Presentation Heading or Sub Heading

Glenmark Pharmaceuticals Announces

Proposed Divestment of Majority Stake in
Glenmark Life Sciences

21 September 2023
 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
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.

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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 Transaction Information

+ Glenmark Pharmaceuticals Limited (“GPL”) has entered into a definitive agreement with Nirma
Limited (“Nirma”) to divest 75%1 stake in its subsidiary, Glenmark Life Sciences Limited (“GLS”), at a
price of INR 615/- per share for an aggregate consideration of INR 56,515 Mn, implying an equity
valuation of INR 75,354 Mn

+ Glenmark Pharmaceuticals Ltd. will own 7.84%1 in Glenmark Life Sciences Ltd. after the divestment

+ Transaction is subject to closing adjustments and customary conditions precedent, including receipt
of regulatory and shareholder approvals

+ Nirma Ltd. will make a mandatory open offer to all public shareholders of GLS

3 1. Basis current shares outstanding

 Transaction Rationale

Diverging business models leading to decreasing synergies between GPL and GLS

+ GPL constantly moving up the value chain through launch of branded / innovative products

+ Heightened focus to increase contribution from branded business globally and complex generics

+ Changing dynamics of the U.S. generics market

+ GPL’s future pipeline focused on Dermatology, Respiratory and Oncology plus complex generics

+ Opportunity to enhance shareholder value by deleveraging and improving overall return profile

API: Active Pharmaceutical Ingredient

4 CDMO: Contract Development and Manufacturing Organization
 GPL Future Roadmap – FY25 and beyond

Revenue Profitability Balance Sheet

+ Gross margin improvement through greater + Net cash positive post the completion of the
+ Target high double-digit CAGR in Europe
contribution from branded markets transaction
and RoW markets
+ EBITDA margin improvement on account of
+ Expand contribution of RYALTRIS® in the + Prudent capital expenditure going forward
multiple factors:
U.S., Europe and RoW markets to support overall revenue growth
• Increasing contribution of RYALTRIS® plus
+ Sustain strong growth in India + Strong organic cash flow generation
other branded / differentiated products
+ Generate ~2/3rds of consolidated revenue
• Lower R&D expenditure to 7-8% of + Evaluate select in-licensing opportunities to
from branded products / markets
consolidated revenue further strengthen the portfolio
+ Launch multiple complex generics
• Higher operating leverage through + No high-value M&A opportunities over the
(injectable, respiratory, dermatology) in the
greater scale in Europe and Latin America next two years
U.S. market
regions from FY25
+ Target commercial launch of one innovative + Ensure Ichnos is self-funded (through
+ Significantly lower interest costs going
asset between GPL and Ichnos1 partnerships, external capital raise / listing)
forward to help improve overall PAT margin

RoW: Rest of the World CAGR: Compound Annual Growth Rate

5 1. By GPL or / and via partners R&D: Research & Development
M&A: Mergers and Acquisitions
EBITDA: Earnings Before Interest, Tax, Depreciation & Amortization
PAT: Profit After Tax
 GPL Key Focus Areas

Consistent Revenue Return on Capital

Growth Employed

Shareholder Value
Net Cash Positive
Creation

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Thank You

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