Corporate Presentation September 2020 Safe Harbor Statement THIS - - PowerPoint PPT Presentation

Corporate Presentation

September 2020

Safe Harbor Statement

THIS PRESENTATION (“PRESENTATION”) DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION OR INDUCEMENT TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF DISHMAN CARBOGEN AMCIS LIMITED (THE “COMPANY”), NOR SHALL IT OR ANY PART OF IT OR THE FACT OF ITS DISTRIBUTION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT THEREFOR. The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation available in the public domain, without regards to specific objectives, suitability, financial situations and needs of any particular person. It is information given in summary form and does not purport to be complete. This Presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company’s equity shares. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Group to be construed as legal, accounting or tax advice. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “predicts”, “aims”, “foresees”, “plans”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. Neither the Company, nor its Directors, Promoters, affiliates or other advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person’s officers or employees gives any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation. As a result, the Company expressly disclaims any obligations or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods. The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. None of the Company, its Directors, Promoters or affiliates, nor any of its or their respective employees, advisors or representatives or any

• ther person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omission or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred however arising, directly or

indirectly, from any use of its documents or its contents or otherwise in connection with this document. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. By attending the presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future business of the Company. This presentation has been prepared based on the information available in the public domain. The information contained herein is subject to change without notice. Past performance is not indicative of future results.This presentation is strictly confidential and may not be copied or disseminated, reproduced, re-circulated, re-distributed, published or advertised in any media, website or otherwise, in whole or in part, and in any manner or for any purpose. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. This presentation is not intended for distribution or publication in the United States. Neither this document nor any part or copy of it may be distributed, directly or indirectly, in the United States. The distribution of this document in certain jurisdictions may be restricted by law and persons in to whose possession this presentation comes should inform themselves about and observe any such restrictions. Accordingly, any persons in possession of the aforesaid should inform themselves about and observe any such restrictions. By reviewing this presentation, you agree to be bound by the foregoing limitations. You further represent and agree that you are located outside the United States and you are permitted under the laws of your jurisdiction to receive this presentation. You may not repackage or sell the presentation. Information contained in a presentation hosted or promoted by the Company is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of fitness for a particular purpose.This presentation is not an offer to sell or a solicitation of any offer to buy the securities of the Company in the United States or in any other jurisdiction where such offer or sale would be unlawful. Securities may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, in to or within the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipient, and should not be reproduced in any manner whatsoever. The distribution of this presentation in certain jurisdictions may be restricted by law and persons in to whose possession this presentation comes should inform themselves about and observe such restrictions. By reviewing this Presentation, you agree to be bound by the foregoing limitations. By accessing this presentation, you accept this disclaimer and any claims arising out of or in connection with this presentation shall be governed by the laws of India and only the courts in Ahmedabad, India, and no other courts shall have jurisdiction over the same.

2

AGENDA

01 02 03

Company Overview Key Investment Highlights Growth Strategies

3

Company Overview

01

4

Dishman in a Nutshell

4 decades

• f Long-Standing Track Record in

CRAMS APIS SPECIALTY CHEMICALS

2,200+

Team Strength

Dedicated Team/Scientist Working in R&D - 950+ 50% of Technical Staff holding Ph.D.

Committed Members Embracing

• ur Culture of Innovation &

Sustainability

25

Multi-Purpose MANUFACTURING FACILITIES Globally

28

RESEARCH & DEVELOPMENT and HIPO LABS

Global Health Authorities

Approved & Recognised by USFDA, MEB, SWISS MEDIC, ANSM, WHO, MFDS, PMDA

250+

Clients Solving Complex Problems for

USD 160 M

BUSINESS PIPELINE / ORDER-BOOK

4

Successful IN-ORGANIC GROWTH TRANSACTIONS

India, Switzerland, UK, France, China and the Netherlands

Operations in

18

Phase III molecules 04 New Products Commercialized

(April 2019-June 2020) 20

Total Commercialized Molecules

2

patent applications

Next phase of Vitamin D Analogues underway, with and plans for Phase 1/2 trials in Obesity

5

Dishman Group Overview

Dishman Group

Dishman Specialty Chemicals Dishman Vitamins and Chemicals Dishman Disinfectants

Dishman Pharma Services

Carbogen Amcis Dishman Contract Research and Manufacturing Services (CRAMS)

World leading manufacture of Phase Transfer Catalysts. High quality supply of intermediates, fine chemicals, and products for the pharmaceutical, cosmetic and related industries

Locations

Dishman Generic API’s

India Switzerland, France, UK, India, China India Netherlands, India India India

High quality process research and

• development. API supply

to support clinical trial requirements. Niche scale commercial

• manufacture. Highly Potent API supply.

High-value contract services. Process development, process

• ptimization, manufacture for late stage

clinical and commercial supply. Vitamin D2, Vitamin D3, Vitamin D analogues, cholesterol and lanolin related products for pharmaceutical, cosmetic and related markets. Next generation innovative antiseptic and disinfectant formulations. High quality supply of generic Active Pharmaceutical Ingredients (API) for the pharmaceutical industries.

Business Focus

6

Dishman Carbogen Amcis Ltd

Shareholding pattern (%) Company Overview

• Established in 1983, Dishman Carbogen Amcis Limited is a fully integrated CRAMS (Contract Research & Manufacturing)

company with strong capabilities right from process research & development to late stage clinical and commercial manufacturing and supply of API to innovator pharmaceutical companies.

• The company provides an end-to-end integrated high-value niche CRAMS services offering right from process R&D to late

stage clinical and commercial manufacturing and supply of Active Pharmaceutical Ingredients (APIs) to innovator pharmaceutical companies

• During the FY2017, Dishman Pharmaceuticals and Chemicals Limited (DPCL) and Dishman Care Limited were merged with

DPCL's subsidiary Carbogen Amcis (India) Limited, with the key objective of business consolidation and simplification of the Group structure

• The name of Carbogen Amcis (India) Ltd. was changed to Dishman Carbogen Amcis Ltd. with effect from 27 March 2017.

Dishman Pharmaceuticals and Chemicals Ltd was incorporated in the year 1983 as a research-oriented organization

• The company employ more than 1000 highly experienced people in the world, including chemists 40% of whom hold a

PhD in Chemistry

• First Indian company to get a NCE from an innovator for development & its successfully commercialisation

Value chain

Services for Active Pharmaceutical Ingredients (APIs) & Drug Products (DP)

DP Early Phase Development and cGMP production of aseptic parenterals Research Pre-clinical Phase I Phase II Phase III Market Early Phase API Process research and rapid supply of APIs prepared according to non/cGMP Late Phase API Process research and rapid supply of APIs prepared according to non/cGMP Commercial API Process optimization FDA audited

Promoters 63% FII 11% DII 13% Others 13% Promoters FII DII Others

7

A resilient & diversified Business Model

API’s Intermediates Contract Research

Dishman Business Model

Marketable Molecules Contract Research and Manufacturing Services (CRAMS) Contract Manufacturing Transfer Technology Vitamins QUAT’s* & Other Speciality Chemicals

Superior brand recall with a proven track record of service excellence

• Quaternary Ammonium and Phosphonium Compounds
• (the phase transfer catalysts used to transfer a reactant from one phase to the other)

8

Strong History of Entrepreneurship & Nurturing Successful Business Partnerships

9

Consistently Evolving Business Model

Organically as well as Inorganically

1982: Foundation of AMCIS (Bubendorf) as JV with a pharmaceutical company in USA 1983: Incorporation of Dishman Pharmaceuticals and Chemicals Ltd 1989: Production of a range of phase transfer catalysts and First quats at Naroda facility 1990: Foundation CarboGen (Aarau) as Spin-off of the University of Zurich focused and early-phase API supply 1995: Formation of a JV company with Schütz & Co., called Schütz Dishman Biotech Private

• Ltd. Manufacture of chlorhexidine and

derivatives for European market 1996: First production facility for bulk intermediates and API established in Bavla 1998: Establishment of Dishman Europe and Dishman USA sales subsidiaries 2000: Acquisition of CarboGen and AMCIS by Solutia

1982 1983 1989 1990 1995 1996 1998 2000 2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2001: First commercial Contract Manufacturing agreement signed with a major western pharma Co. 2003: Acquisition of the Manchester site 2004: Dishman IPO on Indian Stock Exchange 2005: Acquisition of IO3S, Swiss- based ozone technology specialists 2010: Construction of Dishman Shanghai manufacturing facility is completed.; Gets USFDA Nod for Naroda Facility; 2011: Dishman Bavla HIGH POTENT API manufacturing facility will came on stream; Dishman Shanghai facility nearing completion of an upgrade to manufacture large scale HIGH POTENT API’s at the site 2012: Acquisition of Riom (France) site Carbogen Amcis SAS 2013: Established Dishman Care 2006: Major acquisition of Carbogen Amcis, Swiss-based Contract Research and Manufacturing

• Organisation. ; Successfully Completes US FDA Inspection for API Eprosartan Mesylate;

Announces New JV with Takamul Investments Holding Company in Saudi Arabia 2007: Formation of Dishman Japan & Dishman China. Acquisition of Solvay Pharmaceuticals B.V. Vitamins D Business and Fine Chemicals business based in the Netherlands( Dishman Netherlands); Forms JV with Azzurro Corporation; Integration of the Manchester site into Carbogen Amcis 2009: Invest Around INR 350 Mn into Formulation Facility; Partner For Engineering SEZ, approaches L&T; Forms JV to Make API in Saudi Arabia; Introduces New Vitamin-D Analogue Facility 2014: Acquisition of the Vionnaz (CH) site Carbogen Amcis 2015: Dishman Signs API Bedaquiline Supply Deal with J&J; added to MSCI Acwi + Frontier Markets (acwi Fm) All Cap Index; Integration of the Shanghai site into Carbogen Amcis 2016: Completes US FDA Inspection for its Site at Naroda and for its Carbogen Amcis AG's Two Sites Located at Aarau and Neuland 2017: DPCL and DCL were merged with DPCL's subsidiary Carbogen Amcis (India) Limited 2018: Integration of the Veenendaal site into Carbogen Amcis; Added to S&P Global BMI Index 2019: Dishman Carbogen Amcis Limited Receives Approval from US FDA for Bavla Facility; acquired Dishman Biotech Ltd. for INR 45 mn 2020: Planning capacity expansions in Switzerland & France

10

Key Strengths

Preferred global

• utsourcing

partner with capabilities across the entire CRAMS value chain Strong chemistry skills Upfront investment of more than ₹10,000 mn in large scale multi-purpose manufacturing capacities The HIPO facility at Bavla, India is the largest HIPO facility in Asia. Dishman is at forefront to gain from the high margin HIPO opportunity in the Oncology space

11

Preferred Global Outsourcing Partner

STRONG CHEMISTRY CAPABILITIES INTEGRATED ACROSS THE VALUE CHAIN LARGE SCALE MANUFACTURING CAPACITIES CLOSE PROXIMITY TO CLIENTS WITH GLOBAL PRESENCE

Integrated CRAMS Player present along the entire value chain from building blocks to commercialization and product launch stage

Drug Lifecycle Management

• Preclinical to commercial

manufacturing capabilities

• Ensures seamless process &

technology transfer from lab to plant

• Single partner for R&D, process

development and commercial production Strong R&D Capabilities

• Globally, Dishman group has

~550 scientists, with 50+ doctorates as senior scientists Close Proximity to Clients

• Local representation, local

support in all major markets.

• Front end via CA with access to

more than 200 established customer relationships of CA

• Trust & Confidence of

customers for entire drug life cycle engagement Large Scale Mfg. Capacity

• Dedicated USFDA inspected

production facilities

• Asia’s largest HIPO facility in

Bavla

• Large capacities provide

competitive edge to win big long-term contracts

12

Integrated Crams Player

• Focus is on supporting the development process

from bench to market

• Process research and development to the supply of

APIs for preclinical studies, clinical trials and commercial use CARBOGEN AMCIS (CA) STRONG RESEARCH CAPABILITIES

• Large dedicated R&D center with multiple shift R&D
• perations (India)
• Multi purpose and dedicated production facilities

for APIs, intermediates ( Europe and China)

• Dedicated

API manufacturing capacities (India, China) DISHMAN INDIA STRONG MANUFACTURING CAPABILITIES

13

Cutting Edge Hipo Capabilities

• The HIPO facility at Bavla, India, is one of the kind facility in the world and the largest facility in Asia. The facility has a sound mix of Kilo lab and full-scale

manufacturing units to cater to both small volume and large volume orders

• State of the art containment services, with all cGMP compliant facilities with an ability to operate for preclinical testing, clinical trials and commercial use
• Facilities range from laboratory scale for process research and development to large scale manufacturing on 8,000 L scale, with an ability to handle the highest

category IV compounds (high toxicity levels) Laboratories Switzerland Up to 250 L Kilo-scale Manufacturing Facility Switzerland Up to 15 Kg Commercial Scale Manufacturing Facility Bavla, India Up to 1,600 L 10 MT p.a. Pilot Plant Manufacturing Facility Switzerland Up to 630 L Commercial Scale Manufacturing Facility Shanghai, China Up to 8,000 L 50 MT p.a. Highly Potent APIs for clinical trials and commercial use Category IV Category III

OEL < 1 µg/m3 OEL < 1 µg/m3 OEL < 1 µg/m3 OEL 1 - 10 µg/m3 OEL 1 - 10 µg/m3

FACILITIES CONTAINMENT TOXICITY LEVEL

14

AGENDA

01 02 03

Company Overview Key Investment Highlights Growth Strategies

15

Key Investment Highlights

02

16

Key Investment Highlights

Multiple Revenue streams, Diversified Products portfolio & multiple Locations reducing the risk in the business Robust Operating and Financial metrics Strong leadership backed by strong brand equity Favorable Industry Dynamics Fully integrated CRAMS player with strong Global presence

I III II IV V

17

Favorable Industry Dynamics

I

18

2019 Global Sales by Therapy Areas

Specialty areas dominate sales and growth driven by developed markets

44% 66% 69% 61% 35% 45% 20% 13% 71% 51% 22% 8% 14% 13% 16% 18% 16% 11% 14% 13% 8% 5% 4% 5% 7% 8% 11% 4% 4% 7% 11% 11% 2% 10% 27% 14% 30% 56% 4% 14% 15% 10% 11% 12% 15% 15% 23% 15% 9% 16%

20 40 60 80 100 120 140 160

Oncologics Antidiabetics Autoimmune Diseases Respiratory Agents Pain Anticoagulants Antihypertensives Antibacterials HIV Mental Health US EUS Japan Pharmerging RoW

$146 bn $97 bn $87 bn $47 bn $44 bn $44 bn $38 bn $33 bn $32 bn $36 bn

Source: IQVIA MIDAS MAT Q4 2019, Rx only

• Oncology has become one of the major focus areas for pharmaceutical and

biotechnology companies.

• Oncology (cancer treatment) requires highly potent drugs which are highly effective

at much smaller dosages and have the ability to target only the diseased cells.

• Oncology as a therapeutic segment is a key focus area for Dishman
• Currently, Dishman has 25+ molecules in early phase III and approx 18 molecules in

late phase III. Out of these, around 50% molecules are in Oncology segment.

I

19

Specialty: Market Share & Growth

Developed countries account for >80% of specialty market

Specialty: Region Market Share 2019 Region Contribution to Global Growth 56% 19% 6% 6% 13%

US EU5 Japan Pharmerging RoW

48% 58% 14% 18% 1% 5% 25% 6% 12% 13% Total Market Specialty 2014-19 Market 2014-19 Specialty

A b s o l u t e g r o w t h c o n t r i b u t i o n i n L C U S $

81% of all specialty sales from 7 countries

Source: IQVIA MIDAS Q4 2019, Rx only; Venezuela excluded due to currency fluctuation

I

20

Pharmerging Markets - Oncology Leads Growth

Pharmerging Top 10 therapy areas, value and volume growth

9% 2% 17% 10% 9% 14% 5% 3% 5% 13% 8% 11% 7% 32% 10% 8% 13% 8% 4% 7% 12% 9% 5%

• 2%

12% 3% 10% 9% 6% 4% 4% 8% 1% 3% 0% 11% 3% 4% 6% 4% 0%

• 1%

4% 4%

Pharmerging Antibacterials Oncologics Pain Antihypertensives Antidiabetics Hospital Solutions Cardiovasculars Anti-Ulcerants Anticoagulants GI Products

Value PPG (%) Volume PPG (%)

2016-2017 2018-2019

Note :Rx only; Traditional Chinese medicines excluded; SU used for volume growth and LCUS used for value growth Source: IQVIA MIDAS MAT Q4 2019

I

21

Multiple Revenue streams, Diversified Products portfolio & multiple Locations reducing the risk in the business

II

22

Revenue & EBITDA margins Break-up - Segment wise

Revenue Segment-wise break-up (INR Mn) FY17 FY18 FY19 FY20 CRAMS CRAMS- India 2,086 2,287 3,406 3,324 CRAMS- Carbogen Amcis Switzerland & France 9,225 9,733 10,396 10,815 CRAMS- UK 485 496 906 965 Total CRAMS 11,796 12,516 14,708 15,103 Marketable Molecules Carbogen Amcis BV 2,381 1,963 2,718 2,499 Others 2,152 2,048 1,774 2,130 Total Marketable Molecules 4,533 4,011 4,492 4,629 Total Revenue 16,329 16,527 19,199 19,733 EBITDA Margin (%) Segment-wise break-up FY17 FY18 FY19 FY20 CRAMS CRAMS- India 56.2% 54.1% 57.1% 55.5% CRAMS- Carbogen Amcis 21.3% 20.2% 19.8% 20.4% CRAMS- UK 24.4% 23.4% 24.1% 16.4% Marketable Molecules Carbogen Amcis BV 33.2% 38.2% 40.9% 32.0% Others 22.5% 18.7% 11.5% 10.1%

CRAMS business - the principle growth driver Stable EBITDA margin at 25.6% of the total business

II

23

Segment Wise Revenue Break-up

Total Operating Revenue - FY20

22% 72% 6% CRAMS - India CRAMS - Switzerland & France CRAMS - UK 54% 46% Carbogen Amcis BV Others

Marketable Molecules – 23.5% CRAMS – 76.5%

II

24

Diversified Product Portfolio – Reducing risk

Product basket API’s Highly potent API’s Intermediates Phase transfer catalysts Vitamin D Vitamin D Analogues Cholesterol analogues Lanolin related products Disinfectant formulations

II

25

Multiple Manufacturing plant locations

Bavla Late Phase/Commercial API’s, Highly potent API’s & Intermediates supply Naroda Late Phase/Commercial API, Intermediates & fine Chemicals supply

Dishman Plant Locations Europe India China

Switzerland Manchester, UK Early/Late Phase Process optimization non-GMP intermediates Riom, France Drug Products Clinical Phase Development & manufacturing of clinical batches

Veenendaal, Netherland Large Scale & Niche Manufacturing Cholesterol & vitamin D analoges Shanghai Early to Late Phase Non-GMP intermediates & cGMP manufacturing

Bubendorf Late Phase / Commercial Process development API manufacture commercial supply Vionnaz Clinical Phase Highly Potent API supply Neuland/ Aarau Early to Commercial Phase Process research API & commercial supply

II

26

Fully integrated CRAMS player with strong Global presence

III

27

CARBOGEN AMCIS (Shanghai) Co. Ltd. China Dishman CARBOGEN AMCIS (Japan) Ltd. Dishman Carbogen Amcis (Singapore) Pte Ltd Dishman Australasia Pty. Ltd. Dishman India, Mumbai Dishman India, Head Office, Ahmedabad Dishman India, Naroda Plant, Ahmedabad Dishman India, Bavla Plant, Ahmedabad Dishman Europe Ltd. Carbogen AMCIS Ltd., Manchester, UK Carbogen AMCIS SAS, Riom, France CARBOGEN AMCIS BV., Veenendaal, The Netherlands Carbogen AMCIS AG., Bubendorf, Switzerland Carbogen AMCIS AG., Hunzenschwil, Switzerland Carbogen AMCIS AG., Aarau, Switzerland Carbogen AMCIS AG., Vionnaz, Switzerland Dishman USA Inc Sales Offices Sites

Facilities are approved by recognised health agencies: USFDA, MEB, SWISS MEDIC, ANSM, WHO, MFDS, PMDA

MANUFACTURING FACILITES Superior Chemistry Skills & Capabilities 28 dedicated R&D labs with multiple shift R&D

• perations, including HIPO labs

25 multi-purpose facilities at Bavla, Naroda, Manchester, Switzerland, Netherlands and Shanghai 1 dedicated production facility for APIs and Intermediates at Bavla 7,500 m2 floor space of R&D at Switzerland, Manchester and Bavla State of the art HIPO Capabilities 750 m3 of reactor capacity at Bavla, 230 m3 at Naroda and 63 m3 at Shanghai

28

Fully integrated CRAMS player with strong global presence

III

State-of-the-art manufacturing facilities

HiPo facility at Bavla, India, is one of the largest facilities in Asia

Bavla, Gujarat India- Unit 1

• Dedicated API,
• 5 Reactors,
• Total capacity 33KL (SS,GL & Hastalloy)
• Class 100,000 finishing area

Bavla, Gujarat India- Unit 6

• Multi-purpose API facility
• 8 Reactors, total capacity of 12KL (GL & SS) including

powder processing

• Class 100,000 finishing area

Bavla, Gujarat India- Unit 7A,7H, 7O

• Multi-purpose plant for starting material
• 39 Reactors of total capacity 235 KL total
• High vacuum distillation
• 4 Hydrogenation Reactors 2 x 6KL, 1 x 3KL and 1 x 1KL
• Three Ozonolysis Reactors

(60 L, 1 KL, 2.5 KL)

• 15 and 0.4kg/hr Ozone generators

Bavla, Gujarat India- Unit 8

• Multi-purpose API facility
• 34 Reactors total capacity of 216KL (GL&SS)
• Class 100,000 finishing areas

Bavla, Gujarat India- Unit 9

• HiPo API facility with DCS controlled automated glove box technology
• 4,300 sq mt area operating at Category 4 (OEL Band <1μg/m³)
• Two cells with 3 reactors each and filter/drying
• 2 additional cells and 1 custom block designed for future expansion
• Dedicated QC and R&D facility

Bavla, Gujarat India- Unit 2

• Two modular mid-scale API plant with 24 Reactors, Total capacity 37 KL
• Class 100,000 finishing areas
• Thin film evaporator (Capacity 0.45 mt sq)
• 2 KL Cryogenic reactor
• High vacuum distillation facility (0.5 m bar)

Bavla, Gujarat India- Unit 3

• Three multi-purpose development pilot plants
• 32 Reactors, Total capacity 30KL and 4 cryogenic reactors
• High vacuum distillation

III

29

State-of-the-art manufacturing facilities

Bavla, Gujarat India- Unit 5

• Intermediate manufacturing facility
• Solvent distillation facility

Bavla, Gujarat India- Unit 10

• Disinfectant formulation plant for Aerosols, and hard

surface disinfectants

• Class 100,000 finishing area with 5 filling lines
• Formulation & Development

Bavla, Gujarat India-Unit 13

• Multi-product facility
• Dedicated staff for manufacturing, QC, QA and Engineering

support

Naroda, Gujarat India

• APIs, quaternary biocides & fine chemicals
• Approx 20 major products (Bisacodyl, CPC, Cetrimide)

Pilot Plant Naroda, Gujarat India

• KiloLab reaction capacity 4 X 30 – 100 L reactors
• GMP pilot pant 10 x 250- 1000L
• Class 100,000 finishing area

CARBOGEN AMCIS AG, Site - Bubendorf & Headquarter, Switzerland

• Lab, administration and containment facilities with
• 312 employees
• Clean room dedicated for Antibody Drug Conjugates
• Multi-purpose clean room dedicated for purification of

high-potent by HPLC process

• Process optimisation and supply of late-phase and

commercial APIs

• Inspected by FDA, SwissMedic and Korean Health
• Authority MFDS
• Holds accreditation as foreign manufacturer for Japan

Bavla, Gujarat India- Unit 4

• Dedicated starting material plant
• 11 Reactors, Total Capacity 39KL
• High vacuum distillation

III

30

State-of-the-art manufacturing facilities

CARBOGEN AMCIS SAS, Site - Riom, France

• 10,000 m2 site with 34 highly-qualified specialists
• Primary focus on formulation of new products and aseptic drug

products of preclinical and clinical batches of injectables in liquid or freeze-dried form

• 400 m2 production area with clean rooms and separate

laboratories for formulation development and quality control (micro-biological and analytical controls)

• Inspected by French Health Authority ANSM

CARBOGEN AMCIS AG, Site - Aarau, Switzerland

• Primary focus on process research and early-

phase API supply with 136 employees

• Primary location for chromatography and

product handling facilities

• SwissMedic inspected
• US FDA inspected

CARBOGEN AMCIS AG, Site - NEULAND, Switzerland

• Primary location for ICH stability studies and solid state services

with 92 employees

• Inspected by the SwissMedic and Korean Health Authority MFDS
• US FDA inspected

CARBOGEN AMCIS B.V., Site - Veenendaal, The Netherlands

• Primary location for manufacture and marketing of Vitamin D analogues,

Vitamin D3, Cholesterol and Lanolin related products with 74 employees

• Operates under cGMP; ISO 9001 and 14001 certified
• FDA inspected; Holds Certificate of Suitability by EDQM and DMFs

CARBOGEN AMCIS AG, Site - Vionnaz, Switzerland

• Significant increase in development and manufacturing

capacity on High potent APIs

• From gram to kilogram scale; Categories 3 and 4
• GMP compliant; Swissmedic
• Combination of the initial team knowledge and Carbogen

Amcis expertise

• Total no. of Employees: 15 y

CARBOGEN AMCIS LTD, Site - Manchester, UK

• Specialises in process research and non-GMP custom

synthesis of pharmaceutical intermediates with 73 employees

• Larger capacity (up to 4,500 L) facilitates production of

early-phase APIs and large-scale intermediates

CARBOGEN AMCIS (SHANGHAI) CO. LTD., Site - Shanghai, China

• Production and supply of pharma intermediates

and APIs under cGMP with 98 employees

• Ten reactors from 2500L to 8000L scale
• Allows larger production of nominal batch sizes
• f 150kg to 630kg
• Dedicated analytical and QC capability
• Fully qualified process control and monitoring

systems

• On-site bulk solvent storage and waste

treatment facilities

III

31

Robust Operating and Financial metrics

IV

32

Cash Profit (₹ mn) Marketable Molecules (₹ mn)

The company has a strong basket of about 18 APIs in Phase III development. The company is focused on improving its capacity utilization at its manufacturing facilities by targeting small and mid-sized global biotech companies and diversifying across new geographies. Due to the current and prospective opportunities, the company has decided to set up additional development and small-scale manufacturing facilities in Switzerland and France.

Past Financial Performance at a Glance

16,017 17,137 16,948 20,586 20,436 FY16 FY17 FY18 FY19 FY20

Revenue from Operations (₹ mn) EBITDA and EBITDA %

4,103 4,534 4,453 5,519 5,224 25.6% 26.5% 26.3% 26.8% 25.6% FY16 FY17 FY18 FY19 FY20 EBITDA EBITDA % 2,945 2,994 3,660 4,499 4,273 FY16 FY17 FY18 FY19 FY20 4,592 4,541 4,011 4,491 4,629 FY16 FY17 FY18 FY19 FY20

CRAMS (₹ mn)

11,425 12,596 12,937 14,707 15,103 FY16 FY17 FY18 FY19 FY20

33

Consolidated Net Debt

886.77 838.08 873.42 775.04 721.62 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 1,000.00 Debt in INR

Net Debt in INR

31.03.2016 31.03.2017 31.03.2018 31.03.2019 31.03.2020 133.85 129.23 134.02 112.08 95.52

• 20.00

40.00 60.00 80.00 100.00 120.00 140.00 160.00 Debt in USD

Net Debt in USD

31.03.2016 31.03.2017 31.03.2018 31.03.2019 31.03.2020

• 1. Lease Liabilities and loans from promoters are not included as part of the Net Debt Figures mentioned above.
• 2. The entire debt is denominated in USD for comparison purpose as most of companies debt in Foreign Currencies.

IV

34

Figures in Mn

Net Debt at Major Group Entities

Dishman Carbogen Amcis Ltd (in INR) As on 31.03.19 As on 31.03.20 Total Gross Debt (in FC) 5,843.62 5,574.63 Cash/Cash Equivalents/Liquid Investments (in FC) 1,649.27 1,549.19 Net Debt in FC 4,194.36 4,025.44 Net Debt (in INR) 4,194.36 4,025.44 Net Debt (in USD)* 60.66 53.28

Figures in Mn

Carbogen Amcis B.V (In EUR) As on 31.03.19 As on 31.03.20 Total Gross Debt (in FC) 7.91 2.17 Cash/Cash Equivalents/Liquid Investments (in FC)

• 0.49

Net Debt in FC 7.91 1.68 Net Debt (in INR) 613.87 140.29 Net Debt (in USD)* 8.88 1.86 Carbogen Amcis AG (in CHF) As on 31.03.19 As on 31.03.20 Total Gross Debt (in FC) 40.49 46.70 Cash/Cash Equivalents/Liquid Investments (in FC) 0.58 1.22 Net Debt in FC 39.90 45.48 Net Debt (in INR) 2,772.63 3,576.52 Net Debt (in USD)* 40.10 47.34 Dishman USA Inc. (In USD) As on 31.03.19 As on 31.03.20 Total Gross Debt (in FC) 12.75 7.50 Cash/Cash Equivalents/Liquid Investments (in FC) 3.39 6.08 Net Debt in FC 9.36 1.42 Net Debt (in INR) 647.32 107.28 Net Debt (in USD)* 9.36 1.42

1. The Net Debt at Group Entities other than above amounted to INR (681.64) Mn equivalent to USD (9.02) Mn as on 31.03.2020 and INR 53.99 Mn. equivalent to USD 0.78 Mn as

• n 31.03.2019.

2. FC means Reporting Currency in respective Entities.

IV

35

Cash Profit - Consolidated

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2015-16 2016-17 2017-18 2018-19 2019-20 1,711 3,389 3,896 4,499 4,273

Cash Profit

Cash Profit

Figures in INR Mn

IV

36

Revenue and Fixed Assets

Entity Name Reporting Currency Gross Block of Tangible Assets* Net Block of Tangible Assets * Total Revenue* Dishman Carbogen Amcis Ltd INR 7,796.50 5,378.50 5,037.07 Carbogen Amcis AG CHF 236.36 79.60 145.65 Carbogen Amcis SAS Euro 2.49 1.60 4.44 Carbogen Amcis Shanghai Co Ltd CNY 192.48 60.40 56.58 Carbogen Amcis UK GBP 8.02 4.90 10.77 Carbogen Amcis B.V. Euro 19.99 11.00 32.27

Revenue for FY – 2019-20 and Fixed Assets as on 31st March 2020

Figures in Mn

IV

37

1. Calculated rate as of 31st March 2020 2. * Tangible Assets do not include impact of revaluation of assets and unutilized leasehold land.

ROE and ROCE – Consolidated as on 31st March 2020

Particulars Amount in INR Net Profit 1,801.99 Amortisation of Intangible Assets (Net of Tax)1 713.13 Adjusted Net Profit 2,515.12 Share Capital 313.76 Reserve and Surplus 2 52,861.55

• Goodwill 3

(37,223.80)

• Other Intangible Assets

(1,781.40) 14,170.11 ROE 17.75% Particulars Amount in INR Net Profit 1,801.99 Amortisation of Intangible Assets 1,018.76 Interest 619.53 Tax Expense 417.77 Adjusted EBIT 3,858.05 Share Capital 313.76 Reserve and Surplus 2 52,861.55

• Goodwill 3

(37,223.80)

• Other Intangible Assets

(1,781.40) Long Term Liabilities 4 9,158.00 Adjusted Capital Employed 23,328.11 ROCE 16.54%

Figures in INR Mn

1. The amortization on goodwill is adjusted net of tax from the net profit to derive ”Adjusted Net Profit” 2. Reserve and Surplus is adjusted for “Foreign Currency Translation Reserve”. 3. Goodwill and other intangible Assets is adjusted for the impact of foreign exchange revaluation. 4. Long Term Liabilities includes Lease liabilities.

IV

38

Strong leadership backed by strong brand equity

V

39

Strong leadership backed by strong brand equity

• Mr. J R Vyas
• Mr. Arpit Vyas

Chairman

• Mr. Vyas promoted the erstwhile parent company Dishman Pharmaceuticals and Chemicals Ltd (DPCL) in 1983 with 16 subsidiaries worldwide.
• He heads the R&D and production activities over 30 years and is also engaged in marketing of in-house technologies and products, research and production

capabilities domestically and internationally.

• He has been managing marketing and globalisation activities since more than 30 years and has successfully negotiated several contract research proposals with
• clients. He has entered into a long-term manufacturing and supply contract with several companies in Japan, USA and Europe.
• In 1987, he set up the Naroda facility, and later in 1996, initiated the expansion of Bavla facility. His emphasis on quality and adherence to international

manufacturing standards ensured the Bavla facility has been set up and developed as per international standards. He has been engaged in acquisition of several research-oriented companies, including Carbogen Amcis and Vitamin D business in Netherlands.

• Mr. Vyas has completed his Chemical Engineering degree from the University of Aston, Birmingham. He has gained a rich experience in the field of Marketing
• He was first appointed as the Additional Director of the erstwhile DPCL; and thereafter as the Whole-time Director w.e.f. 1st June, 2009; then as Managing Director

since 28th May, 2013 and also appointed as CFO w.e.f. 17th July, 2015. He later resigned as the CFO and was appointed as Global Managing Director w.e.f. 28th November 2018

• He has been extremely instrumental in the strategic decision-making processes and Marketing Policies and the overall operation of the Company’s plants worldwide.

He is completely in charge of the corporate functions such as finance, legal, IT, marketing, sales, etc.

MD, CEO & Director Director (Global Marketing & Strategy)

• Mr. Griffiths holds a Master’s Degree in Science (Mechanical Engineering) from the University of Bristol. He has extensive background within the Pharma industry

and has strong leadership skills

• He has more than 35 years of experience in Strategy, Business Operation, Facility & Plant Engineering Design for pharmaceutical and chemical plants
• Before joining the Dishman Group as Global CEO, he was the co-founder and joint owner of COSAM Developments Ltd., a multi-discipline pharmaceutical

consultancy firm. He has been inducted on the Board from August 2014

V

• Mr. Mark Griffiths

40

Key Leadership Team

41

• Mr. Harshil Dalal

Global CFO

• Mr. Paolo

Armanino COO (India Operations)

• Dr. Alan Fischer

Global Chief Information Officer)

• Dr. Stephan

Fritschi VP (Operations)

• Mr. Pascal

Villemagne VP (Commercial)

• Mr. Martin

Schneider Global Chief Quality Officer

• Mr. Dieter

Thueer Global Head - HR

AGENDA

01 02 03

Company Overview Key Investment Highlights Growth Strategies

42

Growth Strategies

03

43

Strong Pipeline

Strong growth trajectory even in challenging times

Oncology is its key focus area, generating ~50% of its CRAMS revenue. The company has a track record of commercialising partnered molecules at regular intervals Strong pipeline in the CRAMS segment with 550 API’s at various phases of development At present, the company has more than 25 molecules in early Phase-III trials, and 18-19 in late Phase-III. Of these, 50% are in Oncology out of which 8–9 API’s are expected to be commercialised in the next 36 to 48 months; Strong Phase-III molecule pipeline would lead to a near-term pick-up in earnings following commercialization Significant focus on Antibody Drug Conjugates (ADC) technology Our customers got USFDA Regulatory approvals for 4 NCEs during FY20. The company is already working with 250 customers Vitamin D soft gel capsule manufacturing facility expected to be commissioned in FY22, which would make Dishman an integrated Vitamin D capsule manufacturer; Manpower and cost optimisation exercise expected to be undertaken by the company during FY21 likely to improve Revenue and margins in the near-to-medium term.

44

The Dishman Carbogen Amcis Group has a pipeline

• f orders exceeding US$

160 million, as on March 31, 2020.

Therapeutic Area Split

Commercial Development

28% 17% 6% 6% 11% 11% 22% 21% 4% 18% 4% 4% 14% 4% 32% Cancer ADC-Warhead/ADC Eyes Antibiotic Blood/Immunology Hormone/Metabolism Pain/Nerves Diabetes Various APIs Non-APIs/Intermediates New Dev Projects FY20 Commercials FY20

45

Focussed Strategies for Growth

• Looking out for high margin molecules in

key therapeutic areas such as Oncology, Cardiovascular, Central nervous system, Ophthal-mology and drugs under the orphan category

• Targeting the small and mid-sized global

innovators along with the large pharma companies, thus reducing the overall customer concentration resulting in de-risking the business model

• Forward integrating the existing

Vitamin D segment into finished formulations for animal and human usage

• Focus on the niche sustainable NCE’s for

development, which would cater to the unmet demand for such drugs

• Enhancing the technical capabilities within

the group and working on complex difficult to manufacture molecules

• Entering into long term supply agreements

for the molecules approved by regulatory agencies and commercially supplying these molecules focusing on quality of manufactured molecules

46

Capacity Expansion plans

Commencement by 2021 January 2021 Estimated Completion Summer 2024 Q1 2023 Location Hunzenschwil, Switzerland Riom, France Details

• Construction of a new API manufacturing facility is planned.
• This project will progress in several phases
• The initial phase comprising of 12 new vessels (from 630 liters

to 4,000 liters) and associated filtration and drying capabilities

• Additional investments are planned with a dedicated budget to

improve some of the existing technologies and to increase the capacity of the current Swiss sites, such as adding chromatography equipment, new reactors in production and new laboratories

• Will increase total capacity by 20% – 25%
• On newly acquired land located 7 km from an existing site in

Riom, construction will begin for a new, state-of-the-art facility dedicated to custom development and manufacturing of parenteral drug products

• This facility will allow handling complex formulations, including

a large range of different types of APIs from biologics to any kind of highly potent compounds

• The new French site will be able to supply both clinical batches

up to Phase III and small-scale for commercial

• There will be two automated lines: the first one for both liquid

filling plus lyophilization and the second one dedicated to liquid forms

• In addition, state-of-the-art development and analytical

laboratories will be incorporated to support customer projects

… Two major expansion projects that will be phased in over the next four years, totaling investments in excess of CHF 100m (over €90 million). This follows six years of constant growth for the company

Switzerland France

47

Annexures

03

48

Consolidated P&L statement

Particulars (INR Million ) FY17 FY18 FY17 & FY18 YoY % FY19 FY20 FY19 & FY20 YoY % Revenue from Operations 16,339 16,527 1.2% 19,199 19,733 2.8% Other Operating Income 798 421 (47.3%) 1,387 703 (49.3%) Total Revenues 17,137 16,948 (1.1%) 20,586 20,436 (0.7%) COGS 3,293 3,369 2.3% 4,038 4,338 7.4% Employee Expenses 5,960 6,254 4.9% 7,146 7,623 6.7% Other Expenses 3,350 2,871 (14.3%) 3,883 3,250 (16.3%) EBITDA 4,534 4,453 (1.8%) 5,519 5,224 (5.3%) EBITDA Margin % 26.5% 26.3% (18bps) 26.8% 25.6% (124bps) Other Income 261 457 74.9% 538 445 (17.4%) Depreciation & Amortization 2,135 2,114 (1.0%) 2,404 2,829 17.7% Finance Cost (Incl. Forex Impact) 490 488.3 (0.4%) 565 619 9.5% Share of Profit from Associates & JV 9 – – PBT 2,160 2,308 6.8% 3,088 2,221 (28.1%) Tax Expense 706 762 7.9% 985 418 (57.6%) Current Tax 554 487 (12.1%) 891 270 (69.7%) Deferred Tax 152 275 80.3% 94 148 57.7% % Tax Rate 32.7% 33.0% 33bps 31.9% 18.8% (1307bps) PAT 1,454 1,546 6.3% 2,103 1,803 (14.3%) PAT Margin % 8.5% 9.1% 63bps 10.2% 8.8% (139bps)

49

Consolidated Balance sheet

Particulars ( INR Million) FY17 FY18 FY19 FY20 Non-Current Assets Property, Plant and Equipment 13,434 15,033 15,330 17,119 Capital Work-in-progress 1,215 1,190 1,433 2,023 Goodwill 34,551 35,330 34,703 36,847 Other Intangible Assets 488 244 891 975 Right to use Lease Assets – – 1,788 Investment Property 46 52 52 51 Intangible Assets under development 114 317 319 318 Financial Assets Investments 396 1,014 1,474 840 Loans 350 381 376 398 Others 28 46 25 75 Deferred Tax Assets (Net) 191 75 80 30 Current Tax Assets (Net) 876 862 984 1,077 Other Non-Current Assets 1,791 1,760 2,082 2,634 Total Non-Current Assets 53,480 56,303 57,749 64,175 Current Assets (Net) Inventories 4,266 4,846 5,486 6,069 Financial Assets Investments – 944 197 1,066 Trade Receivable 2,856 4,444 4,453 5,774 Cash and Cash Equivalents 586 655 763 1,219 Bank balances other than above 288 35 194 390 Short Term Loans and Advances 958 755 42 63 Others Financial Assets 1,454 244 932 509 Other Current assets 2,047 3,538 3,469 2,959 Total Current Assets 12,455 15,462 15,536 18,050 Total – Assets 65,935 71,765 73,285 82,224

Particulars ( INR Million) FY17 FY18 FY19 FY20 Shareholders Fund Equity Share Capital 323 323 314 Other Equity 48,140 50,751 53,468 57,063 Total-Shareholders Fund 48,140 51,073 53,791 57,377 Non-Current Liabilities Long Term Borrowings 4,601 5,250 3,624 2,413 Lease Liabilities 2,360 Provisions 2,214 2,343 2,483 2,941 Deffered Tax Liabilities Net 994 1,321 1,404 1,445 Other Non-Current Liabilities 49 – – – Total Non-Current Liabilities 7,858 8,914 7,511 9,158 Current Liabilities Short Term Borrowings 3,850 3,933 5,201 6,882 Trade Payable 856 1,859 1,946 2,835 Other Financial Liabilities 1,661 2,871 2,636 2,972 Other Current Liabilities 2,911 2,288 1,668 2,163 Lease Liabilities – – 653 Current Tax Liabilities (Net) 469 606 340 24 Short Term Provisions 190 220 193 160 Total Current Liabilities 9,937 11,777 11,983 15,689 Total-Liabilities 65,935 71,765 73,285 82,224

50

Impact due to Covid-19

Cautionary Statement

The business operations remained shutdown temporarily during the quarter owing to the lockdown imposed due to Covid-19 pandemic. Moreover, the business was also impacted due to certain observations from the European Directorate for the Quality of Medicines & HealthCare (EDQM) audit during inspection of the Bavla site for the company’s product Dihydrotachysterol. The performance is expected to normalize during upcoming quarters due to resumption of business operations on the back of unlocking of economy. Moreover, the company has appointed consultants to supplement the team in India in order to rectify the deficiencies highlighted during EDQM audit. The company has submitted the Corrective Action Plan to the EDQM authority on August 21, 2020 and started its implementation.

51

Thank you!

Dishman

Dishman Corporate House Iscon-Bopal Road, Ambli Ahmedabad – 380058 Gujarat, India www.dishmangroup.com

CARBOGEN AMCIS AG

Hauptstrasse 171 CH-4416 Bubendorf Switzerland www.carbogen-amcis.com