Analysts/Institutional Investor Meet/Con. Call Updates

November 7, 2026 Listing Department Code: 532321 BSE LIMITED P J Towers, Dalal Street, Mumbai–400 001 Listing Department Code: ZYDUSLIFE NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai–400 051 Sub: Transcript of the post results earnings call held on November 4, 2026, pursuant to regulations 30 and 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) Dear Sir / Madam, Pursuant to regulations 30 and 46(2)(oa) of the Listing Regulations, please find attached the transcript of the Company’s Q2 FY27 post results earnings call held on November 4, 2026. Please find the same in order. Thanking you, Yours faithfully, For, Zydus Lifesciences Limited Dhaval N. Soni Company Secretary and Compliance Officer Membership No. FCS7063 Encl.: As above “Zydus Lifesciences Limited Q2 FY27 Post Results Earnings Call” November 4, 2026 MANAGEMENT: DR. SHARVIL PATEL - MANAGING DIRECTOR, ZYDUS LIFESCIENCES LIMITED MR. GANESH NAYAK - DIRECTOR, ZYDUS LIFESCIENCES LIMITED MR. TUSHAR SHROFF – CHIEF FINANCIAL OFFICER, ZYDUS LIFESCIENCES LIMITED MR. ARVIND BOTHRA - HEAD, INVESTOR RELATIONS, ZYDUS LIFESCIENCES LIMITED MR. ALOK GARG - MD OFFICE, ZYDUS LIFESCIENCES LIMITED 1 of 20 Ganesh Nayak: Good afternoon, ladies and gentlemen. It's my pleasure to welcome you all to the post results teleconference for the second quarter ended September 30th, 2026. For today's call, we have with us Dr. Sharvil Patel - Managing Director, Mr. Tushar Shroff – Chief Financial Officer, Mr. Arvind Bothra - Head of Investor Relations and Mr. Alok Garg from the Managing Director's office. To begin with, let me talk about the key developments during the quarter. I am happy to report that we maintained upward momentum during the quarter with all our businesses delivering strong double-digit growth. A deep and resilient portfolio coupled with strong execution capabilities led to robust performance across the markets. With this, first of all, let me walk you through the financial performance for the quarter under review. We registered consolidated revenues of ₹79.1 billion, up 29% on a year-on-year basis. Our operating profitability remained robust with an EBITDA margin of 24% despite continued investments towards Saroglitazar launch related activities in the US. Adjusted for this investment, our EBITDA margin was higher by 150 basis points. EBITDA for the quarter stood at ₹18.9 billion while net profit for the quarter stood at ₹9.3 billion. Our net debt to EBITDA ratio stood at 0.62 times as on 30th of September, 2026. Now, let me take you through the operating highlights for the second quarter of FY27 for our key business segments. In the pharmaceutical space, In India, our branded formulations business sustained market outperformance with a strong 19% year-on-year growth during the quarter. Growth during H1 FY27 stood at 20% year-on-year. The business has in fact consistently delivered above market performance during the last three financial years and has maintained this momentum through the first half of the current fiscal as well. In terms of secondary sales performance, the business grew 20% year-on-year with volume and new products accounting for around two-thirds of the total growth. In terms of therapies, the business gained share in cardiology, diabetology, respiratory, dermatology, gastrointestinal, anti-infectives and in super specialty areas of oncology and nephrology. Our ranking improved in cardiology, diabetology, gastrointestinal and anti-infective therapies while on the super specialty front, we continued to retain leadership position in the oncology therapy. Contribution of chronic and sub-chronic portfolio has increased consistently over the last several years and stood at 56.9% as per AWACS MAT September 2026, an improvement of 450 basis points over the last four years. 2 of 20 International markets formulations business is an established growth engine for the company, consistently delivering strong performance over the last several quarters. Building on this momentum, the business reported revenues of ₹10 billion during the quarter, up 33% year-on-year. Growth was broad based across markets supported by strong underlying demand and focused execution. North America business, comprising of the United States and Canada delivered strong performance during the quarter with revenues of ₹33.1 billion up 21% year-on-year and 7% quarter-on-quarter. The growth was driven by sustained volume expansion in the base business supplemented by continued scale-up of the US specialty business. On the US generics front, we filed 4 ANDAs, received 12 approvals and launched 5 new products during the quarter. Recently, in the month of October 2026, we launched the first generic version of Riociguat tablets. Our US specialty business delivered strong sequential growth during the quarter. This was driven by addition of Rolvedon following the acquisition of Assertio Holdings during the last quarter and sustained traction seen in 505(b)(2) products portfolio. We remain confident to build a robust specialty platform and transition towards a more differentiated innovation led business model. Consumer wellness business recorded revenues of ₹11.2 billion, up 76% year-on- year. On the domestic front, demand trends indicated sustained positive momentum across categories driven by a steady urban recovery and improving rural offtake. As a result, the business delivered strong performance during the quarter with 29% year-on-year growth. Both skin & hair care and food & nutrition portfolio delivered strong performance with growths of 37% and 25% respectively. International business, including the Comfort Click portfolio, delivered a like-to-like growth of 12% during the quarter. In the medical devices space, the business registered revenues of ₹2.2 billion during the quarter. We are investing in enhancing our capabilities in focused segments which offer long-term growth potential to create differentiated value. On the operations front, recently, the USFDA inspected our formulations manufacturing facilities at SEZ-II, Ahmedabad and Moraiya which concluded with one observation and five observations respectively. We are working closely with the regulator to address the observations expeditiously. Post-inspection in Moraiya, we have received an important transdermal patch approval on the 21st of October, 2026. With this, I hand over to Dr. Patel to take you through the key drivers across businesses as well as our initiatives in our innovation program. Dr. Sharvil Patel: Thank you, Mr. Nayak. Good afternoon, everyone. It's a pleasure to have you all here on the call. 3 of 20 I am pleased to note that we sustained our strong growth trajectory during the quarter, delivering impressive double-digit growth as each of our businesses executed exceptionally well. Importantly, share of our branded business has expanded to around 57% of our total revenue in this quarter, which is an increase of 150 basis points versus the last quarter. The strategic decisions undertaken over the years and the capabilities built along the way position us well to achieve our medium-term aspirations of branded business to account for two-thirds of our consolidated revenue. As we prepare for the US launch of Saroglitazar, we continue to invest strategically in the capabilities and infrastructure required to deliver a seamless, differentiated and an impactful market entry. Despite these investments, our operating profitability remained robust and we are on track to deliver a 24% plus EBITDA margin in line with our FY27 expectations. On the pharmaceuticals front, our India-branded formulation business delivered a strong 19% growth during the quarter, significantly outpacing the IPM. More importantly, this outperformance is sustained with the business consistently outgrowing the industry and strengthening in market position quar [Showing first 8,000 characters — download PDF for full document]