ERIS LIFESCIENCES Q2 CONCALL : PAT UP 39% YOY, MANAGEMENT RAISES H2 EBITDA MARGIN OUTLOOK TO 36% & TARGETS ₹150–200 CR DEBT REDUCTION IN FY27

• MANAGEMENT RAISES H2 FY27 EBITDA MARGIN EXPECTATION TO APPROXIMATELY 36% FROM EARLIER 35%, SUPPORTED BY BHOPAL MANUFACTURING & ZORVIA PORTFOLIO RESTRUCTURING • MANAGEMENT TARGETS DOMESTIC BRANDED FORMULATION GROWTH APPROXIMATELY 300 BPS ABOVE THE INDIAN PHARMACEUTICAL MARKET • Q2 CONSOLIDATED REVENUE UP 12.6% YOY, WHILE NET PROFIT INCREASED 39.2% YOY • DOMESTIC BRANDED FORMULATION REVENUE UP 14.1% YOY, WITH GROWTH EXCLUDING ZORVIA AT 16.5% • Q2 GROSS MARGIN IMPROVED APPROXIMATELY 134 BPS QOQ, SUPPORTED BY PRODUCT MIX & OPERATING EFFICIENCIES • BHOPAL INSULIN MANUFACTURING HAS COMMENCED, WITH MEANINGFUL PRODUCTION RAMP-UP EXPECTED FROM Q1 FY28 • MANAGEMENT EXPECTS APPROXIMATELY 100 BPS GROSS MARGIN BENEFIT FROM BHOPAL OVER THE NEXT TWO QUARTERS, WITH FULL MANUFACTURING TRANSFER TARGETED AROUND Q2 FY28 • COMPANY OUT-LICENSED APPROXIMATELY ₹100 CR OF NON-CORE ZORVIA PORTFOLIO, WITH EXPECTED ROYALTY INCOME OF APPROXIMATELY 7% • ZORVIA RESTRUCTURING IS EXPECTED TO IMPROVE GROSS MARGINS BY APPROXIMATELY 100 BPS DURING H2 FY27, WHILE INCREASING CHRONIC & SUB-CHRONIC BUSINESS EXPOSURE • MANAGEMENT CLAIMS NO. 1 POSITION IN GLP-1 PRESCRIPTIONS & UNIT VOLUMES, WITH Q2 GLP-1 REVENUE ESTIMATED AT ₹16–18 CR • MANAGEMENT EXPECTS THE GLP-1 MARKET TO POTENTIALLY DOUBLE NEXT YEAR, WHILE RECOMBINANT SEMAGLUTIDE HAS RECEIVED APPROVAL TO BEGIN CLINICAL TRIALS • DIABETES CONTRIBUTES APPROXIMATELY 37–38% OF REVENUE, WITH MANAGEMENT PLANNING AROUND THREE NEW INSULIN ANALOG LAUNCHES DURING FY28 • SWISS PARENTERALS REGULATORY REMEDIATION REMAINS UNDERWAY, WITH MANAGEMENT EXPECTING LIMITED NEAR-TERM GROWTH & POTENTIAL RECOVERY FROM FY28 • MANAGEMENT EXPECTS REMAINING FY27 CAPEX OF APPROXIMATELY ₹100 CR AFTER ₹220 CR SPENDING IN H1, WITH NET DEBT AT ₹2,144 CR • MANAGEMENT TARGETS ₹150–200 CR DEBT REDUCTION IN FY27 & INDICATES POTENTIAL ₹400–500 CR REDUCTION IN FY28; REGULATORY DELAYS, HIGH DEBT & BHOPAL EXECUTION REMAIN KEY RISKS

ERIS LIFESCIENCES LIMITED

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