Sun Pharmaceutical Industries Limited · NSE:SUNPHARMA

Sun Pharmaceutical Industries — Investor Presentation (December 2025)

61 slides from Sun Pharmaceutical Industries's investor presentation, December 2025

1. Slide 1: Creating Lasting Value

   Creating Lasting Value Investor Presentation – December 2025 NSE:SUNPHARMA | BSE:524715 | Bloomberg:SUNP IN | Reuters:SUN.BO WWW.SUNPHARMA.COM

2. 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

3. 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

4. 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 Innovative Medicines, branded generics, generics & APIs Innovative Medicines Fast growing. Focused therapy approach. US Generics 13th largest in US generics market## In

5. Slide 5: 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

6. Slide 6: 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

7. Slide 7: 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

8. 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 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

9. Slide 9: Business operations

   Business operations © Sun Pharmaceutical Industries Limited. All Rights Reserved. 9

10. Slide 10: 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 8.3% market products share ⚫ Large part of Innovative Medicines sales in the US. ⚫ No

11. Slide 11: Driving sustainable long term growth

    Driving sustainable long term growth • Achieve critical mass in key markets • Increase contribution of • Embed sustainability practices in Innovative and complex products business • Direct future investments • Actionable targets on sustainability towards differentiated products profitability & inves

12. Slide 12: 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

13. Slide 13: Innovative Medicines

    Innovative Medicines © Sun Pharmaceutical Industries Limited. All Rights Reserved. 13

14. Slide 14: 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

15. Slide 15: 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

16. Slide 16: 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

17. Slide 17: 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

18. Slide 18: Innovative Medicines pipeline

    Innovative Medicines pipeline Candidate Mechanism Indication Pre- Phase 1 Phase 2 Phase 3 Registration of Action clinical metastatic cutaneous squamous Unloxcyt anti-PD-L1 cell carcinoma (cSCC) or locally advanced cSCC melanoma & non- melanoma Nidlegy Immunocytokines skin cancers Ilumya IL-23 Antago

19. Slide 19: 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

20. Slide 20: US Business

    US Business 31% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 20

21. Slide 21: 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 665 ANDAs & 71 NDAs filed, and 548 ANDAs & 57 Comprehensive portfolio** NDAs approved across multiple therapies Robust pipeline** 117

22. Slide 22: 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

23. Slide 23: US business: revenue progression

    US business: revenue progression Sales in Rs Bn 162 153 135 114 101 FY21 FY22 FY23 FY24 FY25 23

24. Slide 24: ANDA & NDA pipeline

    ANDA & NDA pipeline ANDAs filed and approved (cumulative) NDA filed and approved (cumulative) 659 665 635 605 616 531 542 548 512 519 70 71 67 67 65 57 57 54 54 51 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 Cumulative products filed Cumulative products filed Cumulative products approved C

25. Slide 25: India Business

    India Business 33% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 25

26. Slide 26: India highlights

    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 positi

27. Slide 27: Largest Pharma company in India

    Largest Pharma company in India Market Share Formulation sales in India as of 12 months ended Sept 2025 (Rs mn) 195,670 Sun Pharma 8.3% 137,510 Abbott + Abbott HC + Novo 5.9% 132,510 Mankind 5.6% 130,180 Cipla 5.5% 96,410 Alkem + Cachet + Indchemie 4.1% 91,130 Intas 3.9% 86,480 Torrent 3.5% 81,430 L

28. Slide 28: India: revenue progression

    India: revenue progression Sales in Rs Bn Therapeutic breadth** Others Urology 3% 3% 169 Opthalmology Neuro-Psychiatry 3% 19% 149 Dermatology 136 4% Gynaecology 128 4% Vitamins / Minerals / Nutrients 103 5% Market Share Cardiology Respiratory 8.3% 17% 5% Anti-Infectives 6% Pain / Analgesics 7% Gastr

29. Slide 29: Leadership across therapeutic areas

    Leadership across therapeutic areas* Number 1 Ranking with 13 Doctor Categories* Prescription Ranking Specialist June ‘22 June ‘23 June ‘24 June ‘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 Consulting Physicians 1 1 1 1 Derma

30. Slide 30: 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

31. Slide 31: Emerging Markets

    Emerging Markets 18% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 31

32. 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

33. 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 FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 33

34. 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 Expanding basket includes innovative medicines, hospital & retail Product portfolio products Focus Development and commercialization of differentiated products • Distr

35. Slide 35: Global Consumer Healthcare

    Global Consumer Healthcare 35

36. Slide 36: 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

37. Slide 37: Active Pharmaceutical Ingredients (API)

    Active Pharmaceutical Ingredients (API) 4% of FY25 Revenues © Sun Pharmaceutical Industries Limited. All Rights Reserved. 37

38. 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 400+ APIs Pipeline development 10-20 APIs scaled up annually Reg

39. Slide 39: Research & Development

    Research & Development © Sun Pharmaceutical Industries Limited. All Rights Reserved. 39

40. Slide 40: Research & Development

    Research & Development Cumulative R&D spend of ~Rs 320 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

41. Slide 41: 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** 32.5 665 532 3,263 31.8 71 548 402 23.7 57 2,499 21.5 22.2 FY21 FY22 FY23 FY24 FY25 Filed Approved Filed Approved Filed Approved Filed Granted ** Excludes expired/abandoned patents R&D inves

42. Slide 42: Global Manufacturing

    Global Manufacturing © Sun Pharmaceutical Industries Limited. All Rights Reserved. 42

43. Slide 43: 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

44. Slide 44: 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,

45. Slide 45: 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

46. Slide 46: Key Financials

    Key Financials © Sun Pharmaceutical Industries Limited. All Rights Reserved. 46

47. Slide 47: Summary Financials

    Summary Financials Market capitalisation Rs 4,235 Bn / US$47 Bn (as of 18th Dec 2025) ( 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,

48. Slide 48: 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

49. Slide 49: 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.

50. Slide 50: 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

51. Slide 51: 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

52. Slide 52: Key Financials Q2 FY26

    Key Financials Q2 FY26 ( All Figures in Rs mn ) Q2 FY26 Q2 FY25 CHANGE H1FY26 H1FY25 CHANGE Gross Sales 144,052 132,642 8.6% 281,913 257,887 9.3% Revenue from operation 144,783 132,914 8.9% 283,297 259,441 9.2% Gross Profit 114,225 105,700 8.1% 223,938 204,191 9.7% Gross Margin 79.3% 79.7% 77.7% 75.

53. Slide 53: Sales split Q2 FY26

    Sales split Q2 FY26 ( All Figures in Rs mn ) Q2 FY26 Q2 FY25 CHANGE H1FY26 H1FY25 CHANGE Formulation India 47,348 42,652 11.0% 94,559 84,097 12.4% US 43,288 43,274 0.0% 83,740 82,169 1.9% Emerging Markets 28,367 24,519 15.7% 53,898 48,215 11.8% ROW # 20,415 16,633 22.7% 39,151 32,446 20.7% Sub-total

54. Slide 54: Company history and key deals

    Company history and key deals © Sun Pharmaceutical Industries Limited. All Rights Reserved. 54

55. 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 rights for Acquired Acquired Acquired InSite Merck for in- Cequa & Ranbaxy Acquired Pola B

56. Slide 56: 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

57. Slide 57: 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

58. Slide 58: 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

59. 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

60. 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 Innovative Medicines, branded generics, generics & APIs Innovative Medicines Fast growing. Focused therapy approach. US Generics 13th largest in US generics market## In

61. 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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