Sun Pharmaceutical Industries Limited · NSE:SUNPHARMA
Sun Pharmaceutical Industries — Investor Presentation (February 2026)
62 slides from Sun Pharmaceutical Industries's investor presentation, Feb 24, 2026
Slide 1: Exchange filing cover letter – Investor Presentation
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 24 February 2026 National Stock Exchan
Slide 2: Creating Lasting Value – Investor Presentation February 2026
Creating Lasting Value Investor Presentation – February 2026 NSE:SUNPHARMA | BSE:524715 | Bloomberg:SUNP IN | Reuters:SUN.BO WWW.SUNPHARMA.COM
Slide 3: 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 4: 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 5: Sun Pharma at a glance
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 13th largest in US generics market## In
Slide 6: A diversified revenue base
A diversified revenue base Emerging Markets Rest of World (RoW)# Formulations Formulations 18% 14% API & Others 4% FY25 Sales Rs 520 Bn India Formulations 33% US Formulations 31% # Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets. © Sun Pharmaceutical Industr
Slide 7: Impressive track record of growth
Impressive track record of growth (All Figures in Rs Bn) CAGR for FY10-FY25 520 153 120 323 272 79 Adjusted 70 Sales EBITDA 48 Net Profit 40 CAGR CAGR CAGR 40 19% 14 18% 14 16% FY10 FY15 FY20 FY25 FY10 FY15 FY20 FY25 FY10 FY15 FY20 FY25 141 50 119 Adjusted 66 Operating Free Cash EPS 56 20 Cash Flow
Slide 8: Strong profitability and return ratios
Strong profitability and return ratios Adjusted Net Profit Gross Margin # EBITDA Margin Margin 22.8% 79.3% 29.0% 20.8% 77.7% 19.8% 19.7% 75.4% 73.1% 26.9% 26.9% 26.5% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 ROCE ROE Market Cap (USD Bn) 20.4% 17.4% 49.2 47.0 18.2% 16.7% 16.4% 16.5
Slide 9: 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 79% 78% 75% 73% 29% 68% 27% 27% 27% 66% 64% 21% 23% 63% 20% 20% 26% 23% 25% 21% 16% 18% 16% 13% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Gross mar
Slide 10: Business operations
Business operations © Sun Pharmaceutical Industries Limited. All Rights Reserved. 9
Slide 11: Snapshot of business operations
Snapshot of business operations US Formulations India Formulations ⚫ FY25 sales: Rs 162,403 mn ⚫ FY25 sales: Rs 169,230 mn ⚫ Innovative Medicines & Generics. Over 600 approved ⚫ Largest pharma company in India with 8.4% market products share ⚫ Large part of Innovative Medicines sales in the US. ⚫ No
Slide 12: Driving sustainable long-term growth
Driving sustainable long-term growth Balance profitability & Sustainable growth investments • Achieve critical mass in key markets • Increase contribution of Innovative and complex products • Embed sustainability practices in business • Direct future investments towards • Actionable targets on susta
Slide 13: ESG Performance - FY 2024-25
ESG Performance - FY 2024-25 Environmental Social Governance Energy Employee wellbeing Corporate Governance • 41% Energy sourced from • 6,978 new hires • 92.9% Average Board meeting renewable sources • 18.59% gender diversity attendance • 21% reduction in absolute Scope 1 • 0 fatalities • 62.5% Inde
Slide 14: Innovative Medicines
Innovative Medicines © Sun Pharmaceutical Industries Limited. All Rights Reserved. 13
Slide 15: Innovative Medicines highlights
Innovative Medicines highlights Building an Innovative Medicines business in select therapy areas Marketed products in Dermatology, Ophthalmology and Onco Focused approach Dermatology Key growth driver 20% of sales in FY25 vs 7.3% of sales in FY18 Wide portfolio 27 products marketed globally US mark
Slide 16: Innovative Medicines portfolio
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
Slide 17: Innovative Medicines portfolio
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 (5
Slide 18: Innovative Medicines portfolio
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 combinatio
Slide 19: Innovative Medicines pipeline
Innovative Medicines pipeline Candidate Mechanism Indication Pre- Phase 1 Phase 2 Phase 3 Registration of Action clinical Ilumya IL-23 Antagonist psoriatic arthritis Innovative soft tissue sarcoma Fibromun anti-cancer immunotherapy glioblastoma locally advanced melanoma Nidlegy Immunocytokines local
Slide 20: Innovative Medicines Sales
Innovative Medicines Sales Innovative Medicines Sales (USD mn) 485 674 871 1,039 1,216 • US is the major contributor to Innovative Medicines revenues • Global sales have grown by 23% CAGR since FY20 19.8 18.0 • Largest product Ilumya reported 16.2 sales of $681 Mn in FY25 13.1 10.8 • 27 Innovative M
Slide 21: US Business
US Business 31% of FY25 Revenues Powered by Bing © Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, Open Places, OpenStreetMap, Overture Maps Fundation, TomTom, Zenrin © Sun Pharmaceutical Industries Limited. All Rights Reserved. 20
Slide 22: US highlights
US highlights Sizeable innovative portfolio/13th largest in US Generics* Dermatology segment Ranked 2nd by prescriptions## in the US dermatology market Wide basket of 666 ANDAs & 71 NDAs filed, and 550 ANDAs & 57 Comprehensive portfolio** NDAs approved across multiple therapies Robust pipeline** 116
Slide 23: Milestones in the US business
Milestones in the US business • Acquired Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology FY25 company 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
Slide 24: US business: revenue progression
US business: revenue progression Sales in Rs Bn 162 153 135 114 101 FY21 FY22 FY23 FY24 FY25 23
Slide 25: ANDA & NDA pipeline
ANDA & NDA pipeline ANDAs filed and approved (cumulative) NDA filed and approved (cumulative) 659 666 635 605 616 542 550 519 531 512 70 71 67 67 65 57 57 54 54 51 FY22 FY23 FY24 FY25 9mFY26 FY22 FY23 FY24 FY25 9mFY26 Cumulative products filed Cumulative products filed Cumulative products approved C
Slide 26: India Business
India Business 33% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 25
Slide 27: India highlights
India highlights Largest Pharma company in India Pharma market Market position** Largest Pharma company in India with 8.4% market share Prescription ranking## Ranked No. 1 by prescriptions with 14 classes of prescribers Chronic segment Market leader in the chronic segment Acute segment Strong positi
Slide 28: Largest Pharma company in India
Largest Pharma company in India Market Share Formulation sales in India as of 12 months ended Dec 2025 (Rs mn) 202,550 Sun Pharma 8.4% 142,770 Abbott + Abbott HC + Novo 5.9% 134,840 Cipla 5.6% 133,210 Mankind 5.5% 99,000 Alkem + Cachet + Indchemie 4.1% 94,480 Intas 3.9% 89,410 Torrent 3.5% 84,190 Lu
Slide 29: India: revenue progression
India: revenue progression Sales in Rs Bn Therapeutic breadth** Others Opthalmology 3% 169 3% Urology Neuro-Psychiatry 3% 19% 149 Dermatology 136 Gynaecology 4% 128 4% Vitamins / Minerals / Nutrients 103 5% Cardiology Respiratory Market Share 17% 5% 8.4% Anti-Infectives 6% Pain / Analgesics 7% Gastr
Slide 30: Leadership across therapeutic areas
Leadership across therapeutic areas* Number 1 Ranking with 14 Doctor Categories* Prescription ranking Specialist Oct ‘22 Oct ‘23 Oct ‘24 Oct ‘25 Psychiatrists 1 1 1 1 Neurologists 1 1 1 1 Cardiologists 1 1 1 1 Gastroenterologists 1 1 1 1 Diabetologists 1 1 1 1 Dermatologists 1 1 1 1 Urologists 1 1 1
Slide 31: India: Best-in-class field force productivity
India: Best-in-class field force productivity Sales per medical representative (Rs mn) 10,963 11,149 12,692 13,984 15,109 • Well trained and scientifically oriented sales representatives team with strong performance 11.4 track record 11.2 10.7 10.6 9.4 • Highest field force productivity amongst key
Slide 32: Emerging Markets
Emerging Markets 18% of FY25 Revenues Powered by Bing © Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, Open Places, OpenStreetMap, Overture Maps Fundation, TomTom, Zenrin © Sun Pharmaceutical Industries Limited. All Rights Reserved. 31
Slide 33: 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 34: Rest of World (Western Europe, Canada, Japan, ANZ, Israel & other markets)
Rest of World (Western Europe, Canada, Japan, ANZ, Israel & other markets) 14% of FY25 Revenues Powered by Bing © Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, Open Places, OpenStreetMap, Overture Maps Fundation, TomTom, Zenrin © Sun Pharmaceutical Industries Limited. All Rights Res
Slide 35: Rest of World highlights
Rest of World highlights Amongst the leading Indian companies Market presence Western Europe, Canada, A&NZ, Japan, Israel and others Expanding basket includes innovative medicines, hospital & retail Product portfolio products Focus Development and commercialization of differentiated products • Distr
Slide 36: Global Consumer Healthcare
Global Consumer Healthcare 35
Slide 37: Global Consumer Healthcare highlights
Global Consumer Healthcare highlights An attractive opportunity India Amongst the leading 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, U
Slide 38: Active Pharmaceutical Ingredients (API)
Active Pharmaceutical Ingredients (API) 4% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 37
Slide 39: 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 400+ APIs Pipeline development 10-20 APIs scaled up annually Reg
Slide 40: Research & Development
Research & Development © Sun Pharmaceutical Industries Limited. All Rights Reserved. 39
Slide 41: Research & Development
Research & Development Cumulative R&D spend of ~Rs 325 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 Finished dosage development, biological support, chemistry and Generic capabilities new drug development Orga
Slide 42: R&D investments
R&D investments R&D investments Filings and approvals 6.5% 5.8% 5.5% 6.7% 6.2% ANDA NDA/BLA DMF/CEP Patents** 32.5 666 541 3,285 31.8 71 550 408 23.7 57 2,515 21.5 22.2 FY21 FY22 FY23 FY24 FY25 Filed Approved Filed Approved Filed Approved Filed Granted ** Excludes expired/abandoned patents R&D inves
Slide 43: Global Manufacturing
Global Manufacturing © Sun Pharmaceutical Industries Limited. All Rights Reserved. 42
Slide 44: Global Manufacturing highlights
Global Manufacturing highlights World Class manufacturing infrastructure 40 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 45: Manufacturing facilities
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,
Slide 46: Corporate governance
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 Independent Director Independent Director Independent Director Director Dr. Pawan Goenka Gautam B. Doshi Rama Bijapurkar
Slide 47: Key Financials
Key Financials © Sun Pharmaceutical Industries Limited. All Rights Reserved. 46
Slide 48: Summary Financials
Summary Financials Market capitalisation Rs 4,060 Bn / US$45 Bn (as of 06th Feb 2026) ( All Figures in Rs mn ) P&L Summary YoY FY21 YoY FY22 YoY FY23 YoY FY24 YoY FY25 YoY Sales 332,331 3% 384,264 16% 432,789 13% 477,585 10% 520,412 9% Gross Profit 245,430 6% 280,749 14% 326,167 16% 370,958 14% 412,
Slide 49: Sales split
Sales split In Rs Bn Sales 332 384 433 478 520 23 22 72 22 67 21 60 94 55 86 21 79 49 67 162 58 153 135 114 101 149 169 128 136 103 FY21 FY22 FY23 FY24 FY25 India Formulations US Formulations Emerging Markets Rest of World API+Others © Sun Pharmaceutical Industries Limited. All Rights Reserved. 48
Slide 50: EBITDA trend
EBITDA trend In Rs Bn Sales 332 384 433 478 520 % of Sales 22.3% 20.7% 26.1% 26.9% 24.6% 19.7% 19.2% 19.2% 20.6% 19.0% 32.3% 32.2% 28.0% 30.4% 28.5% 25.3% 26.9% 26.5% 26.9% 29.0% FY21 FY22 FY23 FY24 FY25 EBITDA Other Expenditure Personnel Costs Material Costs © Sun Pharmaceutical Industries Limited.
Slide 51: Cash Flow & debt
Cash Flow & debt Net Cash from Operating Activities (Rs Bn) Free Cash Flow (Rs Bn) 140.7 119.4 121.4 99.3 89.8 74.9 61.7 50.0 49.6 28.7 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Gross Debt (Rs Bn) Net Cash (excluding debt) (Rs Bn) 267.9 62.0 199.8 149.4 35.2 123.8 28.5 103.0 18.7 9.3 FY21 FY
Slide 52: Financial ratios
Financial ratios FY21 FY22 FY23 FY24 FY25 Growth (%) Sales 2.8 15.6 12.6 10.4 9.0 Gross Profit 6.3 14.4 16.2 13.7 11.3 EBITDA 21.5 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 Margin 73.9 73.1 75.4 77.7 79.3 EBI
Slide 53: Key Financials Q3 FY26
Key Financials Q3 FY26 ( All Figures in Rs mn ) Q3 FY26 Q3 FY25 CHANGE 9mFY26 9mFY25 CHANGE Gross Sales 154,691 134,369 15.1% 436,604 392,257 11.3% Revenue from operation 155,205 136,755 13.5% 438,503 396,196 10.7% Gross Profit 125,240 106,964 17.1% 349,178 311,155 12.2% Gross Margin 81.0% 79.6% 77.
Slide 54: Sales split Q3 FY26
Sales split Q3 FY26 ( All Figures in Rs mn ) Q3 FY26 Q3 FY25 CHANGE 9mFY26 9mFY25 CHANGE Formulation India 49,986 43,004 16.2% 144,545 127,100 13.7% US 42,505 40,030 6.2% 126,245 122,199 3.3% Emerging Markets 29,996 23,384 28.3% 83,894 71,599 17.2% ROW # 26,394 21,840 20.8% 65,544 54,286 20.7% Sub-t
Slide 55: Company history and key deals
Company history and key deals © Sun Pharmaceutical Industries Limited. All Rights Reserved. 54
Slide 56: 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 rights for Acquired Acquired Acquired InSite Merck for in- Cequa & Ranbaxy Acquired Pola B
Slide 57: Key deals & rationale
Key deals & rationale Year Deals Country Rationale First and only US FDA-approved anti-PD-L1 treatment 2025 Checkpoint Therapeutics Inc. Global for metastatic or locally advanced (cSCC) Acquired outstanding shares of Taro, now a 100% 2024 Completed Taro merger Israel subsidiary of Sun Innovative ant
Slide 58: Key deals & rationale
Key deals & rationale Year Deals Country Rationale Out-licensing agreement with AstraZeneca UK Mainland 2019 Commercialise oncology portfolio in Mainland China for ready-to-use infusion oncology products China Licensing agreement with CMS for Greater 2019 Access to Greater China market tildrakizumab
Slide 59: Sun Pharma - focus areas
Sun Pharma - focus areas • Enhance share of innovative/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 positi
Slide 60: 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 61: Sun Pharma at a glance
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 13th largest in US generics market## In
Slide 62: 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
Sun Pharmaceutical Industries — Investor Presentation (February 2026) on 6ix