MANKIND PHARMA Q2 CONCALL: REVENUE UP 17% YOY, EBITDA UP 27% & MANAGEMENT MAINTAINS FY27 EBITDA MARGIN GUIDANCE OF 25.5–26.5%

• MANAGEMENT MAINTAINS FY27 EBITDA MARGIN GUIDANCE OF 25.5–26.5%, DESPITE Q2 EBITDA MARGIN EXPANDING 210 BPS YOY TO 27.1% • MANAGEMENT EXPECTS DOMESTIC PRESCRIPTION BUSINESS TO CONTINUE OUTPERFORMING THE INDIAN PHARMACEUTICAL MARKET, TARGETING APPROXIMATELY 1.1–1.2X INDUSTRY GROWTH • MANAGEMENT TARGETS CHRONIC THERAPY CONTRIBUTION OF APPROXIMATELY 50% OVER THE NEXT 4–5 YEARS, COMPARED WITH CURRENT 37.4% • Q2 REVENUE UP 17.3% YOY TO ₹4,338 CR, EBITDA UP 27.2% TO ₹1,175 CR & NET PROFIT UP 37.7% TO ₹716 CR • Q2 EBITDA MARGIN IMPROVED 210 BPS YOY TO 27.1%, WHILE GROSS MARGIN INCREASED 90 BPS TO 72.2% • DOMESTIC BUSINESS REVENUE UP 14.8% YOY TO ₹3,657 CR, WHILE DOMESTIC BUSINESS EXCLUDING CONSUMER HEALTHCARE GREW 15.9% TO ₹3,428 CR • DOMESTIC SECONDARY SALES GREW APPROXIMATELY 15.7% VS INDIAN PHARMACEUTICAL MARKET GROWTH OF 14.2%, SUPPORTED BY IMPROVING VOLUMES & MARKET SHARE • CHRONIC THERAPIES CONTINUE GAINING TRACTION, WITH CARDIAC REVENUE UP 19%, ANTI-DIABETES UP 16%, VITAMINS & MINERALS UP 26% & GASTRO UP 19% • BSV SPECIALTY BUSINESS MAINTAINED APPROXIMATELY 20% GROWTH MOMENTUM, SUPPORTED BY FERTILITY, WOMEN'S HEALTH, CRITICAL CARE & EXPANDING IVF CLINIC COVERAGE • INTERNATIONAL REVENUE UP 33% YOY TO APPROXIMATELY ₹680 CR, WITH BSV INTERNATIONAL UP 34%, US BUSINESS UP 29% & OTHER INTERNATIONAL MARKETS UP 37% • MANAGEMENT EXPECTS APPROXIMATELY 20% UNDERLYING CONSTANT-CURRENCY EXPORT GROWTH, SUPPORTED BY NEW PRODUCT LAUNCHES & EXPANSION ACROSS EMERGING MARKETS • CONSUMER HEALTHCARE REVENUE STOOD AT ₹229 CR; MANAGEMENT EXPECTS ONLY SINGLE-DIGIT FY27 GROWTH, WITH RECOVERY TARGETED DURING FY28 • MANAGEMENT PLANS FY27 R&D SPENDING OF 2.8–3% OF REVENUE, CAPEX OF 6–7% & APPROXIMATELY 7% FIELD-FORCE EXPANSION • NET DEBT DECLINED TO ₹2,639 CR, WITH NET DEBT-TO-ADJUSTED EBITDA AT 0.66X; MANAGEMENT EXPECTS ACQUISITION-RELATED DEBT REPAYMENT BY FY28 • MANAGEMENT CONTINUES INVESTING IN CAR-T CELL THERAPY, INNOVATIVE DRUG DEVELOPMENT & SPECIALTY PRODUCTS; CONSUMER HEALTHCARE WEAKNESS, WORKING CAPITAL PRESSURE & MARGIN SUSTAINABILITY REMAIN KEY RISKS

MANKIND PHARMA LIMITED

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