Sun Pharmaceutical Industries Limited has informed the Exchange about Investor Presentation
Sun Pharmaceutical Industries Limited Sun House, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai – 400 063, Maharashtra, INDIA. Tel.: (91-22) 4324 4324 Fax: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050
27 April 2026
National Stock Exchange of India Limited Scrip Symbol: SUNPHARMA
BSE Limited Scrip Code: 524715
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.
ACCELERATING SUN’S TRANSFORMATION TOWARDS BECOMING A GLOBAL PHARMA COMPANY
Reaching People, Touching Lives
I n v e s t o r p r e s e n t a t i o n | A p r i l 2 0 2 6
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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.
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Forward Looking Statements
This presentation contains express or implied forward-looking statements related to Sun Pharma and the proposed transaction.
All statements other than statements of historical fact are statements that could be deemed “forward-looking statements” within the meaning of the “safe harbor” provisions of the United Sates Private Securities Litigation Reform Act of 1995, including all statements regarding the intent, belief or current expectation of the companies and members of their senior management teams. Words such as “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words.
Examples of such forward-looking statements include, but are not limited to, express or implied:
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statements regarding the transaction and related matters, including the benefits of and timeline for closing the transaction, prospective performance and opportunities, post-closing operations and the outlook for the companies’ businesses;
statements of targets, plans, objectives or goals for future operations, including those related to Sun Pharma’s and Organon’s products, product research, product development, product introductions and product approvals as well as cooperation in relation thereto;
statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures;
statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings; and
statements regarding the assumptions underlying or relating to such statements.
These statements are based on current plans, estimates and projections and are not predictions of actual performance. By their very nature, forward-looking statements involve inherent risks and uncertainties. Sun Pharma and Organon each caution that a number of important factors, including those described in this document, could cause actual results to differ materially from those contemplated in any forward-looking statements.
Factors that may affect future results and may cause these forward-looking statements to be inaccurate include, but are not limited to: uncertainties as to the timing of completion of the merger; uncertainties as to whether Organon’s stockholders will vote to approve the transaction; the possibility that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction (or only grant approval subject to adverse conditions or limitations); the possibility that the proposed transaction may not be completed in the time frame expected by Sun Pharma and Organon, or at all; failure to realize the anticipated benefits of the proposed transaction in the time frame expected, or at all; the effects of the transaction on relationships with employees, other business partners or governmental entities; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; significant or unexpected costs, charges or expenses resulting from the proposed transaction; negative effects of this announcement or the consummation of the proposed acquisition on the market price of Sun Pharma’s shares or Organon’s common stock and/or Sun Pharma’s or Organon’s operating results; the difficulty of predicting the timing or outcome of regulatory approvals or actions; other business effects, including the effects of industry, economic or political conditions outside of the companies’ control; transaction costs; actual or contingent liabilities; risk of litigation and/or regulatory actions related to the proposed acquisition; adverse impacts on business, operating results or financial condition in the future due to pandemics, epidemics or outbreaks, and their impact on Sun Pharma’s and Organon’s respective businesses, operations, supply chain, patient enrollment and retention, clinical trials, strategy, goals and anticipated milestones; government-mandated or market-driven price decreases for Sun Pharma’s or Organon’s products; the existence or introduction of competing products; reliance on information technology; Sun Pharma’s or Organon’s ability to successfully market current and new products; Sun Pharma’s, Organon’s and their collaborators’ ability to continue to conduct research and clinical programs and exposure to product liability and legal proceedings and investigations. Further risks and uncertainties that could cause actual results to differ materially from the results anticipated by the forward-looking statements are detailed from time to time in Organon’s periodic reports filed with the U.S. Securities and Exchange Commission (the “SEC”). These filings, when available, are available on the investor relations section of Organon’s website at https://www.organon.com or on the SEC’s website at https://www.sec.gov.
Any forward-looking statements speak only as of the date of this communication and are made based on the current beliefs and judgments of Sun Pharma’s and Organon’s management, and the reader is cautioned not to rely on any forward-looking statements made by Sun Pharma or Organon. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Unless required by law, each of Sun Pharma and Organon is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this communication, whether as a result of new information, future events or otherwise.
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Sun Pharma – Putting patients first and delivering superior performance
$6.2B+ Revenue in FY25
Presence in
100+ countries
#1 Pharma company in India by revenue
20% of Revenue from fast growing Innovative Medicines business
Strong Balance Sheet with $3.1B+ Cash – FY25
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Sun’s values are at the core of its performance culture
Values driven
Patient centricity
Execution rigor
Sunology is the way of life at Sun Pharma
• Humility
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Integrity
Passion
Innovation
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Touching 1000+ patients per minute
Commitment to address unmet patient needs through innovative medicines
• Deepening patient access across multiple therapies
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Scaled portfolio of large, trusted brands
• HCP-centric branded generics playbook
• DNA of lean, high-quality operations and cost leadership
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Consistent track record of value creation through M&A
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Strategic M&A and BD deals have been integral in value creation at Sun Pharma – Successful track record of integrating people and businesses
Key M&A moves
Announced Acquisition of Organon & Co
2010
2012
2014
2015
2018
2021
2023
2025
2026
Key BD&L deals
Acquired rights from Merck
Acquired Global rights for Odomzo
Acquired Global rights for Cequa
In-licensed Winlevi®
FY10 Rev: $823 Mn EBITDA: $287 Mn
Revenue CAGR of 14.4% (FY10-25)
EBIDTA CAGR of 13% (FY10-25)
FY25 Rev: $6.2 Bn EBITDA: $1.8 Bn
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Organon & Co: Strong brand equity and global commercial footprint
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Leadership in Women’s Health
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Leading position in Women’s Health - #2 in contraceptive and #3 in fertility
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At scale established brands and biosimilars portfolio
50+ established brands with 15 brands of 100 Mn scale
• • #7 in biosimilars globally, with 8 biosimilars in market and revenues of ~$700 Mn
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Global commercial footprint
Diversified global manufacturing platform
• Global commercial presence across 140+ countries, incl. US, EU, China, Canada, Brazil
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6 sites across EU and EM, with capabilities to manufacture complex products
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Strong EBITDA and cashflows
Stable adj. EBITDA margins of 30%+ over last 5 years
• • Generating $1Bn+ free cashflows before financing
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100 years of legacy
• Proven ability to develop complex products (e.g. Nexplanon, Nuvaring) •
Sun’s Ilumya and many other innovative biologics have roots in Organon labs
Notes: 1. CVS means Cardiovascular System Therapy Area
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Organon has a strong portfolio of Innovative Medicines, Established Brands and Biosimilars
Women’s Health & other innovative medicines Top 3 fertility and contraceptive platform
Established Brands Top 5 established products player
Biosimilars Top 10 global biosimilars platform
22 Products ~33%* Rev. contribution
50+ Products ~55%* Rev. contribution
8 Products ~11%* Rev. contribution
*~1% of revenue from other sources
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Organon has a leading position in the high-potential Women’s Health segment
Women’s Health market is large and attractive
Organon has a strong platform in WH to drive sustained growth
$35Bn1+ total market size growing at 6-10% CAGR
Several unmet needs across WH indications
Less complex market access environment
100+ assets under development across biotech
Notes: 1. Spans US, EU5, Japan, China, Brazil + Mexico, ANZ/ Canada, Thailand, Russia, S. Kor
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A Basket of global innovative brands
Leading position in US contraceptives and fertility segment
• Hormonal Contraceptives: #2 globally
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Fertility: #3 globally
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Portfolio comprises of complex, hard to develop products
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An attractive portfolio of large, Established Brands in high-value therapies
Organon has a large $3+ Bn Established Brands portfolio
This portfolio spans across therapies, including CVS1, Respi, Bone and Derma
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55% of Organon’s revenue comes from Established Brands
2 15 100 Mn+ brands
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50+ brands in portfolio
CVS
Bone health
Respiratory
Other
Opportunity to accelerate growth of Organon's portfolio given the large market potential
Notes: 1. CVS - Cardiovascular System Therapy Area
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7th largest player in the high-growth Biosimilar segment
Global Biosimilars Market
Organon Biosimilar Revenue: 13%+ CAGR over L5Y
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2
3
$20+ Bn market growing at 15%+
424
481
Revenue (USD Mn)
593
662
691
$320+ Bn cumulative peak sales of patented drugs reaching LOE by 2035
$70+ Bn potential biosimilars market from upcoming LOEs by 2035
2021
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2025
Leading presence in Biosimilars offers strong commercialization platform for in-licensing and future launches
Source: Evaluate, October 2023; press reports
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A transformative opportunity for Sun, unlocking new growth platforms
Deep dive ahead
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Increased share of Innovative Medicines; addition of Women’s Health as new therapy area
Leverage Sun’s branded generics playbook to rejuvenate a strong platform of established brands
Build a presence in biosimilars by leapfrogging to a top 10 global position
Global commercial platform to become licensing partner of choice
Global manufacturing footprint and capabilities in complex modalities that can be applied broadly
Leveraging Sun’s DNA of lean operations and execution excellence
Strong free cash flows to deleverage and support investment in portfolio growth
Enhanced Sun’s standing; to be among top 25 pharma companies in the world
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Innovative Medicines: Organon strengthens Sun’s presence in innovation space, with addition of Women’s Health as a new pillar
Sun’s portfolio
Organon’s portfolio
Innovative product portfolio of the combined entity
Dermatology
Women’s Health and other Innovation
Ophthalmology
Onco-Derma
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27% revenue share of combined business
#3 position in Women’s Health (Contraception and Fertility)
Strengthens advanced markets position
• Opportunity for in-licensing
• Opportunity to address unmet needs across broader set of Women’s Health indications
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Established Brands: Opportunity to use Sun’s BGx playbook to rejuvenate EP portfolio
Leading global player in Established Brands/ Branded Gx segment
Sun’s portfolio has 100+ scaled Branded Gx products
Organon brings 50+ Established Brands portfolio
Sun’s portfolio
Organon’s portfolio
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51% revenue share of combined business
• Opportunity for
– Cross-pollination of products
and leveraging complementary reach
– Lifecycle management
– Global platform to enable in-
licensing of products
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Generics and Biosimilars: Adds Biosimilar as a new platform; unlocks new channels for Gx portfolio
Sun’s portfolio
Organon’s portfolio
Leading presence in Biosimilar and Generics segments
Biosimilars
Generics
#7 rank globally, 8 Biosimilars in market
550+ approved ANDAs across technologies (as of Dec 2025)
• Opportunity to
Oral solids
Liquids
Injectables
Eye drops
Aerosols
Topicals
– Use commercial platform in Biosimilar to in-license and launch future products
– Scale Sun Gx’s business in Europe by leveraging Organon’s retail presence
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Commercial platform: Global presence across 150+ markets, 18 markets with 100 Mn+ revenue
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24,000+ commercial front-end team
• Adds/ significantly scales presence in EU, China, Korea,
Mexico, Thailand
• Opportunity to become in-licensing partner of choice
US
IND
CHI
CAN BRA
SPA ROM RUS
JAP
ITA
AUS
KOR
MEX
GER
FRA
UK
THA
MAL
1 Combined revenue of $100Mn+
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China: Scaled platform, with multiple opportunities to accelerate presence
China is a large, growing market with strong innovation pipeline
Organon provides at scale platform for expansion
Potential to drive further growth
$150 Bn+ market in 2025
$800 Mn+ revenue
8 large brands
5-7%+ expected growth over coming year
2000+ innovative products in development
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Acceleration of Established Brands portfolio
Platform for launching of Sun products
• Opportunity to tap into
the Innovation landscape
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Combination of Sun and Organon creates a business with significant global scale
~$12.4Bn revenue
27% Share of Innovative Medicines
51% revenues from Established Brands / Branded Generics
18 markets at $100Mn+ scale
~24K Combined commercial front end team
Notes: combined figures indicate upon acquisition and successful consolidation Sun financials as per FY25; Organon financials as per CY25; INR/USD Exchange rates considered for FY25:84.5 INR/USD
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Poised to enhance share of Innovative Medicines and Established Brands / BGx
API & others 4%
Innovative Medicines 20%
Other* 1%
Biosimilars 11%
Innovative Medicines / Women’s Health 33%
+
API & Others 2%
Generics 15%
Innovative Medicines 27%
Generics 30%
$6.2 Bn
$6.2 Bn
Biosimilars 6%
$12.4 Bn
BGx 46%
Established Brands 55%
Notes: combined figures indicate upon acquisition and successful consolidation Sun financials as per FY25; Organon financials as per CY25; INR/USD Exchange rates considered for FY25:84.5 INR/USD *Other includes revenue from drugs manufactured and supplied to Merck
Established Brands / BGx 51%
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Complementary footprint creates presence in all major regions; expands Europe; adds China and Korea
Others 4%
RoW 14%
India 33%
China 13%
Asia incl. Japan 16%
EU + CA 26%
+
India 17%
RoW + Others 28%
$6.2 Bn
$6.2 Bn
$12.4 Bn
EM 18%
LAMERA1 17%
US 26%
US 31%
EM 29%
Notes: combined figures mean upon acquisition and successful consolidation1. 1. LAMERA – LATAM, Middle east, Russia, Africa Sun financials as per FY25; Organon financials as per CY25; INR/USD Exchange rates considered for FY25:84.5 INR/USD
US 27%
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Combined business will unlock several vectors of value creation Potential Synergies of over $350 Mn in 2-4 years, Significant future upside from Growth Opportunities
1. Enhance patient access by cross-pollinating portfolio across markets Grow Sun using Organon’s strong commercial engine; scale Organon’s portfolio in India and other Sun-led markets
2. Accelerate growth in Organon’s portfolio Apply Sun’s branded generics playbook to further scale Organon established brands
3. Licensing partner of choice Globally scaled partner to in-license and commercialize innovative medicines
4. Leverage DNA of efficient and lean operations Unlocking cost improvement opportunities
5. Leverage technology backbone to address unmet patient needs Leverage Sun and Organon’s combined capabilities to unlock future-ready platforms
6. Stronger financial position Leverage combined cash flows to invest in future strategic priorities
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A merger of robust operations: EBITDA and Cash Flows set to nearly double
Sun
$6.2 Bn
$1.8 Bn
$1.4 Bn
Revenue
EBITDA
Free cash flow (before financing)
Organon
$6.2 Bn
Sun + Organon
$12.4 Bn
$1.9 Bn*
$3.7 Bn
~2x
~2x
$1.1 Bn
$2.5 Bn
~1.8x
Net Debt/ EBITDA
Net Positive
~4.0x
~2.3x
Strong cash generation to enable debt repayment
Notes: combined figures mean upon acquisition and successful consolidation *Adjusted EBITDA as reported; Sun financials as per FY25; Organon financials as per CY25; INR/USD Exchange rates considered for FY25:84.5 INR/USD
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Transaction Transaction overview overview
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NYSE ticker: OGN
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Transaction Details
$14.0 per share in cash at closing
Representing Equity Value of $3.99 Bn and Enterprise Value of $11.75* Bn on a fully diluted basis
Acquisition financed with:
• $2-2.5Bn of cash on hand • Balance $9.25-9.75 Bn to be funded through committed financing from banks
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Subject to approval by Organon shareholders and customary regulatory approvals
The transaction is expected to close in early 2027, subject to customary closing conditions
*Adjusted for cash on books on 31st Dec, 2025 plus net proceeds from a product divestment
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Next steps: Deal execution and integration planning for post-close
Deal execution
Integration planning for post-close
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Submit regulatory filings
Obtain Organon shareholder and relevant regulatory approvals
Target closing, subject to customary approvals
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Initiate integration planning including Integration Management Office
Assess combined organizational capabilities and expertise
Plan for cross cultural assimilation and ways of working
Sustain momentum of existing businesses
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Building our shared Culture
Sunology
The Organon Way
Humility
Integrity
Passion
Innovation
Be Real
We All Belong
Bring Your Fire
Own It
Rise Together
Keep Moving
Patient Centricity at the core of our Culture
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Accelerating Sun’s transformation towards becoming a Global Pharma Company
#1
Pharma Company in 4 Countries
#3
in Women’s Health (Contraceptives and Fertility)
#7
in Biosimilars globally
18
countries with > $100 Mn revenue
27%
revenue from Innovative Medicines
51%
revenue from Established brands / Branded Gx
140+
markets, 24,000+ commercial front-end
Top 25 Global Pharma company Reaching People, Touching Lives
Continue to be fuelled by Sun’s core pillars – Value driven growth, Patient centricity and Execution rigor
Notes: combined figures indicate upon acquisition and successful consolidation Sun financials as per FY25; Organon financials as per CY25; INR/USD Exchange rates considered for FY25:84.5 INR/USD
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Thank you