E - Glenmark

Disclaimer
This presentation has been prepared by Glenmark
Pharmaceuticals Ltd. All information, statements and analysis
made in this presentation describing company’s objectives,
projections and estimates are forward looking statements and
progressive within the meaning of applicable security Laws
and Regulations. The analysis contained herein is based on
numerous assumptions. Actual result may vary from those
expressed or implied depending upon economic conditions,
government policies and other incidental factors. No
representation or warranty, either express or implied, is
provided in relation to this presentation. This presentation
should not be regarded by recipients as a substitute for the
exercise of their own judgment.

Contents
Background
Strategy and Business Units
Business Unit Overview
Financials and Projections
Summary

Background
History
Identity / Scope
Global Footprint
Financial
Performance
Market
Capitalisation
29-year old company
Went public on Indian bourses in 1999
Integrated, operating in Research,
Manufacturing & Marketing of Pharmaceuticals
Business interests span formulations and bulk
activities
Headquartered in Mumbai, India
Operates in over 80 countries
About 42% of revenues in FY 2006 from outside
India
Results in FY 2006 [ending March 31, 2006]:
• Consolidated revenues of ~ $171 Mn
• Consolidated Profit after Tax of ~ $20.5 Mn
~USD 888 Mn [as at May 3, 2006]

Strategy and Business
Units

Strategic roadmap: Transform into a specialty company
through research
Learning from Trends The transformation plan
• Growing through generics alone is not a
long-term value creator
• Differentiation is key – but close to
impossible in the generic space
• Niche therapy segments offer good
opportunity for value growth in generics
space
• Ownership of IP is critical to
differentiation and value growth
• NCE research is a large opportunity; but
success in biologics can help leap-frog
industry evolution
• Taking proprietary molecules through all
development phases is beyond our
current skill-set and risk-appetite
• Several markets are below the radar
screen for bigger branded pharma
players
• Focus on building IP assets today, the key
engine for this transformation
• Out-license IP to drive/fund drug
development
• Retain/acquire IP rights for markets under
the “radar” screen
• In parallel, seek out such markets with
growth potential and build a branded generic
marketing foot-print in areas of dermatology,
respiratory and oncology
• Build and launch portfolios of generic
products in the US niche segments like
Dermatology and Controlled Substances
• Subsequently, transform branded generics
to specialty businesses: launch Glenmarkbrand
novel drugs

Execute through Business Units aligned to Strategy
Organized by Business Units
CEO
R&D
Generic Formulations API
Biologics
(Swiss)
India
Formulati
ons
Less
Regulated
Markets
Latin
America
NCE USA EU API

Build proprietary pipeline of NCEs/Biologics in high
growth areas with good licensing potential
RESEARCH FOCUS
NCE RESEARCH BIOLOGICS
Metabolic Disorders
• Diabetes (Type II)
• Obesity
Inflammation
• Asthma/COPD
•Pain
UNDISCLOSED THERAPIES AND
TARGETS
NCE Research – In Mumbai, India
• Focused capability building over 5 years –
170 scientists, spend ~5% of revenues
• Eminent scientific advisory board
• Five validated targets; 3 more planned
• 6 leads – 2 in Ph II, 2 entering Ph I shortly
and 2 in Pre-clinical
• Target: One NCE into clinics every year
Biologics Research – In Switzerland
• Lab commissioned –15+ researchers
by 2006
• Invest to build capability until 2009-10
• Start with bio-improvics; new drugs by
2008
• Target : Ph 1 on first lead by 2009
License out the leads to partners for the markets of North America, Europe and Japan;
retain marketing rights for rest of the world

Research and Development

NCE Research & Development
Plan to progress 6 compounds in clinical trials in FY 2007
Compound Target Primary Indications Status Target
Launch
GRC 3886
(Oglemilast)
PDE 4
Asthma, COPD
Ph II 2009/10
GRC 8200 DPP IV Diabetes (Type II) Ph II 2010
GRC 6211 VR 1 Osteoarthritis, Migraine,
Incontinence, Asthma
GRC 10622 CB 2 Neuropathic and
inflammatory pain
Ph I in
Sept,06
GRC 10389 CB 1 Obesity Ph I in Q4,
FY07
GRC 4039 PDE 4 Rheumatoid Arthritis,
Inflammation
2011
Ph I in Nov,06 2012
Ph I in
Q1,FY08
2011
2012
Glenmark will target concluding 2 licensing collaborations in FY 2007

NCE Pipeline
Lead Target Indication Stage Status
GRC 3886
(Oglemilast)
GRC 8200
PDE 4
DPP IV
Asthma,
COPD
Diabetes
(Type II)
Ph II • Currently 2 Ph II trials underway for “exercise induced
asthma” and “antigen challenge”; enrollment complete
for the first study, top line results likely by Nov FY07
• Phase II B for Asthma, COPD likely to begin Jan FY07
• $ 30 Mn expected from Forest Inc. this year
• In discussions with potential European Partners
Ph II • Currently 2 Ph II trials underway in South Africa and
India
• Plan to file IND with USFDA in Feb/March FY07
• Currently in advanced discussions with big pharma
company for licensing for US, Europe, Japan and cocommercialization
in RoW with Glenmark having
exclusive rights for India.
• Expect to conclude a deal in FY07

NCE Pipeline
Lead Target Indication Stage Status
GRC 6211 VR 1 Osteoarthriti
s, Migraine,
Incontinenc
e, Asthma
GRC 10622 CB 2 Neuropathic
and
inflammator
y pain
Ph I in
Sept,06
Ph I in
Nov,06
• Exciting target – after Merck licensed compound from
Neurogen (currently in Ph I) and Pfizer licensed
compound from Renovis (currently in pre-clinicals)
• Glenmark currently in discussions for potential
licensing. Timing of licensing would depend on the deal
terms and ability to get co-promotion rights in some of
the regulated markets. Expect to finalize partner by
end-FY 07
• Glenmark could be 2 nd in class with this compound
• Likely to be first/second in class with an oral CB2
Agonist. Currently Pharmos has an IV compound in Ph
II and GSK has an oral compound in Ph I
• Very exciting target as non-narcotic, peripherally acting,
excellent pain-control and without addiction potential
associated with Opoids. Potential applications in
Rheumatoid Arthritis.
• Currently in discussion with several big-pharma
companies for potential licensing – expect to finalize
partner by end FY07

NCE Pipeline
Lead Target Indication Stage Status
GRC 10389 CB 1 Obesity Ph I in
Q4,
FY07
GRC 4039 PDE 4 Rheumatoi
d Arthritis,
Inflammatio
n
Ph I in
Q1 FY08
• Timelines delayed by 3-6 months for lead-optimization
to differentiate us from existing drugs in development
• Though Rimonabant (Sanofi-Aventis) is approved in
EU, not an ideal candidate due to safety aspects
• Glenmark’s lead target profile with clearly differentiate
us on aspects of safety and drug metabolism
• Though lead will enter Ph I in end-FY07, we expect to
be third/fourth in class with a clear differential over
existing compounds
• After the withdrawal/setback of COX-2’s and the void
that exists in RA therapy, we believe this could be a
potential block-buster opportunity
• The lead is also showing promise in Animal models in
RA and other inflammatory conditions

Biologics research in Switzerland in early phase
Swiss Presence
• Diversifying research activities
to cover biologics
• Bioimprovics and New biologics
in the future – biosimilars to
build skill-sets in the near term
• Biologics Research Centre
established
• Employed scientists with
Biologics Research experience
from Switzerland and Europe

Generic Formulations

Overview: Build/consolidate “branded generic” marketing
footprint: Emphasis on the top 15 RoW countries
RoW accounts ~12% of Global Pharma
Market…
…but 15 country markets contribute ~ 90%
of ROW Market
(2005 sales in $ Bn)
265
$ 21 bn
Acquire
• Africa: Egypt
• AsiaPac/ME: China,
Indonesia
170
6
60 64
90%
$ 16 bn
$ 27 bn
Enter
or
Ally
Grow
• AsiaPac/ME: Australia,
Saudi Arabia, S Korea
• Africa: SA, Nigeria
• Lat Am: Brazil, Argentina
• AsiaPac/ME: Philippines,
India, S Lanka, Malaysia,
Russia
US EU Japan ROW
These 15 country markets are jointly growing at an annual rate of over 15% that will put
them at 20% of the Global Pharma market by 2012

Overview: Acquire branded generic footprint in EU;
market generics in the US market through own front-end
EU Market
US Market
• Focus on select branded generic markets:
Spain, Italy, Central and Eastern European
Countries
• Acquire privately held front ends
– Euro 8-12 Mn Sales, cash generating
– Pipeline in place for next 2-3 years
– Good local brand equity
– High overlap in prescriber base with
our research focus
• File and launch branded generics through
own front-ends; also provide dossiers to
partners for non-core markets
• Partner with players to fund high cost
developments – share marketing rights
• Remain focused on generics
• Market products to distributors, chains,
wholesalers through own front-end
• Combination of Make/Partner/Buy to build
depth of portfolio rapidly
– Own development
– Product development alliances
– Acquire registrations
– Licensing marketing rights
• Focus own development on specific niches
with greater margins/sustainability:
Dermatology and controlled substances
• Use own API for cost advantage

India Formulations
Current Status: FY 2006
Revenue growth of 30% over FY 2005, 39% growth in March 2006 [ORG-
IMS]
Ranked #2 in dermatology (after GSK), strong presence in over 10
segments including female healthcare, paediatrics, respiratory, antiinfectives,
cardiovascular, diabetology
Increased focus on chronic lifestyle diseases
Launched 45 new products and novel combinations including 15 first
generics such as Strontium Ranelate, Diacerin, Eplerenone, Acitretin, S-
ibuprofen
Created 7 retail divisions, 1 institutional division for improved focus
Grew field force (currently 1700 medical representatives) and increased
focus on productivity improvements
Driving supply chain cost down; new plant at Baddi for tax-efficiencies
Commenced in-licensing and co-marketing tie-ups for novel products

India Formulations
Segment Contribution to Revenue: Diversified across therapies
Segment Contribution
ORG MAT Mar 2005
Alimentary T. &
Metabolism
Blood + B. Forming
Organs
Segment Contribution
ORG MAT Mar 2006
15% 3% 15%
1%
13% 5%
12%
4%
32%
Cardiovascular
System
Dermatologicals
G. U. System & Sex
Hormones
Systemic Anti-
Infectives
7%
14%
17%
4%
3%
16%
32%
1%
Musculo-Skeletal
System
Respiratory
System
Sensory Organs
6%

India Formulations
Moving forward, the plan…
Grow revenues by 10% p.a.
Initiate presence in new segments: Oncology, Probiotics
Strengthen presence in respiratory, pain management and metabolic
diseases – in preparation for own NCE launches
Grow mass-market division: Milieus through increased product launches,
sales force hires and geographic expansion
Increase in-licensing efforts for novel products to augment own pipeline
Continue launching differentiated branded generics; focus on building
power brands
Improve cost-efficiencies and cash-cycle management

Less Regulated Markets
Status in FY 2006
Posted 25% growth in revenues
Acquisition in South Africa – entry point
to the largest African market; key
requirement to expand presence in
Africa
Expansion to 7 other countries during
the year
Completed over 400 filings and received
over 300 approvals for products across
markets
Consolidated position in existing
markets: increased field force, launched
many new products, reviewed portfolio
to meet local requirements
Plan going forward…
Consolidate position in Russia
Expand in South Africa – use the India
advantage to file several products
Focus on high potential country markets
Diversify portfolio to include an oncology
line – leverage the acquisition of
Servycal in Argentina
Continue registration of products across
geographies
Achieve over 40% growth in revenues
over FY 2006
Evaluate acquisition candidates in highpotential
RoW markets

Latin America
Status in FY 2006
Acquired a company (Servycal) in Argentina: Provides opportunity to build an
Oncology franchise across Latin America, going forward
Expanded field force and also commenced commercial operations in several
additional countries : Presence in 10 countries (including Brazil and Argentina) in
Latin America
Focused on specific therapeutic segments: Respiratory, Dermatology, Gynaecology.
Grew by 197% over FY 2005 in Brazil
Filed 19 dossiers in the key market of Brazil; obtained 11 product approvals and
launched the products towards latter half of the year
Completed the integration with India: ANVISA approval for Goa and Nasik plants,
and 72-bed clinical trial unit for bio-equivalences

Latin America
Going forward
Expand presence in Oncology to other Latin American markets: use
Argentina as the hub
File over 50 dossiers in markets across Latin America with about 33 in
Brazil. Launch 27 new products in Brazil.
Margin expansion through increasing revenue for products filed from
Indian parent
Divisionalisation for greater focus – focus on high margin segments
Achieve 100% growth in revenues over FY 2006

USA – Generic Formulations
Progress till date
Rapidly built up a generic sales front end in the USA with investments in distribution,
finance systems and sales team
Organic and inorganic build-up of portfolio
• Filed 24 ANDAs with US FDA (including partner filings) till date
• 10 Generics on market – own and partnered
• Focus on niche segment of controlled substances and dermatology
• 5 controlled substances licensed: 2 on market and 3 to be launched by
November 2006
• Paul Cap partnerships to finance product development in dermatology
• Strategic co-development tie-ups concluded with Shasun and InvaGen: Together
accounting for 20 additional filings to which Glenmark has marketing access
• Excellent sales performance – locked in excess of 20-25% of the US market on most
products within first year of launch
• Achieved operating cash break-even in Q4, FY06 – within 3 years of set-up

USA – Generic Formulations
Going forward: Multi-pronged build-out of Product Portfolio
Oral solids: File 15-20 ANDAs in FY 07; Includes 3-5 XRs and healthy & exciting
mix of P-II, P-III & at least 3 FTF/P-IV opportunities
Niche topical generics: File 6 products in FY 07, working on 20+ steroidal, nonsteroidal
and combination topicals. Tie-up with Paul Royalty Fund to finance
derm product development
Niche controlled substances: Launched 2 controlled substances out of five
products licensed from two US based firms; remaining to be launched by
November 2006. Segment offers lower competitive pressures. Further licensing
efforts ongoing.
Partnerships: Already announced partnerships will file over 8 generics with the
USFDA in FY 2007
Current status Target for FY 2007
Marketed 10
Marketed 18-22
Under Approval 20
Under approval 38-40
Total Filings 30
Total Filings 28-35
Own filings 20
Own filings 20-25

Europe / UK – Start-up phase
Strategy & Progress
Entry through a niche / branded strategy
• Developing niche generic products, and partnering & creating alliances with
European companies
• Expanding Inorganically in select branded generics markets in the EU
Establish front-end
• EU headquarters, Glenmark Pharmaceuticals [UK] Ltd., set up in 2004
• Team building in progress
• Potential front-end acquisitions under review: Italy, Spain, CE and EE countries
are the current focus

Active Pharmaceutical
Ingredients

Active Pharmaceutical Ingredients
Status in FY 2006
Plan going forward…
Revenue decline (12%) driven by:
capacity diversion for captive APIs
across US, India and LRM
decline in prices in some key APIs
Revenue growth in excess of 30%
Complete capacity expansion in
Ankleshwar, start construction in
Aurangabad
discontinuation of Valdecoxib
File 12-14 DMFs per year
Mix of revenues from segments:
India and co-marketing – 48%
Regulated APIs – 22%
Commercial supplies to regulated
markets to increase dramatically with
several ANDA’s/Dossiers filed and
pending from out 3rd party customers
Rest of world – 30%
Commenced commercial supplies of
DMFs during year; several samples,
validation, pivotal batches to global
generic players for their ANDA/Dossier
filings
Develop several APIs annually to
provide cost and timing advantage to
complement our US and EU generic
filings
Continue to be a preferred 3rd party API
supplier to the generic industry
Filed 7 DMFs in the year
Capacity de-bottlenecking initiated for
Ankleshwar, commenced preconstruction
work at new site
Aurangabad

Financials and Projections

Financials and Projections
Performance in FY 2006
(In USD Million)
FY 2006 FY 2005
Audited
Audited
Operating income (A) 171.09
139.87
Expenditure (B) 140.11
104.27
EBITDA (Operations) (C =A-B) 30.98
35.60
EBT (Operations) (D) 22.41
27.90
Other Income (E) 2.90
1.19
PBT (F=D+E) 25.31
29.09
PAT (G) 19.87
24.48
Basic Earnings per share (in rupees) 7.28
8.97
Diluted Earnings per share (in
rupees) 6.41
8.16
Note : 1. Average conversion rate for FY 2005-06 of Rs. 44.28 / USD 1.00
2. Average conversion rate for FY 2004-05 of Rs. 44.94 / USD 1.00

Financials and Projections
Revenues
In USD Mn
171
Projections (in Mn USD)
277 368 CAGR ~ 46.6%
Business Mix
22
14
7
22
89
17
34
40
98
33
37
35
35
55
108
48
47
75
NCE
API
India Formulation
ROW
Latam
USA
FY 2006 FY 2007 FY 2008
Net Profits
20.5 55-60
70-75 CAGR ~ 84-91%
* In USD Mn [Assumed exchange rate of ~44 INR/USD]

Summary

Summary-Key target milestones
Research
Conclude at least 2 licensing deals for NCEs
Complete Phase II for GRC 8200 and GRC 3886; initiate Phase I trials on 3 NCE
compounds
Formulations
Launch oncology and probiotic portfolios in India
In-license novel products/co-marketing deals
Roll out Oncology to LRM and Latin American markets
Market 18-24 ANDAs in the US market
File 15-20 solid dose ANDAs and another >6 topicals; include XRs and P-IV
opportunities
APIs
File 12-14 DMFs
Commence construction in Aurangabad, expand Ankhleshwar

Thank you