SUNPHARMANSE1 September 2025

Sun Pharmaceutical Industries Limited has informed the Exchange about Investor Presentation

Sun Pharmaceutical Industries Limited

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

01 September 2025

National Stock Exchange of India Limited Scrip Symbol: SUNPHARMA

BSE Limited Scrip Code: 524715

Subject: Investor Presentation

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclosed herewith the investor presentation, which we shall be uploading on our website after sending this letter to you.

For Sun Pharmaceutical Industries Limited

(Anoop Deshpande) Company Secretary and Compliance Officer ICSI Membership No.: A23983

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

Creating Lasting Value

Investor Presentation – August 2025

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

Innovative Medicines, branded generics, generics & APIs

Innovative Medicines

Fast growing. Focused therapy approach.

US Generics

12th largest in US generics market##

India

Largest pharma company in India**

Emerging Markets

Operating at scale in over 80 countries

Rest of World

Expanding presence in Ex-US developed markets

R&D

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

40 Manufacturing facilities

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

Quality compliance

Several facilities approved by global regulators incl. USFDA

Employees

43,000+ global employee base

## Source: IQVIA data for 12 months ended June 2025 ** As per AIOCD AWACS data for 12 months ended June 2025

A diversified revenue base

Emerging Markets Formulations 18%

Rest of World (RoW)# Formulations 14%

FY25 Sales Rs 520 Bn

India Formulations 33%

API & Others 4%

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 FY10-FY25

520

153

120

323

272

Sales

CAGR 19%

EBITDA

CAGR 18%

Adjusted Net Profit CAGR 16%

FY10 FY15 FY20 FY25

141

119

Operating Cash Flow CAGR 21%

Free Cash Flow CAGR 24%

FY10 FY15 FY20 FY25

Adjusted EPS (Rs/Share)

CAGR 16%

Strong profitability and return ratios

Gross Margin #

EBITDA Margin

Adjusted Net Profit Margin

73.1%

75.4%

77.7%

79.3%

29.0%

19.8%

19.7%

20.8%

22.8%

26.9%

26.5%

26.9%

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

ROCE

ROE

Market Cap (USD Bn)

16.4%

16.5%

20.4%

18.2%

17.4%

16.7%

47.0

49.2

15.9%

15.0%

29.5

29.4

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

# 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

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, Mankind and Divis Lab.

FY22

FY23

FY24

FY25

27%27%27%29%23%21%25%26%FY22FY23FY24FY2520%20%21%23%16%13%16%18%73%75%78%79%64%63%66%68%FY22FY23FY24FY25Business operations

Snapshot of business operations

US Formulations ⚫ FY25 sales: Rs 162,403 mn ⚫ Innovative Medicines & Generics. Over 590 approved

India Formulations ⚫ FY25 sales: Rs 169,230 mn ⚫ Largest pharma company in India with 8.3% market

products

⚫ Large part of Innovative Medicines sales in the US. ⚫ 12th largest generics company in US*, strong pipeline

⚫ No.1 with 13 classes of prescribers

India 33%

FY25

International 67%

a c i h p a r g o e G

t i l

p s

• Gross sales: Rs 520,412 mn

•

EBITDA: Rs 152,717 mn (29% margin)

• R&D investment: 6.2% of Sales

•

Innovative Medicines share 20% of sales

Strong balance sheet • • Market cap: US$ 45 Bn (1)

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

India Form 33%

EM Form 18%

RoW Form# 14%

FY25

API & Others 4%

US Form 31%

Emerging Markets (EM) Formulations

Rest of World (RoW) Formulations

⚫ FY25 sales: Rs 94,160 mn ⚫ Over 80 countries across 5 continents ⚫ Romania, Russia, South Africa, Brazil & Mexico are focus

⚫ FY25 sales: Rs 71,626 mn ⚫ Western Europe, Canada, Japan, Israel, A&NZ+ ⚫ Innovative Medicines & Generics. Differentiated offering

markets

for hospitals

Note: (1) As of August 14, 2025, using spot exchange rate of INR /USD = 87.65 # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets. * Source: IQVIA data for 12 months ended June 2025

Driving sustainable long term growth

• Achieve critical mass in key markets • Embed sustainability practices in

business

• Actionable targets on sustainability

Sustainable growth

• Optimize operational costs • Leverage benefits of vertically

integrated operations

t s o C

p h s r e d a e

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

Business development

•

Increase contribution of Innovative and complex products

• Direct future investments

towards differentiated products

• Use acquisitions to bridge gaps

while yielding target ROI

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

ESG Performance - FY 2023-24

Environmental

Social

Governance

Energy • ~38% Energy sourced from

renewable sources

• 18% reduction in absolute Scope 1 and Scope 2 emissions compared to baseline year 2020

Water • 69% reduction in water intensity by FY 2023-24 from baseline year of 2020

Waste • 50% of hazardous waste is diverted

from disposal by recycling

Employee wellbeing • Great Place To Work® Certified • 8.282 new hires • 18.10% gender diversity • 0 fatalities

Corporate Social Responsibility •

INR 1164.27 million spent on CSR activities

• Over 1 million lives touched in India

through CSR initiatives

Corporate Governance • 98.2% Average Board meeting

attendance

• 56% Independent board directors** • 67% of Board Members specializing

in pharmaceutical industry experience

**As on 31st March 2024

Innovative Medicines

Innovative Medicines highlights

Building a Innovative Medicines business in select therapy areas

Focused approach

Marketed products in Dermatology, Ophthalmology and Onco Dermatology

Key growth driver

20% of sales in FY25 vs 7.3% of sales in FY18

Wide portfolio

27 products marketed globally

US market presence*

US is a large part of global Innovative Medicines revenues

Own commercial infrastructure

Own commercial infrastructure in the US and certain other markets

Future engine

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

*Innovative Medicines revenues are reported as part of businesses, including US, RoW and others

Innovative Medicines 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

• Completed Phase-3 trials for Psoriatic Arthritis • Current Markets: US, Australia, Japan, Canada, Europe (by partner Almirall) & China

(by partner CMS holdings)

• Out licensed to Hikma for Middle East & North Africa

• An oral Janus kinase (JAK) inhibitor indicated for the treatment of adults with severe

alopecia areata

• At baseline, the average patient had only 13% scalp hair coverage. At week 24, one-

third of those patients experienced 80% scalp hair coverage2

• Current Markets: US

Topical treatment of acne vulgaris in patients 12 years of age and older • Results from two pivotal clinical trials showed favourable safety and efficacy data for WINLEVI in patients with acne aged 12 years and older3 • Current Markets: US, Canada and Australia

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 hands4

• Current Markets: US

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

Source:

1, 2 & 3 Sun Press Release 4 Levulan website

Innovative Medicines 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, EU, 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 and India • 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 Label 6 Sun Press Release 7 & 8 Product website

Innovative Medicines 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

• 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 post-treatment11

• Current Markets: US

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

Source:

9, 10 & 11 Sun Press Release

Innovative Medicines pipeline

Candidate

Mechanism of Action

Indication

Pre- clinical

Phase 1

Phase 2

Phase 3

Registration

Unloxcyt

anti-PD-L1

metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC

Nidlegy™

Immunocytokines

melanoma & non- melanoma skin cancers

Ilumya

IL-23 Antagonist

psoriatic arthritis

Fibromun

MM-II

Innovative anti- cancer immunotherapy

Liposomal intra- articular lubrication

soft tissue sarcoma

glioblastoma

pain in osteoarthritis

GL0034

GLP-1R Agonist

type 2 diabetes

All candidates for global markets except Nidlegy™ where Sun is commercial partner for Europe, Australia & New Zealand. Nidlegy™ is a trademark of Philogen.

Innovative Medicines Sales

Innovative Medicines Sales (USD mn)

485

674

871

1,039

1,216

18.0

16.2

19.8

13.1

10.8

FY21

FY22

FY23

FY24

FY25

Innovative Medicines Sales Innovative Medicines Sales (%) of Total Sales

• US is the major contributor to Innovative Medicines revenues

• Global sales have grown by 23%

CAGR since FY20

•

Largest product Ilumya reported sales of $681 Mn in FY25

• 27 Innovative Medicines

marketed across the globe

• Pipeline of six New Active

Substances in the development stage

US Business

31% of FY25 Revenues

US highlights

Sizeable innovative portfolio/12th largest in US Generics*

Dermatology segment

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

Comprehensive portfolio**

Wide basket of 661 ANDAs & 70 NDAs filed and 542 ANDAs & 57 NDAs approved across multiple therapies

Robust pipeline**

119 ANDAs & 13 NDAs pending approval with USFDA

Market presence

Presence in Innovative medicines, 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-June-2025

* Source: IQVIA data for 12 months ended June 2025 ## Source: IQVIA data for 12 months ended June 2025

Milestones in the US business

FY25

FY24

FY23

FY22

FY20

FY19

FY18

FY17

FY13

FY10

FY98

• Acquired Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology

company

• Acquired outstanding shares of Taro, now a 100% subsidiary of Sun

• Acquired Concert Pharma giving access to deuruxolitinib for alopecia areata • Launched Sezaby in the US

Launched Winlevi in the US

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 USFDA 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 Innovative Medicines

Acquired Taro Pharma providing entry into US dermatology

Entry in the US through Caraco acquisition

US business: revenue progression

Sales in Rs Bn

162

153

135

114

101

FY21

FY22

FY23

FY24

FY25

ANDA & NDA pipeline

ANDAs filed and approved (cumulative)

NDA filed and approved (cumulative)

605

616

635

659

661

512

519

531

542

FY22

FY23

FY24

FY25

Q1FY26

FY22

FY23

FY24

FY25

Q1FY26

Cumulative products filed

Cumulative products approved

Cumulative products filed

Cumulative products approved

(All data as of 30-June-2025)

India Business

33% of FY25 Revenues

India highlights

Largest Pharma company in India Pharma market

Market position**

Largest Pharma company in India with 8.3% market share

Prescription ranking##

Ranked No. 1 by prescriptions with 13 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**

30 brands in India’s top 300 pharmaceutical brands

De-risked growth**

Top 10 Brands contribute approx. 16% of India revenues – low product concentration

Sales strength

Over 15,000 strong field force*

** As per AIOCD AWACS data for 12 months ended June’25 ## As per SMSRC data for Mar-Jun’25 * As of June 30th, 2025

Largest Pharma company in India

Market Share Formulation sales in India as of 12 months ended June 2025 (Rs mn)

191,980

135,410

131,140

118,600

Sun Pharma 8.3%

Abbott + Abbott HC + Novo 5.9%

Mankind 5.7%

Cipla 5.2%

Alkem + Cachet + Indchemie 4.1%

Intas 3.8%

Torrent 3.6%

Lupin 3.5%

Zydus 3.2%

Dr. Reddys 3.1%

Macleods 3.0%

Aristo 2.8%

93,970

88,470

83,700

79,640

73,400

70,790

68,730

64,670

Source: AIOCD AWACS MAT June 2025

India: revenue progression

Sales in Rs Bn

Therapeutic breadth**

169

149

136

128

103

FY21

FY22

FY23

FY24

FY25

Others 3%

Urology 3%

Opthalmology 3%

Neuro-Psychiatry 20%

Gynaecology 4% Dermatology 4%

Vitamins / Minerals / Nutrients 5%

Respiratory 5%

Anti-Infectives 6%

Pain / Analgesics 7%

Market Share 8.3%

Cardiology 17%

Diabetology 9%

Gastroenterology 14%

** As per AIOCD AWACS MAT June 2025

Leadership across therapeutic areas*

Number 1 Ranking with 13 Doctor Categories*

Prescription Ranking

June ‘22

June ‘23

June ‘24

June ‘25

Specialist

Psychiatrists

Neurologists

Cardiologists

Gastroenterologists

Diabetologists

Consulting Physicians

Dermatologists

Urologists

Chest Physicians

Nephrologists

ENT

Gynaecologists

Oncologists

Orthopaedic

Ophthalmologists

General surgeons *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)

10,963

11,149

12,692

13,984

15,109

11.4

10.7

10.6

11.2

9.4

• 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 in FY21, FY23, FY24 & FY25 to enhance geographical & doctor reach and improve brand focus

FY21

FY22

FY23

FY24

FY25

No. of medical representatives

Sales per representative (Rs mn)

Emerging Markets

18% of FY25 Revenues

Emerging Markets highlights

Leading Indian company in Emerging Markets

Global footprint

Presence in over 80 countries

Focus markets

Romania, Russia, South Africa, Brazil, Mexico

Product portfolio

Extensive basket of branded generics

Customer focus

Strong relationships with prescribers

Sales force

Over 2,900 sales representatives across markets

Opportunity

Favourable macroeconomics driving increased pharmaceutical consumption

Local manufacturing

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

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

14% of FY25 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 includes innovative medicines, hospital & retail

products

Focus

Development and commercialization of differentiated products

Diverse Sales model

• Distribution-led model for generics • Own sales force for Innovative products

Local manufacturing

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

Japan presence

• Acquired 14 established prescription brands from Novartis in

2016

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

Canada presence

• Portfolio of Generics and Innovative Medicines • Innovative Medicines - Launched Ilumya in 2021, Cequa in 2022

and Winlevi in 2023

Global Consumer Healthcare

Global Consumer Healthcare highlights

An attractive opportunity

India

Amongst the leading consumer healthcare companies

Global presence

Presence in over 25+ 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)

4% of FY25 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 400+ APIs

Pipeline development

10-20 APIs scaled up annually

Regulatory approvals

402 DMF/CEP approvals & 532 DMF/CEP Filings to date

Manufacturing

Across 14 facilities

Research & Development

Cumulative R&D spend of ~Rs 300 Bn to date

R&D spend

R&D spend at 6.2% of sales for FY25

Innovative Medicines R&D

Global development capabilities incl. clinical trials

Generic capabilities

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

Organization

Over 2,900 headcount globally across several R&D centers

IPR support

Strong team of intellectual property experts supporting R&D

Focus

Development of Innovative Medicines/complex products and non infringing formulations

R&D investments

Filings and approvals

6.5%

5.8%

5.5%

6.7%

6.2%

ANDA

NDA/BLA

DMF/CEP

Patents**

21.5

22.2

23.7

31.8

32.5

661

542

532

3,241

402

2,481

FY21

FY22

FY23

FY24

FY25

Filed Approved

Filed Granted

R&D investments (Rs Bn)

R&D investments (% of sales)

** Excludes expired/abandoned patents

(All data as of 30-June-2025)

Global Manufacturing

Global Manufacturing highlights

World Class manufacturing infrastructure

Extensive global footprint

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

Integrated network

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

Wide capabilities

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

High quality

Many facilities approved by USFDA, 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

40 manufacturing sites

• Formulation

• India: 12, US : 3

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

Nigeria, Morocco 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

Sun Pharma’s Board of Directors comprises a strong and balanced leadership, with four out of

eight members serving as independent directors.

Lead Independent Director

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

Independent Director

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

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 3,930 Bn / US$45 Bn (as of 14th August 2025)

( All Figures in Rs mn )

# 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 # FY24 - Adjusted for Rs 4.9 Bn provision related to (i) Impairment of intangible under development of Ache Labs = Rs. 1,492 mn (ii) Nigeria Forex loss =Rs. 2,014 mn (iii) Alchemee restructuring cost =Rs. 507 mn (iv) Lipitor West Virginia settlement = Rs 698 mn, (v) Japan restructuring cost = Rs 232 mn. # FY25 - Adjusted for Rs 10.6 Bn provision related to (i) Opioid settlement = Rs 3,162 mn (ii) Concert Restructuring =Rs 440 mn (iii) Taro Restructuring =Rs 580 mn (iv) Investment in Lyndra =Rs 2,597 mn (v) Deferred tax adjustments =Rs 3,775 mn

P&L SummaryYoYFY21YoYFY22YoYFY23YoYFY24YoYFY25YoYSales332,331 3%384,264 16%432,789 13%477,585 10%520,412 9%Gross Profit245,430 6%280,749 14%326,167 16%370,958 14%412,939 11%EBITDA82,263 27%101,697 24%116,468 15%130,231 12%152,717 17%Net Profit29,038 -23%32,727 13%84,736 159%95,764 13%109,290 14%Net Profit (Adjusted)59,317 47%76,671 29%86,450 13%100,707 16%119,844 19%R&D Spend21,499 9%22,194 3%23,676 7%31,776 34%32,484 2%BS Summary Mar'21 Mar'22 Mar'23 Mar'24 Mar'25Shareholders Funds464,628 480,112 559,954 636,668 722,180 Loan Funds35,235 9,307 61,979 28,457 18,696 Net Fixed Assets168,322 173,607 206,806 200,330 202,908 Investments96,125 128,486 148,301 150,258 150,258 Cash and Bank Balances64,455 50,334 57,703 105,207 113,316 Inventory89,970 89,251 105,131 98,683 102,433 Sundry Debtors90,614 104,846 114,385 112,494 130,461 Sundry Creditors39,737 44,898 56,815 56,533 61,843 Sales split

In Rs Bn

Sales

332

384

433

478

520

101

103

114

128

135

136

153

149

162

169

FY21

FY22

FY23

FY24

FY25

India Formulations

US Formulations

Emerging Markets

Rest of World

API+Others

EBITDA trend

In Rs Bn

Sales

332

384

433

478

520

26.1%

26.9%

20.6%

19.0%

% of Sales

24.6%

19.2%

28.5%

25.3%

FY21

28.0%

30.4%

26.9%

FY22

26.5%

FY23

22.3%

19.7%

32.3%

26.9%

FY24

20.7%

19.2%

32.2%

29.0%

FY25

EBITDA

Other Expenditure

Personnel Costs

Material Costs

Cash Flow & debt

Net Cash from Operating Activities (Rs Bn)

Free Cash Flow (Rs Bn)

140.7

121.4

119.4

99.3

89.8

61.7

49.6

74.9

50.0

28.7

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Gross Debt (Rs Bn)

Net Cash (excluding debt) (Rs Bn)

62.0

35.2

9.3

28.5

18.7

267.9

199.8

149.4

123.8

103.0

FY21

FY22

FY23

FY24

FY25

FY21

FY22

FY23

FY24

FY25

Financial ratios

# 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 # FY24 - Adjusted for Rs 4.9 Bn provision related to (i) Impairment of intangible under development of Ache Labs = Rs. 1,492 mn (ii) Nigeria Forex loss =Rs. 2,014 mn (iii) Alchemee restructuring cost =Rs. 507 mn (iv) Lipitor West Virginia settlement = Rs 698 mn, (v) Japan restructuring cost = Rs 232 mn. # FY25 - Adjusted for Rs 10.6 Bn provision related to (i) Opioid settlement = Rs 3,162 mn (ii) Concert Restructuring =Rs 440 mn (iii) Taro Restructuring =Rs 580 mn (iv) Investment in Lyndra =Rs 2,597 mn (v) Deferred tax adjustments =Rs 3,775 mn

FY21FY22FY23FY24FY25Growth (%)Sales2.8 15.6 12.6 10.4 9.0 Gross Profit6.3 14.4 16.2 13.7 11.3 EBITDA21.5 22.5 12.0 11.8 17.3 Net Profit(22.9) 12.7 158.9 13.0 14.1 Net Profit (Adjusted)47.4 29.3 12.8 16.5 19.0 Margins (%)Gross Margin73.9 73.1 75.4 77.7 79.3 EBITDA Margin (%)25.3 26.9 26.5 26.9 29.0 Net Margin8.7 8.5 19.3 19.7 20.8 Net Margin (Adjusted)17.7 19.8 19.7 20.8 22.8 Return (%)ROCE13.5 16.5 16.5 18.2 20.5 ROE12.5 15.0 15.9 16.7 17.4 OthersFully Diluted EPS 12.1 13.6 35.3 39.9 45.6 Fully Diluted EPS (Adjusted)24.7 32.0 36.0 42.0 49.9 R&D Spend % of Net Sales6.5 5.8 5.5 6.7 6.2 Revenue6.4 5.6 5.4 6.6 6.1 Capital0.1 0.2 0.1 0.1 0.1 Key Financials Q1 FY26

( All Figures in Rs mn )

Net Profit Adjustment: # Q1FY26 - Adjusted for Rs 7.2 Bn related to the (i) SCD- 044 impairment Rs 2,870 mn, (ii) GxMDL cost Rs 5,310 mn, (iii) Benefit from deferred tax adjustment Rs 1,005 mn FY25 - Adjusted for Rs 10.6 Bn related to the (i) Opioid settlement = Rs 3,162 mn, (ii) Concert Restructuring =Rs 440 mn (iii) Taro Restructuring =Rs 580 mn (iv) Investment in Lyndra =Rs 2,597 mn (v) Deferred tax

adjustment Rs 3,775 mn

FY24 - Adjusted for Rs 4.9 Bn related to (i) Impairment of intangible under development of Ache Labs = Rs. 1,492 mn (ii) Nigeria Forex loss =Rs 2,014 mn (iii) Alchemee restructuring cost =Rs 507 mn (iv) Lipitor West

Virginia settlement =Rs 698 mn (v) Japan restructuring cost =Rs 232 mn

Q1 FY26Q1 FY25CHANGEFY25FY24CHANGEGross Sales137,861125,24510.1%520,413477,5859.0%Revenue from operation138,514126,5289.5%525,784484,9698.4%Gross Profit109,71398,49111.4%412,939370,95811.3%Gross Margin79.6%78.6%77.7%75.4%EBITDA43,01736,07619.2%152,717130,23117.3%EBITDA Margin31.1%28.5%26.9%26.5%Net Profit22,78628,356-19.6%109,29095,76414.1%Net margin16.5%22.6%20.8%19.7%Net Profit (Adjusted)29,96128,3565.7%119,844100,70719.0%Net margin (Adjusted)21.6%22.6%22.8%20.8%R&D9,0297,94013.7%32,48431,7762.2%R&D as % of Net Sales6.5%6.3%6.2%6.7%EPS (Diluted) INR9.511.8-19.6%45.639.914.1%EPS (Diluted) INR (Adjusted)12.511.85.7%49.942.019.0%Sales split Q1 FY26

( All Figures in Rs mn )

US Formulations

India Branded Generics

Emerging Markets

Rest of World

API & Others

34%

19%

33%

19%

Q1 FY26

29%

14%

Q1 FY25

31%

13%

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

Q1 FY26Q1 FY25CHANGEFY25FY24CHANGEFormulationIndia 47,21141,44513.9%169,230148,89313.7%US40,45238,8944.0%162,403153,4935.8%Emerging Markets25,53123,6957.7%94,16086,1959.2%ROW18,73615,81418.5%71,62667,1286.7%Sub-total131,930119,84810.1%497,419455,7089.2%ÀPI5,4044,9469.3%21,29219,18711.0%Others52745116.7%1,7022,690-36.7%Gross Sales137,861125,24510.1%520,412477,5859.0%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

2023

2024

2025

Innovative Medicines launches

In-lincesed Winlevi®

Acquired Concert Pharma

Acquired rights to Nidlegy™

Acquired rights to Fibromun

Acquired Checkpoint Therapeutics

Key deals & rationale

Year

Deals

Country

Rationale

2025

Checkpoint Therapeutics Inc.

2024

Completed Taro merger

2024

In-licensed Fibromun

2023

In-licensed Nidlegy™

Global

Israel

Global

First and only US FDA-approved anti-PD-L1 treatment for metastatic or locally advanced (cSCC)

Acquired outstanding shares of Taro, now a 100% subsidiary of Sun

Innovative anti-cancer immunotherapy for the treatment of soft tissue sarcoma and glioblastoma.

Europe, ANZ

New anti-cancer biopharmaceutical for the treatment of melanoma and non-melanoma skin cancers

2023

Acquired Concert Pharmaceuticals, Inc.

Global

2023

In-licensed Sezaby

2022

Acquired Uractiv Portfolio from Fiterman Pharma

2022

In-licensing agreement to expand Winlevi

Romania

Japan, ANZ, Brazil, Mexico & Russia

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

Addition of product to the Innovative portfolio. Treatment of neonatal seizures

Expand non-prescription product basket in Romania and neighbouring markets

Increase access 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

Add an Innovative product to dermatology franchise. Topical treatment of acne vulgaris

2020

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

Key deals & rationale

Year

2019

Deals

Country

Rationale

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

Mainland China

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

Greater China

Commercialise oncology portfolio in Mainland China

Access to Greater China market

2018

Acquired Pola Pharma in Japan

Japan

Access to Japanese dermatology market

2016

Acquired rights for Cequa & Odomzo

Global

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

2016

Acquired Biosintez

Russia

Local manufacturing capability to enhance presence in Russian market

2016

Out-licensing agreement with Almirall for tildrakizumab

Europe

Access to European market for tildrakizumab

2016

Acquired 14 brands from Novartis

Japan

Entry into Japan

2015

Sun Pharma – Ranbaxy Merger

2014

In-licensing agreement with Merck for tildrakizumab

2014

Acquired Pharmalucence

2012

Acquired DUSA Pharma, Inc.

2010

Acquired Taro Pharmaceutical Industries Ltd.

1997

Acquired Caraco

Global Markets

Israel

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

Strengthen the Innovative product pipeline. Treatment of plaque psoriasis

Access to sterile injectable capacity in the US

Access to Innovative drug-device combination in dermatology segment

Access to dermatology generic portfolio Manufacturing facilities at Israel & Canada

Entry into US Market

Sun Pharma - focus areas

US business

• Enhance share of innovative/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 innovative 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 Innovative Medicines pipeline

Regulatory/ Quality

Financial

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

with global regulatory standards

• Target mid to high single digit consolidated topline growth for FY26 • 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

Innovative Medicines, branded generics, generics & APIs

Innovative Medicines

Fast growing. Focused therapy approach.

US Generics

12th largest in US generics market##

India

Largest pharma company in India**

Emerging Markets

Operating at scale in over 80 countries

Rest of World

Expanding presence in Ex-US developed markets

R&D

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

40 Manufacturing facilities

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

Quality compliance

Several facilities approved by global regulators incl. USFDA

Employees

43,000+ global employee base

## Source: IQVIA data for 12 months ended June 2025 ** As per AIOCD AWACS data for 12 months ended June 2025

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, Plot 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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