SUNPHARMANSE16 September 2022

Sun Pharmaceutical Industries Limited has informed the Exchange about Investor Presentation

Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 CIN: L24230GJ1993PLC019050 www.sunpharma.com

16 September 2022.

National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051

BSE Limited, Market Operations Dept. P. J. Towers, Dalal Street, Mumbai - 400 001

Scrip Symbol: SUNPHARMA

Scrip Code: 524715

Sub: Investor Presentation

Dear Sir / Madam,

Please find enclosed herewith the investor presentation, which we shall be uploading on our website after sending this letter to you.

This is for your information and dissemination.

Thanking you,

Yours faithfully, For Sun Pharmaceutical Industries Limited

(Anoop Deshpande) Company Secretary and Compliance Officer

Registered Office : SPARC, Tandalja, Vadodara – 390 012 India. Reaching People. Touching Lives

Creating Lasting Value

Investor Presentation – September 2022

NSE:SUNPHARMA | BSE:524715 | Bloomberg:SUNP IN | Reuters:SUN.BO

WWW.SUNPHARMA.COM

Disclaimer

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. Sun Pharmaceutical Industries Limited does

not undertake any obligation to update forward-looking statements to reflect events or

circumstances after the date thereof.

Contents

Sun Pharma at a glance

Long-term Strategy

Global Specialty Initiatives

Revenue Composition, History & Acquisition Track Record

Business Operations, R&D, Manufacturing

Corporate Governance

Financials – P&L, Balance Sheet, Cash Flows & Ratios

Key Milestones Targeted

Sun Pharma at a glance

4th Largest Global Specialty Generic Company* 4th Largest Global Specialty Generic Company*

USUS

India India

• Ranked 8th in US Generics Market##

• No. 1 Pharma Company in India

Emerging Markets Emerging Markets

• Amongst the largest Indian Pharma Company in Emerging

Markets

Rest of World Markets Rest of World Markets

• Expanding presence in Rest of World markets

Manufacturing Footprint Manufacturing Footprint

• 43 manufacturing sites across the world

Market Presence Market Presence

• Presence in more than 100 countries across branded and generic

markets

Employees Employees

• 38,000+ global employee base

Quality Compliance Quality Compliance

• Multiple manufacturing facilities approved by various regulatory

authorities across the world including USFDA

R&D and Manufacturing R&D and Manufacturing

• Capabilities across dosage forms like injectables, sprays,

ointments, creams, liquids, tablets and capsules

Addressable Segments Addressable Segments

• Specialty products, branded generics, generics & APIs

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended April 2022

World’s 4th Largest Specialty Generic Pharma Co

Novartis

Teva

Viatris

Sun Pharma + Taro

Pfizer

Fresenius

Aurobindo

Apotex

Dr. Reddy

Lupin

STADA

Himka

Sawai

Nichi-Iko

Les Laboratoires

Aspen

2021 Worldwide Generic Sales (US$ in billions)

9.2

8.3

5.6

4.5

4.0

3.3

3.2

2.8

2.2

2.1

1.9

1.8

1.7

1.6

Source: Evaluate Pharma Estimates for 12 months ended Dec 2021

Sun Pharma today

US Formulations  8th largest generics company in US* with a strong pipeline (89 ANDAs & 13 NDAs awaiting approval)  Presence in Specialty branded & generics segments

with more than 560 approved products

 FY22 sales: Rs. 113,737 mn

India Branded Generics  No.1 ranked with 11 classes of doctor categories  Leading position in high growth chronic therapies  Specializes in technically complex products  FY22 sales: Rs. 127,593 mn

India 35%

FY22

International 65%

a c i h p a r g o e G

t i l

p s

s e a s

• Market cap: US$ 26 bn (1) • Gross Sales: Rs. 384,264 mn

•

EBITDA: Rs. 103,977 mn (26.9% margin)

• R&D Investment: 5.8% of Sales

• Globalized supply chain

•

Strong balance sheet

54% owned by promoter group

Emerging Markets 18%

Rest of World (RoW)# 14%

S h a r e

R e v e n u e

India Branded Generics 33%

FY22

API & Others 5%

US Formulation 30%

Emerging Markets

Rest of World (RoW)

 Presence in about 80 countries across Africa, Americas,

 Presence across key markets in Western Europe, Canada,

Asia and Eastern & Central Europe

Japan, Israel, A&NZ and other markets

 Key focus markets – Romania, Russia, South Africa, Brazil

 Product portfolio includes specialty products, differentiated

& Mexico and complementary & affiliated markets

offerings for hospitals, injectables & generics for retail market

 FY22 sales: Rs. 67,432 mn

 FY22 sales: Rs. 54,545 mn

Note: (1) As of Sept, 15 2022 using spot exchange rate of INR /USD = 79.69 # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

* Source: IQVIA data for 12 months ended April 2022

Driving Sustainable Long Term Growth

• Enhance share of specialty business • Achieve differentiation by focusing on

technically complex products

• Focus on key markets – achieve

• Optimize operational costs

• Vertically integrated operations

critical mass • Speed to market • Ensure sustained compliance with

global regulatory standards • Sustainability - Committed to

Governance, Community Upliftment, Access to Affordable Healthcare & Environment Conservation

•

Increasing contribution of specialty and complex products

• Future investments directed

towards differentiated products

Growth and Sustainability

Cost leadership

Balance profitability & investments for future

Business development

• Use acquisitions to bridge

critical product/capability gaps

• Focus on access to products, technology, market presence • Ensure acquisitions yield targeted

return on Investment

• Focus on payback timelines

Our Specialty Portfolio

Ilumya/ Ilumya/ Ilumetri Ilumetri

• Indication - For plaque psoriasis • Launched in US in October 2018 & in Australia in Dec-2018, Phased launch in Europe by Almirall

starting December 2018 onwards

• Long term clinical data shows that the significant response rate seen in 52 & 64 weeks were

maintained over five years

• Evaluating new indications for Ilumya - Phase-2 data shows potential to improve joint & skin

symptoms of Psoriatic Arthritis. Commenced Phase-3 trials in 2020

• Out licensed to CMS for Greater China market & to Hikma for Middle East & North African

markets

• Launched in Japan in September 2020 and in Canada in October 2021

Cequa Cequa

• Indication - For dry eye disease • Launched in US in October 2019 • Out-licensed to CMS for Greater China market in June 2019 • Launched in Canada in January 2022

Winlevi Winlevi

• For the topical treatment of acne vulgaris in patients 12 years of age and older • Launched in US in November 2021

• Indication - For the treatment of severe recalcitrant nodular acne that cannot be cleared up by any

Absorica LD Absorica LD

other acne treatments, including antibiotics.

• Launched in US in February 2020

Levulan Levulan Kerastick Kerastick

• Indication – In combination with BLU-U (Blue Light Photodynamic Therapy Illuminator) for treatment of minimally to moderately thick actinic keratoses of the face, scalp, or upper extremities.

• Currently marketed in US for actinic keratosis

Our Specialty Portfolio

Odomzo Odomzo

• Indication - For LABCC (locally advanced basal cell carcinoma) • Currently marketed in US, Canada, Germany, France, Denmark, Switzerland, Spain, Italy, Australia

and Israel

• Indication - For metastatic castration resistant prostate cancer in combination with

Yonsa Yonsa

methylprednisolone

• Launched in US in May 2018

Bromsite Bromsite

• Indication - For prevention of ocular pain & treatment of inflammation following cataract surgery • Launched in US in November 2016

• Indication - For reduction of elevated IOP in patients with open-angle glaucoma or ocular

Xelpros Xelpros

hypertension

• BAK (Benzalkonium chloride) free form of latanoprost • Launched In US in January 2019

Sprinkle Sprinkle Portfolio Portfolio

• Products using sprinkle technology for patients who have difficulty swallowing • Sprinkle versions of metoprolol (cardiology), rosuvastatin (cardiology) & duloxetine (neuro-

psychiatry) commercialized in US between 2018-2019 • Therapeutic solutions for long-term care (LTC) patients

Our Specialty Pipeline

Molecule/Asset

Indication

Route of Administration

Mechanism of Action

Pre-clinical Phase-1

Phase-2

Phase-3

Registration Approved

Ilumya (tildrakizumab)

Psoriatic Arthritis

Injection

IL-23 Antagonist

SCD-044

MM-II

GL0034

Psoriasis, Atopic Dermatitis

Treatment of pain in osteoarthritis

Type 2 Diabetes

Oral

Injection

Selective SIPR1 Agonist

Liposomal intra -articular lubrication

Injection

GLP-1R Agonist

Creating Lasting Value - Investor Presentation

Highly Diversified Revenue Base

Emerging Markets 18%

Rest of World (RoW)# 14%

FY22 Sales Rs. 384 billion

India Branded Formulations 33%

API & Others 5%

US Formulations 30%

# Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

Impressive Track Record of Growth

(All Figures in Rs Billion)

CAGR for FY07-FY22

384.3

302.6

100.8 104.0

76.7

69.6

80.1

21.4

Sales

CAGR 21%

32.5

6.7

EBITDA

CAGR 20%

26.6

7.8

Adjusted Net Profit CAGR 16%

FY07 FY12 FY17 FY22

89.8

70.8

74.9

32.0

29.0

22.3

2.4

Operating Cash Flow CAGR 27%

33.9

15.2

0.0

Free Cash Flow CAGR CAGR 69% 69%

11.1

3.3

Adjusted EPS (Rs/Share)

CAGR 16%

FY07 FY12 FY17 FY22

Profitability and Return Ratios

Gross Margin #

EBITDA Margin

72.6%

71.4%

73.9%

73.1%

21.7%

21.3%

25.3%

26.9%

Adjusted Net Profit Margin

20.0%

17.8%

13.5%

12.5%

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

ROCE

ROE

Market Cap (USD Bn)

16.4%

13.5%

11.8%

11.0%

15.0%

12.5%

9.4%

9.1%

29.5

19.3

16.6

11.9

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

# Gross margin= (Sales - Material Cost)/Sales*100) ROCE & ROE exclude one-time exceptional charges ROCE = EBIT / Average of (Total Assets – Current Liabilities) ROE = Net Profit / Average Shareholders Equity

(Market Cap as on 31st March )

Profitability

Gross Margin

EBITDA Margin

Adjusted Net Profit Margin

73%

71%

74%

73%

64%

65%

63%

25%

20%

27%

19%

22%

16%

21%

17%

14%

13%

10%

18%

14%

20%

11%

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

Gross margin= (Net Sales – Material Cost) / Net Sales * 100

Sun Pharma

Range of Top 9 Indian Pharma Cos.

Average

#Top 9 Indian Pharma company include Aurobindo, Cadila Healthcare, Cipla, DRL, Glenmark, Ipca, Lupin, Torrent and Wockhardt.

Creating a Global Company

Began with 5 products

Acquired Dusa

Agreement with Merck for in- licensing Tildrakizumab

Acquired InSite Vision ophthalmic portfolio

Acquired Biosintez in Russia

Acquired Pola Pharma in Japan

In-lincesed Winlevi® for acne treatment in US & Canada. Launched in US in Nov-21

Year

1983

1994

2010

2012

2013

2014

2015

2016

2018

2019

2020

2021 2022

IPO - Rs. 550 Mn raised

Acquired Taro

Acquired URL Pharma

Acquired Ranbaxy

Sun Pharma Today

• Entry into Japan -Acquired 14 brands from Novartis

• Acquired Global

rights for Cequa & Odomzo

Specialty launches • Ilumya • Cequa • Odomzo • Absorica LD • Yonsa • Xelpros • Sprinkle products

Expanded Winlevi® licensing agreement to include Japan, A&NZ, Brazil, Mexico & Russia markets

38,000+ Global Employee Base

Invested ~Rs. 219 Bn in R&D till date (Since 1994)

Part of NSE Nifty & BSE Sensex in India

43 Manufacturing facilities in 6 Continents

65% of sales from international markets

Key Deals & Rationale

Year

2022

2021

2020

2019

2018

2016

Deals

Country

Rationale

Expanded Winlevi® licensing agreement to include Japan, Australia, New Zealand, Brazil, Mexico & Russia markets

Japan, Australia, New Zealand, Brazil, Mexico and Russia

Topical treatment of acne vulgaris

Acquired UractivTM Portfolio from Fiterman Pharma

Romania

Expand non-prescription product basket in Romania and neighbouring markets

Taro (Sun's subsidiary company) acquired Alchemee Business from Galderma

US, Japan, Canada

Acquired the "Proactiv", "Restorative Elements" and "In Defense of Skin" brands. Strengthens Taro’s OTC portfolio

In-licensed Winlevi® (clascoterone cream 1%)

US & Canada

Topical treatment of acne vulgaris

Exclusive licensing agreement with Himka for Ilumya

Middle East & North Africa

Registration and commercialization of the product in all Middle East & North Africa (MENA) markets.

Licensing agreement with SPARC for SCD-044

In-licensed Triferic brand from Rockwell Medical Inc. (USA)

Licensing agreement with Astrazeneca UK for ready-to-use infusion oncology products

Licensing agreement with CMS for Tildrakizumab, Cequa & 8 generic products

Global

India

Potential treatment for psoriasis, atopic dermatitis & other auto-immune disorders

Expands nephrology portfolio in India - for treating anaemia in hemodialysis patients.

Mainland China

Access to oncology market in Mainland China

Greater China

Access to Greater China market

Acquired Pola Pharma in Japan

Japan

Access to Japanese dermatology market.

Acquired global rights for Cequa & Odomzo

Global

Enhances specialty pipeline.

Key Deals & Rationale

Year

Deals

2016

Acquired Biosintez

Country

Russia

Rationale

Local manufacturing capability to enhance presence in Russian market

2016

Licensing agreement with Almirall for Tildrakizumab for Psoriasis

Europe

Access to European market for Tidrakizumab

2016

Acquired 14 brands from Novartis

Japan

Entry into Japan

2016

Distribution agreement with AstraZeneca

2015

Acquired InSite Vision Inc.

2015

Distribution agreement with AstraZeneca

2015

Sun Pharma – Ranbaxy Merger

India

Distribution services agreement in India for brand “Oxra” & “Oxramet”® (brands of dapagliflozin, used for diabetes treatment)

Strengthens branded ophthalmic portfolio in U.S.

Distribution services agreement in India for brand “Axcer”® (brand of ticagrelor, used for the treatment of acute coronary syndrome)

Global Markets

Strengthen position in the Global Generic Pharma Industry, No.1 Pharma Company in India & Strong positioning in Emerging Markets

2014

In-licensing agreement with Merck for Tildrakizumab a biologic for psoriasis

Global Markets

2014

Acquired Pharmalucence

2012

Acquired DUSA Pharma, Inc.

2010

Acquired Taro Pharmaceutical Industries Ltd.

Israel

Strengthening the specialty product pipeline

Access to sterile injectable capacity in the US

Access to specialty drug-device combination in dermatology segment

Access to dermatology generic portfolio Manufacturing facilities at Israel & Canada

1997

Acquired Caraco

Detroit, US

Entry into US Market

US Business

30% of Revenues

US Business at a glance

8th Largest Pharma Company in the US Generics Market* 8th Largest Pharma Company in the US Generics Market*

Dermatology Segment Dermatology Segment

• Ranked 2nd by prescriptions## in the US dermatology market

Comprehensive Portfolio** Comprehensive Portfolio**

• Wide basket of 604 ANDAs & 67 NDAs filed and 515 ANDAs & 54

NDAs approved across multiple therapies

Robust Pipeline** Robust Pipeline**

• 89 ANDAs & 13 NDAs pending approval with USFDA

Market Presence Market Presence

• Presence in branded, generics & OTC segments

Flexible Manufacturing Flexible Manufacturing

• Integrated manufacturer with flexibility for manufacturing

onshore/ offshore

Dosage Forms Dosage Forms

• Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets,

Capsules, Drug-Device combination

**All data as of 30-Jun-2022

* Source: IQVIA data for 12 months ended April 2022 ## Source: IQVIA data for 12 months ended April 2022

US Business – Sales

Sales in Rs. billion

10 year CAGR - 13%

137

135

138

107

105

101

114

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

Key Milestones in US

FY22

FY21

FY20

FY19

FY18

FY17

FY13

FY10

FY98

• Launched Winlevi® (clascoterone cream 1%) for topical treatment of acne vulgaris

• Presented long term clinical data for Ilumya & other clinical insights for Odomzo & Levulan

at American Academy of Dermatology Conference

• Presented Pre-clinical data for GL0034 (GLP-1R agonist) at American Diabetes Association

Conference

• Launched Cequa in US • Launched Absorica LD in US in Feb-2020

• Launched Ilumya & Yonsa in US • Received USFDA approval for Cequa • Launched Xelpros in US • Launched Ready-to-Infuse INFUGEMTM

• Launched Odomzo in US • US FDA approval for Ilumya

• Tildrakizumab filing in US & Europe • Acquired Ocular Technologies giving access to Cequa, a product for dry eyes. • Acquired Odomzo- branded oncology product from Novartis

• Acquired DUSA - Entry in branded specialty market

• Acquired Taro Pharma – Entry into US dermatology market

• Entry in US through Caraco acquisition

ANDA & NDA Pipeline

ANDAs Filed and Approved (Cumulative)

NDA Filed and Approved (Cumulative)

561

571

453

422

581

595

605

604

483

501

512

515

FY18

FY19

FY20

FY21

FY22

Q1FY23

FY18

FY19

FY20

FY21

FY22

Q1FY23

Cumulative Products Filed

Cumulative Products Approved

Cumulative Products Filed

Cumulative Products Approved

(All data as of 30-June-2022)

India Branded Generic Business

33% of Revenues

India Business at a glance

No. 1 in India No. 1 in India

Market Position** Market Position**

• No. 1 ranked with 8.5% market share

Prescription Ranking## Prescription Ranking##

• No. 1 ranked by prescriptions with 11 different classes of doctors

Chronic Segment Chronic Segment

• Market leader in the chronic segment

Acute Segment Acute Segment

• Strong positioning in the acute segment

Product Offering Product Offering

• Specializes in technically complex products and offers a complete

therapy basket

Strong Brand Positioning** Strong Brand Positioning**

• 33 brands in the country’s top 300 pharmaceutical brands

De-risked Growth** De-risked Growth**

product concentration

• Growth driven by a basket of brands

• Top 10 Brands contribute approx. 18% of India revenues – low

Sales Strength Sales Strength

• 11,149 strong field force

** - As per AIOCD AWACS data for 12 months ended June’22 ## - As per SMSRC data for Feb’22

Largest Pharma Company in India

Market Share Formulation Sales in India as of 12 Months ended June 2022 (Rs. mn)

144,960

105,120

82,210

80,410

Sun Pharma 8.5%

Abbott + Abbott HC + Novo 6.2%

Cipla 4.8%

Mankind 4.7%

Zydus 3.9%

Lupin 3.6%

Alkem + Cachet + Indchemie 3.4%

Torrent 3.3%

Intas 3.2%

Macleods 3.1%

Dr. Reddy 2.9%

Aristo 2.9%

66,610

62,030

58,620

56,780

55,010

53,140

49,570

Source: AIOCD AWACS MAT June 2022

India Business – Sales ramp-up

Sales in Rs. Billion

Therapeutic Break-up**

10 year CAGR -16%

One-time impact of change in distribution

128

103

Impact of Ranbaxy Acquisition

2 1 Y F

3 1 Y F

4 1 Y F

5 1 Y F

6 1 Y F

7 1 Y F

8 1 Y F

9 1 Y F

0 2 Y F

1 2 Y F

2 2 Y F

Others 4%

Opthalmology 2%

Urology 3%

Cardiology 17%

Gynaecology, 4%

Vitamins / Minerals / Nutrients, 5%

Respiratory 5%

Dermatology, 6%

Pain / Analgesics 7%

Diabetology 8%

Market Share 8.5%

Neuro-Psychiatry 16%

Gastroenterology 13%

Anti-Infectives 10%

** As per AIOCD AWACS – June‘22

Leadership in key therapeutic areas*

Number 1 Ranking with 11 Doctor Categories*

Specialist

Psychiatrists

Neurologists

Cardiologists

Gastroenterologists

Diabetologists

Dermatologists

Urologists

Consulting Physicians

Chest Physicians

ENT

General surgeons

Orthopaedic

Nephrologists

Ophthalmologists

Prescription Ranking

Feb ‘18

Feb ’19

Feb ’20

Feb ’21

Feb ’22

*Ranks based on prescription share Source-Strategic Marketing Solutions and Research Centre (SMSRC) Prescription Data

Creating Lasting Value - Investor Presentation

Best-in-class field force productivity

Sales Per Medical Representative (Rs. Mn)

9,291

9,550

9,707

10,963

11,149

Impact of sales force expansion

9.4

10.0

11.4

8.6

8.8

FY18

FY19

FY20

FY21

FY22

No. of Medical Representatives

Sales Per Representative (Rs. Mn)

• Well trained and scientifically oriented sales representatives team with strong performance track record

•

Field force with highest productivity amongst key players in India

Expanded sales force strength in FY21 to enhance geographical & doctor reach and improve brand focus

Emerging Markets

18% of Revenues

Emerging Markets Business at a glance

Amongst the leading Indian Companies in Emerging Markets Amongst the leading Indian Companies in Emerging Markets

Global footprint Global footprint

• Presence in about 80 markets

Focus Markets Focus Markets

• Romania, Russia, South Africa, Brazil, Mexico and complementary

& affiliated markets

Product Portfolio Product Portfolio

• Extensive basket of branded products

Customer Focus Customer Focus

• Strong relationships with doctors and medical practitioners

Sales Force Sales Force

• Approximately 2,200 Sales Representatives

Opportunity Opportunity

• Favourable macroeconomic parameters to drive pharmaceutical

consumption in the long-term

Local Manufacturing Local Manufacturing

• Across 7 countries

Rest of World (Western Europe, Canada, Japan, ANZ, Israel & Other Markets)

14% of Revenues

Rest of World Markets at a glance

Amongst the leading Indian Companies Amongst the leading Indian Companies

Market Presence Market Presence

Product Portfolio Product Portfolio

Focus Focus

Sales Force Sales Force

• Across all major markets in Western Europe, Canada, A&NZ,

Japan, Israel and other markets

• Expanding basket of products including specialty brands,

injectable & hospital products as well as products for retail market

• Development and commercialization of complex generics and

differentiated products to drive sustainable and profitable growth

• Distribution led model • Sales force for Specialty products

Local Manufacturing Local Manufacturing

• At Canada, Japan, Australia, Israel and Hungary + supplies from

India facilities

Japan Presence Japan Presence

• Acquired 14 established prescription brands from Novartis in

March 2016

• Acquired Pola Pharma in Japan in Jan 2019 • Launched Ilumya in Japan in September 2020

Canada Presence Canada Presence

• Portfolio of generics and specialty products • Specialty products - Launched Ilumya in October 2021 and Cequa

in January 2022

Global Consumer Healthcare Business

Global Consumer Healthcare Business at a glance

An Attractive Opportunity An Attractive Opportunity

India India

• Amongst the top 10 consumer healthcare companies

Global Presence Global Presence

• Presence in about 20+ countries

Focus Markets Focus Markets

• Romania, Russia, South Africa, Nigeria, Myanmar, Ukraine, Poland, Thailand, Belarus, Kazakhstan, Nepal, Morocco, UAE and Oman

Strong Brand Equity Strong Brand Equity

• Enjoys strong brand equity in 4 countries

Sales Force Sales Force

• Promoted through dedicated sales force in each market

Strong Positioning Strong Positioning

• Amongst top 10 consumer healthcare companies in India,

Romania, Nigeria & Myanmar

Active Pharmaceutical Ingredients (API) Business

5% of Revenues

API Business

Backward Integration – Strategic Importance Backward Integration – Strategic Importance

Strategic Importance Strategic Importance

• Backward integration provides cost competitiveness and supply

reliability

Customers Customers

• Large generic and innovator companies

Product Portfolio Product Portfolio

• Approximately 370 APIs

Pipeline Development Pipeline Development

• Approx. 20-30 APIs scaled up annually

Regulatory approvals Regulatory approvals

• 374 DMF/CEP approvals to date • 488 DMF/CEP Filings to date

Manufacturing Manufacturing

• Across 14 facilities

Research & Development

Cumulative R&D Spend of ~Rs. 219 billion to date Cumulative R&D Spend of ~Rs. 219 billion to date

R&D Spend R&D Spend

• R&D spend at 5.8% of sales for FY22 • Strong cash flows & large scale to support R&D investments

Capabilities Capabilities

• Capabilities in finished dosage development, biological support,

chemistry and new drug development

Organization Organization

• Approx. 2,700 headcount globally with R&D capabilities across

dosage forms like orals, liquids, ointments, gels, sprays, injectables

IPR Support IPR Support

• Strong team of intellectual property experts supporting R&D

Focus Focus

• Developing non infringing formulations and development of

specialty/complex products

R&D Investments

Filings and Approvals

8.6%

6.9%

6.1%

6.5%

5.8%

ANDA

NDA/BLA

DMF/CEP

Patents**

22.5

21.5

22.2

604

488

2,458

19.8

515

374

1,556

FY18

FY19

FY20

FY21

FY22

Filed Approved

Filed Granted

R&D Investments (Rs Bn)

R&D Investments (% of Sales)

** Excludes Expired/Abandoned Patents

(All data as of 30-June-2022)

Global Manufacturing Presence

World Class Manufacturing Infrastructure World Class Manufacturing Infrastructure

Extensive Global Footprint Extensive Global Footprint

• 43 manufacturing facilities across India, the Americas, Asia, Africa,

Australia and Europe

Integrated Network Integrated Network

• Vertically integrated network across six continents enabling high quality, low cost and a quick market entry across the geographies

Capabilities Capabilities

High Quality High Quality

• One of the few companies that has set up integrated

manufacturing capability for the production of oncology, hormones, peptides and steroidal drugs

• High quality manufacturing facilities. Many facilities approved by

US FDA, UK MHRA, EMEA and other international regulatory authorities

Dosage Forms Dosage Forms

• Ability to manufacture a variety of dosage forms – Orals, Creams,

Ointments, Injectables, Sprays, Liquids

Manufacturing Facilities

43 manufacturing sites

• Formulation

• India : 15, US : 3

• Canada, Japan, Hungary, Israel, Bangladesh, South Africa, Malaysia, Romania, Egypt,

Nigeria and Russia : 1 each

• Capacities available for a variety of finished dosages

• API

• India : 9, Australia : 2, Israel : 1, US : 1, Hungary : 1

Orals

Injectables / Sterile

Topicals



Tablets / Capsules

 Vials

 Dry powder

 Creams

Semisolids

Liquids

 Ampoules



Eye drops

 Ointments



Pre-filled Syringes

 MDI

Suppository

 Gels

 Aerosols



Lyophilized Units

Corporate Governance

Our philosophy on corporate governance envisages

working towards high levels of transparency, accountability and consistent value systems across

all facets of operations

Chairman

Israel Makov Former President & CEO of Teva Pharmaceutical Ind. Ltd. (Retired from board of Sun Pharma w.e.f. 29-Aug-2022)

Independent Director

Lead Independent Director

Independent Director

Gautam B. Doshi Professional with expertise in M&A, Taxation, Accounting & Corp. and Commercial Laws.

Dr. Pawan Goenka Former MD & CEO of Mahindra & Mahindra Ltd.

Rama Bijapurkar Independent management consultant & Professor of Management Practice at IIM, Ahmedabad

Financials

Market Capitalisation Rs. 2,098 billion / US$ 26 billion (as of 15th Sept 2022)

( All Figures in Rs. Mn )

FY18

YoY

FY19

YoY

FY20

YoY

FY21

YoY

FY22

YoY

P&L Summary

Sales Gross Profit EBITDA Net Profit

Net Profit (Adjusted) R&D Spend

BS Summary

Shareholders Funds

Loan Funds Net Fixed Assets Investments Cash and Bank Balances Inventory

Sundry Debtors Sundry Creditors

260,659 186,413 56,081 20,957

-14% 286,863 -16% 208,173 63,076 -36% -70% 26,654

10% 323,252 12% 230,947 69,898 12% 27% 37,649

13% 332,331 11% 245,430 84,914 11% 29,038 41%

3% 384,264 6% 280,749 21% 103,977 32,727

-23%

33,006 22,489

-53% -3%

38,798 19,847

18% 40,256 19,739 -12%

4% -1%

59,317 21,499

47% 9%

76,671 22,194

Mar'18 383,141

97,518 157,110 71,430 99,290 68,810

78,150 47,660

YoY

Mar'19 5% 414,091

21% 98,934 5% 172,919 79,030 72,760 78,860

499% -34% 1%

9% 88,840 41,480 8%

YoY

Mar'20 8% 452,645

YoY

Mar'21 9% 464,628

75,783 10% 175,858 11% 101,431 -27% 64,876 78,750

15%

-23%

35,235 2% 168,322 28% 96,125 -11% 64,455 89,970

14% -13%

94,212 35,836

6% -14%

90,614 39,737

YoY

Mar'22 3% 480,112

-54%

9,307 -4% 171,971 -5% 128,486 -1% 50,334 89,968 14%

-4% 105,929 11% 44,793

16% 14% 22% 13%

29% 3%

YoY 3%

-74% 2% 34% -22% 0%

17% 13%

# FY18 - Adjusted for Rs. 12.1 bn provision related to Modafinil settlement & deferred tax adjustment # FY19 - Adjusted for Rs. 12 bn provision related to Modafinil settlement **FY19 - Includes a one-time sales reduction of Rs. 10,850mn related to change in distribution for India business # FY20 - Adjusted for Rs. 2.6 bn provision (related to Dusa US DoJ settlement of Rs. 1.6 bn and Indirect Tax provision of Rs. 1.0 bn in India) # FY21 - Adjusted for Rs. 30.3 bn provision (related to Taro US – DOJ & MDL settlement Rs. 42.2 bn, Rs. 0.9 bn provision related to UK Citalopram case, Rs. 4.1 bn related to deferred tax gain. Taro provisions are adjusted for minority interest) # FY22 - Adjusted for Rs. 43.9 bn provision (for US litigation related to Ranbaxy Meijer & Others Rs. 39,357 mn, Japan (plant) loss Rs. 382 mn, Dexasite impairment Rs. 1,503 mn., US MDL (Taro) Rs. 3,465 mn (after adjusting for Taro minority of Rs 960 mn) & Deferred Tax gain = Rs. 5,178 mn offset by MAT Credit reversal of Rs.4,410 mn).

Sales Break-up

In Rs Billion

Sales

261

287

323

332

384

15 30

FY18

107

FY19

105

101

103

114

128

FY20

FY21

FY22

India Formulations

US Formulations

Emerging Markets

Rest of World

API+Others

EBITDA Trend

In Rs Billion

Sales

261

287

323

332

384

% of Sales

28.5%

27.4%

28.6%

26.1%

26.9%

20.6%

20.8%

19.7%

20.6%

19.0%

31.0%

30.8%

31.8%

21.2%

FY18

21.7%

FY19

21.3%

FY20

28.5%

25.3%

FY21

28.0%

26.9%

FY22

EBITDA

Other Expenditure

Personnel Costs

Material Costs

Cash Flow & Debt

Net Cash From Operating Activities (Rs. Bn)

Free Cash Flow (Rs. Bn)

89.8

65.5

61.7

74.9

50.1

50.0

39.1

22.0

19.5

FY18

FY19

FY20

FY21

FY22

FY18

FY19 -10.2

FY20

FY21

FY22

Gross Debt (Rs. Bn)

Net Cash (Excluding Debt) (Rs. Bn)

103.6

104.8

82.2

35.2

9.3

45.0

34.7

149.2

103.0

69.5

FY18

FY19

FY20

FY21

FY22

FY18

FY19

FY20

FY21

FY22

Financial Ratios

Growth (%)

Sales Gross Profit EBITDA Net Profit

Net Profit (Adjusted)

Margins (%)

Gross Margin EBITDA Margin (%) Net Margin Net Margin (Adjusted)

Return (%)

ROCE ROE Others

Debt / Equity Fully Diluted EPS Fully Diluted EPS (Adjusted) R&D Spend % of Net Sales

Revenue Capital

FY18

(13.9) (15.8) (44.4) (69.9)

(52.6)

71.5 21.2 8.0 12.7

11.1 8.7

0.25 8.7 13.8 8.6

7.9 0.7

FY19

FY20

FY21

FY22

10.1 11.7 12.5 27.2

17.5

72.6 21.7 9.3 13.5

11.8 9.4

0.24 11.1 16.2 6.9

6.6 0.3

12.7 10.9 10.8 41.3

3.8

71.4 21.3 11.6 12.5

11.0 9.1

0.17 15.7 16.8 6.1

6.0 0.1

2.8 6.3 21.5 (22.9)

47.4

73.9 25.3 8.7 17.8

13.5 12.5

0.08 12.1 24.7 6.5

6.4 0.1

15.6 14.4 22.5 12.7

29.3

73.1 26.9 8.5 20.0

16.4 15.0

0.02 13.6 32.0 5.8

5.6 0.2

# FY18 - Adjusted for Rs. 12.1 bn provision related to Modafinil settlement & deferred tax adjustment # FY19 - Adjusted for Rs. 12 bn provision related to Modafinil settlement **FY19 - Includes a one-time sales reduction of Rs. 10,850mn related to change in distribution for India business # FY20 - Adjusted for Rs. 2.6 bn provision (related to Dusa US DoJ settlement of Rs. 1.6 bn and Indirect Tax provision of Rs. 1.0 bn in India) # FY21 - Adjusted for Rs. 30.3 bn provision (related to Taro US – DOJ & MDL settlement Rs. 42.2, Rs. 0.9 bn provision related to UK Citalopram case, Rs. 4.1 bn related to deferred tax gain. Taro provisions are adjusted for minority interest) # FY22 - Adjusted for Rs. 43.9 bn provision (for US litigation related to Ranbaxy Meijer & Others Rs. 39,357 mn, Japan (plant) loss Rs. 382 mn, Dexasite impairment Rs. 1,503 mn., US MDL (Taro) Rs. 3,465 mn (after adjusting for Taro minority of Rs 960 mn) & Deferred Tax gain = Rs. 5,178 mn offset by MAT Credit reversal of Rs.4,410 mn)

Key Financials Q1 FY23

Gross Sales

Gross Profit

Gross Margin

EBITDA

EBITDA Margin

Net Profit

Net margin

Net Profit (Adjusted)

Net margin (Adjusted)

R&D

R&D as % of Net Sales

EPS (Diluted) INR

EPS (Diluted) INR (Adjusted)

Q1 FY23

106,440

77,438

72.8%

28,844

26.8%

20,609

19.4%

20,609

19.4%

4,608

4.3%

8.6

Q1 FY22

CHANGE

96,694

70,200

72.6%

28,211

29.0%

14,442

14.9%

19,792

20.5%

5,926

6.1%

6.0

8.2

10.1%

10.3%

2.2%

42.7%

4.1%

-22.2%

42.7%

4.1%

FY22

384,264

280,749

73.1%

103,977

26.9%

32,727

8.5%

76,671

20.0%

22,194

5.8%

13.6

32.0

( All Figures in Rs. Mn )

FY21

CHANGE

332,331

245,430

73.9%

84,914

25.3%

29,038

8.7%

15.6%

14.4%

22.5%

12.7%

59,317

29.3%

17.8%

21,499

6.5%

12.1

24.7

3.2%

12.7%

29.3%

# Q1FY22- Adjusted for Rs. 5.3 bn provision (related to (i) US MDL (Taro) =Rs. 4,425 mn (ii) Japan (plant)=Rs. 382 mn (iii) Dexasite impairment=Rs. 1,503 mn. (after adjusting for Taro minority of Rs 960 mn) # FY21 - Adjusted for Rs. 30.3 bn provision (related to Taro US – DOJ & MDL settlement Rs. 42.2, Rs. 0.9 bn provision related to UK Citalopram case, Rs. 4.1 bn related to deferred tax gain. Taro provisions are adjusted for minority interest) # FY22 - Adjusted for Rs. 43.9 bn provision (for US litigation related to Ranbaxy Meijer & Others Rs. 39,357 mn, Japan (plant) loss Rs. 382 mn, Dexasite impairment Rs. 1,503 mn., US MDL (Taro) Rs. 3,465 mn (after adjusting for Taro minority of Rs 960 mn) & Deferred Tax gain = Rs. 5,178 mn offset by MAT Credit reversal of Rs.4,410 mn)

Sales Breakup Q1FY23

Formulation

India

Emerging Markets

ROW

ÀPI

Others

Sub-total

Q1 FY23

Q1 FY22

CHANGE

FY22

33,871

32,437

18,911

14,678

99,897

5,987

556

33,084

28,000

16,053

13,680

90,816

5,149

729

2.4%

15.8%

17.8%

7.3%

10.0%

16.3%

-23.8%

127,593

113,737

67,432

54,545

363,306

18,354

2,604

( All Figures in Rs. Mn ) CHANGE

FY21

103,432

100,921

57,840

48,956

311,149

19,504

1,679

23.4%

12.7%

16.6%

11.4%

16.8%

-5.9%

55.1%

Gross Sales

106,440

96,694

10.1%

384,264

332,331

15.6%

US Formulations

India Branded Generics

Emerging Markets

Rest of World

API & Others

32%

18%

34%

17%

Q1 FY23

30%

14%

Q1 FY22

29%

14%

# ROW includes Western Europe, Canada, Japan, Australia, New Zealand, Israel and other markets

Key Milestones targeted for future

US Business US Business

• Enhance share of specialty/branded business • Continue to focus on complex generics and high entry barrier segments • Ensure broad product offering to customers across multiple dosage forms

India India Business Business

• Focus on productivity enhancement • Maintain leadership position in a fiercely competitive market • Continuously innovate to ensure high brand equity with doctors • Continue to evaluate in-licensing opportunities for latest generation patented products

EM & RoW EM & RoW Business Business

• Gain critical mass in key markets • Enhance product basket in emerging markets • Focus on profitable growth

Global Global Consumer Consumer Healthcare Healthcare

• Maintain leadership in existing markets through focus on innovative solutions • Enhance presence in high growth markets

Key Milestones targeted for future

Sustainability Sustainability

• Unwavering focus on Sustainability, built on a legacy rooted in caring for people,

communities and the planet.

• Committed to Governance, Community Upliftment, Access to Affordable Healthcare

& Environment Conservation

R&DR&D

• Focus on developing complex products across multiple dosage forms • Invest to further build the specialty pipeline

Regulatory/ Regulatory/ Quality Quality

Financial Financial

• Ensuring 24x7 compliance to cGMP • Continuously enhance systems, processes, human capabilities to ensure compliance

with global regulatory standards

• Target high-single digit to low double-digit consolidated topline growth for FY23 • Focus on sustainable and profitable growth • Focus on improving overall return ratios

Sun Pharma at a glance

4th Largest Global Specialty Generic Company* 4th Largest Global Specialty Generic Company*

USUS

India India

• Ranked 8th in US Generics Market##

• No. 1 Pharma Company in India

Emerging Markets Emerging Markets

• Amongst the largest Indian Pharma Company in Emerging

Markets

Rest of World Markets Rest of World Markets

• Expanding presence in Rest of World markets

Manufacturing Footprint Manufacturing Footprint

• 43 manufacturing sites across the world

Market Presence Market Presence

• Presence in more than 100 countries across branded and generic

markets

Employees Employees

• 38,000+ global employee base

Quality Compliance Quality Compliance

• Multiple manufacturing facilities approved by various regulatory

authorities across the world including USFDA

R&D and Manufacturing R&D and Manufacturing

• Capabilities across dosage forms like injectables, sprays,

ointments, creams, liquids, tablets and capsules

Addressable Segments Addressable Segments

• Specialty products, branded generics, generics & APIs

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended April 2022

Thank You! For more information please contact:

Investors: Nimish Desai Tel : +91 22 4324 4324, Ext 2778 Tel Direct +91 22 4324 2778 nimish.desai@sunpharma.com

Thank You

Corporate Address: SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063

This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.

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