Sun Pharmaceutical Industries Limited · NSE:SUNPHARMA
Sun Pharmaceutical Industries — Investor Presentation (February 2025)
61 slides from Sun Pharmaceutical Industries's investor presentation, February 2025
Slide 1: Creating Lasting Value
Creating Lasting Value Investor Presentation – February 2025 NSE:SUNPHARMA | BSE:524715 | Bloomberg:SUNP IN | Reuters:SUN.BO WWW.SUNPHARMA.COM
Slide 2: Disclaimer
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”, “pl
Slide 3: Sun Pharma
Sun Pharma 1 Revenue composition and growth highlights 2 Business operations 3 R&D & Manufacturing 4 Corporate Governance 5 Key Financials 6 Company history and key deals 7 Focus areas © Sun Pharmaceutical Industries Limited. All Rights Reserved. 3
Slide 4: Sun Pharma at a glance
Sun Pharma at a glance Leading global specialty generic company Global presence Operates in over 100 countries Diversified business Specialty portfolio, branded generics, generics & APIs Global Specialty Fast growing. Focused therapy approach. US Generics 12th largest in US generics market## India L
Slide 5: A diversified revenue base
A diversified revenue base Emerging Markets Rest of World (RoW)# Formulations Formulations 18% 14% API & Others 5% FY24 Sales Rs 478 Bn India Formulations 31% US Formulations 32% # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets. © Sun Pharmaceutical Industr
Slide 6: Impressive track record of growth
Impressive track record of growth (All Figures in Rs Bn) CAGR for FY09-FY24 130 101 478 287 71 57 63 Adjusted 160 Sales EBITDA 39 Net Profit CAGR CAGR 18 CAGR 18% 19 12% 43 14% FY09 FY14 FY19 FY24 FY09 FY14 FY19 FY24 FY09 FY14 FY19 FY24 121 99 42 24 Adjusted Operating Free Cash EPS 16 40 Cash Flow 3
Slide 7: Strong profitability and return ratios
Strong profitability and return ratios Adjusted Net Profit Gross Margin # EBITDA Margin Margin 77.7% 75.4% 21.1% 73.9% 73.1% 20.0% 20.0% 26.9% 26.9% 17.8% 26.5% 25.3% FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 ROCE ROE Market Cap (USD Bn) 47.0 18.2% 16.4% 16.5% 15.9% 16.7% 15.0% 13.
Slide 8: Best-in-class profitability
Best-in-class profitability Sun Pharma Range of Top 9 Indian Pharma Cos. Average Gross Margin EBITDA Margin Adjusted Net Profit Margin 78% 75% 74% 73% 27% 27% 27% 25% 65% 63% 63% 23% 22% 62% 20% 19% 20% 20% 21% 18% 14% 13% 13% 10% FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Gross mar
Slide 9: Business operations
Business operations © Sun Pharmaceutical Industries Limited. All Rights Reserved. 9
Slide 10: Snapshot of business operations
Snapshot of business operations US Formulations India Formulations FY24 sales: Rs 153,493 mn FY24 sales: Rs 148,893 mn Specialty & Generics. Over 590 approved products Largest pharma company in India with 8.1% market Large part of Specialty sales in the US. Dermatology, share Ophthalmology
Slide 11: Driving sustainable long term growth
Driving sustainable long term growth • Achieve critical mass in key markets • Increase contribution of specialty • Embed sustainability practices in and complex products business • Direct future investments • Actionable targets on sustainability towards differentiated products profitability & invest
Slide 12: ESG Performance - FY 2023-24
ESG Performance - FY 2023-24 Environmental Social Governance Energy Employee wellbeing Corporate Governance • ~38% Energy sourced from • Great Place To Work® Certified • 98.2% Average Board meeting renewable sources • 8.282 new hires attendance • 18% reduction in absolute Scope 1 • 18.10% gender div
Slide 13: Global Specialty
Global Specialty © Sun Pharmaceutical Industries Limited. All Rights Reserved. 13
Slide 14: Global Specialty highlights
Global Specialty highlights Building a Global Specialty business in select therapy areas Marketed products in Dermatology, Ophthalmology and Onco Focused approach Dermatology Key growth driver 18% of sales in FY24 vs 7.3% of sales in FY18 Wide portfolio 26 products marketed globally US market presen
Slide 15: Global Specialty portfolio
Global Specialty portfolio For treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy • Long term clinical data shows that the significant response rate seen in 52 & 64 weeks were maintained over five years1 • Ongoing Phase-3 trials for P
Slide 16: Global Specialty portfolio
Global Specialty portfolio Treatment of adult patients with locally advanced basal cell carcinoma (BCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy. • ODOMZO was shown to shrink laBCC in almost 6 out of 10 patients (56%)
Slide 17: Global Specialty portfolio
Global Specialty portfolio In combination with methylprednisolone for the treatment of patients with metastatic castration-resistant prostate cancer (CRPC). • YONSA® was shown in clinical studies to be an effective form of abiraterone acetate, and can be taken with or without food, in combination wi
Slide 18: Global Specialty pipeline
Global Specialty pipeline Mechanism of Candidate Indication Preclinical Phase 1 Phase 2 Phase 3 Registration action Leqselvi JAK Inhibitor severe alopecia areata melanoma & non- Nidlegy™ Immunocytokines melanoma skin cancers Ilumya IL-23 Antagonist psoriatic arthritis soft tissue sarcoma Innovative
Slide 19: Global Specialty Sales
Global Specialty Sales Specialty Sales (USD mn) 429 485 674 871 1,039 • US is the major contributor to Global Specialty revenues • Sales have grown by 25% CAGR 18.0 since FY20 16.2 • Largest product Ilumya reported 13.1 sales of $580 Mn in FY24 10.8 9.4 • 26 specialty products marketed across the gl
Slide 20: US Business
US Business 32% of FY24 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 20
Slide 21: US highlights
US highlights Significant innovative portfolio/12th largest in US Generics* Dermatology segment Ranked 2nd by prescriptions## in the US dermatology market Wide basket of 650 ANDAs & 64 NDAs filed and 541 ANDAs & 51 Comprehensive portfolio** NDAs approved across multiple therapies Robust pipeline** 1
Slide 22: Milestones in US business
Milestones in US business FY24 • Acquired outstanding shares of Taro, now a 100% subsidiary of Sun • Acquired Concert Pharma giving access to deuruxolitinib for alopecia areata FY23 • Launched Sezaby in the US FY22 Launched Winlevi in the US Presented long term clinical data for Ilumya & other clini
Slide 23: US business: revenue progression
US business: revenue progression Sales in Rs Bn 153 135 105 101 114 FY20 FY21 FY22 FY23 FY24 23
Slide 24: ANDA & NDA pipeline
ANDA & NDA pipeline ANDAs filed and approved (cumulative) NDA filed and approved (cumulative) 635 650 605 616 595 531 541 512 519 501 67 67 65 64 64 55 54 54 51 51 FY21 FY22 FY23 FY24 Q3FY25 FY21 FY22 FY23 FY24 Q3FY25 Cumulative products filed Cumulative products filed Cumulative products approved C
Slide 25: India Business
India Business 31% of FY24 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 25
Slide 26: India highlights
India highlights Largest Pharma company in India Pharma market Market position** Largest Pharma company in India with 8.2% market share Prescription ranking## Ranked No. 1 by prescriptions with 12 classes of prescribers Chronic segment Market leader in the chronic segment Acute segment Strong positi
Slide 27: Largest Pharma company in India
Largest Pharma company in India Market Share Formulation sales in India as of 12 months ended Dec 2024 (Rs mn) 180,670 Sun Pharma 8.2% 130,640 Abbott + Abbott HC + Novo 5.9% 123,080 Mankind 5.6% 115,820 Cipla 5.2% 90,260 Alkem + Cachet + Indchemie 4.1% 83,800 Intas 3.8% 78,860 Torrent 3.6% 76,790 Lu
Slide 28: India: revenue progression
India: revenue progression Sales in Rs Bn Therapeutic breadth** Others Opthalmology 4% 149 3% Urology Neuro-Psychiatry 136 3% 20% Gynaecology 128 4% Dermatology 4% 103 Vitamins / Minerals 97 / Nutrients 5% Market Share Cardiology Respiratory 5% 8.2% 17% Anti-Infectives 6% Pain / Analgesics 7% Gastro
Slide 29: Leadership across therapeutic areas
Leadership across therapeutic areas* Number 1 Ranking with 12 Doctor Categories* Prescription rankingx Specialist Oct ‘20 Oct ‘21 Oct ‘22 Oct ‘23 Oct ‘24 Psychiatrists 1 1 1 1 1 Neurologists 1 1 1 1 1 Cardiologists 1 1 1 1 1 Gastroenterologists 1 1 1 1 1 Diabetologists 1 1 1 1 1 Dermatologists 1 1 1
Slide 30: India: Best-in-class field force productivity
India: Best-in-class field force productivity Sales per medical representative (Rs mn) 9,707 10,963 11,149 12,692 13,984 • Well trained and scientifically oriented sales representatives team with strong performance 11.4 track record 10.7 10.6 10.0 9.4 • Highest field force productivity amongst key p
Slide 31: Emerging Markets
Emerging Markets 18% of FY24 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 31
Slide 32: Emerging Markets highlights
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 Ov
Slide 33: Rest of World (Western Europe, Canada, Japan, ANZ, Israel & other markets)
Rest of World (Western Europe, Canada, Japan, ANZ, Israel & other markets) 14% of FY24 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 33
Slide 34: Rest of World highlights
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 specialty, hospital & retail products Focus Development and commercialization of differentiated products • Distribution-led
Slide 35: Global Consumer Healthcare
Global Consumer Healthcare 35
Slide 36: Global Consumer Healthcare highlights
Global Consumer Healthcare highlights An attractive opportunity India Amongst the top 5 consumer healthcare companies Global presence Presence in over 25+ countries India, Romania, South Africa, Nigeria, Myanmar, Ukraine, Poland, Markets of presence Thailand, Belarus, Kazakhstan, Nepal, Morocco, UAE
Slide 37: Active Pharmaceutical Ingredients (API)
Active Pharmaceutical Ingredients (API) 5% of FY24 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 37
Slide 38: API highlights
API highlights Backward integration has strategic importance Backward integration provides cost competitiveness and supply Strategic importance reliability Customers Large generic and innovator companies Product portfolio Approximately 380 APIs Pipeline development 10-20 APIs scaled up annually Regu
Slide 39: Research & Development
Research & Development © Sun Pharmaceutical Industries Limited. All Rights Reserved. 39
Slide 40: Research & Development
Research & Development Cumulative R&D spend of ~Rs 294 Bn to date R&D spend R&D spend at 6.7% of sales for FY24 Specialty R&D Global development capabilities incl. clinical trials Finished dosage development, biological support, chemistry and Generic capabilities new drug development Organization Ov
Slide 41: R&D investments
R&D investments R&D investments Filings and approvals 6.1% 6.5% 5.8% 5.5% 6.7% ANDA NDA/BLA DMF/CEP Patents** 650 64 518 3,210 31.8 541 397 23.7 51 2,442 21.5 22.2 19.8 FY20 FY21 FY22 FY23 FY24 Filed Approved Filed Approved Filed Approved Filed Granted ** Excludes expired/abandoned patents R&D inves
Slide 42: Global Manufacturing
Global Manufacturing © Sun Pharmaceutical Industries Limited. All Rights Reserved. 42
Slide 43: Global Manufacturing highlights
Global Manufacturing highlights World Class manufacturing infrastructure 41 manufacturing facilities across India, the Americas, Asia, Africa, Extensive global footprint Australia and Europe Vertically integrated network across six continents enables high Integrated network quality, low cost and a q
Slide 44: Manufacturing facilities
Manufacturing facilities 41 manufacturing sites • Formulation • India : 13, 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,
Slide 45: Corporate governance
Corporate governance Strong board comprising of majority independent directors. Five of eight board of directors are independent. Lead Independent Independent Director Independent Director Independent Director Independent Director Director Dr. Pawan Goenka Gautam B. Doshi Rama Bijapurkar Sanjay Ashe
Slide 46: Key Financials
Key Financials © Sun Pharmaceutical Industries Limited. All Rights Reserved. 46
Slide 47: Summary Financials
Summary Financials Market capitalisation Rs 4,100 Bn / US$ 47 Bn (as of 17th Feb 2025) ( All Figures in Rs mn ) P&L Summary FY20 YoY FY21 YoY FY22 YoY FY23 YoY FY24 YoY Sales 323,252 13% 332,331 3% 384,264 16% 432,789 13% 477,585 10% Gross Profit 230,947 11% 245,430 6% 280,749 14% 326,167 16% 370,95
Slide 48: Sales split
Sales split In Rs Bn Sales 323 332 384 433 478 22 22 67 21 60 55 86 20 21 79 45 49 67 55 58 153 135 114 105 101 128 136 149 97 103 FY20 FY21 FY22 FY23 FY24 India Formulations US Formulations Emerging Markets Rest of World API+Others © Sun Pharmaceutical Industries Limited. All Rights Reserved. 48
Slide 49: EBITDA trend
EBITDA trend In Rs Bn Sales 323 332 384 433 478 % of Sales 24.6% 22.3% 28.6% 26.1% 26.9% 19.7% 19.2% 19.7% 20.6% 19.0% 30.4% 32.3% 28.5% 28.0% 31.8% 25.3% 26.9% 26.5% 26.9% 21.3% FY20 FY21 FY22 FY23 FY24 EBITDA Other Expenditure Personnel Costs Material Costs © Sun Pharmaceutical Industries Limited.
Slide 50: Cash Flow & debt
Cash Flow & debt Net Cash from Operating Activities (Rs Bn) Free Cash Flow (Rs Bn) 121.5 99.3 89.8 74.9 65.5 61.7 49.6 50.1 50.0 28.7 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 Gross Debt (Rs Bn) Net Cash (excluding debt) (Rs Bn) 82.2 199.8 62.0 149.4 123.8 103.0 35.2 28.5 69.5 9.3 FY20 FY21
Slide 51: Financial ratios
Financial ratios FY20 FY21 FY22 FY23 FY24 Growth (%) Sales 12.7 2.8 15.6 12.6 10.4 Gross Profit 10.9 6.3 14.4 16.2 13.7 EBITDA 10.8 21.5 22.5 12.0 11.8 Net Profit 41.3 (22.9) 12.7 158.9 13.0 Net Profit (Adjusted) 3.8 47.4 29.3 12.8 16.5 # # # # # Margins (%) Gross Margin 71.4 73.9 73.1 75.4 77.7 EBI
Slide 52: Key Financials Q3 FY25
Key Financials Q3 FY25 ( All Figures in Rs mn ) Q3 FY25 Q3 FY24 CHANGE 9m FY25 9m FY24 CHANGE Gross Sales 134,369 121,569 10.5% 392,257 359,451 9.1% Revenue from operation 136,755 123,807 10.5% 396,196 365,140 8.5% Gross Profit 106,964 94,199 13.6% 311,155 276,629 12.5% Gross Margin 79.6% 77.5% 77.7
Slide 53: Sales split Q3 FY25
Sales split Q3 FY25 ( All Figures in Rs mn ) Q3 FY25 Q3 FY24 CHANGE 9m FY25 9m FY24 CHANGE Formulation India 43,004 37,785 13.8% 127,100 111,814 13.7% US 40,030 39,736 0.7% 122,199 113,948 7.2% Emerging Markets 23,384 20,946 11.6% 71,599 65,847 8.7% ROW # 21,840 17,797 22.7% 54,286 50,838 6.8% Sub-t
Slide 54: Company history and key deals
Company history and key deals © Sun Pharmaceutical Industries Limited. All Rights Reserved. 54
Slide 55: Creating a global company over time
Creating a global company over time 1983 1994 2010 2012 2013 Acquired Dusa Began with 5 Acquired URL IPO – Rs 550 Mn Acquired Pharma products Taro raised 2019 2018 2016 2015 2014 Acquired Global Agreement with Acquired rights for Acquired Acquired InSite Merck for in- Ranbaxy Acquired Pola Cequa & B
Slide 56: Key deals & rationale
Key deals & rationale Year Deals Country Rationale Innovative anti-cancer immunotherapy for the 2024 In-licensed Fibromun Global treatment of soft tissue sarcoma and glioblastoma. New anti-cancer biopharmaceutical for the treatment 2023 In-licensed Nidlegy™ Europe, ANZ of melanoma and non-melanoma s
Slide 57: Key deals & rationale
Key deals & rationale Year Deals Country Rationale Licensing agreement with CMS for Greater 2019 Access to Greater China market tildrakizumab, Cequa & 8 generic products China 2018 Acquired Pola Pharma in Japan Japan Access to Japanese dermatology market Enhance specialty pipeline. Treatment of dry
Slide 58: Sun Pharma - focus areas
Sun Pharma - focus areas • Enhance share of specialty/branded business US business • Continue to focus on complex generics and high entry barrier segments • Ensure broad product offering to customers across multiple dosage forms • Focus on productivity enhancement India • Maintain leadership positio
Slide 59: Sun Pharma - focus areas
Sun Pharma - focus areas • Unwavering focus on sustainability, built on a legacy rooted in caring for people, communities and the planet. Sustainability • Committed to governance, community upliftment, access to affordable healthcare & environment conservation • Focus on developing complex products
Slide 60: Sun Pharma at a glance
Sun Pharma at a glance Leading global specialty generic company Global presence Operates in over 100 countries Diversified business Specialty portfolio, branded generics, generics & APIs Global Specialty Fast growing. Focused therapy approach. US Generics 12th largest in US generics market## India L
Slide 61: Thank You
For more information please contact Investors Thank You Dr. Abhishek Sharma Tel : +91 22 4324 4324, Xtn 2929 Tel Direct +91 22 4324 2929 abhi.sharma@sunpharma.com Corporate Address SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063 © 2017 Sun Pharmaceutical Industries
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