Slide 1

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 2

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 3

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 4

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 5

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 6

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 7

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 8

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 9

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 10

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 11

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 12

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 13

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 14

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 15

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 16

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 17

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 18

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 19

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 20

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 21

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 22

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 23

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 24

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008


Slide 25

Ranbaxy Laboratories Limited

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008

Safe Harbor
Except for the historical information contained herein, statements in this presentation and the
subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”,
“would”, “believe”,

“may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”,

“contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will
pursue” and similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those suggested by the forward-

looking statements. These risks and uncertainties include, but are not limited to our ability to
successfully implement our strategy, our growth and expansion plans, obtain regulatory
approvals, our provisioning policies, technological changes, investment and business income,
cash flow projections, our exposure to market risks as well as other risks. Ranbaxy does not
undertake any obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.

Mission Statement

“ To become a Research based
International Pharmaceutical Company ”

Ranbaxy Overview
 Amongst top 10 Global Generic companies (CY ’07 sales ~ $1.6 Bn, +20%)
 Largest pharmaceutical Company out of India
 Worldwide Presence
- Ground operations in 49 countries, products sold in > 125
- Manufacturing locations in 11 countries comprising 25 facilities

 Business
- International - 80%
- Domestic
- 20%

 ~12000 employees globally spanning 51 nationalities

Business Model
Global Reach
• Developed Markets
North America, EU, Japan

• Emerging markets

Product Portfolio
• Generics
• Branded Generics
• Branded & OTC

India, Romania, CIS, Africa

Research & Dev.

Manufacturing

• New Chemical Entities

• Dosage Form

• Generics / NDDS*

• API* - Vertical Integration

• Complex / Niche/ FTF*

• In-house / Outsource

• The India advantage

• The India advantage

* NDDS - Novel Drug Delivery System, API – Active Pharmaceutical Ingredients, FTF – First to File

Global Presence

Global Manufacturing
 API facilities in India - 6, API - 5, Fermentation - 1

 Global Dosage Forms (DF) facilities - 19, India - 6, Overseas - 13

USA

Romania

Malaysia

Ireland

Active Pharmaceuticals Ingredients
(APIs)Facility, Mohali

India

China

Vietnam

+ South Africa, Japan and Brazil

Nigeria

Research & Development
 Dedicated Facilities for Innovative & Generics Research
 > 1400 R&D Personnel ( ~ 250 PhD’s)
 8-10 NCE molecules in pipeline
 4 NDDS platform technologies
 ~ $ 100 Mn total spend (6.4% to sales)

Collaboration in Drug
Discovery Research
(DDR)

Out-licensing
in DDR

R&D I

R&D II

R&D III

R&D IV

Out-licensing
in Novel Drug
Delivery Systems

Global Sales (2005 - 2008e)
CAGR* ~ 19%
$ Mn

~ 1900 e

2000
1607

1600
1339
1178

1200

800

400
2005

2006

2007

2008

* 3 year CAGR on like-to-like basis .i.e. excluding allied businesses divested in 2005

e - estimate

Sales by Geography (DF) – 2007
RoW
$190, +39%

Europe(EU)
$363,+41%

CIS
$90,+22%

Asia
$448,+23%
North America
$415,+6%

Global Sales ($ Mn)
Dosage Form (DF)

1506

+23%

API

101

- 12%

Total

1607

+ 20%

Highlights – Year 2007
• Buoyant base business growth in USA, + 19%

Markets

• Strong performance across EU, + 41%
• Emerging markets continue robust growth, + 32%

• 180 Day exclusivity products (FTF) for USA

Key Value
Drivers

• Specialty product flow - bio-generics, oncology, etc
• Research & Development - NCE focus

• Sales at $ 1607 Mn, + 20%

Financials

• EBIDTA* at 16.5% to sales
• PAT** at $ 147 Mn, + 28%

* Excludes impact of foreign exchange gains / losses on translation. ** and extra-ordinary items

USA
 24% of global sales, base business growth (excl. FTF) +19%
 Distribution coverage with all major wholesalers & and retail chains
 Branded business growth + 37%
- Sotret gains market leadership ~ 51% MS
- Acquisition of BMS portfolio to further strengthen dermatology franchise

 Robust product flow with assured visibility on FTF products from ’08-10
- Sumatriptan - 2008, Valacyclovir - 2009, Atorvastatin & Tamsulosin - 2010

- Atleast 1 potential FTF launch anticipated from 2008 to 2012/13

Note : Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

USA – Product Pipeline
Cumulative ANDA Filings

 239 cumulative filings

98 ANDAs
Para
IV
FTF

Innovator
Market Size

$ 27 Bn

 141 approvals
 98 pending approvals

$ 54 Bn

 18 Para IV First to File

 Yr 2007 – 28 filings & 18

approvals

Year 2007Source (Market Size) : IMS

European Union
 Presence in 23 of the 27 EU countries
 Strong product flow in ’07 with multiple Day 1’s
Key Country Sales - 2007

Total EU Sales - 2007
400

Romania

$ 363

$ 120 Mn, + 21%

+ 41%
300

France

$ 258

$ 73 Mn, + 5%
200

Germany

$ 49 Mn, + 69%
100

UK

$ 47 Mn, + 36%

$ Mn 0

2007

2006

India
 Ranked in No 2 in domestic market with a 5.04% MS(Source :ORG-IMS, QTD Nov )

 Sales at $ 338 Mn, + 23 % (including CHC)
 Leadership in NDDS products with 7% MS. Contribution to total
sales ~ 9%

 Dedicated task forces for Specialized & Chronic therapies
 Chronic share contribution at 24% (21% : IMS Cum Nov ’06)

 18 brands in Top 300 of Industry, 9 in Top 100
 Robust Consumer Healthcare business led by flagship brand ‘ Revital’

Source : IMS - ORG

Key Value Drivers
Emerging Market /
Developed Market Mix

Enhanced Focus on
NCE Research

180 Day Exclusivity
Products in USA

Specialty Therapeutic
Segment Presence

Market Mix
Emerging
44%

Others
13%

Others
6%
Emerging
54%

Developed
40%
Developed
43%

2005

 Growth well spread across geographies
 Stability & sustainability of profits

2007

180 Day Exclusivity Products (USA)
Molecule

Innovator

Market
Size

Status

Year

Simvastatin*

Merck (Zocor)

$ 0.5 Bn

Launched

2006

Pravastatin*

BMS (Pravachol)

$ 0.2 Bn

Launched

2007

Sumatriptan

GSK (Imitrex)

$ 1.0 Bn

Settled

2008

Valacyclovir

GSK (Valtrex)

$ 1.3 Bn

Settled

2009

Tamsulosin

BI*/Astellas (Flomax)

$ 1.2 Bn

Settled

2010

Atorvastatin

Pfizer (Lipitor)

$ 8.0 Bn

Won ’995

2010

At-least 1 FTF launch planned each year upto 2012 / 2013
*FTF for the 80 mg dosage strength respectively. Market sizes at innovator prices (Source :IMS). BI – Boehringer Ingelheim.
Anticipated FTF launches depending on regulatory approval & litigation outcome, where applicable

Specialty Segment Presence
 Leveraging front end presence & regulatory expertise

 Technology & Resource intensive – high entry barriers

In-House

Alliances

• Penems

• Bio-generics

• Limuses

• Peptides

• Oral High Potency

• Oncology & Specialty

Non-cytotoxics

Injectables

Enhanced Focus on NCE Research
 In-principle approval from the Board for de-merger of Drug Discovery

Research (DDR)
 To create an independent pathway for DDR with dedicated resources
and enhanced focus for long term value building
 Provides platform for new growth opportunities through increased
collaborations and partnerships
 Specific framework & other details under finalization

NCE Pipeline
Molecule

Therapeutic Area

Status
Phase II trials (with Piperaquine)

RBx 11160

Malaria

RBx 10558

Dyslipidemia

Out-licensed to PPD Inc. 1Phase I
trials completed

RBx 9841

Urinary
Incontinence

Phase I trials completed

Candidate Selection
GSK Program - COPD / Asthma
RBx 10017876- Inhalation PDE IV B, COPD/Asthma

RBx 10020025- Tiotropium like , MRA inh, COPD/Asthma
RBx 10014255- Anti infective, Macrolide / Ketolide
RBx 10019821- Diabetes, DPP IV

have been initiated in Q4 2007

Ranbaxy – GSK Alliance
 Expansion of strategic alliance established in 2003

 Take leads beyond candidate selection to POC* in man
 Therapeutic area focus of AI & Metabolic, Respiratory & Oncology
 > $ 100 Mn in milestone and double digit royalties on
commercialization of a product
 Co- marketing rights in India
 First candidate identified for Respiratory Inflammation

* Proof of Concept

Financials
$ Mn

Particulars

Q4 2007

Gr.%

2007

Gr.%

2008 e

Sales

451

19%

1607

20%

+18-20 %

EBIDTA*

76

28%

~18%

% sales

Rep. PAT

17.0%

48

20%
15%

265
16.5%

191

68%
+20-25%

Adj. PAT**

45

26%

147

28%

* Excludes impact of foreign exchange gains / losses on translation
** Excludes impact of foreign exchange gains / losses on translation & extraordinary items

Summary
 A vertically integrated global pharmaceutical Company
 Presence across all key developed & emerging markets
 Strong distribution network & brand building capabilities

 India based Research & Development & Manufacturing
 Robust generic product flow
 New high growth specialty segments
 Focus on NCE research

Thank You …

Merrill Lynch 12th India Investor Conference
New Delhi , February 2008