General Updates

Dr. Reddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills Hyderabad – 500 034, Telangana, India CIN: L85195TG1984PLC004507 Tel: + 91 40 4900 2900 Fax: + 91 40 4900 2999 Email: mail@drreddys.com Web: www.drreddys.com July 15, 2026 National Stock Exchange of India Ltd. (Stock Code: DRREDDY) BSE Limited (Stock Code: 500124) New York Stock Exchange Inc. (Stock Code: RDY) NSE IFSC Ltd. (Stock Code: DRREDDY) Dear Sir/ Madam, Sub: Transcript of the Conference call conducted on July 9, 2026 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Conference call, conducted on July 9, 2026. Also please note that this transcript of the call has been uploaded on our website and is available at the following link. Weblink: DRL_Semaglutide_Update_Call_Transcript_9July2026.pdf This is for your information and records. Yours faithfully, For Dr. Reddy’s Laboratories Limited K Randhir Singh Company Secretary, Compliance Officer & Head-CSR Dr. Reddy's Laboratories Limited's Semaglutide Update Call July 9, 2026 MANAGEMENT: MR. EREZ ISRAELI: CHIEF EXECUTIVE OFFICER MR. M. V. NARASIMHAM: CHIEF FINANCIAL OFFICER MS. AISHWARYA SITHARAM: HEAD – INVESTOR RELATIONS Semaglutide Update Call Transcript July 9, 2026 Aishwarya Sitharam: Good day, everyone, and thank you for joining us on such short notice. I'm Aishwarya Sitharam. I head Investor Relations at Dr. Reddy's. Joining us today are members of the leadership team, Mr. Erez Israeli, our Chief Executive Officer, and Mr. M. V. Narasimham, MVN, our Chief Financial Officer. As you are aware, earlier today, we've made a disclosure regarding semaglutide, a key product in our portfolio and we've organized this call to provide clarifications around this disclosure, and also to answer any questions that you may have. We will start today's call with Erez providing a brief overview on the matter, and then we will open the floor later for questions. I would like to remind everyone that we are currently in our silent period related to our Q1FY27 financial results, and I would request everyone to restrict the questions to the topic on hand. Before we proceed, I would like to call out some housekeeping points. All participants will be on the listen-only mode during the opening remarks. Should you need any technical assistance during the call, please use the chat function on your Zoom application. The chat will not be monitored for any questions to the management. The session is being recorded and both the audio as well as the transcript of this call will be made available on our website. Please note that this call is the proprietary material of Dr. Reddy's Laboratories Limited and may not be rebroadcasted or quoted in any media or public forum without prior written consent from the company. With that, let me hand the call over to Erez. Over to you. Thank you. Erez Israeli: Thank you so much, Aishwarya. Good day, everyone. I really, really appreciate that you came both, on short notice, as well as, for some of you, it's very early in the morning. So, I really, really appreciate that. Given the importance of this product and our commitment to both, transparency and governance, as well as the relationship with you, the relevant stakeholders. We just recently met many of you. It was important for us to communicate a development related to semaglutide, as early as possible. It is something we got to know about yesterday. We managed to do it fast and crisp, in order to make sure that we are both in compliance as well as maintaining good relationship, I believe that’s the right transparency. To support the growing demand for Semaglutide injection globally, we scaled up the synthetic API manufacturing process at our API facility, with the intent of increasing the API output. While the API itself met the specifications, one of the impurities were found to be out of specifications upon testing of the finished drug product. It means that it was degrading while we made the formulation. As a result, we are undertaking a thorough investigation to determine the root cause and implement, obviously, the necessary process improvements. After that, we will complete validation of the revised manufacturing process or parameters, before we can resume Semaglutide Update Call Transcript July 9, 2026 commercial supplies. I'm a bit out of the script, but which means that at the time that we did the validation of the scale-up, we saw while we tested the API, that it's out of specs, and therefore, it requires validation to be repeated. This is of the new material and not related to the old material that we sent. Subject to a successful validation, we will resume commercial supply to our long term partner, OneSource, and will be on track to supply, hopefully, 6-7 million pens between Q3 and Q4 of FY27. I would also like to highlight four important points: 1. Our manufacturing facilities continue to operate in compliance with applicable cGMP and global regulatory requirements. Obviously, we are meeting and we will continue to meet all those requirements. 2. There is no impact on the product's existing global regulatory filings, whether approved or currently under review. No changes to that. 3. Based on the assessment conducted to date, we believe there is no patient safety impact associated with product, already supplied to the market. People who took the product or customers of the product are safe. The issue has nothing to do with whatever we sent to the market. It was in the scale-up batch. 4. And, there is no impact on the supply of Semaglutide oral tablets, which utilizes a difference API source. It is not relevant. While this may result in a temporary delay to commercial supplies, we believe we have taken the right course of action to ensure consistent product quality as we scale. We remain committed to resolving the issue with urgency and to supporting our partners and patients through a reliable long-term supply of this important metabolic therapy. With that, we will be happy to take any questions. Aishwarya Sitharam: Thanks, Erez. The first question is from the line of Damayanti Kerai from HSBC. Damayanti, please go ahead. Damayanti Kerai: Hi, thank you for the opportunity. Erez, just want to understand, in your initial assessment, how long it will take for resolving this issue? You mentioned you are still confident about supplying 6 to 7 million pens between 3Q and 4Q. So, timeline for resolution? If it gets extended, how should we see the supply situation? If you can clarify on that, please. Erez Israeli: Sure. So, we will make now the necessary adjustments and tweak the process of the API. Then, we need to take three validation batches again. We need to send them to OneSource for the drug products and then we need to test. All these activities, right now with our current timelines, should take us somewhere around September. If this will happen, I will tell you after that the risk of that, but if this will happen, it means that commercial API scale can come to OneSource during October, and then they can make the product. Which means that the actual supply to the market can resume, let's say, late October, early November, something like that. Semaglutide Update Call Transcript July 9, 2026 Is there a risk that we can fail again? Always. There is confidence, but naturally there is a risk of a further delay. Right now, this is the 6 to 7 million based on the assessment that we can supply from November onwards, and this is the 6 to 7 million pens from OneSource. We are entering into long-term arrangement with them, that we discussed unrelated to the current issue. And with them, we agreed on the new slotting, which will result to 6 to 7 million pens from November to March. Damayanti Kerai: Sure. And my last question is, when you observed this out of specification issue, so was it contained within few batches? So do you hav [Showing first 8,000 characters — download PDF for full document]