SUNPHARMANSE21 July 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

21 July 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 - July 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* Leading global specialty generic company*

Global presence Global presence

Operates in over 100 countries

Diversified business Diversified business

Specialty portfolio, branded generics, generics & APIs

Global Specialty Global Specialty

Fast growing. Focused therapy approach.

US Generics US Generics

10th largest in US generics market##

India India

Largest pharma company in India**

Emerging Markets Emerging Markets

Operating at scale in over 80 countries

Rest of World Rest of World

Expanding presence in Ex-US developed markets

R&DR&D

Global clinical trials. Early-stage novel R&D. Generic R&D

43 Manufacturing facilities 43 Manufacturing facilities

Manufacturing capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules

Quality compliance Quality compliance

Several facilities approved by global regulators incl. USFDA

Employees Employees

41,000+ global employee base

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended March 2023 ** As per AIOCD AWACS data for 12 months ended April 2023

A diversified revenue base

Emerging Markets 18%

Rest of World (RoW)# 14%

FY23 Sales Rs 433 Bn

API & Others 5%

India Branded Formulations 32%

US Formulations 31%

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

Impressive track record of growth

(All Figures in Rs Bn)

CAGR for FY08-FY23

433

270

116

112

Sales

CAGR 19%

EBITDA

CAGR 14%

Adjusted Net Profit CAGR 12%

FY08 FY13 FY18 FY23

Operating Cash Flow CAGR 16%

Free Cash Flow CAGR 16%

FY08 FY13 FY18 FY23

Adjusted EPS (Rs/Share)

CAGR 12%

Strong profitability and return ratios

Gross Margin #

EBITDA Margin

73.9%

73.1%

75.4%

71.4%

21.3%

25.3%

26.9%

26.5%

Adjusted Net Profit Margin

20.0%

17.8%

12.5%

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

ROCE

ROE

Market Cap (USD Bn)

16.4%

16.5%

15.0%

15.9%

13.5%

11.0%

12.5%

9.1%

29.5

29.4

19.3

11.9

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

# 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

Sun Pharma

Range of Top 9 Indian Pharma Cos.

Average

71%

64%

74%

73%

75%

65%

63%

62%

25%

23%

21% 19%

27%

20%

19%

18%

20%

14%

13%

10%

13%

12%

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

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

#Top 9 Indian Pharma companies include Cipla, Dr. Reddy’s, Aurobindo, Zydus Lifesciences, Torrent, Alkem Labs, Lupin, Ipca and Glenmark

Business operations

Snapshot of business operations

US Formulations  Presence in Specialty & Generic segments with more

than 570 approved products

 10th largest generics company in US* with a strong pipeline (97 ANDAs & 13 NDAs awaiting approval)

 FY23 sales: Rs 135,353 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  FY23 sales: Rs 136,031 mn

India 32%

FY23

International 68%

a c i h p a r g o e G

t i l

p s

• Gross sales: Rs 432,789 mn

•

EBITDA: Rs 116,468 mn (26.5% margin)

• R&D investment: 5.5% of Sales

•

Specialty share increased to 16% of sales

Strong balance sheet • • Market cap: US$ 30 Bn (1)

R e v e n u e

s h a r e

India Branded Generics 32%

Emerging Markets 18%

Rest of World (RoW)# 14%

FY23

API & Others 5%

US Formulations 31%

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

 FY23 sales: Rs 78,977 mn

offerings for hospitals, injectables & generics for retail market

 FY23 sales: Rs 60,426 mn

Note: (1) As of July, 03 2023 using spot exchange rate of INR /USD = 81.93 # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

* Source: IQVIA data for 12 months ended March 2023

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 • Direct future investments

towards differentiated products

• Optimize operational costs

•

Leverage benefits of vertically integrated operations

Business development

t s o C

p h s r e d a e

• 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 Building a Global Specialty business in select therapy areas

Focused approach Focused approach

Marketed products in Dermatology, Ophthalmology and Onco Dermatology

Key growth driver Key growth driver

16.2% of sales in FY23 vs 7.3% of sales in FY18

Wide portfolio Wide portfolio

26 products marketed globally

US market presence* US market presence*

Large part of Global Specialty sales in the US

Own commercial infrastructure Own commercial infrastructure

Own commercial infrastructure in the US and certain other markets

Future engine Future engine

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

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

Global Specialty portfolio

For treatment of adults with moderate-to-severe plaque psoriasis who are candidates for For treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy systemic therapy or phototherapy • Long term clinical data shows that the significant response rate seen in 52 & 64 • Long term clinical data shows that the significant response rate seen in 52 & 64

weeks were maintained over five years1 weeks were maintained over five years1

• Ongoing Phase-3 trials for Psoriatic Arthritis • Ongoing Phase-3 trials for Psoriatic Arthritis • Current Markets: US, Australia, Japan, Canada, Europe (by partner Almirall) • Current Markets: US, Australia, Japan, Canada, Europe (by partner Almirall) • Out licensed to CMS for Greater China where it received approval in May 2023 & to • Out licensed to CMS for Greater China where it received approval in May 2023 & to

Hikma for Middle East & North Africa Hikma for Middle East & North Africa

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

WINLEVI in patients with acne aged 12 years and older2 WINLEVI in patients with acne aged 12 years and older2

• Current Markets: US and Canada • Current Markets: US and Canada

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

forearms, and hands3 forearms, and hands3

• Current Markets: US • Current Markets: US

Treatment of severe recalcitrant nodular acne in non-pregnant patients 12 years of age 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 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 • After one 20-week course of ABSORICA therapy, 95% of patients didn’t require

additional isotretinoin treatment up to two years posttreatment4 additional isotretinoin treatment up to two years posttreatment4

• Current Markets: US • Current Markets: US

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 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 recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy. surgery or radiation therapy. • ODOMZO was shown to shrink laBCC in almost 6 out of 10 patients (56%) in a clinical • 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 study. laBCC Patients were treated with ODOMZO® and followed for at least 18 months5 months5

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

Italy, Australia and Israel Italy, Australia and Israel

To increase tear production in patients with keratoconjunctivitis sicca (dry eye) To increase tear production in patients with keratoconjunctivitis sicca (dry eye) • Phase 3 confirmatory study observed clinically and statistically significant • Phase 3 confirmatory study observed clinically and statistically significant improvements in tear production and ocular surface integrity in patients6 improvements in tear production and ocular surface integrity in patients6

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

Treatment of postoperative inflammation and prevention of ocular pain in patients Treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery undergoing cataract surgery • More than 2x as many patients treated with Bromsite® were inflammation-free at • 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 day 15 than those treated with vehicle and nearly 80% of patients treated with Bromsite® were pain-free at day 1 post surgery7 Bromsite® were pain-free at day 1 post surgery7

• Current Markets: US • Current Markets: US

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

• Current Markets: US • Current Markets: US

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

Source:

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

Global Specialty portfolio

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

castration resistant prostate cancer (CRPC). castration resistant prostate cancer (CRPC).

• YONSA® was shown in clinical studies to be an effective form of abiraterone acetate, • 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 and can be taken with or without food, in combination with methylprednisolone9

• Current Markets: US • Current Markets: US

First and only product approved in the US for treating seizures in neonatal patients 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 • NEOLEV2 study compared phenobarbital to levetiracetam in the first-line treatment

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

• Current Markets: US • Current Markets: US

For therapeutic solutions for long-term care (LTC) patients For therapeutic solutions for long-term care (LTC) patients • Products using sprinkle technology for patients who have difficulty swallowing • Products using sprinkle technology for patients who have difficulty swallowing • Sprinkle versions of metoprolol (cardiology), rosuvastatin (cardiology) & duloxetine • Sprinkle versions of metoprolol (cardiology), rosuvastatin (cardiology) & duloxetine

(neuro-psychiatry) (neuro-psychiatry) • Current Markets: US • 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

MM-II

Pain in osteoarthritis

Injection

SCD-044

GL0034

Psoriasis, Atopic Dermatitis

Type 2 Diabetes

Oral

Liposomal intra -articular lubrication

Selective SIPR1 Agonist

Injection

GLP-1R Agonist

Creating Lasting Value - Investor Presentation

US Formulations

31% of FY23 Revenues

US highlights

Significant Specialty presence/10th largest in US Generics* Significant Specialty presence/10th largest in US Generics*

Dermatology segment Dermatology segment

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

Comprehensive portfolio** Comprehensive portfolio**

Wide basket of 616 ANDAs & 67 NDAs filed and 519 ANDAs & 54 NDAs approved across multiple therapies

Robust pipeline** Robust pipeline**

97 ANDAs & 13 NDAs pending approval with USFDA

Market presence Market presence

Presence in Specialty, Generics & OTC segments

Flexible manufacturing Flexible manufacturing

Integrated manufacturer with onshore/ offshore capabilities

Versatile dosage forms Versatile dosage forms

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

**All data as of 31-March-2023

* Source: IQVIA data for 12 months ended March 2023 ## Source: IQVIA data for 12 months ended April 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 providing entry into branded specialty

Acquired Taro Pharma providing entry into US dermatology

Entry in the US through Caraco acquisition

US formulations: revenue progression

Sales in Rs Bn

135

114

107

105

101

FY19

FY20

FY21

FY22

FY23

ANDA & NDA pipeline

ANDAs filed and approved (cumulative)

NDA filed and approved (cumulative)

561

571

581

595

605

616

483

501

512

519

453

422

FY18

FY19

FY20

FY21

FY22

FY23

FY18

FY19

FY20

FY21

FY22

FY23

Cumulative products filed

Cumulative products approved

Cumulative products filed

Cumulative products approved

(All data as of 31-March-2023)

India Branded Formulations

32% of FY23 Revenues

India highlights

Largest Pharma company in India Largest Pharma company in India

Market position** Market position**

Largest Pharma company in India with 8.3% market share

Prescription ranking## Prescription ranking##

Ranked No. 1 by prescriptions with 12 classes of prescribers

Chronic segment Chronic segment

Market leader in the chronic segment

Acute segment Acute segment

Strong positioning in the acute segment

Product offering Product offering

Technically complex products and a complete therapy basket

Strong brand positioning** Strong brand positioning**

32 brands in India’s top 300 pharmaceutical brands

De-risked growth** De-risked growth**

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

Sales strength Sales strength

12,500+ strong field force*

** As per AIOCD AWACS data for 12 months ended March’23 ## As per SMSRC data for Feb’23 * As of March 31st, 2023

Largest Pharma company in India

Market Share Formulation sales in India as of 12 months ended Mar 2023 (Rs mn)

154,150

116,680

93,020

90,890

Sun Pharma 8.3%

Abbott + Abbott HC + Novo 6.3%

Mankind 5.0%

Cipla 4.9%

Zydus 3.9%

Torrent 3.6%

Alkem + Cachet + Indchemie 3.5%

Lupin 3.4%

Intas 3.3%

Macleods 3.2%

Dr. Reddys 2.9%

Aristo 2.9%

72,600

66,110

65,100

63,300

61,820

59,350

54,000

53,860

Source: AIOCD AWACS MAT March 2023

India: revenue progression

Sales in Rs Bn

Therapeutic breadth**

136

128

103

FY19

FY20

FY21

FY22

FY23

Opthalmology 2%

Others 4%

Gynaecology, 3%

Urology, 4%

Cardiology 18%

Vitamins / Minerals / Nutrients, 5%

Respiratory 5%

Dermatology, 6%

Pain / Analgesics 7%

Diabetology 7%

Market Share 8.3%

Neuro-Psychiatry 16%

Gastroenterology 12%

Anti-Infectives 11%

** As per AIOCD AWACS MAT March 2023

India: Leadership across therapy areas*

Ranked number 1 company with 12 prescriber categories*

Specialist

Psychiatrists

Neurologists

Cardiologists

Gastroenterologists

Diabetologists

Dermatologists

Urologists

Consulting Physicians

Chest Physicians

ENT Physicians

Orthopaedic

Nephrologists

General surgeons

Ophthalmologists

Prescription Ranking

Feb ’19

Feb ’20

Feb ’21

Feb ’22

Feb ’23

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

Creating Lasting Value - Investor Presentation

India: Best-in-class field force productivity

Sales per medical representative (Rs mn)

9,550

9,707

10,963

11,149

12,692

Impact of sales force expansion

10.7

11.4

10.0

9.4

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 & FY23 to enhance geographical & doctor reach and improve brand focus

FY19

FY20

FY21

FY22

FY23

No. of medical representatives

Sales per representative (Rs mn)

Emerging Markets

18% of FY23 Revenues

Emerging Markets highlights

Leading Indian company in Emerging Markets Leading Indian company in Emerging Markets

Global footprint Global footprint

Presence in over 80 countries

Focus markets Focus markets

Romania, Russia, South Africa, Brazil, Mexico

Product portfolio Product portfolio

Extensive basket of branded generics

Customer focus Customer focus

Strong relationships with prescribers

Sales force Sales force

Over 2,300 sales representatives across markets

Opportunity Opportunity

Favourable macroeconomics driving increased pharmaceutical consumption

Local manufacturing Local manufacturing

Manufacturing sites in Bangladesh, South Africa, Malaysia, Romania, Egypt, Nigeria and Russia

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

14% of FY23 Revenues

Rest of World highlights

Amongst the leading Indian companies Amongst the leading Indian companies

Market presence Market presence

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

Product portfolio Product portfolio

Expanding basket includes specialty, hospital & retail products

Focus Focus

Sales force Sales force

Development and commercialization of differentiated products

• Distribution led model • Sales force for Specialty products

Local manufacturing Local manufacturing

In Canada, Japan, Australia, Israel and Hungary + supplies from India facilities

Japan presence Japan presence

Canada presence Canada 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

• Portfolio of generics and specialty products • Specialty products - Launched Ilumya in October 2021, Cequa in January 2022 and Winlevi received approval from Health Canada in June 2023

Global Consumer Healthcare

Global Consumer Healthcare highlights

An attractive opportunity An attractive opportunity

India India

Amongst the top 5 consumer healthcare companies

Global presence Global presence

Presence in over 25+ countries

Markets of presence 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

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)

5% of FY23 Revenues

API highlights

Backward integration has strategic importance Backward integration has 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

10-20 APIs scaled up annually

Regulatory approvals Regulatory approvals

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

Manufacturing Manufacturing

Across 14 facilities

Research & Development

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

R&D spend R&D spend

R&D spend at 5.5% of sales for FY23

Specialty R&D Specialty R&D

Global development capabilities incl. clinical trials

Generic capabilities Generic capabilities

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

Organization Organization

Over 2,800 headcount globally across several R&D centers

IPR support IPR support

Strong team of intellectual property experts supporting R&D

Focus Focus

Development of specialty/complex products and non infringing formulations

R&D investments

Filings and approvals

6.9%

6.1%

6.5%

5.8%

5.5%

ANDA

NDA/BLA

DMF/CEP

Patents**

19.8

519

21.5

22.2

23.7

616

489

2,346

380

1,665

FY19

FY20

FY21

FY22

FY23

Filed Approved

Filed Granted

R&D investments (Rs Bn)

R&D investments (% of sales)

** Excludes expired/abandoned patents

(All data as of 31-March-2023)

Global Manufacturing

Global Manufacturing highlights

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 enables high quality, low cost and a quick market entry across the geographies

Wide capabilities Wide capabilities

One of the few companies with integrated manufacturing of oncology, hormones, peptides and steroidal drugs

High quality High quality

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

Strong board comprising of majority independent directors. Five of nine board of directors are

independent.

Lead Independent Director

Independent Director

Dr. Pawan Goenka Former MD & CEO of Mahindra & Mahindra Ltd. Recognized as leader and statesman of the India corporate sector

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

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

Sanjay Asher Senior Partner with M/s. Crawford Bayley & Co., specializes in the fields of M&A, cross border M&A, joint ventures, private equity and capital markets

Rolf Hoffmann Strategic and results- orientated Executive with expertise in creating and optimizing commercial opportunities in all global markets

Key Financials

Summary Financials

Market capitalisation Rs 2,478 Bn / US$ 30 Bn (as of 03th July 2023)

( All Figures in Rs mn )

FY19

YoY

FY20

YoY

FY21

YoY

FY22

YoY

FY23

YoY

P&L Summary

Sales

Gross Profit

EBITDA Net Profit

Net Profit (Adjusted)

R&D Spend

286,863

208,173

59,280 26,654

38,798

19,847

10% 323,252

12% 230,947

14% 64,774 27% 37,649

18% 40,256

-12%

19,739

13% 332,331

11% 245,430

9% 41%

-1%

82,263 29,038

59,317

21,499

3% 384,264

6% 280,749

27% 101,697 32,727 -23%

47%

76,671

22,194

16% 432,789

14% 326,167

24% 116,468 13% 84,736 # 29% 86,450

23,676

BS Summary

Mar'19

YoY

Mar'20

YoY

Mar'21

YoY

Mar'22

YoY

Mar'23

Shareholders Funds Loan Funds

Net Fixed Assets

Investments Cash and Bank Balances

Inventory

Sundry Debtors Sundry Creditors

414,091 98,934

172,919

79,030 72,760

78,860

88,840 41,480

8% 452,645 75,783 1%

9% 464,628 35,235

-23%

3% 480,112 9,307

-54%

3% 559,954 61,979

-74%

10% 175,858

2% 168,322

-4% 173,607

3% 206,806

11% 101,431 -27% 64,876

15%

14% -13%

78,750

94,212 35,836

28% 96,125 -11% 64,455

6% -14%

89,970

90,614 39,737

-5% 128,486 -1% 50,334

14%

89,251

-4% 104,846 11% 44,898

34% 148,301 57,703 -22%

-1% 105,131

16% 114,385 56,815 13%

13%

16%

15% 159%

13%

YoY

17% 566%

19%

15% 15%

18%

9% 27%

# 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). # FY23 - Adjusted for Rs 1.7 Bn provision related to (i) Medinstill Impairment =Rs. 1,644 mn (ii) Concert acquisition =Rs. 644 mn (iii) Income form Onerous Contract (SATO) =Rs. 574 mn

Sales split

In Rs Bn

Sales

287

323

332

384

433

18 35

107

105

101

103

114

128

135

136

FY19

FY20

FY21

FY22

FY23

India Formulations

US Formulations

Emerging Markets

Rest of World

API+Others

EBITDA trend

In Rs Bn

Sales

287

323

332

384

433

% of Sales

27.4%

28.6%

26.1%

26.9%

20.8%

19.7%

20.6%

19.0%

24.6%

19.2%

30.8%

31.8%

21.7%

FY19

21.3%

FY20

28.5%

25.3%

FY21

28.0%

30.4%

26.9%

FY22

26.5%

FY23

EBITDA

Other Expenditure

Personnel Costs

Material Costs

Cash Flow & debt

Net Cash from Operating Activities (Rs Bn)

Free Cash Flow (Rs Bn)

65.5

61.7

89.8

49.6

22.0

74.9

50.1

50.0

28.7

FY19

FY20

FY21

FY22

FY23

FY19 -10.2

FY20

FY21

FY22

FY23

Gross Debt (Rs Bn)

Net Cash (excluding debt) (Rs Bn)

104.8

82.2

62.0

35.2

9.3

149.4

119.2

103.0

69.5

34.7

FY19

FY20

FY21

FY22

FY23

FY19

FY20

FY21

FY22

FY23

Financial ratios

FY19

FY20

FY21

FY22

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

10.1 11.7

14.3 27.2

17.5

72.6

20.7 9.3

13.5

11.8 9.4

0.24 11.1

16.2 6.9

6.6 0.3

12.7 10.9

9.3 41.3

3.8

71.4

20.0 11.6

12.5

11.0 9.1

0.17 15.7

16.8 6.1

6.0 0.1

2.8 6.3

27.0 (22.9)

47.4

73.9

24.8 8.7

17.8

13.5 12.5

0.08 12.1

24.7 6.5

6.4 0.1

15.6 14.4

23.6 12.7

29.3

73.1

26.5 8.5

20.0

16.4 15.0

0.02 13.6

32.0 5.8

5.6 0.2

FY23

12.6 16.2

14.5 158.9 # 12.8

75.4

26.9 19.6 # 20.0

16.5 15.9

0.11 35.3

36.0 5.5

5.0 0.2

# 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) # FY23 - Adjusted for Rs 1.7 Bn provision related to (i) Medinstill Impairment =Rs. 1,644 mn (ii) Concert acquisition =Rs. 644 mn (iii) Income form Onerous Contract (SATO) =Rs. 574 mn

Key Financials Q4 & 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)

Q4 FY23

Q4 FY22

CHANGE

107,256

109,307

84,754

79.0%

28,021

26.1%

19,845

18.5%

21,559

20.1%

6,657

6.2%

8.3

9.0

93,861

94,468

68,465

72.9%

23,404

24.9%

-22,773

-24.3%

15,821

16.9%

5,433

5.8%

(9.5) #

6.6

14.3%

15.7%

23.8%

19.7%

-187.1%

36.3%

22.5%

-187.1%

36.3%

FY23

432,789

438,857

326,167

75.4%

116,468

26.9%

84,736

19.6%

86,450

20.0%

23,676

5.5%

35.3

36.0

( All Figures in Rs mn )

FY22

CHANGE

384,264

386,545

280,749

73.1%

103,977

27.1%

32,727

8.5%

12.6%

13.5%

16.2%

12.0%

158.9%

76,671

12.8%

20.0%

22,194

5.8%

13.6

32.0

6.7%

158.9%

12.8%

Net Profit Adjustment: #Q4FY23 & FY23- Adjusted for Rs 1.7 Bn related to (i) Medinstill Impairment =Rs. 1,644 mn (ii) Concert acquisition costs =Rs. 644 mn (iii) Income form Onerous Contract (SATO) =Rs. 574 mn # Q4FY22- Adjusted Rs. 38.5 Bn – related to (i) Sun US litigation Ranbaxy Meijer = Rs. 37,226 mn (ii) Sun Gx MDL = Rs.1,571 Mn (iii) EU Restructuring = Rs. 560 Mn, (iv) Deferred Tax gain = Rs. 5,174 mn offset by erstwhile MAT credit reversal of Rs.4,410 mn #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 Q4 & FY23

Q4 FY23

Q4 FY22

CHANGE

FY23

( All Figures in Rs mn ) CHANGE

FY22

Formulation

India

Emerging Markets

ROW

ÀPI

Others

33,641

35,343

18,204

15,744

30,956

29,246

15,475

13,407

89,084

4,137

641

8.7%

20.8%

17.6%

17.4%

15.5%

-6.9%

-26.4%

136,031

135,353

78,977

60,426

127,593

113,737

67,432

54,545

410,786

363,306

19,724

2,279

18,354

2,604

6.6%

19.0%

17.1%

10.8%

13.1%

7.5%

-12.5%

Sub-total

102,932

3,852

471

Gross Sales

107,256

93,861

14.3%

432,789

384,264

12.6%

US Formulations

India Branded Generics

Emerging Markets

Rest of World

API & Others

31%

17%

33%

17%

Q4 FY23

33%

15%

Q4 FY22

31%

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

In-licensed Sezaby

2023

Acquired Concert Pharma in US

Addition of product to specialty portfolio. Treatment of neonatal seizures

Add a late-stage specialty product to dermatology franchise. Treatment of alopecia areata

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, ANZ, Brazil, Mexico & Russia

Increase access to new markets for Winlevi

2022

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

US, Japan & Canada

2021

In-licensing agreement for Winlevi

US & Canada

Exclusive Out-licensing agreement with Hikma for Ilumya

Middle East & North Africa

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

Add a specialty product to dermatology franchise. Topical treatment of acne vulgaris

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

Commercialise oncology portfolio in Mainland China

Greater China

Access to Greater China market

2020

2019

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

2016

Acquired Biosintez

2016

Out-licensing agreement with Almirall for tildrakizumab

Global

Russia

Enhance specialty pipeline. Treatment of dry eye and locally acting Basal Cell Carcinoma respectively

Local manufacturing capability to enhance presence in Russian market

Europe

Access to European market for tidrakizumab

2016

Acquired 14 brands from Novartis

Japan

Entry into Japan

2015

Acquired InSite Vision Inc.

Strengthen specialty ophthalmic portfolio in U.S. To prevent pain in patients undergoing cataract surgery

2015

Sun Pharma – Ranbaxy Merger

Global Markets

Strengthen position in the Global generic Pharma industry, Creating largest Pharma company in India with strong positioning in Emerging Markets

2014

In-licensing agreement with Merck for tildrakizumab

Global Markets

Strengthen the specialty product pipeline. Treatment of plaque psoriasis

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 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 Specialty 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

Sun Pharma - focus areas

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 consolidated topline growth for FY24 • Focus on sustainable and profitable growth • Focus on improving overall return ratios

Sun Pharma at a glance

Leading global specialty generic company* Leading global specialty generic company*

Global presence Global presence

Operates in over 100 countries

Diversified business Diversified business

Specialty products, branded generics, generics & APIs

Global Specialty Global Specialty

Focused therapy approach, commercial infrastructure in key markets

US Generics US Generics

10th largest in US generics market##

India India

Largest pharma company in India**

Emerging Markets Emerging Markets

Scaled up operations in over 80 countries

Rest of World Rest of World

Expanding presence in Ex-US developed markets

Manufacturing footprint Manufacturing footprint

43 manufacturing sites across the world

Quality compliance Quality compliance

Several facilities approved by global regulators incl. USFDA

R&D and Manufacturing R&D and Manufacturing

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

Employees Employees

41,000+ global employee base

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended March 2023 ** As per AIOCD AWACS data for 12 months ended April 2023

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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