000 66.5% 66.1% 1,594 62.8% 3,954 3,814 3,904 3,821 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 • GPL business in Q3FY24 decreased 3.3.% • External business grew by 9.8% YoY and 5.9% YoY and by 23% QoQ QoQ 27% 73% • GPL business contributes 27% of the total • External business was driven by strong growth revenue from operations in US, LATAM, RoW and India (ex-GPL) business 10 Market and Therapeutic Area Mix Market Mix Therapeutic Area Mix 18% 19% 22% 20% 19% 34% 32% 31% 39% 39% 5% 6% Others 6% 3% 5% Emerging 5% 6% 4% Pain Management Markets 3% 4% 17% 15% 12% 18% Diabetes 82% 81% 78% 80% 81% 15% CNS Regulated Markets CVS 43% 43% 40% 36% 38% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 • CVS and CNS portfolio continue to lead the growth with Diabetes • Regulated markets contribution is at 81% in Q3FY24 portfolio seeing good recovery • Regulated market growth was driven by growth in external • Our key focused area of chronic therapies contributed 69% of the business along with growth in CDMO business revenue in Q3FY24 11 Global Footprint • Filed 502 DMFs and CEPs across major markets; United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia ROW 70+ 370+ 30+ 97 126 160 10+ 18 125+ 10+ 50+ 22 79 (Brazil) India –Mix of Regulated Number of Number of customers As of Dec 31, 2023 Regulated Markets Emerging Markets and Emerging DMF/CEP filings serviced in FY23 13 R&D Capabilities Cumulative Filing Status R&D Spend North (In ₹ Millions) Therapy Europe Japan Brazil Australia ROW Total America R&D Spend CVS 37 31 4 21 10 34 137 As % to Sales CNS 37 22 8 13 2 16 98 Diabetes 10 5 - 8 - 12 35 3.2% Pain Management 1 2 - 4 1 8 16 3.0% Others 75 37 6 33 9 56 216 Total 160 97 18 79 22 126 502 2.7% 2.6% 652 551 572 • DMF/CEPs filing continue across major markets in Q3FY24, taking the total cumulative filings to 502 as on 31 2.1% December2023. 400 405 • 4 new products added to the grid of which 1 is High potent API (HP API) / oncology molecule and 3 are syntheticsmall molecules. • The HP API portfolio now extends to 13 products with an addressable market of $24bn (Source: IQVIA, MAT September23). 3 productsare validated,and 4 productsare in advancedstage ofdevelopment. • Development progressing for iron complexes in the grid, each backed by customer interest. Filing completed for 1 iron complex with 2 others in advanced stages of development. Total addressable market of $2.4bn (Source:IQVIA,MAT September23). FY20 FY21 FY22 FY23 9M FY24 14 Quality-focused, compliant manufacturing & R&D infrastructure Manufacturing Infrastructure R&D Infrastructure Last USFDA Mahape, Navi Mumbai Location Annual Installed Capacity Approvals Inspection Date  R&D for new product development and complex molecules USFDA, MHRA (UK), FIMEA (Finland),  High-end analytical Romania (Europe) PMDA (Japan), Ankleshwar, Gujarat 742.2 KL* July 2019 equipment for COFEPRIS (Mexico), Health Canada, characterization KFDA (South Korea), Gujarat FDCA Ankleshwar, Gujarat USFDA, EDQM (Europe), PMDA Dahej, Gujarat 381.9 KL Oct 2018  Cost improvement programs (Japan), KFDA (South Korea) and process improvements Mohol, Maharashtra 49.1 KL March 2018 USFDA, Maharashtra FDA Dahej, Gujarat Kurkumbh,  Oncology R&D 24.6 KL -NA- Maharashtra FDA Maharashtra  Cost improvement programs and process improvements * Additional 208KL will be further added to the capacity in FY24 at Ankleshwar, Gujarat. 15 Strategic Growth Levers 1 Gx API Business  New product launches  Geographical expansion 2  Focus on new markets becoming more regulated New Growth levers  Pursue 2nd source opportunities with top generic players  Ramp up CDMO portfolio  Expand into complex API platforms  Iron compounds 3 Capacity  Oncology  Greenfield – Solapur, 1000MT (CTE Received) 4 Operational efficiencies  Brownfield – Dahej, 240KL (Completed)  Oncology block – Dahej (Completed)  Debottlenecking  Backward integration – Ankleshwar (400 KL of  2nd/3rd generation process adoption which 192 KL is completed)  Backward integration  Build R&D capability for new growth levers  Reduce carbon footprint  Adoption of flow chemistry in manufacturing  Pursue AVD opportunities 17 Future Capacity Expansion Plan Operational Expansion Type Division Location Status & Planned Capacity Timelines 208 KL (Under Construction) Q4 FY24 Brownfield API / Intermediate Ankleshwar Planned addition of 280KL-300KL FY25-FY26 Brownfield API Dahej Planned addition of 220KL-240KL FY25-FY26 CTE received for 1,000MT Greenfield API Solapur ~500 KL capacity will be operational FY26 by FY26 Total Reactor Capacity Expansion Plan (KL)  Backward Integration plant at Ankleshwar of 208KL is under construction. 2,405  Engineering work started for construction at Capacity 1,792 Solapur Plant of 200KL (Phase 1). 1,456 Progress 1,198  Solapur's further capacity expansion will be by Year 765 calibrated as per the volume demand FY22 FY23 FY24E FY25E FY26E 18 Thank You FOR FURTHER INFORMATION CONTACT Email: complianceofficer@glenmarklifesciences.com ERNST & YOUNG LLP – INVESTOR RELATIONS DIWAKAR PINGLE RAHUL THAKUR Email: Diwakar.Pingle@in.ey.com Email: Rahul.Thakur@in.ey.com CORPORATE OFFICE: REGISTERED OFFICE: T: 91 22 68297979 4th Floor, OIA House, 470, Cardinal Plot No. 170-172, Chandramouli CIN: L74900PN2011PLC139963 Gracious Road, Andheri (E), Mumbai, Industrial Estate, Mohol Bazarpeth, Website:www.glenmarklifesciences.com 400 099, India. Solapur - 413 213, India. 19