Our Vision “ To emerge as a leading, research-based, global, integrated pharmaceutical company ” Our Values

Our Vision

“To emerge as a leading, research-

based, global,

integrated pharmaceutical

company ”

Our Values

2

Safe Harbour Statement

This presentation has been prepared by Glenmark.

The 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 expressed 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.

Glenmark

Glenmark Pharmaceuticals Limited (GPL) – Specialty

Business

Glenmark Generics Limited (GGL- wholly owned sub. of

GPL) – Generics Business

Glenmark – Consolidated Financials and Projections

Agenda

4

Glenmark has made rapid strides towards achievement of vision

Pre 2000 Glenmark

Sales< $ 20 mn

Domestic focus

<5% of exports

Researchbased

Global

Integrated

• Research efforts in Small molecules, Biologics and Generics

• 13 new molecules under development

• Over $ 110 mn of cash received from out-licensing partners; Further milestones worth over $ 600 mn

• Over 5000 employees across 5 continents

• Mfg facilities in 4 countries

• Operates in over 85 countries

• Front ends in US, India, Brazil and other markets worldwide

• 3 API plants

• 8 finished dosage plants

• 3 research facilities

Glenmark today

Revenues : $ 499 mn

India based MNC

>60% of exports

Glenmark

5

Glenmark - Global Footprint

1 API Plant, Gujarat, India

3 Dosage Plants, Goa, India

1 Dosage Plant - Brazil

1 Dosage Plant –

Czech Republic

1 Dosage Plant, HP, India

1 Dosage Plant, Maharashtra, India

R&D for NCEs, India

R&D for Generics, India

R&D for Biologics, Switzerland

Glenmark Generics Ltd., US

Glenmark Generics SA,

Argentina

Medicamenta, Czech Republic

Glenmark Farmacetica Ltda.,

Brazil2 API Plants,

Maharashtra,India

Glenmark Generics Europe Limited,

London, UK

Glenmark Pharma Europe Limited,

London, UK

Several other subsidiaries and representative offices exist across the world

Bowter Bartlett South Arica

Glenmark India

1 Dosage Plant - Argentina

6

Glenmark - Financials

Note : 1. Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.002. Average conversion rate for FY 2007-08 of Rs. 40.28 / USD 1.00

In $ mn

FY 20071 (ending Mar’07)

FY 20082

(ending Mar’08)Change

Audited Un-audited (in %)

Operating income (A) 283.54 499.18 76%

Expenditure (B) 186.96 299.80 60%

% EBITDA (Operations) [C =(A-B)/A] 34% 40%

EBT (Operations) (D) 78.30 165.79 112%

Other Income (E) 3.56 11.06 211%

PBT (F=D+E) 81.86 176.85 116%

PAT (G) 70.25 156.72 123%

Basic Earnings per share (in rupees) 12.99 25.81

7

283171

499

0

100

200

300

400

500

600

FY 06 FY 07 FY 08

0%

10%

20%

30%

40%

50%

60%

70%

Revenues

Growth

Glenmark has shown consistent robust growth across businesses

Revenues in $ mn

ending Mar’06 ending Mar’07 ending Mar’08

Glenmark

Note : 1. Average conversion rate for FY 2005-06 of Rs. 44.28 / USD 1.002. Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.003. Average conversion rate for FY 2007-08 of Rs. 40.28 / USD 1.00

1 2 3

8

Glenmark Generics Ltd

(GGL)

Glenmark Pharmaceuticals Ltd

(GPL)

Glenmark is divided into two main businesses with different business focus

LeadershipMD and CEO:

Glenn Saldanha

Chairman:

Glenn Saldanha

CEO:

Terry Coughlin

Vision Global end to end Specialty Company Global integrated Generic & API leader

Wholly owned

subsidiary

*To be listed in India during FY 2009

Specialty/Proprietary Generics

Glenmark

Glenmark


Business




Agenda

10

Vision for Glenmark Pharmaceuticals Limited

Product PortfolioLaunch two proprietary drugsBuild late stage pipeline

Market PresenceProprietary product front ends in US, key ROW & European markets

Market PositioningInnovation led companyDifferentiated branded generic company

Invest in building brands

Target 2015

Expand into new territories

Build differentiated product franchise

“Global end-to-end Specialty Company”

Licensing

Strategy

Transition into a proprietary product marketing company

11

Global Therapeutic Focus

Metabolic Disorders

Inflammation

Innovative R&DTherapeutic Focus

Pain, Respiratory (Asthma/COPD), Rheumatoid Arthritis

Diabetes (Type II),Obesity

DermatologyPsoriasis, Pruritus, Atopic Dermatitis

Glenmark Pharmaceuticals Limited: Specialty Business

12

NCE EuropeUS

(Inorganic entry)

ROW(Rest of the

World)

Finished Dosage Formulations

Biologics (Swiss)

R&D

Business Unit Structure

Glenmark Pharmaceuticals Ltd. (GPL)


Research and Development (R&D)

14

Glenmark’s R&D Efforts – both small molecules and biologics

New Chemical Entity (NCE) Research

Over 300 scientists

Based in Mumbai, India

New Biological Entity (NBE) Research

Over 55 scientists

Based in Switzerland

Pipeline of 13 molecules

8 NCEs and 5 NBEs


15

Research Pipeline: 13 molecules at various stages of development

Screening

GRC 4039

DPP-IV, PDE IV, CB2, TRPV1, SCD1, VLA2, TRPV3 etc.

Oglemilast (1)

Melogliptin (2)

GRC 6211 (3)

GRC 10693

GRC 9332

GBR 600 *

GBR 500 *Three undisclosed NBEs

(1) Out-licensed to Forest Labs and Tejin Pharma

(2) Out-licensed to Merck KGaA – All rights received back

(3) Out-licensed to Eli Lilly & Co.

Discovery Pre-clinical Phase I Phase IIb

World class targets

13 research molecules

One undisclosed NCE


GRC 17173

* NBE

16

Progress on Research Pipeline

Compound Primary Indications Target Target Launch

Pre-clinicals

Phase I Phase II Phase III Approval

GRC 3886

(Oglemilast)

Asthma, COPD PDE IV 2011

GRC 6211 Osteoarthritis, Neuropathic Pain, Dental Pain, Incontinence

TRPV1 2012

GRC 8200

(Melogliptin)

Diabetes (Type II) DPP IV 2012

GRC 4039 Rheumatoid Arthritis, Inflammation, Multiple Sclerosis

PDE IV + TNF-ά + T-cell

2012

GRC 10693 Neuropathic Pain, Osteoarthritis and other Inflammatory Pain

CB 2 2013

GRC 9332 Obesity, Dyslipidemia, Metabolic Disorders

SCD 1 2013

GRC 17173 Osteoarthritis, Neuropathic Pain, Dental Pain

TRPV3 2013

GBR 500 Acute Multiple Sclerosis, Inflammatory Disorders

VLA2 2013

GBR 600 Acute Stroke/ Coronary Syndrome, Thrombosis Cardiovascular Disorders

undisclosed

2014

One NCE and three biologics are at the discovery stage and are expected to enter the clinics during FY 2010/2011


17

Oglemilast [Target: PhosphoDiesterase (PDE) IV Inhibitor]

Indications Asthma, COPD (Chronic Obstructive Pulmonary Disease)

Opportunity • High level of unmet need• Lack of novel validated targets: Dominated by reformulations and “me-too”

products

Competing Compounds • Compound under development following same mechanism is Roflumilast (Altana - Ph III)

Status • Ph IIb for COPD initiated in US; Ph IIb for asthma will be initiated by Sep 2008• Out-licensed North American rights to Forest Labs. Total deal size is $ 190

mn. Already received total $ 35 mn as upfront and milestones. Glenmark will also receive royalties upon launch

• Out-licensed Japanese rights to Teijin Pharma. Total deal size is $ 53 mn. Received $ 6 mn as upfront payment. Glenmark will also receive royalties upon launch

Key Differentiators • Oral, once daily regimen• No emesis and nausea observed in the clinics• Large therapeutic window to escalate doses (as compared to other PDE IVs)

Targeted population/Market Size

• Asthma patients: 45 mn worldwide• COPD patients: 30 mn worldwide (with only 6 mn receiving treatment)• COPD/Asthma market : $ 28.7 bn worldwide

Potential Peak Sales >$ 3 bn worldwide

Target Launch 2011


18

GRC 6211 [Target: Transient Receptor Potential Vanilloid (TRPV)1 Antagonist]

Indication Osteoarthritis, Neuropathic Pain, Dental Pain, Incontinence

Opportunity • Large unmet medical need• Recent concerns around safety of Cox-2 inhibitors will propel sales of safer

products

Competing Compounds MK-2295 (Merck & Co. - Ph II) and SB 705498 (GSK - Ph II) are two competing compounds under development following same mechanism

Status • Ph IIb ongoing • Out-licensed to Eli Lilly & Co. for developing and marketing for North

America, Europe and Japan for various pain indications, including osteoarthritis. Total deal size is $ 350 mn. Received upfront payment of $ 45 mn. Glenmark has rights for co-promotion in the US and will also receive royalties upon launch

Key Differentiators • Potential first in class opportunity


• Osteoarthritis Market: $ 4 bn; >20 mn patients• Neuropathic Pain Market: $ 5 bn; >40 mn patients

Potential Peak Sales >$ 3 bn worldwide

Target Launch 2012


19

Melogliptin [Target: Dipeptidyl Peptidase (DPP) IV Inhibitor]

Indications Diabetes (Type II)

Opportunity • Large, undiagnosed and increasing patient population• Less than 50% of diabetics treated successfully, therefore excellent prospects for

products with a strong safety and efficacy profile • Recently observed safety issues related to Glitazones

Competing Compounds

• Januvia (Merck & co. - Sitagliptin), the first in class compound was launched in Oct’06; JanuMet (Sitagliptin + Metformin) launched in Apr 07. Sales tracking of Januvia franchise > $ 1bn

• Galvus (Novartis - vildagliptin) launched in Brazil & Mexico. Galvus & Eucreas (vildagliptin + metformin) approved in EU

Status • Ph IIb ongoing; expected to enter Ph III by Oct 2009• Expect to be 4th or 5th in the market with differentiating features• Out-licensed molecule to Merck KGaA for a total deal size of $ 250 mn. Due to portfolio restructuring at Merck KGaA, Glenmark received all rights back for further development and commercialization. Glenmark had received $ 31 mn as upfront payment from Merck KGaA earlier • Currently under discussions for licensing with potential partners

Key Differentiators • Good specificity over DPP VIII and DPP IX• Better side effect profile as compared to similar compounds


• 125 mn patients worldwide• Market Size: $ 13 bn worldwide

Potential Peak Sales >$1 bn worldwide

Target Launch 2012


20

GRC 4039 Target: (a) PhosphoDiesterase (PDE) IV Inhibitor

(b) TNF – Alpha Inhibitor(c) T-Cell Cytokine Inhibitor

Indication Rheumatoid Arthritis (RA), Inflammation, Multiple Sclerosis

Opportunity • Void exists in RA therapy for orally available potent small molecules• 35% of RA patients remain untreated• Biological treatments currently available are expensive

Competing Compounds • Biological (e.g. anti-TNF) and small molecules

Status • Ph I ongoing;

Key Differentiators • Excellent efficacy in animal models in RA• Good safety profile to achieve higher exposure levels in humans• Good bioavailability across species and a long half-life indicating the potential for a once-daily dosing regimen


• Rheumatoid Arthritis Market: $16 bn; > 20 mn patients


Target Launch 2012


21

GRC 10693 [Target: Cannabinoid-2 (CB-2) Receptor Agonist]

Indication Neuropathic Pain, Osteoarthritis and other Inflammatory Pain

Opportunity • Large unmet medical need • Recent concerns around safety of Cox-2 inhibitors will propel sales

of safer products

Competing Compounds GW-842166X (GSK - Ph II) & A-796260 (Abbott – Discovery) follow similar mechanism

Status • Pre-clinical development; expected to enter the clinics in Q1 FY 2009

Key Differentiators • Potential early launcher in this class


• Neuropathic Pain Market: $ 5 bn; >40mn patients• Osteoarthritis Market: $ 4 bn; >20 mn patients


Target Launch 2013


22

GRC 9332 [Target: Stearoyl CoA Desaturase-1(SCD1) Inhibitor]

Indication Obesity; Dyslipidemia; Metabolic Disorders

Opportunity • Current approved products characterized by modest efficacies and problematic safety and tolerability profiles

• Large unmet medical need with growing patient population globally on account of changing lifestyles

Competing Compounds • Ph-I program at Isis/Merck & Co.; Discovery program at Xenon/ Novartis

Status • Pre-clinical development; expected to enter clinics by Q3 FY09

Key Differentiators • Potential first in class; early mover advantage


• More than 160 mn people estimated to be Obese in major markets worldwide – only 6 mn are treated therapeutically

• Current Market : $ 2 bn

Potential Peak Sales >$1bn worldwide

Target Launch 2013


23

GRC 17173 [Target: Transient Receptor Potential Vanilloid (TRPV)3 Antagonist]


Indications • Neuropathic Pain, Osteoarthritis, Dental Pain

Opportunity • Recent concerns around safety of Cox-2 inhibitors will propel sales of safer products

• Large unmet medical need

Competing Compounds • In July 2007, Pfizer acquired a series of TRPV3 antagonists for pain from Hydra Biosciences for total milestone payments of $ 190 mn and royalties on launch

Status • Pre-clinical development; expected to enter clinics by Q3 FY 09

Key Differentiators • Potential first in class opportunity


• Osteoarthritis Market: $ 4 bn; >20 mn patients• Neuropathic Pain Market: $ 5 bn; >40mn patients

Potential Peak Sales >$ 3 bn Worldwide

Target Launch 2013

24

GBR 500 Target: (a) Alpha2 βeta1 Integrin Antagonist (b) Very Late Antigen (VLA2)2

Indication MS (Multiple Sclerosis), IBD (Inflammatory Bowel Disease)

Opportunity • Inhibits a variety of cell types (neutrophils, etc) associated with different forms of inflammation hence should work in a variety of inflammatory diseases

Competing Compounds

• Novel in class with same indications

Status • IND preparation; expected to enter clinics by Q2 FY 09

Key Differentiators • Potential first in class with the target • Offers significant differentiation potential with potentially superior efficacy to

competing products


• MS Market : $ 3 bn;• IBD biologics Market: $ 5 bn; > 4 mn patients

Potential Peak Sales > $ 1 bn

Target Launch 2013


25

GBR 600 [Target: Undisclosed]

Indication Acute stroke / Coronary Syndrome; Thrombosis Cardiovascular Disorders

Opportunity • The high incidence of bleeding with the marketed products remains the greatest challenge in disease treatment

• Clinical efficacy has been modest with current agents

Competing Compounds

• Marketed drugs for PCI (Percutaneous Coronary Indications) indications include Plavix(Sanofi-Aventis), ReoPro (Eli Lilly) and Integrilin (Schering Plough)

Status • Pre-clinical development; expected to enter the clinics by Q4 FY 09

Key Differentiators • Low incidence of bleeding, thus allowing wider use of GBR-600• Large therapeutic window between efficacy dose and bleeding dose• Novel mechanism for current targeted indications

Targeted population / Market Size

• Current Market : $2 bn • GBR-600 has the potential to significantly expand the current market by

offering improved efficacy with favorable adverse event profile

Potential Peak Sales > $ 1 bn

Target Launch 2014


GPL- Specialty Business

RoW, Europe and US

ROWUS

(inorganic route)

Europe(80*)

India(2000*)

Latin America(200*)

Asia(200*)

*Sales force strength

Africa(160*)

CIS(300*)

27

Glenmark’s strategy for future growth in RoW markets

Latin America

Africa

CIS

Asia

• Focus on Top-15 markets

• High thrust on building ‘branded business’ which currently accounts for over 85%

• Launch of novel ‘differentiated’ branded generics for getting a significant competitive edge

• Capitalize on ‘local know-how’ (country heads in over 20 markets)

• Driving the business through qualified, experienced and dedicated ‘field force’

• Focus on sustainable doctor centric ‘prescription’ based model for building brands

• Leverage on efficient and quality ‘distribution’ network for better market penetration

• Focus on Top-15 markets

• High thrust on building ‘branded business’ which currently accounts for over 85%

• Launch of novel ‘differentiated’ branded generics for getting a significant competitive edge

• Capitalize on ‘local know-how’ (country heads in over 20 markets)

• Driving the business through qualified, experienced and dedicated ‘field force’

• Focus on sustainable doctor centric ‘prescription’ based model for building brands

• Leverage on efficient and quality ‘distribution’ network for better market penetration

Str

ate

gy


India

Australia

RoW Markets

India

29

India – Performance FY 2008

Highlights

¤ Glenmark registered a growth of 21% higher than the Indian pharma market growth at 15% (ORG

Feb 2008)

¤ Currently commands 1.36% market share – up from 1.29% in FY 2007 (ORG Feb 2008)

¤ Currently ranked 24th in the highly fragmented Indian pharma market

¤ Top-10 brands contribute over 60% of India business

152

175

97

135

FY 2007 FY 2008 FY 2009 * FY 2010 *ending Mar’08ending Mar’07


ending Mar’09 ending Mar’10

* Projected

Revenues in $ mn

Glenmark’spresence

Action PlanFY 2009

¤ Operates through 9 divisions

¤ Sales force > 2000 medical representatives

¤ Markets over 250 products in India

¤ Register growth of over 10 %

¤ Launch > 20 new products

¤ Maintain leadership in dermatology and consolidate position in other therapies

India – Action Plan


RoW Markets

Latin America (LatAm)BrazilVenezuela Mexico PeruChileBoliviaColumbiaEcuadorCaribbean countries

32

LatAm – Performance FY 2008

Highlights

¤ Registered growth of over 65%

¤ Launched 25 products across LatAm

¤ Filed for over 100 product approvals in FY 2008

¤ Top-10 brands contribute over 75% of LatAm business

60

80

48

26

FY 2007 FY 2008 FY 2009 * FY 2010 *ending Mar’08ending Mar’07



* Projected

Revenues in $ mn

33

Glenmark’s Presence

Action PlanFY 2009

¤ LatAm Pharma Market : >$ 35 bn

¤ Brazil, Mexico, Argentina, Venezuela are the key markets

¤ Registered over 250 products in the LatAm markets

¤ Strong sales force setup of 200 medical representatives


¤ File for 80 product approvals and launch 60 products

¤ Plans to enter Mexico during FY 2009

LatAm – Action Plan

FY 2009(ending Mar’09)


Peru3%

Venezuela

3%

Brazil80%

Others9%

Carribean

5%

Peru3%

Venezuela

4%

Brazil75%

Others7%

Carribean

5%

Mexico6%


Revenue contribution *

* Projected

RoW Markets

Australasia (excluding India, CIS & Japan)MalaysiaPhilippinesIndonesiaChinaSouth KoreaMyanmar VietnamSri LankaCambodiaAustralia

35

Australasia– Performance FY 2008

32

1311

FY 2008 FY 2009 * FY 2010 *ending Mar’08

Highlights

¤ Launched over 60 products

¤ Filed for over 100 product approvals

¤ Top-10 brands contribute over 65% of the business



* Projected

Revenues in $ mn

36

Glenmark’sPresence

Action PlanFY 2009

¤ Australasia Pharma Market (excluding India, Japan, CIS) : >$ 55 bn

¤ China, Philippines, Malaysia, Indonesia, Australia are the key markets

¤ Registered over 400 branded generic products across Asian markets

¤ Recently entered Australia, China and Indonesia

¤ Strong sales force setup of 200 medical representatives


¤ File for 100 product approvals and launch 30 products

Australasia – Action Plan



Phillipines21%

Others55%

Malaysia24%

Phillipines18%

Others18%

Malaysia19%

Indonesia15%

China15%

Australia15%



* Projected

RoW Markets

AfricaSouth AfricaNigeriaKenya SudanEgyptTanzaniaYemenIvory Coast Zambia Mauritius Uganda Cameroon GhanaIncludes middle east countries

38

Africa– Performance FY 2008

Highlights

¤ Launched 80 products across Africa

¤ Filed for over 150 product approvals across Africa

¤ Top-10 brands contribute over 85% of Africa business

¤ Glenmark marked its entry into Egypt by establishing an office

42

25

18




* Projected

Revenues in $ mn

39


Action PlanFY 2009

¤ Africa Pharma Market : >$ 10 bn

¤ South Africa, Nigeria, Sudan, Kenya, Egypt are key markets

¤ Register over 600 branded generic products

¤ Marketing products in over 30 countries; Direct presence in 10 countries

¤ 160 sales representatives across Africa


¤ File for 75 products and launch 45 products

¤ Plans to enter Algeria, UAE

¤ Look for brand acquisition opportunities for entry/growth

Africa – Action Plan

Kenya14%

Others41%

South Africa20%

Nigeria11%

Sudan14%

Kenya12%

Others24%

South Africa25%

Sudan12%

Nigeria15%

Egypt12%





* Projected

RoW Markets

CISRussia Ukraine Uzbekistan

Kazakhstan

41

CIS – Performance FY 2008

Highlights

¤ Company launched 40 products

¤ Filed for over 30 product approvals across CIS

¤ Top-5 brands contribute over 90% of CIS business

¤ Glenmark’s brand Ascoril is the no 1 brand in the cough expectorant market in Russia

66

38

22




* Projected

Revenues in $ mn

42


Action PlanFY 2009

¤ CIS Pharma Market : >$ 15 bn

¤ Russia, Ukraine, Uzbekistan & Kazakhstan are the key markets

¤ Registered over 70 branded generic products

¤ 300 medical representatives cover entire CIS


¤ File for 25 product approvals

¤ Launch 25 products

CIS – Action Plan




Ukraine4%

Uzbekistan3%

Russia92%

Kazakhstan1%


* Projected

Ukraine4%

Uzbekistan4%

Russia91%

Kazakhstan1%

Europe

44

Europe – Performance FY 2008

¤ Glenmark established its first commercial foothold in Europe by acquiring

Medicamenta a.s, Czech Republic in 2007

¤ Glenmark also established its presence in Romania & Bulgaria in 2008

9

40

20

FY 2008 FY 2009 * FY 2010 *

ending Mar’08



* Projected

Revenues in $ mn

45

Europe: Strategy for the future

¤ Focus on CEE (Central Eastern European) markets which are primarily branded

in nature

¤ Build/acquire front end infrastructure in CEE markets through sales force over

the next 5 years

¤ Transition front-ends to selling/co-promoting Glenmark’s proprietary

medications that would reach the market in the next 3-5 years


46

Europe Branded Generics Market – Key characteristics

¤ The opportunity in the branded generics market lies mostly in the Central Eastern

European (CEE) countries and some new member states of the EU like Romania &

Bulgaria

¤ Glenmark’s focus is on the six largest brand markets of Europe

Market size 2008(in $ bn)

Per Capita GDP spend (in $)

Branded Generic Penetration by Value

Poland 6.4 867 50%

Czech Republic

3.7 1479 45%

Hungary >3.0 1337 35%

Romania 2.2 NA NA

Bulgaria > 1.0 NA NA

Turkey > 6.0 586 NA

EU 15 > 150 3100 -

US > 250 6401 -


47

Europe: Plans for FY 2009

¤ Double revenues each year for the next 3-4 years

¤ Enter Poland, Hungary and Turkey through organic/inorganic means

¤ Plan to launch at least 5 products

Romania28%

Bulgaria3%

Czech69%

Romania24%

Bulgaria12% Czech

50%

New14%

FY 2009 FY 2010ending Mar’09 ending Mar’10


* Projected


48

US: plans to enter the specialty segment in the near future

¤ Initiate operations in the US during FY 2009

¤ Evaluate acquisition of a specialty company/brands with a primary care sales force

¤ Glenmark intends to conclude this acquisition over the next 12-18 months


49

Infrastructure and facilities

Location Production Lines Regulatory Approvals

R&D Facility, Navi Mumbai

NCE Research and Process DevelopmentNA

R&D Facility, Switzerland

Biologics Research NA

Nasik, Maharashtra, India

Solid orals, liquid orals, & external creams, powders and capsules for regulated markets

Brazil (ANVISA), Ethiopia, Zimbabwe, Uganda, Nigeria; Tanzania, Ghana, R.D. Congo, Sudan, South Africa (MCC )

Baddi, Himachal Pradesh, India

Solid orals, semi-solid and liquid orals as well as external preparations like lotions, creams, capsules, etc. for India and semi-regulated markets

US FDA, MHRA, TPD Canada, Nepal

Sao Paulo, Brazil Solid orals, semi-solid & liquid orals for Latin America

ANVISA

Vysoke Myto, Czech Republic

Solid and semi-solid orals SUKL, Czech Republic

Expansion Plans

New formulation plant in India to be commissioned in FY 09 NCE API facility in India to be commissioned in FY 09


50

60

8018

25

42

11

13

32

22

38

66

9

20

40

60

69

69

135 152 175

48

FY 2008 FY 2009 FY 2010

NCE

Europe

CIS

Australasia

Africa

LatAm

India

RevenuesIn $ mn*

Business Mix

CAGR ~29 %

CAGR ~ 30%

* In $ mn (Assumed exchange rate of ~40.28 INR/USD for FY08 and ~ 40 INR/USD for FY09 and FY10)

ProfitsIn $ mn 93 123 157

377 504

(ending Mar 08) (ending Mar 09) (ending Mar 10)

Financials and Projections – Organic growth only

303


51

Summary of key objectives – FY 2009

¤ Ensure at least eight molecules are in the clinical stages

¤ Ensure at least five molecules are in the Ph II clinical trial stage

¤ Ensure four molecules are partnered out by FY 09 (including Oglemilast &

GRC 6211)

¤ Initiate acquisition of specialty front end in the US

¤ Enter 7-8 new markets in Europe and RoW markets

¤ Launch over 100 products and file for over 300 products approvals across

geographies


Glenmark Generics Ltd. (GGL)

Generics Business

Glenmark


Business




Agenda

54

Safe Harbour Statement

This presentation has been prepared by Glenmark.

The 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 expressed 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.

55

Vision for Glenmark Generics Limited (GGL)

Product Portfolio170 generics on the US market70 generic dossiers for EU marketsOver 50 % of revenues from niches

Market PresencePresence in Japan, South Africa & other generic markets Front ends in Japan and key EU markets along with NA

Market PositioningKey Generic PlayerPreferred supplier of APIs

Increase Geographical Reach

Target 2015

Expand Niche Product Portfolio

“Global Integrated Generic & API leader”

Vertical Integration

Strategy

56

APIEuropeNorth

America Argentina(Oncology)

Finished Dosage Formulations API

Glenmark Generics Ltd. - Business Unit Structure

Glenmark Generics Ltd. (GGL)

North America

58

North America – Performance FY 2008

50

140

207

303

FY 2007 FY 2008 FY 2009 * FY 2010 *

Highlights

¤ Doubling of portfolio: 28 products on the market

¤ Entry into dermatology with launch of five Clobetasol products

¤ First semi-exclusive product : First 180 day shared exclusivity for Glenmark - Oxcarbazepine

¤ Garnered over 20-25% market share in most products


Glenmark Generics Limited: Generics Business


* Projected

Revenues in $ mn

59

North America: The US Market

2022

30

2009 2010 2011Values in $ Bn

The Market¤ $ 286 bn

¤ 65% generics by volume represent 20% of the

market by value

Market Characteristics

¤ Political climate increasingly supportive of

generics to lower healthcare costs

¤ Increasing competition in “me-too” generics

¤ Authorized generics and shared exclusivities

reducing upsides from 180-day exclusivities

Opportunities

¤ Customers prefer vertically integrated companies

with long term plan

¤ In the next 3-5 years, drugs worth $ 60-70 Bn are

going off-patent


60

¤ Revenues crossed $ 100 mn in first three years of

operations

¤ Received 180 day exclusivity for Oxcarbazepine

¤ Filed PIVs (FTF opportunities) for Zetia®, Tarka®,

Strattera® & Crestor®

¤ 28 products on the market

¤ > 30 products filed with USFDA

¤ Presence in controlled substances, hormones,

oncology, modified release and dermatology

¤ Portfolio of marketed products has doubled each

year during the last three years

North America – Glenmark’s rise as a generic player

6

13

28

FY 2006 FY 2007 FY 2008

Background

¤ GGI, USA (Glenmark Generics Inc.) launched the

first product in Jan 2005

¤ Registered net revenues of $ 140 mn in FY 2008

Product Portfolio

Highlights

ending Mar’07 ending Mar’08ending Mar’06


61

ANDAs filed / marketed Till FY FY FY Total Filings

(Includes partner filings) 2008 2009 2010

Dermatology 10 8 8 26

Controlled Substance 4 4 4 12

Modified Release 6 10 10 26

Hormones 3 4 5 12

Oncology - 4 5 9

First to File (P-IVs) 6 3 3 12

Immediate Release 32 4 4 40

Total 61 37 39 137

US: Plan for ANDA Filings


US Product Portfolio: Dermatology

¤ Total Topical Derma Market is $4.3 bn of which over

50% of sales are generic

¤ Higher barriers to entry due to development costs

¤ Higher margins based on fewer competitors

¤ Key generic players include: Fougera, Perrigo, Taro

¤ Partnership with Paul Capital for clinical

development of 16 dermatology products

¤ Only Indian Company with India based

dermatology portfolio [1 already launched; 18

products anticipated (current market size $390

mn) to be launched within next 3 years]

The Market

GGL’s Portfolio

1018

26

Till FY2008

FY2009

FY2010


62ending Mar’08 ending Mar’09 ending Mar’10

Fillings (Cumulative)

¤ Total CS Market is valued over $12 bn

¤ Key generic players include: Mallinckrodt, Watson, Endo

¤ High barriers to entry:

¤ DEA licensures required

¤ Limitations on importing controlled substances from foreign

countries

¤ Higher margins on controlled substance products due to

limited players

US Product Portfolio: Controlled Substances (CS)

¤ Controlled substance portfolio (current market

size $ 200 mn)

¤ 3 controlled substances already launched

¤ 7 additional products anticipated to be launched

within next 3 years

The Market

GGL’s Portfolio

48

12

Till FY2008

FY2009

FY2010


63ending Mar’08 ending Mar’09 ending Mar’10


US Product Portfolio: Modified Release

¤ Total sales revenue for Modified Release oral solids is

over $22 bn

¤ Higher barriers to entry

¤ Difficult to develop

¤ Unique technologies

¤ Higher margins on modified release products due to

limited players.

¤ Several modified released products in pipeline and

already filed [14 products anticipated (current market size

$1.6 bn) to be launched within next 3 years]

616

26

Till FY2008

FY2009

FY2010

The Market

GGL’s Portfolio


64



US Product Portfolio: Hormones

¤ Total Solid oral dosage Hormones Market is

approximately $5 bn

¤ Key generic players include: Barr & Watson

¤ Only Indian Company with India based hormones

portfolio [10 products anticipated (current market size $1

bn) to be launched within next 3 years]

¤ Higher margins on Hormones Products

¤ Limited players

¤ Dedicated facility required

¤ Higher cost of bio-studies

2

7

12

Till FY2008

FY2009

FY2010

The Market

GGL’s portfolio


65



US Product Portfolio: Oncology

¤ Total Oncology Market in the United States is over $10 bn

¤ Key generic players include: Teva Sicor, Ben-Venue &

Barr

¤ Portfolio includes a mix of 14 solid oral dosage and 13

injectable products (Total market size: >$ 7.5 bn)

¤ Higher margins on Oncology Products

¤ Limited players

¤ Dedicated facility required

The Market

GGL’s portfolio

0

4

9

Till FY2008

FY2009

FY2010


66



Product Brand Name Plaintiff IMS Sales

Ezetimibe Zetia® Schering Plough $ 1.8 bn

Atomoxetine Strattera® Eli Lilly $ 526 mn

Rosuvastatin Ca

(no litigation)

Crestor® -- $ 1.7 bn

Trandopril/

VerapimilTarka® Sanofi-Aventis $ 95 mn

US Product Portfolio: FTF ANDA Ongoing Litigation


69

12

Till FY2008

FY2009

FY2010



67

68

North America: Strategy for future

¤ Continue to focus on niche categories; expand presence into other niche categories

¤ Set Glenmark Generics apart as a preferred supplier to the industry

¤ Manage product portfolio to include a judicious mix of PI, PII, PIII and PIV filings

¤ Strive for vertical integration for most of our products in all categories (including niche categories)


69

North America: Plans for FY 2009

¤ Register growth of 45 %

¤ Launch over 20 products and file over 35 products

¤ Including dermatology, controlled substances, hormones and other niche categories

¤ Leverage partnerships with other generic players

¤ Evaluate entry into 1 or 2 additional niche categories


Europe

71

The European Market

Market Size

¤ $ 182 bn

¤ Generic penetration is low as compared to the

North America in many of the countries

¤ Market is broken down into several countries with

different requirements


¤ To bring down the cost of publicly funded

healthcare is the main driver in promoting

generics

¤ Europe is characterized with each country

having different regulatory authorities and

distinct pricing/reimbursement policies

Opportunities

¤ Key markets with high generic penetration: UK,

Germany, Netherlands

¤ Key markets with low generic penetration: France,

Italy, Spain, Belgium

¤ Large no of products set to go off-patent in the next

3-5 years


72

¤ GGEL (Glenmark Generics Europe Ltd.) was established

in 2004

¤ Majority of current revenues are as licensing income

from dossier customers

¤ Already filed for five MAAs which have been

outlicensed to several Europen generic companies

¤ Portfolio of more than 30 EU CTD solid and semi-

solids dossiers at various stages of development

¤ Several supply deals are in place with leading

European generic players

Europe generics business is gearing up for future

Background

Product Portfolio



0.2

4

10

FY 2008 FY 2009 * FY 2010 *

Revenues in $ mn

* Projected

73

¤ Establishing Glenmark 4-5 distribution front ends in Western European markets in

the next 3-5 years through organic/inorganic means in order to market own products

directly

¤ Developing niche generic products, and partnering & creating alliances with EU

companies

¤ Building up the infrastructure to support growth objectives and create a significant

presence in the EU markets

¤ Licensing and distribution partnerships with strong local / Pan-EU partners with a

view to maximize the product portfolio and market opportunities

¤ Continue to support finished dosage pipeline with backward integration into APIs


Europe: Strategy for future growth

74

Europe: Plans for FY 2009

¤ Acquire 1-2 generic distribution front ends in EU

¤ Launch 3 products into several countries

¤ File for at least 10 MAAs

5

15

25

Till FY 2008 FY 2009 FY 2010

Total MAA Filings (cumulative)



Oncology Business

76

Oncology market

Market Size¤ Total Market Size >$ 30 bn

¤ Generic market worldwide > $ 8 bn


¤ Lesser competition because of entry barriers¤ Difficult to develop molecules

¤ Specially designed/dedicated manufacturing facilities

¤ Better operating margins due to lower price erosion

¤ Longer product life cycle as older therapies continue to co-exist with newer ones

Opportunities¤ 95 % of classic chemotherapy products are not

protected by patent which will ensure high

profitability in regulated markets (less competition)


3-5 years


77

¤ Glenmark acquired the Argentinean marketing company

Glenmark Generics S.A. (erstwhile Servycal S.A.) with a focused

oncology portfolio

¤ Presence in oncology in over 23 countries

¤ Caters to 75% of cancer therapy products

¤ Robust product pipeline for the near future

¤ Presence in cytotoxics, anti-hormonals & supportive

therapies

¤ Plans to upgrade own dedicated manufacturing facility

Oncology generics business

Background

Product Portfolio


6

8

15

25

FY 2007 FY 2008 FY 2009 * FY 2010 *ending Mar’07 ending Mar’08 ending Mar’09 ending Mar’10

Revenues in $ mn

* Projected

78

Oncology Business: Strategy for future growth

Use Argentina as a hub for spreading the

oncology business

Increase coverage for cancer

therapy products

¤ Use Argentina as a hub to spread the oncology

business

¤ Continue to file dossiers and expand presence in

other Latin American and ROW markets

¤ Develop product portfolio for regulated markets

and initiate oncology filings in regulated markets

¤ First filing in the US and EU by FY 09/FY10

¤ Expansion of product portfolio to cater to 95%

Cancer therapy products


79

Oncology Business : Plans for FY 2009


¤ Enter 3-4 new countries including regulated markets

¤ File over 90 products for approval across various countries


310

405

515

Till FY 2008 FY 2009 FY 2010ending Mar’08 ending Mar’09 ending Mar’10

Total DossierFillings (Cumulative)

Active Pharmaceutical Ingredients (API) Business

81

The Global API Market

Market Size¤ >$ 75 bn

¤ Growth >10% (2005)


Opportunities


3-5 years

¤ Many of the other historical less-regulated markets

are quickly shifting towards stricter regulations

limiting competition and opportunities for

established players like Glenmark

¤ Increased consolidation in generic pharmaceutical

industry

¤ More focus on higher value creating opportunities

driven by intellectual property

¤ Stringent regulatory approval process in US/EU

leads to high switching costs

¤ Increase in competition from Indian and Chinese

API suppliers


82

¤ API business spans across 80 countries including

regulated markets like US and Europe

¤ > 50% of the revenues is from exports

¤ Filed over 30 USDMFs till date

¤ Filed several Canadian DMFs, EDMFs and

CEPs/CoSs

API Business

Background

Product Portfolio

Highlights

¤ Registered growth of over 45%

¤ Exports contribute over 50% of the revenues

¤ Initiated commercial supplies to various customers


30

48

70

90

FY 2007 FY 2008 FY 2009 * FY 2010 *ending Mar’08ending Mar’07 ending Mar’09 ending Mar’10

Sales in $ mn

* Projected

83

API Business: Drivers for future growth

Expand product portfolio and market presence

¤ Continue to file DMFs across geographies¤ Increase focus on entry into new markets¤ Expand API capabilities to support dosage in niche areas (hormones, dermatology, controlled substances etc.)

Focus on IP¤ Focus on difficult to develop molecules

and generating IP around molecules

Continue to be a preferred 3rd party

API supplier

¤ Partner with generic companies to capture first and alternate source opportunities¤ Establish close relationship with major generic players globally to capture high end opportunities

Investments to ramp up infrastructure

¤ Invest in building infrastructure in order to

cater to increased demand and growth


84

API Business: Plans for FY 2009


¤ File over 15 USDMFs

¤ Ramp-up commercial supplies to regulated markets on upcoming approvals of

ANDAs/Dossiers filed and pending at 3rd party customers

¤ Focus on development of over 15 APIs annually to provide cost and timing advantage to

complement US and Europe generic filings

¤ Enter 5-6 new markets


US DMFFillings

Till FY 2008 FY 2009 FY 2010 Total Filings

31 18 18 67


85

Plants and Infrastructure

Location Production Lines Regulatory Approvals

R&D Facility, Navi Mumbai

Formulation/API development facility, Bio-analytical and clinical R&D

NA

Goa, India • Oral solids, semi-solids for regulated markets – Colvale• Hormones for regulated markets – Colvale• Oral solids - Kundiam

US FDA, Canada (TPD), South Africa (MCC), Brazil (ANVISA), Quintiles (a CRO; for EU-GMP), Ethiopia Health Authority, Brecon (a CRO) & Tunisia , UAE, UK (MHRA); Botswana

Oncology plant, Argentina

Oncology products for regulated markets

Local FDA GMP approved

Ankleshwar, India Manufacturing blocks for regulated markets

US FDA; UK (MHRA)

Kurkumbh, India Manufacture of intermediates & APIs for India and semi-regulated markets Local FDA GMP approved

Mohol, India

Expansion Plans

New Formulation plant at Jambusar SEZ

New API Facility at Jambusar SEZ

New R&D Centre at Taloja (India) to be commissioned by FY 09

Upgradation of Argentina plant for Onco products


86

70

90

8

15

25

313

211

140

48

FY 2008 FY 2009 FY 2010

Argentina

API

US and EU generics

RevenuesIn $ mn*

Business Mix

CAGR ~48 %

CAGR ~ 39%ProfitsIn $ mn 64 87 125

196 296 428


Financials and Projections – Organic growth only



87

Summary of key objectives for FY 09


¤ Launch at least 5 products every quarter in the US generic market

¤ Launch at least 3 products in EU across several markets; File at least

10 MAAs with focus on niche areas

¤ File over 30 ANDAs in the US generic market with focus on niche

categories

¤ File at least 15 USDMFs

¤ Acquire 1-2 front ends in WE territory

¤ Commissioning of new R&D facility at Taloja

Glenmark

Glenmark Pharmaceuticals Limited (GPL) – Specialty Business

Glenmark Generics Limited (GGL- wholly owned sub. of GPL) –

Generics Business


Agenda

89

377

504

428296

196

303

FY 2008 FY 2009 FY 2010

Specialty

Generics

Consolidated Financials and Projections

Consolidated Revenues ($ mn) 499 673 932

PAT ($ mn) 157 210 282

Basic EPS (INR) 25.81 34.52 46.36

P/E (Based on Rs. 600 Share Price as at 25 Apr, 2008)

23.25 17.38 12.94


Glenmark


90

Thank you

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