Syngene International Ltd Webinar on Clinical Trials Market Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kunal Dhamesha - Macquarie Group - Analyst : Hi good afternoon, thank you Mrinal for this presentation. I have a couple of questions, one more of a clarity. On the project that we have received or we have disclosed on the clinical trial, is it fair to say that would be a three-way business model? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 17, 2025 / 8:00AM, SYNN.NS - Syngene International Ltd Webinar on Clinical Trials Market Call

Question: Kunal Dhamesha - Macquarie Group - Analyst : Okay. Perfect. And let's say, more on the team size, we -- you just said that we have strengthened this part of the business, right? So if I have to kind of understand what's the team size now versus what it used to be a couple of years back, it would be great.

Question: Kunal Dhamesha - Macquarie Group - Analyst : Sure. And it's interesting that you will now talk about biomarkers and multi-omics data. My understanding is basically, which is very limited, but the understanding is that some of the countries are not very open to sharing this kind of multi-omics data regarding the population, and that's what is causing some bit of, I would say, restrictions. So how do we kind of protect that data, and then kind of make sure that, at least from a regulatory perspective, Syngene or India doesn't get kind of flagged on these aspects?

Question: Kunal Dhamesha - Macquarie Group - Analyst : Sure. And lastly, if I may. One, I think there is a theme right now that previously whatever was thought that some of the targets which cannot be -- cannot be kind of [attacked] or basically some of the pathways, which are not used and now incrementally with the modalities, be it oligos or ADCs, a lot of these undruggable targets are becoming [inaudible]. So would a lot of this translation research be doing this kind of activity to find out? Or this would be more, what either this is more of a discovery part of the development?

Question: Kunal Dhamesha - Macquarie Group - Analyst : Thanks, that's all from my side for now. But I will rejoin later, thank you.

Question: Madhav Marda - Fidelity International - Analyst : Am I audible?

Question: Madhav Marda - Fidelity International - Analyst : Is this better?

Question: Madhav Marda - Fidelity International - Analyst : My question was, did I hear you right, you said that the project which we have which we won recently, entails 700 patients, of which 20% will be from the U.S. Is that the right understanding? Or you were just quoting an example for us to understand better?

Question: Madhav Marda - Fidelity International - Analyst : Got it. And typically, how long do these trials take? Is it like a one-year, two-year, three-year process or which this will be conducted like the

Question: Madhav Marda - Fidelity International - Analyst : Okay. Understood. Got it. And anything you can share on the therapy area that we're looking to target with this drug? Like is it in -- like an oncology drug or is it like a metabolic drug? Any color you can share there will be helpful.

Question: Madhav Marda - Fidelity International - Analyst : Okay. And the client, like you mentioned earlier, is a biotech company, right?

Question: Madhav Marda - Fidelity International - Analyst : U.S. based biotech. Got it. Okay. Thank you so much.

Question: Kunal Dhamesha - Macquarie Group - Analyst : Thanks for taking the question. So one thing is clear that this translational research kind of increases the probability of molecule going from discovery to commercial. How does it help with the timeline in terms of shrinking the time line of the development? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 17, 2025 / 8:00AM, SYNN.NS - Syngene International Ltd Webinar on Clinical Trials Market Call

Question: Kunal Dhamesha - Macquarie Group - Analyst : Sure. And this Phase III trial that we are doing, is it a biologic molecule or is it a small molecule?

Question: Kunal Dhamesha - Macquarie Group - Analyst : Sure, thank you and all the best.

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Thanks for the opportunity. So my first question is on the kind of revenue booking style. So whether it would be proportionate to the patient recruitment or market of recruitment where that is -- or the site of recruitment, so how should the revenue [inaudible] would be booked, whether it would be a milestone-based or it will be very linear throughout the year. How should one think this business model for modeling and factoring into the financials?

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Okay. And so the first milestone payment, wherever that we will receive for the first contract, it will be subject to the recruitment process completion or what else?

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Okay. Sir, just one more point relating to the business model here. See, what are the areas of investment for Syngene here? I mean what kind of resources that we would like to create? It is people -- investment on people or what else capability that we need to develop? That is one. And what bargain power that we do get while negotiating for any contract?

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Sure. Just last one point from my side, sir. See, with the kind of capability that we have already created, so is it there anything like that we can take a certain number of a project or a certain quantum or project or something like that? Or we -- there is a kind of enough scope to embrace number of contractors at this level?

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : I'm asking, so given the kind of capability what we have already created, so how many number of a project that we can get to -- or how many contracts that we can sign for? So is there anything -- is there any capacity or capability restriction that we are currently having? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 17, 2025 / 8:00AM, SYNN.NS - Syngene International Ltd Webinar on Clinical Trials Market Call

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Okay. If that is so, sir, were there any breakeven time period that is there or from the first year, we are going to add something incrementally at the earnings level?

Question: Surya Patra - PhillipCapital India Pvt Ltd - Analyst : Thank you so much, wish you all the best.

Question: Shyam Srinivasan - Goldman Sachs - Analyst : Thank you for the very informational session.

Question: Shyam Srinivasan - Goldman Sachs - Analyst : Yes. Can you hear me now? Is it better? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 17, 2025 / 8:00AM, SYNN.NS - Syngene International Ltd Webinar on Clinical Trials Market Call

Question: Shyam Srinivasan - Goldman Sachs - Analyst : Yes. So I'm saying -- I'm not asking a very Syngene-specific or a financial question, but more from a unit economics. How should we look at, say, if we do one clinical trial work, how should we try to make, let's assume a bottom-up approach of how much does the project entail in terms of investments? You mentioned about cash flows as well, but I just want to understand how do these cash flows -- but I'm just trying to make a simple DCF model of one project. And what are the typical economics that one can derive either in terms of the payback or in terms of profitability or return metric? I'm not looking at from a Syngene perspective, more from individual project economics.

Question: Shyam Srinivasan - Goldman Sachs - Analyst : But -- and some quantification will help. Is it is 25% EBITDA margin? Is there -- I'm just trying to see how to circle it? Are we doing everything which is -- and I'm trying to compare to, say, Syngene's overall profitability, which is today between 25% and 30%. So just want to understand, a small project, is it like 20% margins and large projects, 30%? I'm just trying to get some quantitative numbers here.

Question: Shyam Srinivasan - Goldman Sachs - Analyst : Got it. Sir, and the last question is on the people required for running this business. So is there -- from a talent acquisition perspective and from a scale perspective, are we still in the process of hiring people for running this entire segment? Or where are we in that journey?