CORPORATE

PRESENTATION

July - 2003

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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”, “project”, “should”, “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.

Disclaimer

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“To become a Research based International

Pharmaceutical Company”

Our Mission

4

“To become a Billion Dollar Company

by 2004”

Our Vision

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• Amongst the Top 100 Global Pharmaceutical Companies

• 9th Largest Generic Company Worldwide*

• Manufactures and Markets Generics, Branded Generics and APIs

• Products available in over 70 countries with Ground presence in

25 countries and Manufacturing operations in 7

• 6 Core Markets - USA, India, UK, Germany, China and Brazil

• Over 8000 multicultural, workforce

Continued….

* Amongst Publicly Traded Companies

Source: MedAdNews – Nov’2002

Corporate Highlights

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• Global Net Sales US $ 764, a growth of 38%

• 72 % Overseas Revenue

• 28 Global Brands

• NDDS :

* 4 Platform Technologies

* Cipro OD, once a day ciprofloxacin licensed to Bayer AG. Cipro XR 500mg was

launched in US in Jan 2003 by Bayer AG. Approval from US FDA for 1gm awaited

• NDDR : RBx 2258, First NCE licensed to Schwarz Pharma AG, undergoing

Phase II Clinical Trials in India

• 2 NDAs filed in 2002 (Metformin syrup, Ofloxacin OD tablets)

Corporate Highlights

NCE = New Chemical Entity , NDDS = Novel Drug Delivery Systems , NDDR = New Drug Discovery Research , NDA = New Drug Application

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Core Markets

• USA• India• UK

Products Available in over 70 Countries, Ground Presence in 25 Countries, 6 Core Markets

• India

Asia-Pacific & Latin America

• China • Vietnam • Malaysia • Thailand • Myanmar• Singapore• Brazil• Mexico• Peru• Venezuela

• USA

Europe, CIS & Africa

• UK• Ireland • Poland • Russia• Germany• Ukraine • South Africa • Egypt • Nigeria • Kenya• Ivory Coast

Our International Presence

• Germany• Brazil• China

Middle East

• Sri Lanka• Saudi Arabia

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Value

Time

•Global Generics Business

•Critical Mass in Focus Markets -

USA

•Leveraging India Advantage

•Brand Building in Developed

Markets

•Proprietary Technology

Products

•Networking and Alliances

•Expanding Discovery

Research

•International Clinical

Development

•Rx Marketing

Horizon 1

Drive core growth

Horizon 2

Build momentum of emerging growth engines

Horizon 3

Secure future options

Innovative Research

Specialty Pharma

International Generics

Ranbaxy’s Strategic Architecture

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Research & Development : Focus

NDDRNDDS

ANDAs

RANBAXY

3 Key Areas

NDDS = Novel Drug Delivery Systems , NDDR = New Drug Discovery Research, ANDA = Abbreviated New Drug Application

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R&D ... Key Priorities

• A New Paradigm for ANDAs

• Branded products through focussed NDDS

applications

• Drive Discovery Output and Enhance Early

Discovery

• Exploit Biotech Revolution for Innovative

Pharmaceutical Research

• Leverage Alliance Network

• Increase Productivity and Shorten

Development Timeline - New Processes,

Automation and Efficient Organisational

Structure

• Develop Leaders at all Levels

2001 2002 2003

37

25

50-60

CAGR ~ 50%

R&D Investments

US $Million

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NCEsSPECIALITY PRODUCTS

R&D ... Product Strategy

GENERICS

• ANDA filings

• Para IVs

• Blockbuster Para IIIs

• Complex Technology and

Niche Products

• NDDS Products• NDAs , 505 b(2)

• Pseudo Brands• Technology and Dosage

Forms Innovations

• Co-development and

Collaborative Research

• Derma, Paediatric, and

Urology franchise

• Long term play

• Build expertise in

Clinical Development

• Research Alliances

NCE = New Chemical Entity , NDDS = Novel Drug Delivery Systems , NDA = New Drug Application , ANDA = Abbreviated New Drug Application

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• New Therapeutic Areas• Metabolic Disorders, Anti-Inflammatory

Drug Discovery Research

Phase 1

Phase 2

Pre-Clinical

Late Discovery

RBx 9841Urology- Overactive Bladder

RBx 8700Anti-Infective -Tuberculosis

RBx 7796Pulmonary Bronchial Asthma

RBx 2258Urology- BPH

RBx 7644 Anti-Bacterial Gram + Infection

IND Filed

NCE – New Chemical Entity

NCE Pipeline

RBx 6198Urology -BPH

RBx 9001Urology- BPH

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• Value Added Drug Delivery Systems for* Taste Masking

* Effervescent Tablets

* Soft Gelatin Capsules

* Topical Gels

NDDS

4 Patented Platform Technologies

Modified Matrix8 products launched

Products under development

Gastroretentive

Cipro-OD and Oflox-OD

2 products launched

Multi-particulate

Products under developmentAerogel

Products under development

Novel Drug Delivery Systems

• Expansion into Transdermal and Inhalers

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12 12

417 14

47

30

1011

28

32

18 25

5518

2464

50

12

25

39

49

Filings

Approvals

Filings

Approvals

Filings

Filings

Approvals

Approvals

International Regulatory Status

1999

2000 and 2001

2002

Excludes outsourced ANDAs

China USA Brazil Western Europe

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R & D– I

Gurgaon, India

R & D - II

Gurgaon, India

Research & Development Center

• Over 800 R&D Personnel

• Dedicated Facilities for * Innovative Research* Generics Research

• Drug Discovery Research* Therapeutic areas : Urology, Anti-Infectives,

Pulmonary

• Novel Drug Delivery Systems * Focus on Creating Rx products

* Expand Technology Platforms

• Conformance to International Regulatory Framework

• Multiple Collaborative Research Programs

• New Technologies / Areas* Biotechnology , Herbals

• Expansion Plan to add 200,000 sq feet area

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Consolidated Financial Results - 2002

16%

38%

2001 2002

11%

22%

2001 2002

ROCE

PBT / Sales

Return on Capital Employed

EBITDA = Earnings before Interest, Tax, Depreciation & Amortisation

Particulars Dec 2001

(USD Mn)

Dec 2002 (USD Mn)

Net Sales 553 764

EBITDA 77 163

% to sales 13.8% 21.3%

Operating Earnings before tax 49 153

% to sales 8.8% 20.1%

Earnings before tax 64 172

% to sales 11.6% 22.4%

Earnings after tax & minority interests 56 133

% to sales 10.1% 17.4%

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Q2 Growth H1 Growth

Particulars 2003 2002 (%) 2003 2002 (%)

Dosage Forms

India and Middle East 54 44 21.5 89 82 8.5

Europe, CIS and Africa 41 23 77.1 73 46 58.7

Asia Pacific and Latin America 16 17 (5.2) 30 28 7.1

USA 101 74 36.6 213 125 70.7

Sub Total 211 158 33.6 405 281 44.2

Active Pharmaceutical Ingredients (API) 24 25 (5.0) 58 50 16.0

Allied Businesses * 6 5 12.0 11 9 22.2

Net Sales 241 189 27.9 474 340 39.5

* Animal Healthcare, Diagnostics and Fine Chemicals

US$ Millions

Global Sales

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Business Segment Contribution

India & Middle East 19%

Europe, CIS Africa 15%

Asia Pacific & Latin America

6%

USA 46%

API 12%

Allied Businesses

2%

H1 - 2003

India & Middle East 23%

Europe, CIS Africa 14%

Asia Pacific & Latin America

10%

USA 38%

API 12%

Allied Businesses

3%

2002

19

358444

668

2000 2001 2002

2002 Dosage Forms contribution at 85%

495

579

789**

Dosage Forms

Focus on Pharmaceutical Sales

**Gross Global Sales

CAGR ~26 (Global Sales)

CAGR ~37

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• Manufacturing Locations in Seven Countries

• FDA-USA / MCA-UK / MCC-South Africa / TGA-Australia Approved

Facilities

• Established track record with FDA-USA

• Successful Partnership with Vendors for Quality Compliance

• High degree of Backward Integration

• Cost Leadership

• Producer of world class Generics, Branded Generics,

Active Pharmaceutical Ingredients and Complex Molecules

• Over 50 in-house APIs developed

Manufacturing Strengths

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Manufacturing Presence

China

MalaysiaIreland

Nigeria

USA

VietnamIndia

Active Pharmaceuticals Ingredients (APIs)Facility, Mohali Dosage Forms Facility, Paonta Sahib]

Active Pharmaceuticals Ingredients (APIs) Facility, Toansa Dosage Forms Facility, Dewas

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India .. Strengths

• Ranked 3 in Indian Retail Market with Domestic Market Share of 4.63%

• Strong Brand Marketing Team with an extensive Distribution Network

* 3 brands in top 25

• Strong Presence in Anti-Infectives, Cardiovascular, Anti-inflammatory &

Dermatology segments

• Growing Presence in Central Nervous System and Gastro Intestinal

Tract, areas

• 20 New Products Launched in the H1-2003 period

(Chronic Therapy share 33.3% and Non Anti-infective 59.5%)

• Largest Field Force comprising 1770 personnel

Source: ORG MAT May 2003

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USA .. Leading International Expansion

• Ranked No. 28 by prescription share

• US sales for the H1-2003 were at US $213 Mn.

• USA contributes 45% of the global sales (H1-2003)

• It is the largest market for the Company

• Strong ANDA pipeline

• Para IVs ANDAs filed till date ~ 24

• Potential first to file for 8-9 out of 24

• Brand Market Initiative taken off with over 200 sales representatives.

• Increasing Sales & Distribution reach

Sales in US $ Mn

4265

113

296

0

50

100

150

200

250

300

350

1999 2000 2001 2002

CAGR 92%

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Other Core Markets

• GERMANY* Sales of US $9 Mn.(2002)* Field Force of 43 for promotion to doctors* Focus on Inorganic acquisitions

• UNITED KINGDOM* Sales of US $31 Mn. (2002)* Ranked 6th amongst Generics market share of 3.6%* 80 product lines* Brand Basket of 6-7 products

• BRAZIL* Sales US $32 Mn. , growth ~100%(2002)* Largest international player in generics* Ranked 5th in generic segment and 53rd in overall* 19 new product launched in 2002 (17 generic, 2 branded)* ~ 100 products Approved / Under Received by ANVISA

• CHINA* Secondary sales of ~ US $11.5 Mn. (2002)* Robust Pipeline for year 2003, including Cifran OD & Zanocin OD

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• Building ‘Innovation’ Engine at R&D

• Sustain growth momentum in USA

• Attain critical mass in Europe and Latin America

• Specialty products focus for “Brand” marketing

• Fortifying home business – leverage India base

• Seeding the Japanese market

• Networking, licensing and acquisitions

* Technology, new market entry vehicles, brands / proprietary products

• Global talent pool to fuel growth

Way Forward

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“To become a Research based International

Pharmaceutical Company”

Our Mission

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Thank You