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Glenmark Pharmaceuticals Ltd.

37th Annual J.P. Morgan Healthcare Conference

January 2019
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Disclaimer
These materials have been prepared by Glenmark Pharmaceuticals (“Glenmark” or the “Company”) solely for informational purposes, and are strictly confidential and may not be
taken away, reproduced or redistributed to any other person. By attending this presentation, you agree not to remove this document from the conference room where these
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during the presentation or while these materials are in your possession. By attending this presentation, you agree to be bound by the foregoing restrictions and other contents of this
disclaimer. Any failure to comply with such restrictions or other contents may result in a violation of applicable laws and commencement of legal proceedings against you.
This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or intimation or inducement to sell or issue or an offer or any
solicitation of any offer, to purchase or sell any securities, as defined. This presentation should not be considered as a recommendation that any person should subscribe for or
purchase any securities of Glenmark. The information contained here is not a prospectus, statement in lieu of prospectus, advertisement or any other offer.
It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial position or
prospects. The information contained in these materials has not been independently verified and is subject to verification, completion and change without notice. The information
contained in these materials is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. The Company is not under any obligation to
update or keep current the information contained in these materials subsequent to the date hereof. Accordingly, no representation or warranty, express or implied, is made or given
by or on behalf of the Company, or any of its directors and affiliates or any other person, as to, and no reliance should be placed for any purposes whatsoever on, the fairness,
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available to you herewith. Neither the Company, its directors, officers or employees nor any other person accept any liability whatsoever for any loss howsoever arising from any use
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In addition, these materials contain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. In these materials, the words “will”,
“anticipate”, “expect”, “plan”, “potential” and similar expressions identify forward-looking statements. These forward- looking statements reflect the Company’s current views with
respect to future events and are not a guarantee of future performance or results. Actual results, performance or achievements of the Company may differ materially from any
future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions
regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future, and must be read together with such
assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the
Company, and the forecast financial performance of the Company is not guaranteed. The Company does not undertake any obligation to update these forward-looking statements to
reflect events, circumstances or changes in expectations after the date hereof or to reflect the occurrence of subsequent events. No representations or warranties are made as to the
accuracy or reasonableness of such assumptions or projections or the forward-looking statements based thereon. No reliance should be placed on these forward-looking statements.
The assets described herein are in different stages of development in clinical studies and the findings described herein are based on such studies. Accordingly, these findings are
indicative only and can change from time to time as the studies are continued and the assets described herein advance through the applicable stages of development.
The Company name and all related names, logos, product and service names and designs included in these materials are trademarks of the Company or its affiliates or licensors. All
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The distribution of these materials in certain jurisdictions may be restricted or affected by the laws of such jurisdictions. To the fullest extent permitted by applicable law, the
Company disclaims any responsibility or liability for the violations of any such restrictions by any person. These materials are not an offer or invitation by the Company to purchase or
sell securities or assets, nor any form of commitment, contract or recommendation by the Company.
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Glenmark is a research oriented, integrated global
pharmaceutical company

Annual revenue of ~$1.5 bn in Commercial infrastructure in the

FY19E with CAGR of ~12% over US, India, Europe, Russia and
last 5 years other emerging markets

Global manufacturing footprint

EBITDA pre-R&D expenses at with 16 facilities and capability to
~30% in FY19E manufacture small molecules and
biologics

Consolidated R&D expense: Balanced portfolio of NCEs and

12-13% of revenue NBEs with 9 assets in the pipeline
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Business overview

Glenmark Pharmaceuticals in 2019

Formulations – Generics, Branded Generics, OTC
API Manufacturing Innovative Research
& Marketing North India & Europe & and Development
ARCIS
America MEA LATAM
Contribution 9% 32% 16% 9% 2%
to Glenmark
30%

• BGx: 90%
• Generics: 97% • Gx: 92% • Gx: 53% • BGx: 74% NCE and NBE
• OTC: 8%
Business Mix • Innovation: 3% • Specialty: 8% • BGx: 37% • OTX/C: 25%
• Inno.: 1%
• Gx: 1% • OTX/C: 10% • Gx: 1%

Key India, Kenya, UK, DE, PL,

US, Europe, India US RU, MY, PH US, India, Switzerland
Geographies RSA, KSA BR, MX

Small molecules in
Current Focus Primary Focus: Respiratory, Dermatology, Oncology Immunology, Oncology and Pain
Regulated markets

Expand market Develop pipeline, Selective out-

Expand offering, New Expand Expand core Expand core
Key Strategy Technologies Specialty
share across Rx
therapies therapies licensing
and OTC

Note: Revenue numbers are based on estimated sales in FY1920; Also includes other income of 1.5%
MEA – Middle East and Africa, LATAM – Latin America, ARCIS – Asia, Russia and other Commonwealth of Independent States
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Business overview

Glenmark Pharmaceuticals in 2019

Formulations – Generics, Branded Generics, OTC
API Manufacturing Innovative Research
& Marketing North India & Europe & and Development
ARCIS
America MEA LATAM
Contribution 9% 32% 16% 9% 2%
to Glenmark
30%

• BGx: 90%
• Generics: 97% • Gx: 92% • Gx: 53% • BGx: 74% NCE and NBE
• OTC: 8%
Business Mix • Innovation: 3% • Specialty: 8% • BGx: 37% • OTX/C: 25%
• Inno.: 1%
• Gx: 1% • OTX/C: 10% • Gx: 1%

Key India, Kenya, UK, DE, PL,

US, Europe, India US RU, MY, PH US, India, Switzerland
Geographies RSA, KSA BR, MX

Small molecules in
Current Focus Primary Focus: Respiratory, Dermatology, Oncology Immunology, Oncology and Pain
Regulated markets

Expand market Develop pipeline, Selective out-

Expand offering, New Expand Expand core Expand core
Key Strategy Technologies Specialty
share across Rx
therapies therapies licensing
and OTC

Note: Revenue numbers are based on estimated sales in FY1920; Also includes other income of 1.5%
MEA – Middle East and Africa, LATAM – Latin America, ARCIS – Asia, Russia and other Commonwealth of Independent States
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API Business

Business Today Strategic Priorities

Target revenue growth of 15+%

• $200+ mn* revenue with EBITDA margin of >30% and maintain profitability at
current levels
• One of the leading players in products such as
Amiodarone, Lercanidipine, Atovaquone,
Aprepitant and Perindopril Expand presence in the US and
EU, and penetrate other large
• Filed ~200 DMFs across key markets with 7-8 US markets such as China and Japan
DMF filings annually

• 4 dedicated API manufacturing facilities of which Build additional capabilities and

3 approved by US FDA manufacturing infrastructure

• Recently transferred to a wholly-owned subsidiary

– Glenmark Life Sciences Ltd., to enhance
strategic focus and add new capabilities Leverage India advantage to
accelerate business growth

*Note: Above revenue includes sales to external customers and internal consumption for formulation business
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Business overview

Glenmark Pharmaceuticals in 2019

Formulations – Generics, Branded Generics, OTC
API Manufacturing Innovative Research
& Marketing North India & Europe & and Development
ARCIS
America MEA LATAM
Contribution 9% 32% 16% 9% 2%
to Glenmark
30%

• BGx: 90%
• Generics: 97% • Gx: 92% • Gx: 53% • BGx: 74% NCE and NBE
• OTC: 8%
Business Mix • Innovation: 3% • Specialty: 8% • BGx: 37% • OTX/C: 25%
• Inno.: 1%
• Gx: 1% • OTX/C: 10% • Gx: 1%

Key India, Kenya, UK, DE, PL,

US, Europe, India US RU, MY, PH US, India, Switzerland
Geographies RSA, KSA BR, MX

Small molecules in
Current Focus Primary Focus: Respiratory, Dermatology, Oncology Immunology, Oncology and Pain
Regulated markets

Expand market Develop pipeline, Selective out-

Expand offering, New Expand Expand core Expand core
Key Strategy Technologies Specialty
share across Rx
therapies therapies licensing
and OTC

Note: Revenue numbers are based on estimated sales in FY1920; Also includes other income of 1.5%
MEA – Middle East and Africa, LATAM – Latin America, ARCIS – Asia, Russia and other Commonwealth of Independent States
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Formulation business – key growth drivers

Focus on select Rx therapeutic areas Build strong partnerships

• Primary areas – Dermatology, Respiratory,

Oncology across all markets

• Secondary areas – Cardio-metabolic, CNS

in select markets

Launch global brands Strengthen commercial infrastructure

• Preparing to launch RyaltrisTM* across key
markets globally • Increase presence in large markets of MEA
and Asia
• Recently launched Nebzmart across India,
LATAM, ARCIS markets • Expand field-force in selected markets
• Other specialty pipeline products under such as the US, India and LATAM
development

*Ryaltris is an investigation product that has not yet been approved for marketing by the U.S. Food and Drug Administration (FDA) or any other regulatory authority. The trade
name, Ryaltris has been conditionally accepted as the brand name for GSP 301 Nasal Spray.
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North America

Business Today Strategic Priorities

• ~$480 mn revenue with 5-year CAGR of 10%

Will enter specialty respiratory
• Ranked 15th* in terms of total prescriptions filled market with launch of RyaltrisTM
by generic companies
• 145 ANDAs approved, 50+ pending approval and
50+ in development Launch 2 additional branded
• One of the leading companies in the generic dermatology products in 12-18
dermatology segment months

• Key products launched in the last 12 months

include Gx Welchol®, Gx Vagifem®, Gx Protopic® Introduce new dosage forms
• Entered branded dermatology segment through such as foams, respules and
acquisition of brands from Exeltis inhalers

• Strong pipeline of generics in development:

─ Respiratory: Gx Advair®, Gx Flovent®
─ Dermatology: 10+ products with cumulative market Ramp-up operations from US
size of $700+ mn plant based in Monroe, NC
─ 5 large, complex OSDs targeting $1.3 bn market

*Note: IQVIA National Prescription Audit; Market size based on IQVIA National Sales Audit
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India and MEA

Business Today Strategic Priorities

• Revenue of ~$450 mn with 5-year CAGR of 13% Launch innovative products

through strategic partnerships
• Has consistently grown faster than the overall
market

• 8 brands among the top 300 Brands in the Indian Establish leadership in key therapy
Pharmaceutical Market areas – Dermatology, Respiratory,
Cardiac, Anti-diabetic
• Launched multiple first-in-market products across
core therapy areas – Nourkrin®, Aprezo®,
Digihaler®, Akynzeo®
Expand OTC business by creating
powerful brands
• Established OTC business in India with ~$30 mn
revenue growing in excess of 25% - Key brands
include Vwash®, Candid® Powder and Scalpe®
Establish local partnerships and
• Key markets in Middle East and Africa include manufacturing capabilities in
South Africa, Kenya, Saudi Arabia select MEA markets
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Europe and LATAM

Business Today Strategic Priorities

• Revenue of ~$235 mn with 5-year CAGR of 13% Expand presence in respiratory

segment; e.g. Gx Seretide® DPI,
• Key markets include the UK, Germany, Poland, Tiotropium DPI, RyaltrisTM
Brazil and Mexico

• Strong product portfolio developed through in- Expand into OTC / OTX business
house R&D and in-licensing partnerships in Europe

• Portfolio consists of unique combination of

branded generic, generics and OTC products
Focus on products, technologies
• Received first regulatory approval for with limited competitive
substitutable generic of Seretide® Accuhaler intensity
across Nordic countries

• Launched differentiated products like Levolukast® Expand presence in LATAM

and Nebzmart® in LATAM markets through new product launches
and partnerships
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ARCIS

Business Today Strategic Priorities

• Revenue of ~$130 mn showing robust growth

Life-cycle management for
• Ranks 7th in the dermatology market and 4th in the products such as Momate Rhino
expectorant market in Russia Advance® and Oflomil®

• Strengthened presence in core therapy areas –

Key products include Ascoril®, Candid® Expand presence in respiratory
and derma through launches like
• Continue to bring differentiated products to the Nebzmart® and Nourkrin®
market – recent launch of Nourkrin® Hair formula
• Large OTC presence in Russia further
Further expansion in
strengthened through increased market
dermatology through new
penetration
technology products
• Key markets in Asia include Malaysia and the
Philippines
• Partnerships in large markets such as Indonesia, Expand business in large markets
Australia, China, Thailand such as China, Japan, Australia
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Looking to build powerful brands through global
launches – RyaltrisTM

• Fixed dose nasal spray combination of

mometasone furoate and olopatadine Expected launch in H1 CY19 in
hydrochloride the US

• First global specialty brand of Glenmark

• NDA filed with the US FDA and accepted for

review – PDUFA date of March 21, 2019 Potential peak sales of ~$180-
200 mn across all markets
• Filings initiated in key ex-US markets starting
FY19

• Continue to pursue tie-ups in markets with no

commercial footprint May explore additional
opportunity through Rx to OTC
─ Signed exclusive out-licensing agreement with
switch
Seqirus for Australia and New Zealand markets

*Ryaltris is an investigation product that has not yet been approved for marketing by the U.S. Food and Drug Administration (FDA) or any other regulatory authority. The trade
name, Ryaltris has been conditionally accepted as the brand name for GSP 301 Nasal Spray.
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Looking to build powerful brands through global
launches – GBR 310 and GSP 304

• GBR 310 is proposed biosimilar of Xolair®

(omalizumab) Potential to become one of
the first biosimilars of Xolair®
• Xolair® sales of ~$1.7 bn in the US, and ~$0.9 bn in in the US
ex-US markets in CY17
• Phase 1 study completed – PK/PD, safety and
immunogenicity profiles comparable with RLD Actively pursuing partnering
opportunities
• Target to file/initiate Phase 3 study in the US in FY20

• GSP 304 is nebulized formulation of tiotropium

• Currently in Phase 2 development in patients with Significant commercial
mild to moderate COPD opportunity expected across
markets
• Development plan for ex-US markets under progress

Source: Company Annual Reports and Quarterly Financials

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Business overview

Glenmark Pharmaceuticals in 2019

Formulations – Generics, Branded Generics, OTC
API Manufacturing Innovative Research
& Marketing North India & Europe & and Development
ARCIS
America MEA LATAM
Contribution 9% 32% 16% 9% 2%
to Glenmark
30%

• BGx: 90%
• Generics: 97% • Gx: 92% • Gx: 53% • BGx: 74% NCE and NBE
• OTC: 8%
Business Mix • Innovation: 3% • Specialty: 8% • BGx: 37% • OTX/C: 25%
• Inno.: 1%
• Gx: 1% • OTX/C: 10% • Gx: 1%

Key India, Kenya, UK, DE, PL,

US, Europe, India US RU, MY, PH US, India, Switzerland
Geographies RSA, KSA BR, MX

Small molecules in
Current Focus Primary Focus: Respiratory, Dermatology, Oncology Immunology, Oncology and Pain
Regulated markets

Expand market Develop pipeline, Selective out-

Expand offering, New Expand Expand core Expand core
Key Strategy Technologies Specialty
share across Rx
therapies therapies licensing
and OTC

Note: Revenue numbers are based on estimated sales in FY1920; Also includes other income of 1.5%
MEA – Middle East and Africa, LATAM – Latin America, ARCIS – Asia, Russia and other Commonwealth of Independent States
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Glenmark is one of the leading innovative R&D-focused
companies from the emerging markets

NEW BIOLOGICAL ENTITIES (NBE)

RESEARCH
• 160+ scientists based in
Neuchatel, Switzerland
• GMP certified biologics
manufacturing facility

CLINICAL NEW CHEMICAL ENTITIES (NCE)

DEVELOPMENT RESEARCH
60+ clinical development 200+ scientists based
specialists based in in Mumbai, India
Paramus, NJ

THERAPEUTIC FOCUS

IMMUNOLOGY ONCOLOGY PAIN

Global innovative R&D infrastructure spread across the US, Switzerland and India
Map is for representational purposes only. Depiction of boundaries is not authoritative.
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Innovative research pipeline

Pre
Therapy Molecule MoA/Class Potential Indication Phase 1 Phase 2a Phase 2b Phase 3 Approval
Clinical

- Atopic Dermatitis
OX40
GBR 830
Antagonist - Systemic Lupus
Immunology Erythematosus (SLE)
- Ulcerative Colitis (UC)

RORγt
GRC 39815 - COPD
Inhibitor

- Breast Cancer
GBR 1302 HER2 X CD3
- Gastric Cancer

- Multiple Myeloma
GBR 1342 CD38 X CD3
- Solid Tumors
Oncology
GBR 1372 EGFR X CD3 - Colorectal Cancer

MAP4K1
TBD - TBD
Inhibitor

mPGES-1
GRC 27864 - Osteoarthritic Pain
Inhibitor
Pain
TRPA1 - Diabetic Peripheral
GRC 17536
Antagonist Neuropathic Pain

Pipeline as of January 2019

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Innovative research pipeline - Summary

2 clinical assets currently

5 clinical and 4 pre-clinical 3 immuno-oncology
in Phase 2b, and one
assets currently in bispecific antibodies from
asset likely to enter Phase
development the BEAT® platform
2b in FY20

All clinical assets

Balanced portfolio
developed in-house, no
consisting of NCEs and
financial commitment to
NBEs
any 3rd party

Note: For further information on the research pipeline, please refer to the detailed Innovative R&D update
presentation on www.glenmarkpharma.com

The investigational products described herein have not been approved for marketing by the FDA or other regulatory authorities
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Strong focus on corporate social responsibility (CSR)

• Glenmark listed in the Dow Jones Sustainability Emerging Markets

Index 2018
– One among the two pharmaceutical companies to be listed in the DJSI
Emerging Markets Index

• Impact of CSR initiatives

– 8,70,000+ lives touched through child health interventions
• 1,80,000+ children reached out through nutrition, immunization and sanitation interventions
– 2,450+ swimmers trained under Glenmark Aquatic Foundation
– 18,000 differently abled lives improved
– 5,400+ employees volunteered over 27,000 hours of community service

• 9 manufacturing plants are OHSAS 18001 certified

Source: Glenmark Corporate Responsibility Report FY17-18

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Projected revenue roadmap going forward – Moving up
the value chain

Illustrative
2023 Onwards
Anticipated launch of
NME products

2019 – 2022
Anticipated launch of
dermatology and respiratory
specialty products
Current Business
Generics / branded
generics

2016 2018 2019 2021 2023 2025

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Financial objectives

• Target consolidated revenue growth of 12-15% over the next 3-5 years

• R&D expense to continue at 12-13% of revenue

• Continue to focus on margin expansion

• Ensure that business is free cash flow generating

• Net debt to EBITDA ratio to progressively reduce going forward

• Continue to focus on out-licensing of NME assets

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Summary

Glenmark Today Glenmark in 2025

• Further scaling up the branded • Global pharmaceutical business

generic business globally across generics, branded generics
• Initiating launch of specialty and OTC
dermatology and respiratory • Specialty business to ramp-up
products in the US across all key markets globally
• Advancing Innovation pipeline • Potential launch of innovative
forward products in markets with existing
• Building additional capabilities to commercial footprint
enter new segments in API • Further expansion of API business
• Continuing partnership approach through increased penetration
to in-license innovative molecules and new capabilities
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