SUNPHARMANSE16 January 2023

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 January 2023.

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 - December 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.

Sun Pharma

At a Glance

Our Global Specialty Portfolio

Revenue Composition & Company History

Business Operations, R&D & Manufacturing

Corporate Governance

Key Financials

Focus Areas

Sun Pharma at a glance

4th Largest specialty generic company globally*

Market Presence

Presence in more than 100 countries

Addressable Segments

Specialty products, branded generics, generics & APIs

Specialty

Scaling up Global Specialty portfolio

India

Ranked 9th in US generics market##

Largest pharma company in India **

Emerging Markets

Amongst the largest Indian Pharma Companies in Emerging Markets

Rest of World Markets

Expanding presence in Rest of World Markets

Manufacturing Footprint

43 manufacturing sites across the world

Quality Compliance

Several facilities approved by global regulators incl. USFDA

R&D and Manufacturing

Capabilities across dosage forms like injectables, sprays, ointments, creams, liquids, tablets and capsules

Employees

38,000+ global employees

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended Nov 2022 ** As per AIOCD AWACS data for 12 months ended Sept’22

Sun Pharma today

US Formulations  9th largest generics company in US* with a strong pipeline (92 ANDAs & 13 NDAs awaiting approval)  Presence in Specialty branded & generics segments

with more than 570 approved products

 FY22 sales: Rs 113,737 mn

India Branded Generics  No.1 ranked with 12 classes of doctors  Leading position in high growth chronic therapies  Specializes in technically complex products  FY22 sales: Rs 127,593 mn

India 35%

FY22

International 65%

• Market cap: US$ 29 Bn (1) • Gross sales: Rs 384,264 mn

a c i h p a r g o e G

t i l

p s

s e a s

•

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

R e v e n u e s h a r e

India Branded Generics 33%

Emerging Markets 18%

Rest of World (RoW)# 14%

FY22

API & Others 5%

US Formulations 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

 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 Dec, 30 2022 using spot exchange rate of INR /USD = 82.72 # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

* Source: IQVIA data for 12 months ended Nov 2022

Driving sustainable long term growth

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

technically complex products

• Focus on key markets to 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

Sustainable growth

Cost leadership

•

Increase contribution of specialty and complex products

• Future investments directed

towards differentiated products

Balance profitability & investments for future

Business development

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

return on investment

• Focus on payback timelines

Global specialty portfolio

• Treatment of adults with moderate-to-severe plaque psoriasis who are candidates for

systemic therapy or phototherapy

• Launch US-Oct’18, Australia- Dec’18, Europe- (by Almirall) from Dec’ 18, Japan-

Sept’20, Canada- Oct’21

• 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 & to Hikma for Middle East & North Africa

• To increase tear production in patients with keratoconjunctivitis sicca

(dry eye)

• US launch in Oct’19, Canada in Jan’22 • Out-licensed to CMS for Greater China in June 2019

• Topical treatment of acne vulgaris in patients 12 years of age and older • US launch in Nov’21

• Treatment of severe recalcitrant nodular acne in non-pregnant patients 12 years of

age and older with multiple inflammatory nodules with a diameter of 5 mm or greater

• US launch in Feb’20

• For photodynamic therapy (treatment) of minimally to moderately thick actinic

keratoses of the face or scalp, or actinic keratoses of the upper extremities

• Currently marketed in the US

ILUMETRI® is a registered trade mark of Almirall. All brand names and trademarks are the property of their respective owners

Global specialty portfolio

• Treatment of adult patients with locally advanced basal cell carcinoma (BCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.

• Currently marketed in US, Canada, Germany, France, Denmark, Switzerland, Spain,

Italy, Australia and Israel

• In combination with methylprednisolone for the treatment of patients with metastatic

castration resistant prostate cancer (CRPC).

• US launch in May’18

• Treatment of postoperative inflammation and prevention of ocular pain in patients

undergoing cataract surgery

• US launch in Nov’16

• For the reduction of elevated intraocular pressure (IOP) in patients with open-angle

glaucoma or ocular hypertension.

• US launch in Jan’19

• 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

ILUMETRI® is a registered trade mark of Almirall. All brand names and trademarks are the property of their respective owners

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

Diversified revenue base

Emerging Markets 18%

Rest of World (RoW)# 14%

FY22 Sales Rs 384 Bn

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 Bn)

CAGR for FY07-FY22

384

303

101 104

Sales

CAGR 21%

EBITDA CAGR 20%

FY07 FY12 FY17 FY22

Operating Cash Flow CAGR 27%

Free Cash Flow CAGR 69%

FY07 FY12 FY17 FY22

Adjusted Net Profit CAGR 16%

Adjusted EPS (Rs/Share)

CAGR 16%

Strong 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 )

Best in class profitability

Gross Margin

EBITDA Margin

Adjusted Net Profit Margin

73%

71%

74%

73%

65%

64%

65%

63%

25%

22%

27%

20%

22%

18%

21%

19%

14%

13%

11%

12%

18%

20%

14%

13%

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, Zydus Lifesciences, Cipla, Dr. Reddy’s, Glenmark, Ipca, Lupin, Torrent and Alkem Lab.

Creating a global company: Timeline

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®

Year

1983

1994

2010

2012

2013

2014

2015

2016

2018

2019

2020

2021 2022

Acquired Global rights for Cequa & Odomzo

Specialty launches

Expanded Winlevi® licensing agreement

IPO – Rs 550 Mn raised

Acquired Taro

Acquired URL Pharma

Acquired Ranbaxy

Sun Pharma Today

38,000+ Global Employee Base

Invested ~Rs 225 Bn in R&D till date (Since 1994)

Part of NSE Nifty & BSE Sensex in India

43 Manufacturing facilities across 6 Continents

65% of sales from international markets

Key deals & rationale

Year

2022

Deals

Country

Rationale

Acquired UractivTM Portfolio from Fiterman Pharma

Romania

Expand non-prescription product basket in Romania and neighbouring markets

2022

Expanded Winlevi® In-licensing agreement

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

Increasing across to new markets for Winlevi

2022

2021

2020

Taro (Sun's subsidiary) 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 Out licensing agreement with Hikma for Ilumya (Tildrakizumab)

Middle East & North Africa

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

2020

In-licensing agreement with SPARC for SCD-044

Global

Potential indication in psoriasis, atopic dermatitis & other auto-immune disorders

2019

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

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

Mainland China

Access to oncology market in Mainland China

Greater China

Access to Greater China market

2018

Acquired Pola Pharma in Japan

Japan

Access to Japanese dermatology market

Key deals & rationale

Year

2016

Deals

Country

Rationale

Acquired global rights for Cequa & Odomzo

Global

Enhances specialty pipeline

2016

Acquired Biosintez

Russia

Local manufacturing capability to enhance presence in Russian market

2016

Out-licensed Tildrakizumab to Almirall

Europe

Access to European market for Tidrakizumab

2016

Acquired 14 brands from Novartis

Japan

Entry into Japan

2015

Acquired InSite Vision Inc.

Strengthens branded ophthalmic portfolio in U.S.

2015

Sun Pharma – Ranbaxy Merger

Global Markets

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

2014

Tildrakizumab, a biologic In-licensed from Merck

Global Markets

Strengthening the specialty product pipeline

2014

Acquired Pharmalucence

2012

Acquired DUSA Pharma, Inc.

2010

Acquired Taro Pharmaceutical Industries Ltd.

Israel

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

Entry into US Market

US Formulations

30% of FY22 Revenues

US highlights

9th Largest Pharma Company in the US Generics Market*

Dermatology Segment

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

Comprehensive Portfolio**

Wide basket of 609 ANDAs & 67 NDAs filed and 517 ANDAs & 54 NDAs approved across multiple therapies

Robust Pipeline**

92 ANDAs & 13 NDAs pending approval with USFDA

Market Presence

Presence in branded, generics & OTC segments

Flexible Manufacturing

Integrated manufacturer with onshore/ offshore capabilities

Versatile Dosage Forms

Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets, Capsules, Drug-Device combination

**All data as of 30-Sept-2022

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

US formulations: revenue progression

10 year CAGR - 13%

137

135

138

107

105

101

114

Sales in Rs Bn

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

Milestones in US formulations

FY23

FY22

FY21

FY20

FY19

FY18

FY17

FY13

FY10

FY98

• In-licensed SEZABY (phenobarbital sodium injection) for US market.

• Launched Winlevi® (clascoterone cream 1%) in the US

• 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 the US

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

• Launched Odomzo in the 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

609

483

501

512

517

FY18

FY19

FY20

FY21

FY22

Q2FY23

FY18

FY19

FY20

FY21

FY22

Q2FY23

Cumulative Products Filed

Cumulative Products Approved

Cumulative Products Filed

Cumulative Products Approved

(All data as of 30-Sept-2022)

India Branded Formulations

33% of FY22 Revenues

India highlights

Largest Pharma Company in India

Market Position**

No. 1 ranked with 8.6% market share

Prescription Ranking##

No. 1 ranked by prescriptions with 12 different classes of doctors

Chronic Segment

Market leader in the chronic segment

Acute Segment

Strong positioning in the acute segment

Product Offering

Technically complex products and a complete therapy basket

Strong Brand Positioning**

32 brands in India’s top 300 pharmaceutical brands

De-risked Growth**

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

Sales Strength

11,149 strong field force*

** As per AIOCD AWACS data for 12 months ended Sept’22 ## As per SMSRC data for June’22 * As of March 31st, 2022

Largest pharma company in India

Market Share Formulation sales in India as of 12 months ended Sept 2022 (Rs mn)

150,327

109,245

Sun Pharma 8.6%

Abbott + Abbott HC + Novo 6.2%

Mankind 4.9%

Cipla 4.8%

Zydus 3.9%

Lupin 3.6%

Alkem + Cachet + Indchemie 3.5%

Torrent 3.4%

Intas 3.3%

Macleods 3.1%

Dr. Reddys 2.9%

Aristo 2.9%

86,846

84,924

69,305

63,176

60,616

59,354

58,087

55,150

50,633

50,092

Source: AIOCD AWACS MAT Sept 2022

India: revenue progression

Sales in Rs Bn

10 year CAGR -16%

Therapeutic breadth**

128

Opthalmology 2%

Others 4%

One-time impact of change in distribution

103

Impact of Ranbaxy Acquisition

Gynaecology, 4%

Vitamins / Minerals / Nutrients, 5%

Respiratory 5%

Dermatology, 6%

Pain / Analgesics 7%

Diabetology 8%

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

Cardiology 17%

Market Share Market Share 8.6% 8.6%

Neuro-Psychiatry 16%

Gastroenterology 13%

Anti-Infectives 10%

** As per AIOCD AWACS – Sept‘22

Leadership across therapeutic areas*

Number 1 Ranking with 12 Doctor Categories*

Prescription Ranking

June ‘18

June ‘19

June ‘20

June ‘21

June ‘22

Specialist

Psychiatrists

Neurologists

Cardiologists

Orthopaedic

Gastroenterologists

Diabetologists

Consulting Physicians

Dermatologists

Urologists

Chest Physicians

Nephrologists

ENT

Ophthalmologists

Oncologists *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

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

• Highest field force productivity amongst key players in India

•

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

FY18

FY19

FY20

FY21

FY22

No. of Medical representatives

Sales per representative (Rs mn)

Emerging Markets

18% of FY22 Revenues

Emerging Markets highlights

Amongst the leading Indian Companies in Emerging Markets

Global footprint

Presence in about 80 markets

Focus Markets

Romania, Russia, South Africa, Brazil, Mexico and complementary & affiliated markets

Product Portfolio

Extensive basket of branded products

Customer Focus

Strong relationships with doctors and medical practitioners

Sales Force

Approximately 2,200 sales representatives

Opportunity

Favourable macroeconomic parameters to drive pharmaceutical consumption in the long-term

Local Manufacturing

Across 7 countries

Rest of World (Western Europe, Canada, Japan, ANZ, Israel & other markets)

14% of FY22 Revenues

Rest of World highlights

Amongst the leading Indian Companies

Market Presence

• Western Europe, Canada, A&NZ, Japan, Israel and others

Product Portfolio

• Expanding basket including specialty, hospital & retail products

Focus

Sales Force

• Development and commercialization of complex generics and

differentiated products

• Distribution led model & • Sales force for Specialty products

Local Manufacturing

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

India facilities

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

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

in January 2022

Global Consumer Healthcare

Global Consumer Healthcare highlights

An attractive opportunity

India

Amongst the top 10 consumer healthcare companies

Global Presence

Presence in over 20+ countries

Focus Markets

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

Strong Brand Equity

Enjoys strong brand equity in 4 countries

Sales Force

Promoted through dedicated sales force in each market

Strong Positioning

Amongst top 10 consumer healthcare companies in India, Romania, Nigeria & Myanmar

Active Pharmaceutical Ingredients (API)

5% of FY22 Revenues

API highlights

Backward Integration – Strategic Importance

Strategic Importance

Backward integration provides cost competitiveness and supply reliability

Customers

Large generic and innovator companies

Product Portfolio

Approximately 370 APIs

Pipeline Development

20-30 APIs scaled up annually

Regulatory approvals

376 DMF/CEP approvals & 489 DMF/CEP Filings to date

Manufacturing

Across 14 facilities

Research & Development

Cumulative R&D spend of ~Rs 225 Bn to date

R&D Spend

R&D spend at 5.8% of sales for FY22

Capabilities

Finished dosage development, biological support, chemistry and new drug development

Organization

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

IPR Support

Strong team of intellectual property experts supporting R&D

Focus

Developing non infringing formulations and development of specialty/complex products

R&D Investments

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

609

489

2,412

19.8

517

376

1,604

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-Sept-2022)

Global Manufacturing

Global Manufacturing highlights

World Class manufacturing infrastructure

Extensive Global Footprint

43 manufacturing facilities across India, the Americas, Asia, Africa, Australia and Europe

Integrated Network

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

Wide Capabilities

One of the few companies that has set up integrated manufacturing capability for the production of oncology, hormones, peptides and steroidal drugs

High Quality

Many facilities approved by US FDA, UK MHRA, EMEA and other international regulatory authorities

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

Semisolids

Liquids

Suppository

 Vials  Ampoules 

Pre-filled Syringes

 Gels 

Lyophilized Units

 Dry powder 

Eye drops

 MDI  Aerosols

 Creams  Ointments

Corporate Governance

Our philosophy on corporate governance envisages

working towards high levels of transparency,

accountability and consistent value systems across

all facets of operations

Lead Independent Director

Independent Director

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

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

Independent Director

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

Sanjay Asher Senior Partner with M/s. Crawford Bayley & Co.

Key Financials

Summary Financials

Market Capitalisation Rs 2,403 Bn / US$ 29 Bn (as of 30th Dec 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

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

10% 323,252 12% 230,947 69,898 12%

20,957 33,006 22,489

-70% 26,654 38,798 -53% 19,847 -3%

27% 37,649 18% 40,256 19,739 -12%

13% 332,331 11% 245,430 84,914 11%

41% 4% -1%

29,038 59,317 21,499

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

-23% 47% 9%

32,727 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

499% -34% 1%

79,030 72,760 78,860

9% 88,840 41,480 8%

YoY

Mar'20 8% 452,645 75,783 1% 10% 175,858

11% 101,431 -27% 64,876 78,750

15%

14% -13%

94,212 35,836

YoY

Mar'21 9% 464,628 35,235 2% 168,322

-23%

YoY

Mar'22 3% 480,112 9,307 -4% 171,971

-54%

28% 96,125 -11% 64,455 89,970

6% -14%

90,614 39,737

-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 Bn

Sales

261

287

323

332

384

15 30

107

105

101

103

114

128

FY18

FY19

FY20

FY21

FY22

India Formulations

US Formulations

Emerging Markets

Rest of World

API+Others

EBITDA Trend

In Rs Bn

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 Rs4,410 mn)

Key Financials Q2 & H1 FY23

Gross Sales

Revenue from operation

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)

Q2 FY23

Q2 FY22

CHANGE

108,092

109,523

81,011

74.9%

29,566

27.0%

22,622

20.9%

22,622

20.9%

5,710

5.3%

9.4

95,567

96,259

70,349

73.6%

26,299

27.3%

20,470

21.4%

20,470

21.4%

5,364

5.6%

8.5

13.1%

13.8%

15.2%

12.4%

10.5%

6.4%

10.5%

H1FY23

214,532

217,140

158,449

73.9%

58,409

26.9%

43,231

20.2%

43,231

20.2%

10,318

4.8%

18.0

# H1FY22- 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)

( All Figures in Rs mn )

H1FY22

CHANGE

192,262

193,447

140,549

73.1%

54,510

28.2%

34,912

18.2%

40,263

20.9%

11,290

5.9% #

14.6

16.8

11.6%

12.2%

12.7%

7.2%

23.8%

7.4%

-8.6%

23.8%

7.4%

Sales Breakup Q2 & H1 FY23

Q2 FY23

Q2 FY22

CHANGE

H1FY23

H1FY22

CHANGE

( All Figures in Rs mn )

Formulation

India

Emerging Markets

ROW

ÀPI

Others

34,600

32,913

20,704

14,441

31,878

26,773

18,005

13,926

90,582

4,358

627

8.5%

22.9%

15.0%

3.7%

13.3%

8.5%

12.4%

68,471

65,350

39,615

29,119

64,962

54,773

34,058

27,606

202,555

181,399

10,717

1,260

9,507

1,356

5.4%

19.3%

16.3%

5.5%

11.7%

12.7%

-7.1%

Sub-total

102,658

4,730

704

Gross Sales

108,092

95,567

13.1%

214,532

192,262

11.6%

US Formulations

India Branded Generics

Emerging Markets

Rest of World

API & Others

32%

19%

33%

Q2 FY23

31%

13%

19%

15%

Q2 FY22

28%

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

Sun Pharma - Focus Areas

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 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 Business

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

Global Consumer Healthcare

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

Sun Pharma - Focus Areas

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&D

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

Regulatory/ Quality

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 specialty generic company globally*

Market Presence

Presence in more than 100 countries

Addressable Segments

Specialty products, branded generics, generics & APIs

Specialty

Scaling up Global Specialty portfolio

India

Ranked 9th in US generics market##

Largest pharma company in India **

Emerging Markets

Amongst the largest Indian Pharma Companies in Emerging Markets

Rest of World Markets

Expanding presence in Rest of World Markets

Manufacturing Footprint

43 manufacturing sites across the world

Quality Compliance

Several facilities approved by global regulators incl. USFDA

R&D and Manufacturing

Capabilities across dosage forms like injectables, sprays, ointments, creams, liquids, tablets and capsules

Employees

38,000+ global employees

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended Nov 2022 ** As per AIOCD AWACS data for 12 months ended Sept’22

Thank You! For more information please contact

Investors Dr. Abhishek Sharma Tel : +91 22 4324 4324, Xtn 2929 Tel Direct +91 22 4324 2929 abhi.sharma@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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