WOCK/SEC/SE/2022-23/068 21th February, 2023

BSE Limited National Stock Exchange of India Limited

Corporate Relations Department Listing Department
P J Towers, Exchange Plaza
Dalal Street Bandra Kurla Complex, Bandra (E),
Mumbai - 400 001 Mumbai - 400 051

Scrip Code: 532300 NSE Symbol – WOCKPHARMA

Dear Sir/Madam,

Subject: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 – Investor Conference recording and Investor Presentation

Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations,

2015 and further to our communication dated February 14, 2023, we enclose herewith the
Investor Presentation discussed during Investor Call held today i.e. Tuesday, February 21, 2023
at 16:00 hrs IST through VC. The Investor Presentation is also available on the website of the
Company at below link.

https://statutory.wockhardt.com/stock_exchange_disclosures.htm

Dr. Habil Khorakiwala (Chairman) and Dr. Murtaza Khorakiwala (Managing Director) participated
in the Investor Call. The audio - video recording of the Investor Call has been uploaded on the
Company’s website and the same can be accessed at below link:

https://statutory.wockhardt.com/stock_exchange_disclosures.htm

You are requested to kindly take it on record.

Thanking you,
Yours Sincerely,
Digitally signed
by Debashis Dey
Debashis Dey Date: 2023.02.21
18:29:52 +05'30'

Debashis Dey
Company Secretary

Encl.: A/a.
 Project Liberty
Opportunity to invest in US pharma business

Investor’s Presentation
February 2023
Safe Harbor Statement

The Presentation is to provide the general background information about Wockhardt Limited’s (the “ Company’s ”) activities as at the date of
the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be
considered as a recommendation that any investor should subscribe / purchase the company shares. The Company 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 contained herein. This presentation may include certain “forward looking statements”. These statements are
based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and
results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations
include, amongst others general economic and business conditions in India, ability to successfully implement our strategy, our research and
development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies,
changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals
industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control
regulations in India. Neither the company, nor its directors and any of the affiliates or employee have any obligation to update or otherwise
revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before
deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without
prior written approval from Wockhardt Limited.

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Snapshot of Wockhardt : 9M FY23

11 manufacturing facilities across world

Revenues : INR 1,973 Cr.

2 R&D centres one each in India, UK, USA

EBITDA: INR 86 Cr.
~ 520 scientists with >80 PhD’s, Drug Discovery team > 150
associates1

Long term external D/E Ratio 0.16x*

>20% of the 5,400 global associates based outside India1

International business ~ 75%

3,214 patents filed; 793 patents granted

* Excludes Promoter loans

Strictly confidential | Page 3

Global Footprint : Significant Regulated market presence

Global Footprint Capability – across different segments

► Generics
► 5,000 employees
► Branded
► Across US, EU, India &
► OTC
Emerging Markets
► Hospital
► Solids, ► Liquids
► Injectables, ► Nasal Sprays
► Biotechnology ► Complex technologies

► Antibiotics Drug Discovery

► Biotechnology
Direct operations Through Partners ► Pharma Generics

United Kingdom Emerging Markets India Ireland United States of America

►Presence in ►1st Indian ►Amongst TOP 5 ►Generics
►Leading Indian
generic company Latin America, Company to Generic Cos ►Hospital segment
CIS, Africa, launch NCE ►Largest Generic
in Retail & ►Pediatrics
Hospital Asia and MENA ►800 field force Cos in hospital
segments products

Share 32% 20% 25% 6% 13%

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Key highlights

1 Business performance

2 Restructuring of US Business

3 Agreement with Serum for vaccine manufacturing in UK

4 Novel Antibiotics

| Page 5
2 US Business Restructuring

US Cost Improvements Restructuring Business

Site transfer from in-house Chicago site to CMOs

In-house Manufacturing Post re-structuring Shut down of manufacturing facility

at Morton Grove

$ Few products with high margin

Canada (CMO)
manufactured by 3rd party

$
USA CMO
Continue to maintain sales with ~
40% gross margins
$$$
MGP Chicago $
GCC (CMO)

US$ 25 Mn fixed cost US$ 6 Mn variable cost Annual savings of ~US$ 12 Mn

| Page 6
3 Agreement with Serum for vaccine manufacturing at UK Facility

• Joint venture of 51:49 in favor of Wockhardt

• Received £ 10 million as contribution for reserving capacity- 150 million doses

across 15 years

• Serum has identified two vaccines

Wockhardt plans to manufacture post regulatory approvals and

exhibit batches in next 8 - 12 months

| Page 7
4 Novel Antibiotics

20 Committed to Novel Antibiotics research

years

Probably only company to have comprehensive end to end drug

#1 discovery programs in Antibiotics

Programs granted QIDP status by US FDA denoting unmet

6 needs; faster trials, quicker approvals by US FDA

| Page 8
 4 Nurturing aspiration for global leadership in antibiotic space

5 NCEs launched or in advanced-clinical development Launched

Pipeline

O
2 2 2
WCK
4873

WCK RECAR ZOLIFLO

4282
1 BRIO 1 DACIN 1 1 1 BAXDELA

WCK DURLOB TANIBOR GEPOTID VABO-

AVYCAZ ZERBAXA NUZYRA FETROJA
5222 ACTAM BACTAM ACIN MERE

Wockhardt Pfizer Merck Paratek Entasis VenatoRx Shionogi GSK Melinta

Shrinking pipeline - A result of scientific challenge and missing discovery talent base
| Page 9
Novel Antibiotics- WCK 4873

• Signed licensing deal with Jemincare, China for development and

Licensing
commercialization in Greater China
in China
• Received first milestone from Jemincare

India
• Phase 3 clinical trial concluding by September 2023
Phase III
• Marketing in India in 2024 post DCGI approval
trials

| Page 10
Novel Antibiotics- Emrok/Emrok-O

India • Already marketed

Emerging
• Expect approvals in 8 emerging markets in next 6-9 months
Markets

| Page 11
WCK 5222- Flagship novel antibiotic

Increase in • 2022 CDC report highlights rise in Anti-microbial Resistance during COVID-19
potential • Heightened vigilance reveals the rising level of threat

WCK 5222
90% 78%
80%
Rise in antibiotic resistance

70%
rates during COVID

https://www.cdc.gov/drugre
60%
WCK 5222 sistance/pdf/covid19-
impact-report-508.pdf
50% WCK 5222 WCK 6777
WCK 4282
32% 35% 32%
40%
Emrok /
30% Emrok O
20% 13%

10%

0%
MDR CR CR ESBL MR S. aureus
Pseudomonas Acinetobacter Enterobacterales Enterobacterales

MDR: Multi-drug resistant; CR: Carbapenem resistant; MR: Methicillin resistant | Page 12
WCK 5222- Flagship novel antibiotic

Global • Global Phase III clinical trial initiated in August 2022 and expected to
Phase III complete in next 15-18 months.
progress • Expect to market product in USA, Europe, China & India in 2025

• 3 critical patients; all other antibiotics options exhausted including recent

global innovation product
Saving
lives • Post DCGI approval for compassionate use, successfully cured and
discharged on completion of treatment with WCK 5222

| Page 13
Compassionate use of WCK 5222

Recently under DCGI Permission 3 patients in India with life-threatening infection received WCK 5222 on
compassionate ground since available antibiotics were not efficacious

Patient 1 (Sep. 2022) Patient 2 (Nov-Dec. 2022) Patient 3 (under treatment)

 50 y, female admitted in Medanta,  11 y, boy admitted in Global  18 y, male admitted in AIG
Hospital Lucknow, treated by Dr. Hospital, Chennai, treated by Hospital, Hyderabad, treated by
Dilip Dubey Dr. Ponni/Subramanian Dr. Balasaheb
 Post-abdominal surgery sepsis  Post bone-marrow-transplant  Necrotic fasciitis after
 Infection of XDR Pseudomonas, febrile neutropenia chemotherapy for acute leukemia
resistant to ceftazidime/avibactam  Infection of XDR E. coli, resistant  Infection of XDR Pseudomonas,
 Though susceptible to colistin, to ceftazidime/avibactam resistant to ceftazidime/avibactam
even 4 weeks of therapy didn’t  Last-line therapies were not  Last-line therapies were not
improve the clinical condition efficacious efficacious
 10 days of therapy with WCK 5222  2 weeks of WCK 5222 eradicated  10 days of WCK 5222 eradicated
rescued the patient paving for the pathogen; discharged in stable the pathogen; being treated for
discharge in stable condition condition cytopenia

| Page 14
WCK 6777

Funding • By National Institute of Health, USA

Stage • In Phase I US development

| Page 15
Financial / Business Highlights
| Page 16
Deleveraging: Reducing Long term external Debt

Long term external Debt position

3,218 (INR Cr.)
2,982
2,487
India External Debt
2,070 2,085
1,998 International External Debt
1,509 1,287
1,348
812
743 608
1,149 251
984 978 737 253
544 561 355
FY17 FY18 FY19 FY20 FY21 FY22 December 2022

0.96 0.93
Long term external Debt to Equity
0.83
0.68

0.34
0.19 0.18 0.17 0.16

FY17 FY18 FY19 FY20 FY21 FY22 Q1, FY23 Q2, FY23 Q3, FY23

| Page 17
Promoters commitment

Promoter Loans
(INR Cr.)
INR 709
Quasi- equity
Cr.
709
469 518

208
~INR 500 Rights Issue
- Conversion of Promoter Debt
Cr. into Equity
March 2020 March 2021 March 2022 December
2022

Promoter is fully committed to support the Company

| Page 18
Key Metrics Performance – Sales Revenues

Sales excl. Vaccines (INR Cr.)

673 699
578

Q1 FY23 Q2 FY23 Q3 FY23

| Page 19
Key Metrics Performance – Steady improvement in EBITDA

EBITDA excl. Vaccines (INR Cr.)

59

39

-27

Q1 FY23 Q2 FY23 Q3 FY23

| Page 20
Cash Flow Movement

Q3 FY23 (INR Cr.)

Positive Deleveraging Promoter Investments

OCF commitment

Opening Cash from Total Debt Promoter Total Funds R&D Closing
Balance Ops Repayment Infusion Balance
& Interest

| Page 21
UK Business

Revenue Performance
Key Highlights:
• Comprehensive, FDA-approved manufacturing facility
for sterile injectables.
• Present in key therapies across Cardiac, Pain &
Analgesics, Vitamins, Respiratory & Diabetes,
Oncology, Anti-Infectives
223
220 • Collaboration with UK Government and Astrazeneca to
manufacture COVID-19 Vaccines.

208
Accelerated new filings

9 12 12
Q3 FY22 Q2 FY23 Q3 FY23 6 8

FY20 FY21 FY22 FY23 FY24e

All values in INR Cr. | Page 22

India Business

Revenue Performance Key Highlights:

• Therapeutic focus across Diabetes , Nephro, Anti-Infectives,

Pain / Analgesics, Vitamins & Nutrients, Neuro / CNS and
others.
175
158 • One of the few Indian Companies who are into Manufacturing
150 of Insulin, Glargine & OSD in Diabetes

Q3 FY22 Q2 FY23 Q3 FY23 • Robust Distribution Network – CNF (20+)/ Stockiest /

Distributors (~ 2000)

• Only Indian Pharma company to Launch novel NCE in India

(Brand name – Emrok & Emrok O)

483 • On 9 months basis, Diabetes Biosimilar business grew >20%

452

• Launched Sitagliptin under brand name “Sitawok”

9M FY22 9M FY23

All values in INR Cr. | Page 23

Emerging Markets Business

Revenue Performance 9M FY23 3% 5% 4%

Africa
Asia
CIS 31%
27%
LatAm
MENA
New Markets + Others 30%
148
Key Highlights:
117 117
• De-risked model of Operations - partnerships & relationship
building.
• Differential & end to end Business model from Research to
Manufacturing to Distribution with backward integration of
API manufacturing.
Q1 FY23 Q2 FY23 Q3 FY23 • Strong Presence in Diabetes Segment – Insulin, Glargine :
both Vials & Cartridges
• Upcoming Focus – Presence in New Markets / New
Segments with high growth potential

All values in INR Cr. | Page 24

Growth Drivers
| Page 25
Wockhardt 2.0 - Strategic pillars which will drive growth

► Affordable, Complex
Generics, Sterile
Injectable
► Focus on differentiated
products, NDDS, New Drug
Complex technologies
► Global Gx Market ~ $
Discovery
200 Bn

Biologics
► Focus on global reach
Antibiotics drug discovery
Vaccines ► Comprehensive end to
(Currently Covid-19)
end drug discovery
► Focus on Diabetes
Biosimilar ► 6 QIDP approval by
USFDA with 4 drug in
Pharma ► Diabetes injectable pipeline
Portfolio
► Drug Substance and ► Insulin Glargine, EPO,
Product Integrated Patented devices
Manufacturing
► Diabetes biologics
► 10 Bn doses for EM market ~$ 50 Bn

| Page 26
Short-term and Mid-term growth drivers

Mid term growth drivers (2-3 years)

1 Novel drug discovery

Short Term growth drivers (1-2 years)

1 Diabetes Biosimilars for Emerging markets

2 Collaboration for Vaccines with Serum Institute

3 Focus on improving profitability and Cash flow

| Page 27
1 Growth Drivers – Diabetes Biosimilar (EMs)

Increased market share

Focus on Human Insulin and Insulin Glargine > US$ 1.5
Billion market

Registered in emerging markets New market launches

> 25 markets

Limited competition 6-7 Sustainable competitive

players advantage

API +
Manufacturing infrastructure ready Cost competitive
Formulation

Development to Own “IP”

Integrated end to end capabilities marketing

| Page 28
 Competitive advantage by providing end to end solutions in
1
Diabetes Biosimilars

R&D
► Focus on Insulin analogues, GLP-1 analogues

Manufacturing
► Pilot to large scale capabilities for API &
formulations
Integrated
Capabilities Regulatory
► Registrations in 25+ countries1
Patented delivery devices Vials Cartridges
(pen)
Devices
► Customised precision patented delivery devices
Enhanced competitive posture to help
penetrate markets

Pipeline of Insulin Analogs including Insulin Aspart

| Page 29
2 Collaboration for Vaccines

Contract with UK Govt. for fill-finish supply for

AstraZeneca/University of Oxford Covid-19 vaccine Serum Institute

Supplied >60% of all Covid-19 Vaccines in UK

Dedicated manufacturing in UK for
14% of AstraZeneca Europe
up to 150 Million doses per annum
> 90 COVAX countries -----------------------------------------------
Multi-vaccines arrangement
including for COVID-19
-----------------------------------------------
Long-term profit-sharing
arrangement

With Prince (now King) Charles and ex-Prime Minister Boris Johnson

| Page 30
 3 Antibiotic-resistant bacteria [6 super bugs] – silent killer

COVID-19 killed 5 million people in two years1

Strong
COVID-19 evidence
for
inadequacy
In 2019, six super bugs killed 5 million people2 of current
antibiotics

Super bugs

Deaths

0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000

1.Nature, Vol 601, 20 January 2022; 2.Lancet. 2022 Feb 12;399(10325):629-655 | Page 31
 3 Novel Antibiotics pipeline against Resistant Organisms
Emrok /
WCK 5222 WCK 4282 WCK 4873 WCK 6777
Emrok O

Phase III (Global) Phase III (Global) Phase III (EM) Launched in India
Phase Phase I
Filing 2023 EM Filing underway

Potential cUTI cUTI CABP / RTI ABSSSI cUTI

Indication HABP / VABP HABP / VABP

Partnered in China Partnered in Russia Funding by NIH

Positioning Destination therapy for Empiric-use; Macrolide-resistant MDR Gram+ve Out-patient therapy for
XDR Gram-ve Carbapenem- sparing Respiratory Pathogens, Anti-MRSA MDR Gram -ve
Acinetobacter and Gram-ve Quinolone-Sparing
Pseudomonas

Current Market US$ 9.2 Bn US$ 5.6 Bn ~US$ 700 Mn ~US$ 3.4 Bn
At current generics At current generics At current generics At current generics
Size for target markets1 price price price price

| Page 32
Source: IQVIA MAT MARCH 2021
Our journey ahead – target key milestones

FY 2024 FY 2025

Insulin Glargine
Insulin Aspart
Approval in MENA, LATAM & Other markets
Launch in India
Insulin Aspart
WCK 4873
India: Filing in 2024
Approved and launch in India
Emrok/Emrok O
WCK 5222
Approval in Emerging Markets
Filing and approval in US
WCK 4873
Phase III completion and filing in India US Business
WCK 5222 Profitable
Completion of global Ph III study conduct
PBT Positive
Serum Vaccines
Initiation of manufacturing in UK
US Business
In-house manufacturing shifted to third party
India
14 new launches targeting Diabetes & Nephro
Fund raising
For R&D & Capex
| Page 33
Estimated timelines
Life wins !

Impacting Life Saving Life

Affordability Stakeholders

| Page 34