Investor Presentation: Q3 FY24

14 February 2024
 Disclaimer

This document has been prepared by Glenmark Pharmaceuticals Ltd. 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
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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.
Certain information in this document is not audited or reviewed by an auditor or based on Indian Accounting Standards or internationally accepted accounting principles. The reader
should not consider such items as an alternative to the audited financial results or other indicators of the Company’s profit, cash flows or financial performance based on applicable
accounting standards.
This presentation is property of Glenmark Pharmaceuticals Ltd. Do not alter in any way or reproduce without permission.

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 Strategic Restructuring For Sharper Focus On The Three Businesses

Alliance between GPL and its 100%

subsidiary, Ichnos Sciences Inc.
Separate Board of Directors
Innovation biotech focused on
development of novel molecules as
Focused on building a global potential treatment options for oncology
formulation business with
branded, generics, and OTC
segments in therapy areas of
dermatology, respiratory and Independent Management Team
oncology
(82.84% subsidiary)
Focused on manufacturing and
marketing of API products across
all the major global markets
Global Presence and Operations

Restructuring also enhanced the ability to unlock value

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 Committed to Sustainability across all our operations globally

Environmental Social Governance

Become carbon neutral by 2030* 16 global safety programs by 2023 Maintain an ethical business culture to
Achieve water neutral operations by Aspire to impact 3 million lives by 2025 drive robust governance practices
the year 2025** beyond compliance
Deepen global presence and deliver
Zero waste to landfill at all our plant quality affordable in new markets Continue maintaining high quality
locations by the year 2027 products and product transparency
Continue focus on gender equality and
diversification

Greenhouse Gas (GHG) emission targets certified by the Science Based Targets initiative (SBTi) –
2nd Indian Pharmaceutical company to receive this approval
Awarded a Silver medal by EcoVadis for 2023

* Covers Scope 1 and Scope 2 emissions only

** for GPL only (excluding GLS)

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 Q3 & 9M FY24 Summary – Consolidated (GPL + GLS)

Q3 FY24 9M FY24

 Revenue from operations at Rs. 29,096 Mn with decline of 16%  Revenue from operations at Rs. 98,991 Mn with growth of
YoY due to one-time impact on India business 2.9%

 Excluding the impact, approx. revenue growth estimated to be  Excluding the one-time impact in Q3 FY24, approx. revenue
around 9% YoY growth estimated to be around 12% YoY

 Consolidated Revenue of Rs. 29,096 Mn; decline of 16% YoY

 Consolidated Revenue of Rs. 98,991 Mn; growth of 2.9% YoY
due to one-time impact in India business
 Europe Business growth of 50.5% YoY
 Europe business growth of 28.9% YoY
 ROW Business growth of 18.7% YoY
 ROW business growth of 10.8% YoY
 Adjusted EBITDA* of Rs. 13,334 Mn
 Adjusted EBITDA* of Rs. 289 Mn
 R&D expenses of Rs. 9,168 Mn
 R&D expenses of Rs. 3,088 Mn
 Capex of Rs. 6,090 Mn
 Capex of Rs. 2,368 Mn

* Adjusted for foreign exchange (Fx) loss of Rs. 162 Mn and hyperinflationary accounting impact in Argentina of Rs. 480 Mn in Q3 FY24 and foreign exchange loss of Rs. 430 Mn in Q2 FY24

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 Q3 & 9M FY24 Summary - Reported (Continuing Operations – Glenmark
Group excluding GLS)

Q3 FY24 9M FY24

 Revenue from operations at Rs. 25,067 Mn with decline of 19%

 Revenue from operations at Rs. 87,501 Mn with growth of 2%
YoY due to one-time impact on India business
 Excluding the one-time impact in Q3 FY24, approx. revenue
 Excluding the impact, approx. revenue growth estimated to be
growth estimated to be around 12% YoY
around 9% YoY

 Consolidated Revenue of Rs. 25,067 Mn; decline of 19% YoY

 Consolidated Revenue of Rs. 87,501 Mn; growth of 2% YoY
due to one-time impact in India business
 Europe Business growth of 50.5% YoY
 Europe business growth of 28.9% YoY
 ROW Business growth of 18.7% YoY
 ROW business growth of 10.8% YoY

 Adjusted EBITDA* of Rs. 7,982 Mn

 Adjusted EBITDA* of Rs. -1,444 Mn

* Adjusted for foreign exchange (Fx) loss of Rs. 162 Mn and hyperinflationary accounting impact in Argentina of Rs. 480 Mn in Q3 FY24 and foreign exchange loss of Rs. 430 Mn in Q2 FY24

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 Consolidated Revenues from Operations – Q3 FY24

Third Quarter ended Second Quarter ended

December 31 September 30
YoY Growth QoQ Growth
Rs Mn FY 2023-24 FY 2022-23 FY 2022-23
(%) (%)
India 2,622 10,745 -75.6% 11,217 -76.6%
North America 7,629 8,373 -8.9% 7,392 3.2%
Europe 6,357 4,932 28.9% 5,997 6.0%
Rest of the World1 7,250 6,541 10.8% 7,324 -1.0%
API 4,129 3,756 9.9% 3,930 5.1%
Total 27,987 34,347 -18.5% 35,860 -22.0%
Other Revenue 1,109 291 280.6% 18 5933.8%
Consolidated Revenue 29,096 34,639 -16.0% 35,879 -18.9%

1. Asia, Middle East and Africa (MEA), Russia + CIS (RCIS), and Latin America (LATAM)

Average conversion rate in 9M FY 2023-24 considered as INR 82.69 / USD 1.00

Average conversion rate in 9M FY 2022-23 considered as INR 79.58 / USD 1.00
USD figures are only indicative

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 Consolidated Revenues from Operations – 9M FY24

Nine Months ended December 31

YoY Growth
Rs Mn FY 2023-24 FY 2022-23
(%)
India 24,482 32,014 -23.5%
North America 23,105 22,534 2.5%
Europe 18,086 12,016 50.5%
Rest of the World1 20,086 16,921 18.7%
API 11,828 10,751 10.0%
Total 97,587 94,236 3.6%
Other Revenue 1,404 1,928 -27.2%
Consolidated Revenue 98,991 96,164 2.9%

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 Q3 & 9M FY24 P&L Highlights – Consolidated (GPL + GLS)

Rs. Mn Q3 FY24 Q3 FY23 9M FY24 9M FY23

Revenues from Operations 29,096 34,639 98,991 96,164

EBITDA (353) 6,202 12,262 16,734

EBITDA margin (%) -1.2% 17.9% 12.4% 17.4%

Other Income (exp) 463 764 733 3,570

Exceptional gain (loss) (767) 339 (4,542) 339

Profit Before Tax (PBT) (3,607) 4,710 73 13,592

PBT Margin (%) -12.4% 13.6% 0.1% 14.1%

Tax (299) 1,802 2,265 5,787

Profit After Tax (PAT) (3,308) 2,908 (2,192) 7,805

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 Q3 & 9M FY24 P&L Highlights – Reported
(Continuing Operations – Glenmark Group excluding GLS)
Rs. Mn Q3 FY24 Q3 FY23 9M FY24 9M FY23
Revenues from Operations 25,067 31,002 87,501 85,827
EBITDA (2,086) 4,740 6,910 12,371
EBITDA margin (%) -8.3% 15.3% 7.9% 14.4%
Other Income (exp) 454 706 668 3,313
Exceptional gain (loss) (767) 339 (4,542) 339
Profit Before Tax (PBT) (5,214) 3,299 (4,943) 9,282
PBT Margin (%) -20.8% 10.6% -5.6% 10.8%
Tax (718) 1,441 979 4,683
Profit/(loss) for the period from continuing
(4,496) 1,858 (5,922) 4,599
operations

Profit Before Tax from discontinuing

1,607 1,411 5,016 4,310
operations
Tax expense of discontinuing operations 419 361 1,287 1,104
Profit after Tax from discontinuing
1,188 1,050 3,730 3,206
operations

Profit/(loss) for the period from continuing

(3,308) 2,908 (2,192) 7,805
and discontinuing operations

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 25%
9M FY24
India

YoY: -75.6%
Revenue (INR Mn) QoQ: -76.6%
Continued outperformance in Launched Lirafit™ - first
11,217
secondary sales in Q3 and MAT biosimilar of liraglutide in India, 10,745
December 2023 at 70% lower cost of therapy

Key Highlights
 One-time impact on India business revenue as the Company implemented 2,622

changes in its overall distribution model, through consolidation of stock

points and rationalization of channel inventories
Q3 FY24 Q3 FY23 Q2 FY24
o Will help improve operating margins and overall working capital in the future
o Also help accelerate the Company’s Anti-Counterfeit packaging roll-out and YoY: -23.5%
ensure that it reaches faster to the patients 32,014

 Sustained growth 1.5-2x higher than that of the industry in key therapy areas 24,482
of Cardiac, Dermatology and Respiratory
 Launched Zita DM™ – first triple-drug, once-daily, FDC of Teneligliptin,
Dapagliflozin, and Metformin SR
 Glenmark Consumer Care
o Primary sales growth of 18%
o Candid Powder™ and La Shield™ both delivered 20% growth 9M FY24 9M FY23

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 25%
9M FY24
North America

YoY: -8.9%
Revenue (INR Mn) QoQ: 3.2%
Significant expansion of
7 launches in Q3 FY24 injectable portfolio – 5 products 8,373
commercialized in the market 7,629 7,392

Key Highlights
 Q3 Sales impacted due to continued price erosion in the base business and
lack of significant new product launches in the preceding quarters
 Notable injectable launches in Q3: Fosphenytoin Sodium Injection USP,
Octreotide Acetate Injection, Posaconazole Injection, 300 mg/16.7 mL (18 Q3 FY24 Q3 FY23 Q2 FY24
mg/mL), Ketorolac Tromethamine Injection USP, 15 mg/mL and 30 mg/mL YoY: 2.5%
o Likely to positively impact growth from Q4 FY24 onwards 23,105 22,534
 Hoping to re-start commercialization of further injectable products from the
Monroe manufacturing site from FY25 onwards
 Leveraging strong development capabilities in Respiratory
o 2 ANDAs for generic nasal sprays already filed
o Clinical trial for gFlovent® pMDI completed – ANDA filing in Q1 FY25
o 1 more generic pMDI ANDA filing in FY25
 Plan to file up to 5 ANDAs in the forthcoming quarter 9M FY24 9M FY23

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 25%
9M FY24
Europe

YoY: 28.9%
Revenue (INR Mn) QoQ: 6.0%
RYALTRIS® continues to sustain Strong growth of branded 6,357
share in all key markets business in the CEE markets 5,997
4,932

Key Highlights
 Western European (WEU) business clocked ~20% growth for Q3 mainly led
by the United Kingdom (UK), Spain and Germany. Multiple product launches Q3 FY24 Q3 FY23 Q2 FY24
across WEU aided the growth in Q3.
YoY: 50.5%
 Central and Eastern Europe (CEE) markets – The Czech recorded 40%+ YoY
18,086
growth, Poland recorded 20%+ secondary sales YoY growth, and Slovakia
also recorded 15%+ YoY growth in Q3.
12,016
 Key brands such as RYALTRIS® and Salmex® / Asthmex® continue to sustain
their market share
 Menarini, Glenmark’s partner for RYALTRIS® in the European markets,
recorded strong growth across multiple markets where it has launched the
product
9M FY24 9M FY23

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 25%
9M FY24
Rest of the World (ROW)1

YoY: 10.8%
Revenue (INR Mn) QoQ: -1.0%
Growth in the base business Respiratory launches – key driver 7,250 7,324
across all sub-regions of ROW of growth in the region 6,541

Key Highlights
 Russia: Glenmark ranked 9th in Dermatology and 2nd in Expectorants market
as per IQVIA MAT December 2023; key launches include Fenismart
(Dimetindene gel) and Phelisans™ (phenasone + lidocaine) ear drops; Q3 FY24 Q3 FY23 Q2 FY24
RYALTRIS® gaining market share
YoY: 18.7%
 Asia: 20% growth in secondary sales driven by markets like the Philippines,
Malaysia, Sri Lanka and Vietnam; Glenmark growing faster (17%) than the 20,086
covered market (7%) in Q3 FY24; 10 product approvals received in Q3 16,921

 MEA: 15% growth in sales during the third quarter of FY24; RYALTRIS®
continues to be the leading nasal spray for Allergic Rhinitis in South Africa
 LATAM: Respiratory is key contributor to growth; Glenmark ranked in top-10
in respiratory in Brazil; Glenmark Mexico achieved its highest market share in
respiratory in Q3 FY24
9M FY24 9M FY23
1. Asia, Middle East and Africa (MEA), Russia + CIS (RCIS), and Latin America (LATAM)

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 Creating Global Brands - RYALTRIS®

Value market shares of RYALTRIS® across key geographies (Top

10 products within “R1A1 – Nasal Corticosteroids without Anti
 Marketing applications submitted in more than 70 countries across the world. Infectives” category as per IQVIA + RYALTRIS®):
The product has been commercialized in 31 markets, including major markets like
MARKET MARKET SHARE
the USA, Canada, Europe (the UK and multiple markets across the EU), Australia, Australia 18.1%
Czech 19.1%
Russia, South Africa, South Korea and Saudi Arabia.
South Africa 19.7%
 Product has been approved in 18 other markets where it will be launched over Poland 12.0%
Italy 13.1%
the course of the next 3-6 months.
Austria 7.7%
 Glenmark’s commercial partner in the USA, Hikma, continued to see strong new France 5.8%

prescriptions with a full strength field force focusing on high prescribing Spain 6.0%
Ireland 4.8%
physicians Peru 5.9%

Ryaltris®  Glenmark’s partner in Mainland China, Grand Pharmaceutical (China) Co. Ltd., is Ecuador 4.8%
Russia 2.3%
progressing with the application and registration process and expects to launch
**Data as of, for each respective market: Australia – May 2023; South Africa, Peru, France
the product in mid-2025. – September 2023; Poland, Czech – November 2023; Italy, Austria, Spain, Ireland – August
2023; Russia – December 2023

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 ICHNOS GLENMARK INNOVATION

 The Company and its global fully integrated, clinical‐stage biotech subsidiary, Ichnos Sciences Inc. (Ichnos), recently
announced the launch of their alliance – Ichnos Glenmark Innovation – to accelerate new drug discovery in cancer
treatment.

 This alliance combines Glenmark’s research and development proficiencies in small molecules with those of Ichnos in novel
biologics to continue developing cutting edge therapy solutions that treat hematological malignancies and solid tumors.

 The newly formed IGI features a robust pipeline of three innovative oncology molecules targeting multiple myeloma, acute
myeloid leukemia and solid tumors currently undergoing clinical trials. Two of these molecules have received orphan drug
designation from the U.S. FDA.

 Additionally, IGI has two autoimmune disease assets that have been out licensed to leading companies.

 Going forward, all of Glenmark group’s investments on innovative assets will be channelized through the IGI alliance

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 ICHNOS GLENMARK INNOVATION

 GRC 54276 is being developed as an orally administered IO-adjuvant treatment for patients
with solid tumors. GRC 54276 is a novel, orally active HPK1 inhibitor that demonstrates stand-
alone efficacy and enhances current immunotherapy efficacy. GRC 54276 is currently being
evaluated in the First in Human (FIH) Phase 1 clinical study.
 Part 1a monotherapy phase of the study is ongoing in India since July 2022. Additional
GRC 54276
subjects are being recruited in the 50 mg monotherapy backfill cohort of the study to further
HPK1 Inhibitor
assess safety, and tolerability for GRC 54276 monotherapy.
 The Phase 1, Part 1b combination study of GRC 54276 with pembrolizumab and atezolizumab
was initiated in India and the U.S. in Q1 FY24 and Q2 FY24 respectively.
 As of Q3 FY24, two dose cohorts of GRC 54276 with pembrolizumab and atezolizumab have
been completed, and patient recruitment and dosing is ongoing for the third cohort

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 ICHNOS GLENMARK INNOVATION

IGI Biologics Pipeline - First Wave Focuses on T-Cell Engagers and

Macrophage Modulators for Oncology
Molecule
Phase/Status Lead Indication
Mechanism/Class

IGI Biologic Assets in Autoimmune (AI) Disease

ISB 1442
Relapsed / Refractory Multiple
CD38 x CD47 BEAT® Molecule Potential
Phase 1 Myeloma; Phase 1 study in AML is Mechanism/Class Indications Phase Status
biparatopic
planned by early 2024
bispecific antibody
ISB 880 (ALM 27134) Licensed to Almirall S.A. in December
IL-1RAP Antagonist Autoimmune 2021. Dosing of participants in the
Phase 1
Monoclonal Diseases Phase 1 study was announced by
ISB 2001 Antibody Almirall in September 2022
Relapsed / Refractory Multiple
BCMA x CD38 x CD3 Phase 1
Myeloma
TREAT™ trispecific antibody2

Licensed to Astria Therapeutics in

Atopic Phase 2b October 2023. Successfully
Dermatitis completed a Phase 2b study in
ISB 830 Atopic Dermatitis.
Telazorlimab
OX40 Antagonist
Antibody
Other AI U.S. IND for Rheumatoid Arthritis and other
diseases, autoimmune indications is active
including RA

1. Future clinical development will be advanced by a partner

2. TREATTM: Trispecific Engagement by Antibodies based on the TCR

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