Jubilant Pharmova Ltd

In February 2025, we outlined our Vision 2030, which aims to double our revenues from FY24 to FY30, improve EBITDA margins to a 23% to 25% range, reduce Net debt to zero and grow Return on Capital to high teens.

FY25 has been a transformative year for your Company. We have not only made huge strides towards our strategic goals but also delivered superlative nancial performance to create sustainable shareholder value.

In February 2025, we outlined our Vision 2030, which aims to double our revenues from FY24 to FY30, improve EBITDA margins to a 23% to 25% range, reduce Net debt to zero and grow Return on Capital to high teens.

We also outlined growth levers for each business segment. In the Radiopharmaceutical business, we aim to become the leader in the cardiac PET scan market through Ruby-Fill^?. We plan to launch new PET and SPECT products, as well as MIBG, our therapeutic drug for patients with refractory and relapsed Neuroblastoma. In the radiopharmacy business, we plan to add six PET radiopharmacies. In the Allergy Immunotherapy business, we plan to strengthen our existing position and invest in

R&D to develop new products and new technologies. In the CDMO Sterile Injectable business, we plan to double our capacity at Spokane by adding two new high-speed injectable ll lines with isolator technology. In the CRDMO business, we shall continue to add marquee large pharma companies as our customers, along with new capacity and capabilities. In the API business, we plan to grow our CDMO and custom manufacturing revenues. In the Generics business, new products from our ANDA pipeline will help us grow in the US market, while we continue to grow pro tably in the non-US international business.

We are happy to share that in FY25, we have made signi cant progress on all growth levers. The Ruby-Fill^? installations are on track. Our new Product, Sulfur Colloid, gained traction during the year. In the Radiopharmacy business, our two PET radiopharmacies have begun distributing PYLARIFY^?, an industry-leading prostate cancer diagnostic imaging agent.

In the Allergy Immunotherapy business, we sustained the growth momentum in the US market and are working to bolster our sales in the markets outside the US.

In the CDMO Sterile Injectables business, Media lls have been completed on Line 3 and multiple technology transfer programs are underway. The large innovator pharmaceutical companies, for their US requirements, are now looking to create an alternative manufacturing site in the US as a risk management measure in the event of tariffs imposed by the US government. In light of that, we are starting to see excellent traction in RFPs for Line 3. We expect to nalise these in FY26. We expect to reach peak utilisation for Line 3 in three years from the start of commercial production now, versus an earlier expectation of four years. Our Montreal facility began operations following the successful implementation of corrective and preventive actions post US FDA (US Food and Drug Administration) audit.

In the CRDMO business, we continue to add large pharma clients and scale these contracts. We announced a strategic partnership with Pierre Fabre, France, to expand our footprint in Europe in areas such as biologics (mAbs) and Antibody-Drug Conjugates (ADCs). We also increased our revenue mix towards CDMO, which aided in margin expansion in the CDMO API business.

The Generics business achieved pro tability and delivered positive EBITDA margins. The success of the overall turnaround strategy was hinged on continuous quality improvement, reduction in overall cost and scaling up pro table products. We have secured approval of seven ANDAs in the last year. We have also acquired two ANDAs.

In the Proprietary Novel Drug business, the global clinical trials for our lead programs, Phase II trial for JBI -802 for Essential Thrombocythemia (ET) and other Myeloproliferative Neoplasms (MPN) and Phase I trial for JBI -778 for non-small cell lung cancer (NSCLC) and high-grade Glioma are actively enrolling patients and progressing in line with our expectations.

The Company has embarked on a renewable energy implementation journey across its facilities in India to enable a reduction in both cost and carbon footprint. In FY25, the Company's subsidiary, Jubilant Biosys Limited, entered into a power purchase agreement and security subscription and shareholder agreement with Isharays Energy Two Private Limited for the purchase of renewable energy generated through captive power arrangement for its facilities located in Noida and Greater Noida.

In 2024, the global economy grew at a growth rate of 3.2%. In the year gone by, the global economy saw a mix of developments, including moderating inflation, steady growth and rising geopolitical risks. Key events included the continued impact of the war in Ukraine on food and energy supplies, concerns about rising debt and a shift towards ‘soft landing' expectations. Central banks began lowering interest rates and the global economy showed resilience.

As we entered 2025, the landscape changed as governments around the world reassessed policy priorities. According to the IMF's April 2025 report, global GDP growth is estimated to be 2.8% in 2025 and 3.0% in 2026. Growth in the United States is expected at 1.8% in 2025 as compared to 2.8% in 2024. Global headline inflation is expected to decline at a slightly slower pace than what was expected earlier, reaching 4.3% in 2025 and 3.6% in 2026.

In 2024, the US pharmaceutical market grew to US $487 billion in net prices, an increase of 11.4% over the previous year. Total prescription medicine use increased 1.7%, reaching 215 billion days of therapy. A small subset of products drove much of the growth. Thirty-one products had greater than US $500 million. in net sales growth in 2024 and contributed in aggregate US $50 billion. in growth. These products include GIPGLP-1 agonists, medicines with label expansions and more mature products becoming established in clinical guidelines.

Key trends shaping the Industry include the enormous success of GLP-1, the focus in Cancer shifting to new modalities like ADCs and Radiopharmaceuticals and Innovator companies looking to mitigate risk against tariffs by relocating manufacturing from Europe to the US.

The global innovator companies, for their US requirements, are looking to shift contract manufacturing from Europe to the US in the likelihood of the tariffs imposed by the US government. They are looking to partner with CDMO companies that have an onshore presence in the US. Many large companies, including Eli Lilly, P zer, Merck and Roche, have announced plans to increase investments in US manufacturing.

In the Radiopharmaceuticals business, Ruby-Fill^? installations will continue to increase. We are on track to introduce multiple new products in PET and SPECT imaging from FY27 to FY29. The dosing for the Phase 2 clinical trial of MIBG is complete and we are preparing a data package to be submitted to the US FDA by H2 FY26. We are witnessing powerful industry tailwinds in the PET Radiopharma industry. On the therapeutic side, more than 10 new products are expected to be commercially available in the market from 2029, which will aid in growing the PET imaging industry. The proposed investment in 6 radiopharmacies is underway. These will be commercially operational from FY28 onwards.

In the Allergy Immunotherapy business, as a sole supplier of Venom in the US, we are expanding the market by increasing customer awareness. In the US Allergenic extracts segment, the business continues to gain revenues. The business is also making inroads outside of the US market.

In the CDMO Sterile Injectables business, the capacity expansion program in Spokane, Washington, USA, is on track. Line 3 and Line 4 are expected to start commercial production in late FY26 and FY28, respectively. We expect to reach peak utilisation for Line 3 in three years from the start of commercial output now, compared to an earlier expectation of four years.

In the CRDMO business, the medium-term outlook remains positive. In the short term, the business is trying to diversify its customer base and in the medium term, it is adding ‘development' capabilities in addition to research and manufacturing. In the CDMO API business, we are focused on driving higher capacity utilisation through CDMO and custom generics manufacturing.

In the Generics business, we plan to launch six to eight products per annum in our US and non-US international markets. In line with our plan, we are ramping up exports to the US markets in a meaningful and gradual manner. We have also started ramping up supplies of products from our Contract manufacturing partners to the US market. We expect to increase pro tability and return to growth in nancial year 2026.

In the Proprietary Novel Drugs business, we shall look forward to the interim data from the Phase 2 trial of JBI-802 in FY26.

We remain focused on our strategy to strengthen our position in each of our businesses, creating shareholder value.

Total Revenue from Operations grew by

8% in FY25 to 72,345 million on the back of growth in Ruby-Fill^? and new product sales in radiopharmaceuticals, volume growth in radiopharmacies, continued growth in Allergy Immunotherapy, increased utilisation in CDMO Sterile Injectables and addition of new customers in the CRDMO businesses. Total income grew by 8% in FY25 to 72,913 million. Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 24% on a YoY basis to 12,300 million due to improved performance in CDMO Sterile Injectables, CRDMO and Generics. In line with management's guidance, the Generics business has pivoted to pro tability in FY25. Reported PAT increased by 1,050% to 8,363 million in FY25. Normalised PAT increased by 112% to 4,152 million. Net Debt /

EBITDA reduced from 2.5x in Mar'24 to 1.1x in Mar'25 on the back of voluntary debt prepayment of US $125 million in FY25.

The Board has proposed a dividend of 500%, i.e. 5 per equity share, for the year.

We would like to thank all our valued stakeholders, including our customers, vendors, lenders and shareholders, for their continued support and for upholding their con dence and trust in us. We remain deeply grateful to all our employees globally for their contribution and commitment to the Company.

Warm regards