Glenmark Pharmaceuticals : Investors Day 2024

INVESTOR DAY 2024

30 May 2024

© 2024 GLENMARK PHARMACEUTICALS LTD. ALL RIGHTS RESERVED

Disclaimer

This document has been prepared by Glenmark Pharmaceuticals Limited and the information, statements and analysis made in this document describing the Company's or its affiliates' objectives, projections and estimates are forward looking statements. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact, including, but not limited to, those that are identified by the use of words such as "anticipates", "believes",

"estimates", "expects", "intends", "plans", "predicts", "projects", "aspirations", "goals", "aim", "targets", "promises" and similar expressions.

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, depending upon, without limitation:

• General economic and political conditions in our key markets, government policies and other incidental factors;
• Changes in the overall macro-economic parameters including changes in the currency and interest rates either in India and / or globally;
• Ability to successfully implement our strategic plan, including research and development efforts;
• Changes in laws and regulations that apply to the pharmaceutical industry and its suppliers and customers; and
• Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry

Actual outcomes may vary materially from those indicated in the applicable forward-looking statements, should one or more of such risks and uncertainties materialize. No representation or warranty, either expressed or implied, is provided in relation to this presentation. This presentation should not be regarded by recipients as a substitute for the exercise of their own judgment. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

This presentation is property of Glenmark Pharmaceuticals Limited. Do not alter in any way or reproduce without permission.

© 2024 GLENMARK PHARMACEUTICALS LTD. ALL RIGHTS RESERVED

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Today's Agenda

Glenmark Today And Strategic Outlook

Glenn Saldanha

Chairman and Managing Director

Differentiated, Global Formulation Business

Christoph Stoller

President and Business Head - Europe and Emerging Markets

Collaboration Propels Innovation

Cyril Konto, M.D.

President and Chief Executive Officer

Strong Financial Principles To Support Growth

V. S. Mani

Executive Director and Global Chief Financial Officer

Q&A

© 2024 GLENMARK PHARMACEUTICALS LTD. ALL RIGHTS RESERVED

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Glenmark Today And Strategic Outlook

Glenn Saldanha

Chairman and Managing Director

4

Glenmark Today

Vision: To emerge as a Leading, Research-led,Global pharmaceutical company

~US$ 1.5 billion

consolidated revenue

~60%

contribution to revenue from branded markets2

80+ countries

global commercial footprint

1. Branded includes revenue from India, Rest Of the World and part of Europe
2. Based on up-front and milestone income received across all NME partnerships, till date
3. Includes partnered assets (ISB 830 and ISB 880)
4. As of March 2024

10

manufacturing sites globally across dosage forms

4

R&D centers covering the entire value chain

3

key therapeutic areas globally (Dermatology, Respiratory, Oncology)

US$ 300+ million

out-licensing income from NME research till date3

4

innovative assets in clinical development4

15,000+

employees across the globe5

NME: New Molecular Entities

R&D: Research and Development

5

Navigating Through Uncertainties To Emerge Stronger

Slow growth in the U.S. generic market

Adverse U.S. FDA audits at key manufacturing sites

High spend in innovation R&D

Ongoing litigations in the

USA

High leverage in a high interest rate environment

• Pivot towards branded markets to drive revenue growth
• Successful global launch of RYALTRIS® in the branded Respiratory segment
• In-licensingof innovative branded products in key therapeutic areas
• Remediation completed at Monroe and Goa
• Significantly enhanced overall quality organization, systems and management oversight
• Innovation spend optimized to US$ 50 million in FY251 vs. US$ ~120 million in FY19 / FY202
• De-riskingpipeline investments through out-licensing (ISB 830, ISB 880)
• Substantial progress made through settlements of ongoing litigations in the USA
• Substantial de-leveraging of the balance sheet
• Net cash positive as of March 20243

		U.S. FDA: The United States Food and Drug Administration
1.	Guidance for FY25	R&D: Research and Development
2.	Management Discussion and Analysis (MDA) published for Q4 FY19 and Q4 FY20	6
3.	FY24 consolidated balance sheet

Glenmark Continues To Move Up The Value Chain

Dermatology

Branded

Respiratory

	Generics
Oncology	Key priorities

Global presence

Future pipeline

• 2nd in India1; launched
	JABRYUS® (Abrocitinib) in
	partnership with Pfizer
• Among the Top-10
	companies in Russia2
• In-licensed WINLEVI® for
	Europe4, the UK and South
	Africa
•	Maintain leadership
	position in key markets
•	Further expand portfolio
	across markets
• Accelerate growth of OTC
	/ DTC business in select
	markets

• 2nd in India1; 2nd in the Russian Expectorants market; leading player across ROW
• RYALTRIS® filed in 80+ markets and launched in 34 markets3 globally
• 4 device-based products commercialised across Europe
• Expanding presence across the chronic sub- segment in India
• 4 additional products to be launched in Europe in the next 12-18 months
• Multiple new launches across the ROW markets

• Among the leading companies in India; launched AKYNZEO® IV
• In-licensedEnvafolimab for India & ROW markets; Tislelizumab / Zanubrutinib for India market
• IGI: Potential commercialization of pipeline in next 3-4 years
• Continue launch of branded / generic products globally
• Focus on partnerships to move pipeline forward toward commercialization
• Continue development of select innovative assets

• Drive the US generics business growth through complex product launches
• Transition towards a high- complexity, low- competition pipeline
• Focus on quality of filings rather than quantity

Future pipeline

• Injectables: Both standard and complex
• Respiratory: 2 nasal spray approvals expected in FY25; filed ANDA for gFlovent® pMDI 44mcg
• Other complex generics & approved, settled FTF launches

1. As per IQVIA April 2024
2. As per IQVIA March 2024

3.	As of March 2024
4.	Select markets in Europe

pMDIs: pressurized Metered-Dose Inhalers

FTF: First-To-File

ROW: Rest Of the World		OTC: Over-The-Counter	7
IGI: Ichnos Glenmark Innovation		DTC: Direct-To-Consumer

Global Brands To Be Key Catalysts For Future Growth

Therapeutic area

Key regions

Launch calendar

Expected sales

Envafolimab

Respiratory

Oncology

Dermatology

Global	India	Europe1, the UK
ROW markets	South Africa

Launched	First market launch in	First market launch in
FY26	FY26

Estimated total annual global sales of US$ 300 - 400 million

over the next five years

1. Select markets in Europe

8

Contribution From Branded Markets To Further

Increase Going Forward

FY19

FY24

FY29E

~55%	~60%	~70%
		~30%

~45%	~40%

Branded1	Generics2	Branded1	Generics2
Consistent high growth in ROW and Europe branded portfolio, along with	Targeting ~70% contribution
India, has led to an increasing share of branded markets	from branded markets

1.	Branded includes revenue from India, ROW, and part of Europe	9
2.	Generics includes revenue from North America and rest of Europe that is not covered in Branded

Glenmark 2.0: Evolving Ideologies To Fuel Sustained Success

01 02

Focus on	Generate further
revenue	operating
growth and	efficiencies to
continue to drive	drive
capital	continuous
allocation	margin
basis ROCE	improvement

03 04

Stay averse to	Drive
debt and remain	shareholder
free cash	wealth creation
positive post	- Increase pay-out
any CAPEX,	ratios from FY26
dividends, M&A,	onwards via
etc.	dividends and/or
	share buyback

CAPEX: Capital Expenditure

ROCE: Return on Capital Employed	10
M&A: Mergers and Acquisitions