Analysts/Institutional Investor Meet/Con. Call Updates

30th October, 2026 (1) BSE Ltd (2) National Stock Exchange of India Ltd Listing Department Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza, 5th floor Dalal Street Plot no. C/1, G Block Mumbai - 400 001 Bandra Kurla Complex Bandra (East), Mumbai - 400 051 Scrip Code: 500087 Scrip Symbol: CIPLA (3) SOCIETE DE LA BOURSE DE LUXEMBOURG Societe Anonyme 35A Boulevard Joseph II L-1840 Luxembourg Sub: Q2FY27 - Earnings Call Transcript Dear Sir/Madam, We are enclosing herewith a copy of the transcript of the Company’s Q2FY27 earnings conference call held on 27th October, 2026. The transcript is also available on the Company’s website at https://www.cipla.com/sites/default/files/Cipla_Q2FY27_Earning-Transcript.pdf. Kindly take the above information on record. Thanking you, Yours faithfully, For Cipla Limited Rajendra Chopra Company Secretary Encl: as above Prepared by: Simona Dsouza Cipla Ltd. Regd. Office - Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400 013, India P +91 22 41916000 W www.cipla.com E-mail contactus@cipla.com Corporate Identity Number L24239MH1935PLC002380 “Cipla Limited Q2 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. ACHIN GUPTA – MANAGING DIRECTOR AND GLOBAL CHIEF EXECUTIVE OFFICER – CIPLA LIMITED MR. DINESH JAIN – GLOBAL CHIEF FINANCIAL OFFICER – CIPLA LIMITED MS. DIKSHA MAHESHWARI – HEAD INVESTOR RELATIONS – CIPLA LIMITED Page 1 of 15 Cipla Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Cipla Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We have with us in today's conference, Mr. Achin Gupta, MD and Global CEO; Mr. Dinesh Jain, Global CFO; and Ms. Diksha Maheshwari, Head, Investor Relations. I now hand the conference over to Ms. Diksha Maheshwari. Thank you, and over to you, ma'am. Diksha Maheshwari: Thank you, Shaurya. Good afternoon, and a very warm welcome to Cipla's Q2 FY27 Earnings Call. I'm Diksha Maheshwari from the Investor Relations team at Cipla. Let me draw your attention to the fact that on this call, our discussion will include certain forward-looking statements, which are predictions, projections or other estimates about future events. These estimates reflect management's current expectations of the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. Cipla does not undertake any obligation to publicly update any forward-looking statements, whether as a result of new confirmations, future events or otherwise. I hope you have received the investor presentation that we have posted on our website. I would like to request Achin to take over. Achin Gupta: Thank you, Diksha. Good afternoon to all of you, and we appreciate you joining our Q2 FY '27 earnings call. We are pleased to report a revenue of INR7,404 crores with a steady sequential growth of 4% Q-o-Q. This was supported by a broad-based performance across our key businesses. One India recorded its highest ever quarterly revenue, while our global portfolio continued to demonstrate resilience amidst a dynamic operating environment. We continue to invest in pipeline, and we received key approvals, including our first DPI approval of generic Advair in the U.S. In line with our objective of strengthening Biosimilar pipeline, we partnered with Qilu for Pembrolizumab in North America, and we initiated clinical development for one more respiratory Biosimilar asset out of our own pipeline. Together, these developments reinforce our confidence in the long-term opportunities across our markets and portfolio. Coming to business-wise performance. One India delivered 12% Y-o-Y growth, sustaining its track record of consistent double-digit growth over the last few quarters, driven by strong execution across key therapies and the resilience of our franchise in the IPM. In our branded prescription business, we continue to outperform the market, delivering 15% growth, which was led by the chronic portfolio as per IQVIA YTD September '26. Our key chronic therapies continue to grow ahead of their respective markets with respiratory growing 11%; antidiabetes grew 50%, including the GLP; urology, 11%; and dermatology 16%. This was underpinned by strong brand equity, robust volume growth, effective field execution Page 2 of 15 Cipla Limited October 27, 2026 and sustained momentum from new product introductions. Our overall chronic mix stood at 60.3% as per IQVIA MAT September '26. Our launch momentum remains strong. During the quarter, we strengthened our portfolio through targeted launches across key therapies, including Revesmart in respiratory, Galvus DM and SR in antidiabetes, Dytor E in cardiovascular and Rizontem in anti-infectives. These launches collectively underscore our focus on deepening our presence in priority therapy areas and further add to the breadth and competitiveness of our portfolio as we continue to lead IPM in terms of volume share. We also entered into an exclusive licensing agreement with CTTQ, SinoBiopharma Group, company for an asset -- novel asset, HER2 bispecific antibody drug conjugate. This partnership further strengthens our innovative oncology portfolio and expands our presence in the next- generation targeted cancer therapies. On our trade generic business, delivered a strong double-digit Q-o-Q growth. Expanding the portfolio remains a key growth driver here with 15-plus new launches this quarter. On our Consumer Health business, we continued the upward trajectory with Nicotex, Omnigel and Cipladine consolidating their leadership positions in their segments. The business is driving healthy secondary growth and actively exploring opportunities to invest in products and channels to further expand the distribution. Operating profitability improved, reflecting the strength and scalability of our consumer health strategy. Coming to North America, we delivered a quarterly revenue of $172 million in Q2, which represents a $10 million improvement versus previous quarter. We remain confident of furthering this momentum through the remainder of this year, supported by our launch pipeline and scale up of these new assets. Cipla continues to hold the number one position in overall U.S. Albuterol MDI market this quarter as well with our market share of 22% as per IQVIA data for last week of September '26. So far this year, we have secured approvals for 2 key respiratory products with generic Ventolin approved in Q1 and generic Advair approved in Q2. Notably, generic Advair approval marked our first DPI approval from U.S.-based manufacturing network, further validating our differentiated respiratory capabilities and reinforcing our commitment to complex rescue therapies. Another important strategic milestone during the quarter was our exclusive partnership with Qilu Pharmaceutical for the U.S. commercialization of a biosimilar to Keytruda, Pembrolizumab. Looking ahead, we remain focused on enhancing the performance of our North America business through a combination of new product launches and disciplined commercial execution. A quick update on our pipeline. Our pipeline for this financial year includes 3 additional significant launches for the U.S., which is in line with our previous guidance. This includes two more respiratory assets and 1 key peptide opportunity. Additionally, we have four biosimilar programs under development for global markets, which continue to advance steadily through key development milestones. Page 3 of 15 Cipla Limited October 27, 2026 Alongside these efforts, [Showing first 8,000 characters — download PDF for full document]