Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Q3 FY26 Earnings Presentation
98 slides from Jubilant Pharmova's earnings presentation, Feb 6, 2026
Slide 1: Cover letter to stock exchanges
February 6, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P. J. Towers Exchange Plaza Dalal Street, Fort Bandra Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 530019 Symbol: JUBLPHARMA Sub: Press Release alongwith Earnings Presentation on the financials
Slide 2: Jubilant Pharmova – Q3 & 9M'FY26 Results
Jubilant Pharmova Limited 1A, Sector 16A, Noida – 201301, India Tel.: +91 120 4361000 PRESS RELEASE www.jubilantpharmova.com Noida, Feb 06, 2026 JUBILANT PHARMOVA – Q3 & 9M’FY26 RESULTS On track towards Vision 2030 Solid revenue growth of 17% on the back of Line 3 in CDMO sterile Injectables EBITDA
Slide 3: 9M'FY26 Financial Highlights and Segmental Performance
During the quarter, we witnessed a decline in EBITDA margins, primarily due to the temporary shutdown of our CDMO Sterile Injectables facility in Montreal for remediation following FDA observations. Production has resumed at our Montreal site in Q4’FY26. We anticipate EBITDA margins to strengthen go
Slide 4: CDMO Sterile Injectables and CRDMO performance
CDMO Sterile Injectables – Leading contract manufacturer in North America, serving top global innovators Q3’FY26 revenue grew by 49% to Rs. 457 Cr. due to incremental revenue from ongoing technology transfer programs in Line 3. EBITDA grew by 31% on YoY basis to Rs. 68 Cr. EBITDA margins were lower
Slide 5: Generics and Proprietary Novel Drugs performance
quarters and has now begun to show growth momentum. Looking ahead, we expect sustained progress toward the Generics Vision 2030 shared previously. We plan to launch 6 to 8 products per annum in our US and non-US international markets. In line with our plan, we are ramping up exports to the US market
Slide 6: About Jubilant Pharmova Limited
About Jubilant Pharmova Limited Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company with a global presence that is involved in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, Contract Research Development and Manufacturing Organisation (CRDMO), Generics and
Slide 7: Earnings Presentation Q3'FY26
Earnings Presentation Q3’FY26
Slide 8: Disclaimer
Disclaimer Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates f
Slide 9: Jubilant Bhartia Group has created value across multiple sectors
Jubilant Bhartia Group has created value across multiple sectors Strong presence in diverse sectors • Pharmaceuticals • Contract Research & Development Services • Life Science Ingredients • Therapeutics • Performance Polymers • Auto Dealerships • Food Service (QSR) • Oil and Gas services • Beverages
Slide 10: Jubilant Pharmova, a diversified pharmaceutical company
Jubilant Pharmova, a diversified pharmaceutical company Radiopharma Allergy Immunotherapy CDMO Sterile Injectables Leading manufacturer 2nd largest player Leading contract manufacturer of Radiopharmaceuticals in the US Allergenic extract market in North America in North America Sole supplier of Veno
Slide 11: Focus on specialty products & services and Dollar revenues
Focus on specialty products & services and Dollar revenues Business wise Revenue Split Currency wise Revenue Split 9M’FY26 9M’FY26 Generics, 9% Rest, 6% Allergy Immunotherapy, 9% CRDMO, Radiopharma, 15% 45% CDMO - SI, USD, 94% 20% Specialty Products (Radiopharma, Allergy Immunotherapy) and Specialty
Slide 12: Minimal risk from US Tariffs
Minimal risk from US Tariffs Geography wise Revenue Split Origin of Goods & Services sold in the US 9M’FY26 9M’FY26 Goods & Services from Rest of India, World, 19% Goods & 9%* Services from Canada, 17%* USA, 81% Goods & Services from US , 74% US market constitutes Goods from Canada (Radiopharmaceuti
Slide 13: State-of-the-art manufacturing and research facilities
State-of-the-art manufacturing and research facilities enable our growth Kirkland, Montreal, Canada Spokane, Washington, US CDMO – SteriIe Injectables Radiopharmaceuticals CDMO – SteriIe Injectables Allergy Immunotherapy NORTH AMERICA 6 Manufacturing facilities Roorkee, Uttrakhand, India - Generics
Slide 14: Vision 2030: We aspire to double our revenues by FY30
Vision 2030: We aspire to double our revenues by FY30 and we are on the right track From To Actual FY24 FY30 Trailing 12 Months 2x Revenue Rs. 6,703 Cr. Rs. 13,500 Cr. Rs. 7,918 Cr. 25% EBITDA Margin ~ 15 % 23% to 25% 17% Rs. 1,751 Cr. Zero Net Debt Rs. 2,457 Cr. Zero End of 9M’FY26 11%* High Teens
Slide 15: Growth drivers to achieve Vision 2030
These are our growth drivers to achieve Vision 2030 Business Growth Drivers Leadership in Ruby-Fill® Radiopharma Launch New PET, SPECT and Therapeutic products (MIBG) Invest in 6 high margin PET Radiopharmacies in US Allergy immunotherapy Strengthen competitive position and develop new products CDMO
Slide 16: Radiopharma
Radiopharma
Slide 17: Strong Position in the US with presence across value chain
Strong Position in the US with presence across value chain SPECT PET Radiopharmaceutical Imaging Imaging Therapeutics • Strong & Growing Product • Innovative leader in • No direct Competition in Radiopharmaceuticals Portfolio with market Cardiac Imaging along the US for Iodine-131, for Product & lea
Slide 18: Radiopharmaceuticals
Radiopharmaceuticals SPECT SPECT PET Radiopharmaceutical Radiopharmaceutical Imaging Imaging Imaging Therapeutics Therapeutics Low Energy High Energy Systemically or Locally gamma rays positrons Delivered detected by SPECT cameras detected by a PET scanner radiation using pharmaceuticals Isotopes -
Slide 19: US Radiopharmaceutical market is growing at 20% CAGR
US Radiopharmaceutical market is growing at 20% CAGR US Radiopharmaceutical Market Growth Drivers & Trends USD Bn. ~ 20 Launch of advanced • PSMA Therapeutic, Pluvicto for Prostrate Cancer ~USD 2.0 Bn. Therapies CAGR: New • PSMA Diagnostics for Prostrate Cancer ~ USD 1.8 Bn. 20%+ • Broad range of ap
Slide 20: Consolidated Market with high Entry Barriers
Consolidated Market with high Entry Barriers Stringent manufacturing & regulatory environment Adherence with extensive license framework. Stringent manufacturing set up required to handle isotopes Managing time sensitive Forward integration logistics with radiopharmacies Radioactive isotope decays F
Slide 21: Leading Radiopharmaceuticals manufacturer in North America
We are a leading Radiopharmaceuticals manufacturer in North America Organ Key Indication Product PET Dx Cardiac Coronary Artery disease Ruby - Fill® Breast Lymph nodes detection Sulfur Colloid Cardiac blood pool imaging Tc99m-Gluceptate • Diversified across diagnostics & therapeutics Cardiac Coronar
Slide 22: Market leadership in select products
Market leadership in select products Draximage ® MAA Draximage ® DTPA Ruby-Fill ® HICON® Sodium Iodine I 131 Solution USP It is used for Cardiac PET scan, MAA is used in the perfusion DTPA is used to assess HICON® is a radioactive to evaluate regional myocardial phase of a ventilation/perfusion pulm
Slide 23: Radiopharmaceuticals Financials: Q3'FY26 & 9M'FY26
Radiopharmaceuticals Financials : Q3’FY26 & 9M’FY26 Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Q3’FY26 revenue grew strongly on back of growth in Ruby-Fill ®. Achieved strong 9M’FY26 revenue growth despite generics entry in DTPA Revenue 265 291 298 12% 778 859 10% b
Slide 24: Radiopharmaceuticals Vision 2030
Radiopharmaceuticals Vision 2030: To more than double the revenues Revenue: Revenue growth and Margins to improve More than 2x of FY24 post the new products introduction EBITDA Margin: More than 50% Growth drivers: • Ruby-Fill® Revenue: Rs. 1,155 Cr. EBITDA Margin: 44% Revenue: Rs. 1,074 Cr. • New P
Slide 25: To become leader in cardiac PET Imaging through Ruby-Fill
To become leader in cardiac PET Imaging through Ruby-Fill® Ruby-Fill ® Rubidium 82 generator Growth drivers: and Elusion System Competitive advantage • Longer life per generator (7 weeks vs 6 weeks for peer) • Ruby-Fill® • Better image quality and consistency • New PET & SPECT • Constant Activity pr
Slide 26: Launch new PET and SPECT imaging products with TAM of USD 550 Mn
Launch new PET and SPECT imaging products with a TAM of USD 550 Mn Developing new products in SPECT Imaging to maintain leadership & in PET Imaging for growth Growth drivers: • Ruby-Fill® Incremental TAM Potential Peak Annual Timeline No. of launches • New PET & SPECT USD Mn. Sales - USD Mn. product
Slide 27: Launch MIBG by CY27
Launch MIBG by CY27 HICON® Sodium Iodide I 131 - Commercialised MIBG - Undergoing Clinical trials Growth drivers: • Potential peak sales • Ruby-Fill® USD 70 - 100 Mn. • New PET & SPECT • Data package to FDA products by Apr - Jun’26 • MIBG • Pre NDA meeting with FDA by Sep’26 • NDA filing post FDA me
Slide 28: Radiopharmacy
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Slide 29: Radiopharmacies are critical in generating value
Radiopharmacies are critical in generating value Growth Drivers & Trends SPECT Radiopharmacy PET Radiopharmacy • Consolidated market in the US. Large M&A transactions in Radiopharmacies • Increasing demand for novel PET products driving PET radiopharmacies growth • Stringent USP 825 regulations to d
Slide 30: Consolidated market with high Entry Barriers
Consolidated market with high Entry Barriers Consolidated Market Barriers to Entry 1 Stringent Regulations # of # of radio SPECT PET hospitals Each treatment site is required to obtain a license pharmacies in the US pharmacies pharmacies served in the US from Nuclear Regulatory Commission and comply
Slide 31: The 2nd largest radiopharmacy network in the US
The 2nd largest radiopharmacy network in the US 45 Current SPECT Current Cyclotron 6 New PET SITES Radiopharmacies USP<825> JDR network is USP 825 with ~ 20% WD compliant Portland volume market MT ND ME share OR MN VT ID Saginaw NH SD Minneapolis WI NY Boston Business moat 1,800 WY MI Detroit Wilkes
Slide 32: Radiopharmacy Financials: Q3'FY26 & 9M'FY26
Radiopharmacy Financials : Q3’FY26 & 9M’FY26 Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Q3’FY26 revenue grew YoY on the back of increase in volume from PET products Revenue 576 607 637 11% 1,715 1,841 7% • Started distribution of Pluvicto, leading radiopharmaceutica
Slide 33: Radiopharmacy Vision 2030
Radiopharmacy Vision 2030: Double the revenues, expand margins by adding 6 PET Radiopharmacies Revenue: Growth and 2x of FY24 Margins to improve as PET Pharmacy EBITDA Margin: revenues increase ~ 7% to 8% Revenue: Rs. 2,441 Cr. Revenue: Rs. 2,314 Cr. EBITDA Margin: 1% EBITDA Margin: 1% Revenue: Rs.
Slide 34: Expanding PET Radiopharmacy network from 3 sites to 9 sites
Expanding PET Radiopharmacy network from current 3 sites to 9 sites Growth driver: • PET expansion • Strengthened network to enable long term contracts with PET radiopharmaceutical manufacturers • Fully operational by FY28. Funding through internal accruals and long-term credit • Expect Asset turnov
Slide 35: Allergy Immunotherapy
Allergy Immunotherapy
Slide 36: Allergy immunotherapy is the sole way to reduce allergen hypersensitivity
Allergy immunotherapy is the sole way to fundamentally reduce allergen hypersensitivity • 20% + global population have allergies e.g. Asthma and Allergenic Rhinits • Allergy Immunotherapy requires repeated shots of allergic antigens to develop immunity Allergies Testing Treatment 30
Slide 37: Global Allergy Immunotherapy market expected to grow by ~7%
Global Allergy Immunotherapy market is expected to grow by ~ 7% Global Allergy Immunotherapy Market Growth Drivers and Trends USD Bn. • Concentrated US market with 3 players 3.0 • Complex supply chain from sourcing to processing 2.2 2.7 • Grandfathered approvals, new product needs BLA 2.0 0.2 0.3 •
Slide 38: 2nd largest player in US Sub-Cutaneous Allergy Immunotherapy market
2nd largest player in the US Sub-Cutaneous Allergy Immunotherapy market • 100-year-old ‘HollisterStier’ brand • Onshore US FDA approved manufacturing • Sole Supplier of Venom extracts in the US • Dedicated sales force in the US • 200+ allergenic & 6 venom extracts • 2,000+ Allergists / ENTs as custo
Slide 39: Allergy Immunotherapy Financials: Q3'FY26 & 9M'FY26
Allergy Immunotherapy Financials : Q3’FY26 & 9M’FY26 • Q3’FY26 revenue grew on the back of growth Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y across US & Outside US markets Revenue 171 194 193 12% 509 568 11% • Q3’FY26 EBITDA lower QoQ due to lower production. Expect t
Slide 40: Allergy Immunotherapy Vision 2030
Allergy Immunotherapy Vision 2030: Solidify position as a scientific leader Revenue: Growth & Margins on track ~1.5x of FY24 EBITDA Margin: 35% to 40% Revenue: Rs. 760 Cr. Revenue: Rs. 701 Cr. EBITDA Margin: 36% Revenue: Rs. 679 Cr. EBITDA Margin: 35% EBITDA Margin: 40% FY24 FY25 TTM FY30 34
Slide 41: Allergy Immunotherapy Growth Drivers
Allergy Immunotherapy Growth Drivers Strengthen competitive Grow outside US Increase investment position in US business in R&D • Retain and grow Venom • Develop new products & customers & patient base • Increase outside US technologies Venom sales through strategic partnerships in • Increase US reve
Slide 42: CDMO - Sterile Injectables
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Slide 43: CDMO Sterile Injectables demand supply gap widening
CDMO - Sterile Injectables is seeing demand supply gap widening Global CDMO-SI Market Size Growth Drivers & Trends USD Bn 20 • Innovator Pharma companies, for their US 17 16 requirement, are planning to shift the 14 13 manufacturing from Europe to US, as a risk mitigation measure due to impending Ta
Slide 44: Market with high Entry Barriers
Market with high Entry Barriers • Majority of commercial contracts are typically long duration (typically 3 years or more with auto renewal) • Greenfield expansion is considerably difficult due to high up-front capex required with ongoing opex to support initial product commercialization • Innovator
Slide 45: Leading North American CDMO with strong customer relationships
We are a leading North American CDMO player with unique capabilities and strong customer relationships • 5 of the top 20 pharma companies as customers • 25+ customers across the world with multiple products having patent protection and limited competition • 5+ years average relationship time with To
Slide 46: CDMO Sterile Injectables Financials: Q3'FY26 & 9M'FY26
CDMO Sterile Injectables Financials : Q3’FY26 & 9M’FY26 • Q3’FY26 revenue grew strongly on YoY due to Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y incremental revenues from technology transfer programs from Line 3 at Spokane Revenue 306 393 457 49% 932 1,220 31% • EBITD
Slide 47: CDMO Sterile Injectables Vision 2030
CDMO - Sterile Injectables Vision 2030 : Double revenues by doubling of capacity at Spokane Revenue : More than 2x of FY24 EBITDA Margin : Growth ahead of expectations, More than 25% Expect margins to increase from FY27 Revenue : Rs. 1,560 Cr. EBITDA Margin : 20% Revenue : Rs. 1,272 Cr. EBITDA Margi
Slide 48: Line 3 technology transfer revenues continue to grow
Line 3 Technology transfer revenues continue to grow Commercial Batch Production expected to start in FY27 Growth driver: • Doubling Capacity at Spokane Timeline FY’26 FY’27 FY’28 LINE 3 Tech Transfer Commercial Batch Production Moving to Peak Start of Revenues post FDA approval utilization • Line 3
Slide 49: Line 4 installation on track
Line 4 installation on track Technology transfer revenues expected to start in FY27 Growth driver: • Doubling Capacity at Spokane Timeline FY’26 FY’27 FY’28 LINE 4 Installation Media Fill Commercial Production • Line 4 installation on track • Building a strong order book pipeline • Expect technology
Slide 50: Montreal remediation and new Isolator Line
Focused on remediation and breakeven at existing line New Isolator Line construction started at Montreal facility Growth driver: • New Isolator Line at Montreal Existing Line • Remediation focused on process changes & engaging third party oversight in batch production & release • Production has been
Slide 51: CRDMO: Drug Discovery Services, CDMO API
CRDMO: Drug Discovery Services, CDMO API
Slide 52: CRDMO: India uniquely positioned to benefit from Friendshoring
CRDMO: Drug Discovery, CDMO - API India uniquely positioned to benefit from Friendshoring Drug Discovery Services Market Size USD Bn. Growth Drivers & Trends 10 8 Drug Discovery Market • Biosecure Act advantage • Rise in specialized technologies such as ADCs and oligonucleotides 2023 2028 CDMO API M
Slide 53: Leading CRDMO for science with superior customer relationships
We are a leading CRDMO for science with superior customer relationships • 8 of the top 20 pharma companies as customers with 5x increase in revenue share from Large Pharma • Indian Leader for “Integrated Drug Discovery”, with a track record of +85 programs and Big pharma strategic partnership • Stre
Slide 54: State of the art integrated CRDMO platform
…with state of the art integrated CRDMO platform Drug Discovery Services & Early CDMO Late CDMO & APIs Integrated Chemistry Research Contract Development & Advanced Intermediate CoE Biologics Drug Discovery Centre Innovation Centre Manufacturing Centre & ( St. Julien, France ) (IDDC, Bengaluru) (CIR
Slide 55: Drug Discovery Financials: Q3'FY26 & 9M'FY26
Drug Discovery Financials : Q3’FY26 & 9M’FY26 Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Q3’FY26 revenue increased YoY from scaling large Pharma contracts Revenue 150 162 169 13% 414 492 19% • Q3’FY26 EBITDA margins higher QoQ due to change in revenue mix towards CD
Slide 56: Drug Discovery Vision 2030
Drug Discovery Vision 2030 : Triple revenues & maintain profitability Revenue: ~ 3x of FY24 EBITDA Margin: Revenue growth and More than 25% Margins on track Revenue: Rs. 647 Cr. EBITDA Margin: 23% Revenue: Rs. 570 Cr. EBITDA Margin: 24% Revenue: Rs. 449 Cr. EBITDA Margin: 24% FY24 FY25 TTM FY30 50
Slide 57: Drug Discovery Services: Leverage Large Pharma potential
Drug Discovery Services: Leverage Large Pharma potential Growth driver: • Add Large Pharma • Execute strategy on Large Pharma Biosecure Act • Build Footprint in EU • Biosecure ACT becomes law in the Unites states • Introduce ADCs, mAbs, and Biologics platforms • Federal agencies must not enter in co
Slide 58: Drug Discovery Services: Expansion at current and new sites
Drug Discovery Services: Expansion at current and new sites to enable revenue growth Expansion at current sites, Greater Noida & Bengaluru Expansion at new site, Devanahalli, Bengaluru Capacity : 1,000 FTE’s ( FY25 ) → 2,000 FTE’s ( FY28 ) → 4,000 FTE’s ( FY30 ) Increasing capacity in a phased manne
Slide 59: Biologics capability through partnership with Pierre Fabre
Drug Discovery Services: Added capability in Biologics through strategic partnership with Pierre Fabre • Expanded TAM by USD 1.4 Bn. in mAbs and ADCs • Added strategic footprint in the EU • Enhanced domain expertise in ADC • Unique & cost-effective delivery model Integration complete; Investing in B
Slide 60: API Financials: Q3'FY26 & 9M'FY26
API Financials : Q3’FY26 & 9M’FY26 Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Industry wide pricing pressure continues. Focusing on portfolio management Revenue 142 137 129 (9%) 399 407 2% • Q3’FY26 EBITDA margins flat YoY despite decrease in revenue due to profitab
Slide 61: API Vision 2030
API Vision 2030 : Double revenues and increase profitability Revenue: Revenue growth to 2x of FY24 increase; Margin improvement on EBITDA Margin: track More than 15% Revenue: Rs. 590 Cr. EBITDA Margin: 17% Revenue: Rs. 581 Cr. EBITDA Margin: 15% Revenue: Rs. 645 Cr. EBITDA Margin: 10% FY24 FY25 TTM
Slide 62: API: Grow CDMO and custom manufacturing
API Grow CDMO and custom manufacturing in API Growth driver: • Grow CDMO API • Further Strengthen CDMO: Leverage GMP manufacturing capabilities for Innovative New Chemical Entities • Custom Manufacturing: Partner with large pharma to manufacture products requiring life cycle management • China plus
Slide 63: Generics
Generics
Slide 64: Global Generics market expected to grow by ~5% to 6%
Global Generics market expected to grow by ~ 5% to 6% Generics Market Growth Drivers and Trends USD Bn ~ 532 Developed Market 19 • US market to grow at 2% ~ 406 15 203 • Non-US market to grow by 5 - 7% 149 India Market 310 242 • India market to grow in excess of 8% • Brand building and in-clinic eff
Slide 65: Growing, profitable & agile business model
We are building a growing, profitable & agile business model Non-US international market • Broad therapeutic coverage - CVS, CNS, GI and multi specialty • 1 key market with triple digit revenue in INR Cr., Build total of 3 - 4 markets (B2B2C) • Global presence in 50+ markets - US, Europe, Canada, Ja
Slide 66: Generics Financials: Q3'FY26 & 9M'FY26
Generics Financials : Q3’FY26 & 9M’FY26 Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Q3’FY26 revenue grew strongly on YoY basis on the back of new products Revenue 200 167 226 13% 528 559 6% • 9M’FY26 EBITDA margins higher by 150 bps on YoY basis due to better product
Slide 67: Generics Vision 2030
Generics Vision 2030: Reach top quartile profitability for similar size companies Revenue : Growth momentum ~2x of FY24 is starting EBITDA Margin : Margin improvement on track 15% to 17% Revenue : Rs. 716 Cr. EBITDA Margin : 5% Revenue : Rs. 685 Cr. Revenue : Rs. 775 Cr. EBITDA Margin : 3% EBITDA Ma
Slide 68: Generics Growth Drivers
Generics Growth Drivers Launch Grow the profitable Build branded 6 to 8 new products annually Non-US international market business • Relaunch dormant ANDAs from • Launch 6 to 8 new products • Build presence in Diabetes, Roorkee and CMO network every year Dyslipidemia and Hypertension • Secure ANDAs
Slide 69: Proprietary Novel Drugs
Proprietary Novel Drugs
Slide 70: Proprietary Novel Drugs
Proprietary Novel Drugs • Develop precision oral medicines with enhanced safety and therapeutic efficacy • Focused on specific set of patients, not responding to other therapies • Low-cost in-house discovery engine to generate drug candidates, validated through partnerships • Guided by world’s leadi
Slide 71: JBI-802 to address unmet needs in difficult to treat cancers
JBI-802 to address unmet medical needs in difficult to treat cancers • Company sponsored Phase II trial underway Blood Cancer • Highly differentiated for safety and efficacy than peers ET/MPN • Total Addressable Market in US: USD 3.3 Bn. • Investigator led trial initiated Lung Cancer JBI-802 NSCLC •
Slide 72: JBI-802 has demonstrated transformative treatment in two patients
JBI -802 has demonstrated transformative treatment in two patients • Non small cell lung cancer patient progressed to last stage after immunotherapy. Post taking JBI-802 treatment, patient has been doing very well even after two years. Major symptoms have disappeared with confirmed partial response
Slide 73: JBI-778 to address unmet needs in difficult to treat cancers
JBI-778 to address unmet medical needs in difficult to treat cancers Lung Cancer • Total Addressable Market in US: USD 2.0 Bn. NSCLC with EGFR mutation Brain Tumor • High unmet need with no effective treatment option JBI-778 HGG • Total Addressable Market in US: USD 1.7 Bn. Phase I trial underway He
Slide 74: Proprietary Novel Drugs Financials: Q3'FY26 & 9M'FY26
Proprietary Novel Drugs Financials : Q3’FY26 & 9M’FY26 • Continue to invest in a calibrated manner in two Particulars ( Rs. Cr.) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y lead programs Revenue 0 0 0 0 0 EBITDA (5) (3) (3) 45% (14) (12) 17% 68
Slide 75: Proprietary Novel Drugs to explore monetization
Proprietary Novel Drugs to explore monetization • Expect clinical data readouts in CY 2026 • Explore monetization through licensing or external fund raising 69
Slide 76: Consolidated Reported Financials – Q3'FY26 & 9M'FY26
Consolidated Reported Financials – Q3’FY26 & 9M’FY26 Solid revenue growth (YoY) along with EBITDA growth (YoY) Particulars ( Rs. Cr. ) Q3’FY25 Q2’FY26 Q3’FY26 Y-o-Y 9M'FY25 9M'FY26 Y-o-Y • Q3’FY26 Revenue grew YoY on the back of strong performance across all business segments, with CDMO Sterile Inje
Slide 77: Key Ratios
Key Ratios Net Debt / Ebitda to remain range bound Particulars ( Rs. Cr. ) Mar 31, 2025 Dec 31, 2025 • Net debt / Ebitda to remain range bound Net Debt ( On constant currency, Net of DIC ) 1,348 1,751 Net Debt / Equity 0.22 0.28 Net Debt / EBITDA (TTM) 1.1 1.3 Interest Coverage Ratio 5.1 6.3 Long Te
Slide 78: Sustainability
Sustainability Category I ERP DJSI Score 60% EcoVadis Score 61 % Winner – Mid/Small Cap Category ESG Score 63% ESG Score 68 % Member since 2005 All Indian manufacturing plants are 15% reduction (YTD) in Specific FY25 Zero Liquid Discharge Water Consumption v/s FY 26 target Sustainability FY25 Sustai
Slide 79: Summary – Q3'FY26
Summary – Q3’FY26 Radio Pharmaceuticals : Ruby-Fill® maintaining growth momentum. Temporary supply shortage to impact next two quarters. 1 Radio Pharmacies : Competitive intensity higher in SPECT, PET products revenue continue to grow 2 Allergy Immunotherapy : Revenue grew YoY; EBITDA margins lower
Slide 80: Financial Results Table
Financial Results Table Total Income ( Rs. Cr. ) Q3’FY25 Q2’FY26 Q3’FY26 9M'FY25 9M'FY26 Revenue (A) 1,822 1,966 2,123 5,306 5,990 a. Radiopharma 841 897 935 2,493 2,700 Radiopharmaceuticals 265 291 298 778 859 Radiopharmacies 576 607 637 1,715 1,841 b. Allergy Immunotherapy 171 194 193 509 568 c. C
Slide 81: Vision 2030
Vision 2030 Revenue Reach 2x from FY24 to FY30 EBITDA Margin 23% to 25% by FY30 Net Debt Zero by FY30 RoCE High Teens by FY30 75
Slide 82: Annexure
Annexure Arvind Chokhany Group CFO, Whole-time Director
Slide 83: Executive Leadership Team
Executive Leadership Team Shyam S Bhartia Hari S Bhartia Priyavrat Bhartia Arjun S Bhartia Chairman Co-Chairman Managing Director Joint Managing Director Shantanu Jha Arun Kumar Sharma Dr Tushar Gupta Group CHRO CFO Head - Corporate Strategy 77
Slide 84: Executive Leadership Team
Executive Leadership Team Harsher Singh Chris Preti Giuliano Perfetti CEO - Jubilant Radiopharma CEO - CDMO Sterile Injectables CEO - CRDMO, Biosys Dr Jaidev Rajpal Kyle Ferguson Daniel J. O’Connor CEO - Jubilant Generics CEO - Allergy Immunotherapy CEO – Jubilant Therapeutics 78
Slide 85: Shareholding Pattern
Shareholding Pattern As on 31st Dec 2025 0.6% 24.6% Promoter and Promoter Group Domestic Institutions 47.7% Foreign Institutions Non - Institutions 16.0% Employee Benefit Trust 11.2% 79
Slide 86: Glossary
Glossary Abbreviation Details Abbreviation Details CVS Cardiovascular System MEA Middle East Africa CNS Central Nervous System LATAM Latin America CDMO Contract Development Manufacturing Organization LOE Loss of exclusivity CRDMO Contract Research & Development Manufacturing Organization FDA (US) U.
Slide 87: Thanks!
Thanks!
Slide 88: Q3'FY26 Q&A
Q3’FY26 Q&A Disclaimer Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and ta
Slide 89: Radiopharmaceuticals Q&A
Radiopharmaceuticals Q1. Can you talk about growth in Ruby-Fill®? Answer: Ruby-fill® is a best-in-class Positron Emission Tomography (PET) radiopharmaceutical product used for Cardiac imaging through a non-invasive procedure of the myocardium, to evaluate regional myocardial perfusion in adult patie
Slide 90: Radiopharma product pipeline and results Q&A
Answer: We have a very strong pipeline of products in PET and SPECT with an Addressable Market at approx. USD 550 million. These products are generics or 505 B(2) versions of existing products and will be launched from FY27 to FY29. In addition to that, on the therapeutics side, we are working on MI
Slide 91: PET radiopharmacy investment and Allergy Immunotherapy Q&A
We also announced USD 50 million investment to expand our PET radiopharmacy network from three (3) to nine (9) sites and therefore positioning us to secure long- term contracts with the leading PET radiopharmaceutical manufacturers. These new PET radiopharmacies shall be fully operational in FY28 an
Slide 92: CDMO Sterile Injectable Q&A
CDMO Sterile Injectable Q12. Can you talk about the overall demand scenario in the sterile fill and finish market? Answer: The global CDMO Sterile fill and finish market is expected to grow from USD 13 billion in 2023 to USD 20 billion by 2027 at a CAGR of 11%. The demand drivers include an increasi
Slide 93: Line 4 and Montreal facility Q&A
manufacturing capacities, specifically significant capacities with isolator technology. As a result, we are seeing strong traction in Requests for Proposals (RFPs) for the new lines. The next phase of capacity expansion—Line 4—is also progressing as planned. We expect this line to begin technology t
Slide 94: Montreal remediation and breakeven Q&A
Our remediation workforce efforts are centered on implementing required process changes, enhancing training, and engaging third-party oversight across batch production and batch release. Additionally, we are reinforcing our on-site leadership by appointing multiple new Leaders in Production & Qualit
Slide 95: CRDMO Q&A
In the short term, we expect competitive intensity to increase in the large-pharma customer segment, while demand conditions in the biotech segment are expected to improve. Q19. Can you explain Q3’FY26 CRDMO Drug Discovery results? Answer: In Q3’FY26, the Drug Discovery business revenue grew by 13%
Slide 96: Generics and Proprietary Novel Drugs Q&A
Answer: In Q3’FY26, Generics business revenue grew by 13% to Rs. 226 Cr. EBITDA for the period stands at Rs. 26 Cr. In 9M’FY26, EBITDA margins increased by 150 basis points to 9%. The business has been profitable for the past three quarters and has now begun to show growth momentum. Looking ahead, w
Slide 97: Outlook, exceptional expenses and tariffs Q&A
Rs. 310 Cr. due to improved performance in CDMO Sterile Injectables and CRDMO. Q3’FY26 normalised PAT decreased on a YoY basis to Rs. 86 Cr. due to increase in depreciation. Q26. What is the outlook for Q4’FY26? Answer: In 9M’FY26, revenue grew by 13% on YoY basis. We expect growth momentum to conti
Slide 98: US tariffs impact Q&A
Mexico trade agreement. Therefore this business will have no material negative impact. The goods and services originated in India and sold in the US are 9% (9M’FY26) of the Company’s US revenue. The goods exported from India include Generic finished formulations and Generic Active Pharmaceutical Ing