SUNPHARMANSE28 April 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

28 April 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 & Compliance Officer

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

Creating Lasting Value

Investor Presentation - April 2023

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

Revenue composition and growth highlights

Business operations

R&D & Manufacturing

Corporate Governance

Key Financials

Company history and key deals

Focus areas

Sun Pharma at a glance

Leading global specialty generic company*

Global presence

Operates in over 100 countries

Diversified business

Specialty products, branded generics, generics & APIs

Global Specialty

Focused therapy approach, commercial infrastructure in key markets

US Generics

9th largest in US generics market##

India

Largest pharma company in India**

Emerging Markets

Scaled up operations in over 80 countries

Rest of World

Expanding presence in Ex-US developed markets

Manufacturing footprint

43 manufacturing sites across the world

Quality compliance

Several facilities approved by global regulators incl. USFDA

R&D and Manufacturing

Global clinical trial expertise. Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules

Employees

38,000+ global employee base

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

A 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.

Business operations

Snapshot of business operations

US Formulations  Presence in Specialty & Generics segments with more

than 570 approved products

 9th largest generics company in US* with a strong pipeline (96 ANDAs & 13 NDAs awaiting approval)

 FY22 sales: Rs 113,737 mn

India Branded Generics  Largest pharma company in India by sales  Ranked No.1 with 12 classes of prescribers  Leading position in high growth chronic therapies  One of the largest sales forces in the country  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

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

•

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

• R&D investment: 5.8% of Sales

•

Specialty share increased to 13% of sales

Strong balance sheet

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 over 80 countries across Africa, Americas, Asia

 Presence across key markets in Western Europe, Canada,

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

 FY22 sales: Rs 67,432 mn

offerings for hospitals, injectables & generics for retail market

 FY22 sales: Rs 54,545 mn

Note: (1) As of April, 28 2023 using spot exchange rate of INR /USD = 81.80 # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

* Source: IQVIA data for 12 months ended Dec 2022

Driving sustainable long term growth

• Achieve critical mass in key markets • Clear and actionable targets on

sustainability

• Embed sustainability practices in

businesses

n v e s t

m e n t s

p r o f i t a b

i l i t y &

B a a n c e

Sustainable growth

•

Increase contribution of specialty and complex products

• Future investments directed

towards differentiated products

• Optimize operational costs

• Vertically integrated operations

t s o C

p h s r e d a e

Business development

• Use acquisitions to bridge gaps

while yielding target ROI

• Focus on access to novel products, technology or market presence

Global Specialty

Global Specialty highlights

Building a Global Specialty business in select therapy areas

Focused approach

Marketed products in Dermatology, Ophthalmology and Onco Dermatology

Key growth driver

13.1% of sales in FY22 vs 7.3% of sales in FY18

Wide portfolio

Approx. 25 marketed products

US market presence*

Large part of global Specialty sales from US

Own commercial infrastructure

Own commercial infrastructure in US and certain other markets

Future engine

Internal R&D pipeline. Acquisitions and licensing to shore up portfolio

*Global specialty revenues are reported as part of businesses, included US and others

Global Specialty portfolio

For treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy

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

weeks were maintained over five years1

• Ongoing Phase-3 trials for Psoriatic Arthritis • Current Markets: US, Australia, Japan, Canada, Europe (by partner Almirall) • Out licensed to CMS for Greater China & to Hikma for Middle East & North Africa

Topical treatment of acne vulgaris in patients 12 years of age and older • Results from two pivotal clinical trials showed favorable safety and efficacy data for

WINLEVI in patients with acne aged 12 years and older2

• Current Markets: US

For photodynamic therapy (treatment) of minimally to moderately thick actinic keratoses of the face or scalp, or actinic keratoses of the upper extremities • First and only PDT approved to treat the face and scalp as well as the upper arms,

forearms, and hands3 • Current Markets: US

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

• After one 20-week course of ABSORICA therapy, 95% of patients didn’t require

additional isotretinoin treatment up to two years posttreatment4

• Current Markets: US

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

Source:

1, 2 & 4 Sun Press Release 3 Levulan website

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.

• ODOMZO was shown to shrink laBCC in almost 6 out of 10 patients (56%) in a clinical

study. laBCC Patients were treated with ODOMZO® and followed for at least 18 months5

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

Italy, Australia and Israel

To increase tear production in patients with keratoconjunctivitis sicca (dry eye)

• Phase 3 confirmatory study observed clinically and statistically significant improvements in tear production and ocular surface integrity in patients6

• Current Markets: US, Canada • Out-licensed to CMS for Greater China in June 2019

Treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery

• More than 2x as many patients treated with Bromsite® were inflammation-free at day 15 than those treated with vehicle and nearly 80% of patients treated with Bromsite® were pain-free at day 1 post surgery7

• Current Markets: US

Reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension.

• In clinical trials, XELPROS demonstrated reductions from baseline in intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension8

• Current Markets: US

All brand names and trademarks are the property of their respective owners

Source:

5 Product Lebel 6 Sun Press Release 7 & 8 Product website

Global Specialty portfolio

In combination with methylprednisolone for the treatment of patients with metastatic

castration resistant prostate cancer (CRPC).

• YONSA® was shown in clinical studies to be an effective form of abiraterone acetate,

and can be taken with or without food, in combination with methylprednisolone9

• Current Markets: US

First and only product approved in the US for treating seizures in neonatal patients

• NEOLEV2 study compared phenobarbital to levetiracetam in the first-line treatment

of neonatal seizures. 24 hours following the administration, 73% vs. 25% were seizure-free in the respective groups10

• Current Markets: US

For therapeutic solutions for long-term care (LTC) patients

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

(neuro-psychiatry) • Current Markets: US

All brand names and trademarks are the property of their respective owners

Source:

9 & 10 Sun Press Release

Specialty pipeline

Asset

Indication

Route of administration

Mechanism of action

Preclinical Phase 1

Phase 2

Phase 3

Registration

CTP-543 (deuruxolitinib)

Alopecia Areata

Oral

JAK Inhibitor

Ilumya (tildrakizumab)

Psoriatic Arthritis

Injection

IL-23 Antagonist

SCD-044

MM-II

GL0034

Psoriasis, Atopic Dermatitis

Oral

Pain in osteoarthritis

Injection

Selective SIPR1 Agonist

Liposomal intra -articular lubrication

Type 2 Diabetes

Injection

GLP-1R Agonist

Creating Lasting Value - Investor Presentation

US Formulations

30% of FY22 Revenues

US highlights

Significant Specialty presence/9th largest in US Generics*

Dermatology segment

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

Comprehensive portfolio**

Wide basket of 613 ANDAs & 67 NDAs filed and 517 ANDAs & 54 NDAs approved across multiple therapies

Robust pipeline**

96 ANDAs & 13 NDAs pending approval with USFDA

Market presence

Presence in Specialty, 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-Dec-2022

* Source: IQVIA data for 12 months ended Dec 2022 ## Source: IQVIA data for 12 months ended Jan 2023

Milestones in US formulations

FY23

FY22

FY21

FY20

FY19

FY18

FY17

FY13

FY10

FY98

• Acquired Concert Pharma giving access to deuruxolitinib for Alopecia Areata • Launched Sezaby in the US

Launched Winlevi in the US

Presented long term clinical data for Ilumya & other clinical insights for Odomzo & Levulan at American Academy of Dermatology conference

Launched Cequa & Absorica LD in the US

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

• Launched Odomzo in the US • Received US FDA approval for Ilumya

• Acquired Ocular Technologies giving access to Cequa for dry eye. • Acquired Odomzo, a branded oncology product from Novartis

Acquired DUSA for entry into branded specialty

Acquired Taro Pharma for entry into US dermatology

Entry in US through Caraco acquisition

US formulations: revenue progression

Sales in Rs Bn

114

107

105

101

FY18

FY19

FY20

FY21

FY22

ANDA & NDA pipeline

ANDAs filed and approved (cumulative)

NDA filed and approved (cumulative)

581

595

605

613

483

501

512

517

561

571

453

422

FY18

FY19

FY20

FY21

FY22

Q3FY23

FY18

FY19

FY20

FY21

FY22

Q3FY23

Cumulative products filed

Cumulative products approved

Cumulative products filed

Cumulative products approved

(All data as of 30-Dec-2022)

India Branded Formulations

33% of FY22 Revenues

India highlights

Largest Pharma company in India

Market position**

Largest Pharma company in India with 8.5% market share

Prescription ranking##

Ranked No. 1 by prescriptions with 12 classes of prescribers

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**

33 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 Dec’22 ## As per SMSRC data for Oct’22 * As of March 31st, 2022

Largest Pharma company in India

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

Sun Pharma 8.5%

Abbott + Abbott HC + Novo 6.3%

152,980

112,990

Mankind 5.0%

Cipla 4.9%

Zydus 3.9%

Lupin 3.5%

Torrent 3.5%

Alkem + Cachet + Indchemie 3.5%

Intas 3.3%

Macleods 3.2%

Dr. Reddys 2.9%

Aristo 2.9%

89,530

87,600

71,330

63,970

63,870

62,990

60,360

56,900

51,920

51,570

Source: AIOCD AWACS MAT Dec 2022

India: revenue progression

One-time impact of change in distribution

103

FY18

FY19

FY20

FY21

FY22

Sales in Rs Bn

Therapeutic breadth**

128

Others 4%

Opthalmology 2%

Urology, 3%

Gynaecology, 4%

Cardiology 18%

Vitamins / Minerals / Nutrients, 5%

Respiratory 5%

Dermatology, 6%

Pain / Analgesics 7%

Diabetology 7%

Market Share 8.5%

Neuro-Psychiatry 16%

Gastroenterology 12%

Anti-Infectives 11%

** As per AIOCD AWACS – Dec‘22

Leadership across therapeutic areas*

Ranked number 1 with 12 prescriber categories*

Specialist

Psychiatrists

Neurologists

Cardiologists

Orthopaedic

Gastroenterologists

Diabetologists

Dermatologists

Urologists

Consulting Physicians

ENT

Chest Physicians

Nephrologists

Ophthalmologists

Prescription ranking

Oct ’18

Oct ‘19

Oct ‘20

Oct ‘21

Oct ‘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

• 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 over 80 markets

Focus markets

Romania, Russia, South Africa, Brazil, Mexico

Product portfolio

Extensive basket of branded generics

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

Markets of presence

India, Romania, South Africa, Nigeria, Myanmar, Ukraine, Poland, Thailand, Belarus, Kazakhstan, Nepal, Morocco, UAE, Oman etc.

Strong brand equity

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 has 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

379 DMF/CEP approvals & 491 DMF/CEP Filings to date

Manufacturing

Across 14 facilities

Research & Development

Cumulative R&D spend of ~Rs 230 Bn to date

R&D spend

R&D spend at 5.8% of sales for FY22

Specialty R&D

Global development capabilities incl. clinical trials

Generic capabilities

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

Organization

Approx. 2,700 headcount globally across several R&D centers

IPR support

Strong team of intellectual property experts supporting R&D

Focus

Development of specialty/complex products and non infringing formulations

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

613

491

2,505

19.8

517

379

1,643

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-Dec-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. Recognised as leader and statesman of the India corporate sector

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 2,360 Bn / US$ 29 Bn (as of 28th April 2023)

( 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 split

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 Q3 & 9m 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)

Q3 FY23

Q3 FY22

CHANGE

111,001

112,410

82,965

74.7%

30,037

26.7%

21,660

19.5%

21,660

19.5%

6,702

6.0%

9.0

98,142

98,631

71,736

73.1%

26,063

26.4%

20,588

21.0%

20,588

21.0%

5,471

5.6%

8.6

13.1%

14.0%

15.7%

15.2%

5.2%

22.5%

5.2%

9mFY23

325,533

329,550

241,414

74.2%

88,447

26.8%

64,891

19.9%

64,891

19.9%

17,020

5.2%

27.0

( All Figures in Rs mn )

9mFY22

CHANGE

290,403

292,077

212,284

73.1%

80,574

27.6%

55,500

19.1%

60,851

21.0%

16,761

5.8%

23.1

25.4

12.1%

12.8%

13.7%

9.8%

16.9%

6.6%

1.5%

16.9%

6.6%

# 9mFY22- 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)

Sales split Q3 & 9m FY23

Q3 FY23

Q3 FY22

CHANGE

9mFY23

9mFY22

CHANGE

( All Figures in Rs mn )

Formulation

India

Emerging Markets

ROW

ÀPI

Others

33,919

34,660

21,158

15,563

31,676

29,718

17,899

13,532

Sub-total

105,299

92,824

5,154

548

4,710

608

7.1%

16.6%

18.2%

15.0%

13.4%

9.4%

-9.8%

102,390

100,009

60,773

44,682

96,637

84,491

51,957

41,138

307,854

274,223

15,871

1,808

14,218

1,963

6.0%

18.4%

17.0%

8.6%

12.3%

11.6%

-7.9%

Gross Sales

111,001

98,142

13.1%

325,533

290,403

12.1%

US Formulations

India Branded Generics

Emerging Markets

Rest of World

API & Others

31%

19%

32%

18%

Q3 FY23

31%

14%

Q3 FY22

30%

14%

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

Company history and key deals

Creating a global company over time

1983

1994

2010

2012

2013

Began with 5 products

IPO – Rs 550 Mn raised

Acquired Taro

Acquired Dusa

Acquired URL Pharma

2019

2018

2016

2015

2014

Acquired Global rights for Cequa & Odomzo

Acquired Pola Pharma in Japan

Acquired Biosintez in Russia

Acquired InSite Vision ophthalmic portfolio

Acquired Ranbaxy

Agreement with Merck for in- licensing Tildrakizumab

2019

2020

2021

2022

2023

Specialty launches

Expanded Winlevi® licensing agreement

In-lincesed Winlevi®

Launch in US

Acquired Concert Pharma

Key deals & rationale

Year

Deals

Country

Rationale

2023

Launched Sezaby

2022

Acquired Concert Pharma in US

Addition to portfolio of specialty branded products. Treatment of neonatal seizures

Adding a late-stage product to dermatology franchise

2022

Acquired Uractiv Portfolio from Fiterman Pharma

Romania

Expand non-prescription product basket in Romania and neighbouring markets

2022

In-licensing agreement to expand Winlevi

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

Increasing across to new markets for Winlevi

2022

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

2021

In-licensing agreement for Winlevi

US & Canada

Topical treatment of acne vulgaris

2020

2019

Exclusive Out-licensing agreement with Hikma for Ilumya

Middle East & North Africa

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

In-licensing agreement with SPARC for SCD-044

Global

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

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

Key deals & rationale

Year

Deals

Country

Rationale

2018

Acquired Pola Pharma in Japan

Japan

Access to Japanese dermatology market

2016

Acquired global rights for Cequa & Odomzo

Global

Enhances specialty pipeline

2016

Acquired Biosintez

Russia

Local manufacturing capability to enhance presence in Russian market

2016

2015

Out-licensing agreement with Almirall for tildrakizumab

Europe

Access to European market for Tidrakizumab

Acquired 14 brands from Novartis

Japan

Entry into Japan

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

In-licensing agreement with Merck for tildrakizumab

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

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 Specialty 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

Leading global specialty generic company*

Global presence

Operates in over 100 countries

Diversified business

Specialty products, branded generics, generics & APIs

Global Specialty

Focused therapy approach, commercial infrastructure in key markets

US Generics

9th largest in US generics market##

India

Largest pharma company in India**

Emerging Markets

Scaled up operations in over 80 countries

Rest of World

Expanding presence in Ex-US developed markets

Manufacturing footprint

43 manufacturing sites across the world

Quality compliance

Several facilities approved by global regulators incl. USFDA

R&D and Manufacturing

Global clinical trial expertise. Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules

Employees

38,000+ global employee base

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

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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