Glenmark Pharmaceuticals : FY 2022-23

Harnessing

Potential

Moving up the

Value Chain

Integrated Annual Report

2022-23

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CORPORATE OVERVIEW

Ctnetnos	180
	STATUTORY REPORTS

265

FINANCIAL STATEMENTS

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Reference to further reading online

You can also find this report online:

https://glenmarkpharma. com/investors/reports- presentations/

02 About this Report

1. Led by Research and Scientific Expertise

1. An Exciting and Rewarding Journey

1. Our Performance Scorecard
2. Harnessing Novel Drugs Pipeline for Unmet Medical Needs
3. Message from the Chairman and Managing Director

1. Board of Directors

1. Geographical Footprint

1. Glenmark Pharmaceuticals Limited

1. Respiratory

1. Dermatology

1. Oncology

1. Diabetes and Other Therapies

1. Glenmark Life Sciences Limited

1. Ichnos Sciences

1. Stakeholder Engagement

1. Materiality Assessment

1. ESG at Glenmark

1. Forward Looking Strategy

1. Our Value Creation Model

1. Governance Framework

1. Risk Management

1. Financial Capital

1. Manufactured Capital

1. Social & Relationship Capital

1. Intellectual Capital

1. Human Capital

1. Natural Capital

1. Corporate Information
2. Independent Non-Financial Assurance Statement

1. Management Discussion and Analysis

1. Board's Report

1. Report on Corporate Governance

1. Business Responsibility and Sustainability Report (BRSR)

1. Standalone Independent Auditor's Report

1. Standalone Balance Sheet
2. Standalone Statement of Profit and Loss
3. Standalone Statement of Changes in Equity

1. Standalone Statement of Cash Flows

1. Notes to the Standalone Financial Statements

1. Consolidated Independent Auditor's Report

1. Consolidated Balance Sheet
2. Consolidated Statement of Profit and Loss
3. Consolidated Statement of Changes in Equity

1. Consolidated Statement of Cash Flows

1. Notes to the Consolidated Financial Statements

403 GRI Index

At Glenmark, we are driven by a continuous commitment to create 'A new way for a new world'. Harnessing the potential of our core strengths of innovation, research and development, and scientific knowledge, we remain determined to consistently challenge established treatment paradigms. It allows us to identify and deliver promising solutions that make a considerable difference to the lives of patients in diverse geographies.

For four and a half decades, we have engaged a talent pool comprising biopharmaceutical experts, scientists and R&D professionals who support our constant quest for unlocking greater value for patients. With significant strides in the fields of dermatology, respiratory and oncology, we have established successful franchises with end-to-end capabilities for fulfilling the unmet needs in patient care.

Our persistent efforts to harness the power of innovation has enabled us to move up the value chain, from a generic Company to an integrated global pharmaceutical Company with a diverse portfolio of advanced drugs. Supported by state-of-the-art manufacturing and R&D facilities, our complex drug development methodology ensures precision and compliance with stringent regulatory standards. It is these qualities that continue to increase the demand for our product portfolio in different parts of the world.

Above all, our actions are guided by a strong determination to uphold our environmental, social and ethical responsibility. It keeps us on track to accelerate profitability while paving the path for sustainable value creation for a wide spectrum of stakeholders. As we move up the value chain, our relentless pursuit of excellence enables us to harness the potential of scientific achievements and create a differentiated position for Glenmark.

About this Report	Glenmark Pharmaceuticals Ltd.

ABOUT

this Report

We measure our success not only through financial, and research achievements but also by the lives we touch, the stories we reinvigorate, and the futures we restore. The story of every one of our patients becomes part of our narrative and makes us the Company we are today.

Our Strategy: Moving up the value chain by developing more complex and specialty medicines.

Through our patient-centric lens, we are constantly innovating as a Company, monitoring our operations, our strategies, and our research priorities to identify ways in which we can do better, be more agile and stronger as a Company. Innovation continues to remain at the heart of our strategy.

With our global presence, the robust research infrastructure that we have established over the years, and the deep engagements we have developed with the health care community, we believe the long-term needs of our patients can be best served by finding solutions to their evolving needs. Our strategic focus of moving up the value chain - from generics and simple dosage forms to more complex and branded medicines - enables us to unlock the maximum potential of our resources and better align them.

Moving up the value chain involves the following investments of the Company's various capitals.

Investments of financial capital into R&D, building our intellectual capital reserves by filing for patents and developing innovative products.

Developing human capital across research, sales teams as well as various support functions.

Investing into manufacturing capital in building and maintaining state-of-art manufacturing facilities with specialized skill sets at each plant.

Building internal capacity to engage with key stakeholders such as regulators for approvals and licensing.

Developing our social and relationship capital through synergies with the healthcare communities, regulators, and investors.

Building out our value chain by identifying specific partners that can support the manufacturing and delivery of specialty medicines, greater collaboration with hospitals and research centers.

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Annual Report 2023	About this Report

Integrated Reporting

In this report, we aim to elucidate Glenmark's strategic priorities and goals through the lens of the six capitals. We also reflect on the past year and evaluate the Company's performance and impact across economic, social, and environmental dimensions. By integrating financial and non-financial information, we offer a holistic perspective on how we create value, both for our stakeholders and society at large.

Reporting Period: Financial Year beginning in April 2022 and ending in March 2023 (FY 2022-23/FY 2023/FY23).

Reporting Boundary: Unless otherwise stated

by way of notes in the report, this report is prepared for Glenmark Pharmaceuticals (Glenmark

• GPL) including all its Indian (Glenmark Life Sciences/GLS) and overseas (such as Glenmark Specialty S.A./GSSA; Ichnos Sciences Inc./Ichnos) subsidiaries, at the Group level.

Reporting Standards and Frameworks: The content of our Integrated Report is in reference to the Integrated Reporting Framework and the Global Reporting Initiative (GRI) standards 2021. We have also drawn reference to and United Nations Sustainable Development Goals (UN SDGs) and referred to the National Guidelines for Responsible Business Conduct (NGRBC).

This report's financial and statutory information complies with the Companies Act, 2013, Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable regulations.

Feedback

We encourage our stakeholders to share their feedback on this report as it would help strengthen our future reporting efforts. Please contact [e-mail] for further information.

Responsibility Statement

The Board collectively acknowledges the content of this integrated report and believes that this report is a fair representation of the holistic financial, operational and sustainability performance of Glenmark for the reporting year FY 2023.

Forward-looking Statements

Forward-looking statements might be included in some parts of this report. 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes', and 'anticipates', as well as negative versions, can be used to identify these. These forward- looking statements are subject to certain risks and opportunities that are either beyond the Company's control or dependent on the Company's current opinions and assumptions about future events. There is a chance that the Company's performance will differ from the predicted results and performance suggested in this report. Given the Company's diverse set of risks and possibilities, no guarantee can be given that future results will be attained, since actual outcomes for the Company and its subsidiaries may differ substantially.

Financial Statements Statutory Reports CorporateOverview

External Assurance

Our statutory auditor, Suresh Surana & Associates LLP, has provided assurance on our financial statements, which can be found on page 265 and 335 of this report. DNV Business Assurance India Private Limited has independently assured the non-financial information. The statement of assurance for non-financial information can be found on page 176 of this report.

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