Lupin Limited

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LUPIN
Investor Presentation
May 2006
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Safe Harbour 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, and general domestic and
  international economic conditions such as
  interest rate and currency exchange fluctuations.
  Risks and uncertainties particularly apply with
  respect to product-related forward-looking
  statements. Product risks and uncertainties
  include, but are not limited, to technological
  advances and patents attained by competitors,
  challenges inherent in new product development,
  including 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 foreign 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.
• The Company disclaims any intention or obligation
  to update or revise any forward-looking
  statements whether as a result of new
  information, future events or otherwise.

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Agenda

• Global Pharmaceutical Industry Overview
• Indian Pharmaceutical Industry
• Lupin -Business Update
• 2006-07 and Beyond

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Lupin Limited
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Vision

• To be an Innovation led Transnational
  Pharmaceutical Company

Values

• Superior Performance
• Entrepreneurship
• Customer Orientation
• Working Together
• Respect for People
• Integrity

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Pharmaceutical Industry Overview
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Global Pharmaceutical Industry Overview

• Global Pharmaceutical market at US600 billion
  market in 2005
• Market expected to grow at a rate of 6-7
• Ten major markets account for almost 81 of the
  market in terms of revenue
• North America is the single largest market
  accounting for approx. 50 of global sales and is
  expected to grow at a CAGR of 5-8
• Japan, the second largest market, at US60bn is
  growing at 6
• EU experiencing growth at 7 at US 170bn
• Growing importance of generics in regulated
  markets
• Pressure from healthcare providers and insurance
  companies to reduce healthcare costs driving
  usage of generic drugs
• Increasing patent expirations driving generic
  drug availability
• Stringent testing requirements and declining RD
  productivity has led to limited new drug pipeline

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Indian Pharma Emerging Scenario
Domestic Market US 5bn Exports US
2.5bn Total US 7.5bn
Indian Pharma
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Lupin Strives For
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Regulated Markets (US) Lupin Approach
LUPIN

• Other Regulated Markets
• Focus on Branded Products
• Partnerships Alliances

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Developing Markets Lupin Approach
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Advanced Markets
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US

• Branded
• Suprax continues its prescription growth over
  5000Rx per week
• Sales force internalised
• Copromotion of Atopiclair with Chester Valley
• New Products in 2006-07
• Generics
• 7 products launched in the US in 2005-06
• Timely launch of Ceftriaxone and Cefprozil
  immediately on expiry
• Launched Lisinopril in Dec05 Consolidating
  Market share
• Commenced Direct Marketing (DTM) in Dec05
• 18 ANDAs filed taking total ANDAs to over 35

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Generics US
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Other Markets

• Europe
• Ramping up MAA/ Dossier filings
• Alliances in progress
• Revenues commenced
• Expressions of interest at advanced stages
• Japan, Australia LA
• Expressions of interest moving forward
• MDR-TB sales commenced in LA
• South Africa
• JV with Aspen (Anti-TB FDC) for Africa

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Robust pipeline
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India Region
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India Region Formulations

• Growing at 24 vs 8 industry average
• Contributed by CVS (57), NSAIDS (38) and
  Diabetology (174)
• Anti-Asthma range launched in Aug 04, already
  number 2 in its segment and growing (126)
• Signoflam (Endeavour), the best product launch
  (IMS Data) of the year in the industry
• Lupinova driving foray into rural and less
  penetrated regions
• Top 10 brands

Rs. Mn ORG-MAT JAN 06
introduced in last 3 years
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Other Markets

• CIS
• Posted a healthy growth CAGR of 44 over last 4
  years
• Expanding Field Force
• Russia, Ukraine, Azerbaijan, Kazakhstan,
  Uzbekistan
• Increased market penetration
• Around 20 Products Registered in each around 10
  under Registration
• SE Asia
• Alliance with GSK
• Middle East
• Will be shared as Alliances progress
• Africa
• Alliance with Ranbaxy
• GTB
• Posted a healthy growth 122

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API Intermediates
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API Intermediates

• Sales 11 growth
• Ceftriaxone launched in US
• Focus on Cost Quality Leadership and
  Reliability
• Long Term Supply Contracts
• Global Leadership in areas of therapeutic
  presence
• Future expansion only at SEZs

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Global Position in API Intermediates
Global Rank
Therapeutic Segment
Product
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Anti-TB
Ethambutol
1
Anti-TB
Rifampicin
1
Anti-TB
Pyrazinamide
2
Cephalosporin - Intermediate
7ACCA
1
Cephalosporin - Intermediate
7ADCA
1
Cardiovascular
Lisinopril
Two new products in 2006-07
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Research Development
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RD at Lupin

• Over 300 scientists
• Actively engaged in Process Improvement/
  Formulation Development/NCE/ NDDS
• Expenditure Rs.1030mn 6.2 of Sales
• Continue investing incrementally
• Filings in last year
• US ANDAs 18
• EU MAAs 11
• ANZ Dossiers 9
• Other Dossiers 346
• DMFs/EDMFs/COS41
• Going Forward
• NDDS
• Paediatrics range
• Patented Technology platforms
• Products for paediatric pipeline

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RD at Lupin

• NCEs
• Anti Psoriasis (Herbal) - In Phase II
• Anti Migraine - In Phase II
• Anti Psoriasis (Chemical) - Entering Phase II
• Anti TB - In Phase I

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Patents
Patents Issued, Allowed Pending 302
Issued, Allowed 71
Pending 231
US 14
RoW 47
EU 10
US 31
EU 18
RoW 182
EU
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Business Update
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2005-06
Sales Growth
37
(Rs Mn)
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Revenue Composition
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2005-06

• Revenue Growth 37
• EBITDA margin 18
• PBT 14
• PAT 11
• ROCE 22

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Geographical Coverage
2004-05
2005-06
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API vs FD
2004-05
2005-06
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Lupins Facilities
Jammu
Tarapur
Mumbai
Pune
Goa
Manufacturing
Research Center
Head Office
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Year 2006-07 and Beyond
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Lupin Going Forward

• New Markets/ Initiatives
• Enter Advanced Markets
• EU
• Japan
• Australia
• South Africa
• Establish On-shore presence in 5 select markets
• Acquisition
• Brands in US
• Businesses in select countries of EU
• Domestic

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Lupin Going Forward

• Explore New Therapies/ Business Segments
• Therapeutic Areas
• Oncology
• Dermatology
• Business Segments
• Biosimilars
• CRAMS

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Thank you