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November 8, 2023

BSE Limited Department of Corporate Services, P. J. Towers, Dalal Street, MUMBAI - 400 001.

 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

Dear Sir/Madam,

Sub: Investor Presentation Q2 FY24.

Pursuant to Regulation 30(2) read with Schedule III Part A Para A(15)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a copy of the Investor PresentationQ2 FY24.

The above is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Rajvardhan

Vishnu Satam

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, st=Maharashtra, 2.5.4.20=c19d8ef961d9fa59e973a093a4d3924b2532eb2f496ea7e2abcf74700f5375 b7, postalCode=400104, street=2404,SEJAL TOWER,SEJAL PARK,LINK ROAD,GOREGAON WEST,Mumbai,Motilal Nagar,Borivali,Mumbai Suburban, pseudonym=9a4b7cd219ea516ad56e6d651dcbbe5b, title=0191, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb67a2ff09c4242 771b2a, o=Personal, cn=Rajvardhan Vishnu Satam Date: 2023.11.08 22:44:13 +05'30'

R. V. SATAM

COMPANY SECRETARY (ACS - 11973)

Encl.: a/a

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

www.lupin.com

Investor Presentation Q2 FY24 November 08, 2023

Safe Harbor Statement

Materials and information provided during this presentation may contain forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.

Risks and uncertainties include general industry and market conditions, domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forwardlooking statements. Product risks and uncertainties include, but are not limited to, technological advances, regulatory environment and patents obtained by competitors. Challenges inherent in new product development include but are not limited to completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting domestic and international operations. Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of the meeting.

Lupin Limited does not undertake any obligation to update forward-looking statements to reflect new information, future events, or otherwise after the date thereof.

2

Q2 FY24 Performance

Q2 FY24: Key Growth Metrics

Strong execution on all fronts

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Key Metrics Business Performance INR mn
North America
India
mn
49,392
18,666 mn
16,915 mn
Sales
7% YoY 40% YoY
21% YoY
Growth Markets EMEA
mn 18.7%
9,231
EBITDA [1] Margin 4,378 mn 4,759 mn
2% YoY 24% YoY
113% YoY
API ROW
4,897 mn 9.9%
2,684 mn 1,990 mn
margin
Net Income
102% YoY
7% YoY
278 % YoY5% QoQ
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Note: 1. EBITDA margin is 18.7 % Excluding NCE, Forex and Other Income; Arrows indicate Growth / degrowth

4

Q2 FY24: Key Developments Consistent trajectory of improved profitability

Financials

Sales and EBITDA* Trajectory

47,421 49,392 42,446 43,303 40,912 18.7% 13.9% 14.4% 12.2% 10.6% Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 Sales EBITDA margin

*excludes NCE, Fx and Other Income

Complex Generics

gSpiriva Gaining Diazepam Launched in DPI momentum Rectal Gel US

Business Development

• India: Acquired five legacy brands from Menarini and Ondero trademark

• France: Completed acquisition of Medisol

• Compliance

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• Received EIR for Nagpur OSD and Mandideep unit 2

US FDA

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• Successful inspection of Mexico site by COFEPRIS

Others

• Successful WHO inspection for Dabhasa

5

Q2 FY24 Financial Snapshot

Sales Mix

Key Financials

INR in mn

Sales (In INR mn and %)

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Q2 FY24 Q2 FY23 Q1 FY24
North
America,
18,666
India, 16,915
37.8% Sales 49,392 40,912 47,421
34.2%
49,392 mn
EBITDA [] 9,231 4,342 8,565
API, 2,684
5.4%
Growth
Markets,
EMEA,
ROW,
4,377 Net Income 4,897 1,297 4,523
4,759
1,990
8.9%
9.6%
4.0%
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6

* EBITDA excludes, Fx and Other income, and includes NCE income for Q1FY24

India: Outperforming market growth

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India Region Formulations (IRF) has grown 8.9% ex
NLEM impact in Q2FY24
India Sales (INR mn)
16,915
16,384
15,841
15,213
14,786
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
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Leveraging therapy leadership by adding 7
new divisions in last 12 months
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#2 rank #3 rank #3 rank Respiratory Diabetes Care Cardiac

• 7,250 Total ME’sand 9,440 total sales force

• Addition of new diabetic division in Q2FY24

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Continued Outperformance in Cardiac and Respiratory
therapies
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• Non-IL portfolio grew 9.2% in Q2 vs IPM growth of 7%[1]

• Key segments including Cardiology, Respiratory, GI and Gynaecology grew faster than market

• Anti-diabetes Non-IL growth 10% vs IPM 4.9% growth[1]

• In-licensed % of India sales: 13% Q2 vs 15.5% in FY23

~~Gaining significant launch momentum with 4 new~~ introductions in the quarter

Key New Launches 1 in 1 in 1 1 in Diabetes Care Derma Vaccine GI

• Valentas® Ranked #1 new launch in Cardiac[2]

• Poised to launch 20+ products in FY24

1 IQVIA July-Sep 23

2 IQVIA MAT Sep-23

7

India: Amplifying our Core

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Lupin prescription business is positioned to
outperform IPM with key drivers in place
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Enhancing penetration and reach

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• Maximizing Chronic therapy focus

• Sales force expansion

• Grow Biosimilars

Inorganic Strategy

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• Target M&A / inorganic activities – mid size companies, brands & portfolios

New Product Pipeline

• In-house pipeline of novel assets

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• In-license via partnerships

• Expanding footprint • Partnering in e-commerce, organized retail and institutional business

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Enabling end to end healthcare ecosystem and access
for the patient
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1 PSPs – Patient Support Program

8

North America: Building Complex Gx Portfolio

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Leadership: 4.4% TRx
volume share in U.S. [1]
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Growing Respiratory
portfolio
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22.9% 32.8% Albuterol Arfomoterol market share market share In generics[1] Brand + generic[1]

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Q2 FY24 Key Highlights
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• Focus on profitable growth

• Increasing share of complex generics in portfolio led by inhalation (>40% of sales)

• Legacy products maintaining market share

Continued momentum led by investments in complex formulations, 505(b)(2) and biosimilars

• Upscaling portfolio to higher share of complex formulations, led by inhalation, injectables and biosimilars

• Strong pipeline 40+ Injectables and 20+ inhalation

• 53 FTFs incl. 20 exclusive FTFs

Note:

1. IQVIA Qtr TRx Sep-23 by prescriptions 2. IQVIA Qtr Sep-23 NSP data

Continued cost optimization initiatives to improve profitability

9

Other Markets: Key Highlights

Steady performance in developed markets

Emerging Markets

• Growth driven by higher •

• Luforbec® and tender sales BRL 74 mn sales in Q2 FY24 (growth

• EU • Strong growth in Germany and UK Brazil of 6% YoY) • • Completed Medisol acquisition in Rank 4[[th ]] in reference market[[3]] France • Revenues of MXN 83 mn, 63% YoY

• • 7[th] largest generics player[1] Mexico decline due to impact of stock- outs

• •

• South Africa Revenues of ZAR 341 mn up by 16% QoQ •

• • 4[th] largest generics player[2] Philippines 33% YoY growth driven by renal and

• Australia women’s health • New launches from SCP portfolio

• BRL 74 mn sales in Q2 FY24 (growth

• Brazil of 6% YoY) • Rank 4[[th ]] in reference market[[3]]

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• API + Global • API revenues grew 7% YoY due to increase in sales of 7ACCA and Levetiracetam •

• Institutional Global Institutional business growth driven by higher Anti-TB and ARV sales

• Global Institutional business growth driven by higher Anti-TB and ARV sales

Note:

1. IQVIA MAT Sept 23 by sales

2. IQVIA MAT Sept-23 units

10

1. IQVIA Midas Sales Audit Mar-23

Innovation and Quality

R&D pivoting towards complex generics and biosimilars

Substantial Capabilities to become CGx powerhouse

• Inhalation: Global presence with end to end capabilities of MDIs, DPIs, Soft-Mist Inhalers, Nasal Sprays and Nebules

• Injectables: Robust suite of depot, liposomal, peptide and iron injectable products in development

• Biosimilars: A fully vertically-integrated commercial-stage company with regulated market approvals and launches

Long term Goals

Complex Generics: Launches in Regulated Markets by 2028

• 20 complex product launches in the areas of inhalation, injectables, amongst others

Biosimilar and Novel Complex Products: By 2028

Achieve Best-in-Class Quality

Recent Track Record

Successful outcomes in last 4 inspections

• Successful completion of FDA inspection at Vizag

• • EIR for Nagpur Unit-2;

• EIR for Mandideep Unit-1

• EIR for Pithampur Unit-2 with VAI status

• 2 Warning Letter affected sites:

• Tarapur and Mandideep Unit-1 resolution underway

Long term Goals

• Regulatory Compliance: Targeting all sites to have satisfactory compliance status by FY25

• Conduct Quality Audits of suppliers regularly and provide mandatory cGMP Training to all relevant employees

• Complete 3 biosimilar filings in regulated markets

• Launch 10 novel complex pipeline products in India

11

Key Financial Metrics: Quarterly Trend

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2,500 15.0%
Capex (INR mn) Net debt/ Equity
R&D (INR mn)
13.0%
3,900 3,679 [3,764 ] 15.0%2,000
11.0%
3,376
3,600
3,300 13.0% 1,540 1,555 1,502 0.25 [0.27 ]
2,896 [3,050 ] 9.0%
3,000 11.0%1,500 1,345
0.20
2,700 1,171
7.0%
2,400 9.0%
2,100 1,000 0.14
7.0% 5.0%
8.3%
1,8001,500 6.8% [7.0%] [7.8%] [7.6%] 5.0% 0.10
3.0%
1,200 500 3.8% 3.7% 3.5%
3.0%
900 2.5% [2.7%] 1.0%
600
1.0%
300
0 -1.0%
0 -1.0%
Q2 Q3 Q4 Q1 Q2
Q2 Q3 Q4 Q1 Q2
Q2 Q3 Q4 Q1 Q2
FY23 FY23 FY23 FY24 FY24
FY23 FY23 FY23 FY24 FY24
FY23 FY23 FY23 FY24 FY24
Capex (INR Mn)
R&D (INR Mn)
R&D (% of Sales) Capex % of Sales
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12

P&L Highlights Q2 FY24

13

* EBITDA excludes, Fx and Other income, and includes NCE income for Q1FY24

Lupin at a Glance

Lupin Today Operating from a position of strength

Global Presence

Local Leadershi p

Geo ra hicall Diverse g p y

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(FY23 Sales) 13[th] Largest in India Pharma Largest Generic 3[rd] the US 7th Market Rank 37% INDIA 8% Developed Company Markets (by prescriptions[3] ) (by sales[3] ) (by sales[1] ) 32% Largest Largest South US $2 bn 4[th] Australia 7th 14% Africa Gx Annual sales in FY23 Gx Developing (by sales[5] ) 7% Emerging (by sales[4] ) Adjacencies Markets API $233 mn EBITDA in FY23 With Global Infrastructure And Growing Sustainably ~13% reduction in Scope 1 and R&D 20,500+ Manufacturing 15 7 2 emissions[2] Lupinytts Sites Sites Renewable energy Adding 22MW Reaching lives in across India, the US, Netherlands, share of ~5% in Renewable energy 100+ countries Brazil and Mexico FY23 capacity in FY24

| 3 - IQVIA Qtr Sep-23

|4 - IQVIA MAT Mar-23

|5 - IQVIA MAT Sep-23

|2 Reduction in FY23 from base of FY20

1 - Global ranking based on LTM June-23 sale

15

A pharmaceutical company focused on delivering high quality medicines to patients around the world

Vision

Global Other United Developed India Region Emerging States Markets Markets

Evolving portfolio and pipeline in Complex platforms (Inhalation, Biosimilars and Injectables); Scaled product platforms in legacy oral, ophthalmic and dermatology

Delivering innovative Global reach and scale as brands and above a partner of choice in market Growth South Africa, Brazil, through organic and inMexico, Philippines; organic means; Enhancing access to establishing strategic medicines in anti-TB and market adjacencies in low and middle income nations

Global operational efficiency and presence driving leverage on capital investment and R&D across platforms through markets with similar regulatory regimes (UK, Europe, Canada and Australia)

API

Meaningful scale achieving competitive costs to serve internal as well as external customers and contribute meaningfully to Global Public Health

Continuous Improvement Culture

Best in Class Global Quality

16

Lupin’s ESG Journey

Our Commitment to Responsible Business Practices, Sustainability, Environmental Stewardship and Risk Management

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Environment
Enhancing targets and tracking for ESG
•
Adding renewable and biogenic capacities to To enhance and take additional targets in
reduce Scope 1 and 2 emissions areas of ESG for both internal and
•
Scope 3 GHG assessment completed Environment / Society
•
Advance TCFD Reporting process completed
& Apply
FY22
Accelerate Climate Change & Environment
Add & Expand FY24 and Renewable energy transition
beyond Decarbonization strategy
FY23
Assess & finalization
Launch
Governance
FY21
•
Completed double materiality assessment
•
Obtained UNGC Membership
Social
•
Strengthened and enhanced existing ESG
• policies
Initiated Human Rights Assessment at all Lupin premises in May 2023
•
• Kick-started supplier assessment
Employee Volunteering Program in India: 9,200 hours clocked in FY23
• framework to assess all third party
Access to Healthcare: Maintained momentum of registrations for anti-TB and
ARVs in low/middle income countries to increase Access to medicines in FY23 suppliers
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17

ESG: External Validation of progress made in 2023 Committed to accountability and public disclosure of ESG initiatives and metrics

• Lupin has made significant investment and progress in 2023 as an organization

• Maintaining momentum towards continuously enhancing our ESG systems and processes

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Agency 2021 2022 2023 Trends
17 46 68
ESG Score
92 percentile 95 percentile
As of Oct 27, 2023
Climate +
Water
C
First time Climate respondent
respondent
24 40 submissionUnder
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BB BB Under evaluation

18

Lupin – Awards and Accolades

Organizational Awards

• ATD (Association of Talent Development) BEST Award

• ‘Factories of the Future’ at the Economic Times Promising Plant Awards 2022

• Excellence in Patient Centric Initiative at Zee Health Awards 2022 ‘

• • Digital Pharma Marketing Excellence

• Award ’ for ‘in Pharma Digital Marketing & Awards 2022

• • Businessworld's Diversity and Inclusion Award 2022 for " Outstanding Diversity Network "

• Cyber Security Excellence Awards 2022 for the Best Zero Security in Healthcare

• • Bioprocessing Excellence in South Asia Award at Asia Pacific Bioprocessing Excellence Awards 2022 by IMAPAC

• Leadership and Other Awards

• • Vinita Gupta , named among India’s 20 Most Influential Women in Healthcare by 2022 BW Healthcare World

• • ISO HSE certification audit successfully completed for Goa, Pithampur and Nagpur U-1 and U-2

• Goa and Nagpur awarded Gold Medal at the National Awards for Manufacturing Competitiveness 2022-23

• Pithampur team wins two awards - at the CII National Technology Competition and won four awards at 43rd CII National Kaizen Competition

• Pithampur team won Platinum and Gold Awards at the 16th CII National 3M Competition

• • Team Quality and Operational Excellence on winning the platinum category award from CII Institute of Quality

• • Won Best-in-Class Supply Chain Award at 15th ELSS Leadership Awards

• • LHWRF won the Water Sustainability Awards 2022-23 for Excellence in Participatory Water Management

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19

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youtube.com/c/LupinGlobal twitter.com/LupinGlobal linkedIn.com/company/lupin facebook.com/LupinWorld/

Thank You

Registered Address

3[rd] Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai – 400055, India

Phone: +91 22664 02323 | Fax: +91 22664 02051 | www.lupin.com