Sun Pharmaceutical Industries Ltd. — Investor Presentation 2023

Apr 28, 2023

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

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28 April 2023

National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, 5th Floor, Market Operations Dept. Plot No. C/1, G Block, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai- 400 051 Mumbai - 400 001 Scrip Symbol: SUNPHARMA Scrip Code: 524715

Sub: Investor Presentation

Dear Sir / Madam,

Please find enclosed herewith the investor presentation, which we shall be uploading on our website after sending this letter to you.

This is for your information and dissemination

Thanking you,

Yours faithfully, For Sun Pharmaceutical Industries Limited

Digitally signed by ANOOP ANOOP ANJANIKUMAR DESHPANDE DN: c=IN, o=Personal, postalCode=411038, st=Maharashtra, ANJANIKUMA serialNumber=EFFDD2957A082F211A0213A23B583DE528E4413FBFAC2175693E0 6EF12FFD7D9, cn=ANOOP R DESHPANDE ANJANIKUMAR DESHPANDE Date: 2023.04.28 16:52:01 +05'30'

Anoop Deshpande Company Secretary & Compliance Officer

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

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Creating Lasting Value Investor Presentation - April 2023

NSE:SUNPHARMA | BSE:524715 | Bloomberg:SUNP IN | Reuters:SUN.BO

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WWW.SUNPHARMA.COM

Disclaimer

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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 statements". These statements involve a "forward-looking forward-looking 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 our and obtain our strategy, growth expansion plans, regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, our to market risks as well as other risks. Sun Pharmaceutical Industries Limited does exposure not undertake to statements to reflect events or any obligation update forward-looking circumstances after the date thereof.

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Sun Pharma

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Revenue composition and growth highlights Business operations

3

R&D & Manufacturing Corporate Governance

4

5

Key Financials Company history and key deals Focus areas

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Sun Pharma at a glance

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Leading global specialty generic company
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Operates in over 100 countries

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Diversified business
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Specialty products, branded generics, generics & APIs

Focused therapy approach, commercial infrastructure in key markets

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US Generics
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9[th] largest in US generics market[##]

Largest pharma company in India**

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Emerging Markets
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Scaled up operations in over 80 countries

Expanding presence in Ex-US developed markets

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Manufacturing footprint
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43 manufacturing sites across the world

Several facilities approved by global regulators incl. USFDA

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R&D and Manufacturing
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Global clinical trial expertise. Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules

38,000+ global employee base

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended Dec 2022 ** As per AIOCD AWACS data for 12 months ended Dec 2022

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A diversified revenue base

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Emerging Markets
Rest of World
18%
(RoW)#
14%
API & Others
5%
FY22 Sales
Rs 384 Bn
India Branded
Formulations
33%
US Formulations
30%
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Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

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Impressive track record of growth

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(All Figures in Rs Bn)
CAGR for FY07-FY22
384 104
101
303
Sales EBITDA
33
80 CAGR CAGR
21% 20%
21 7
FY07 FY12 FY17 FY22 FY07 FY12 FY17 FY22
90 75
71
34
Operating Free Cash
22 Cash Flow Flow
15
CAGR CAGR
27% 69%
2
0
FY07 FY12 FY17 FY22 FY07 FY12 FY17 FY22
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77
70
Adjusted
27 Net Profit
CAGR
8 16%
FY07 FY12 FY17 FY22
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32
29
Adjusted
EPS
11
(Rs/Share)
CAGR
3
16%
FY07 FY12 FY17 FY22
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Strong profitability and return ratios

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Gross Margin[#]

EBITDA Margin

Adjusted Net Profit Margin

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73.9%
72.6% 73.1%
71.4%
FY19 FY20 FY21 FY22
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26.9%
25.3%
21.7% 21.3%
FY19 FY20 FY21 FY22
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20.0%
17.8%
13.5%
12.5%
FY19 FY20 FY21 FY22
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ROCE
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ROE
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Market Cap (USD Bn)

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16.4%
13.5%
11.8%
11.0%
FY19 FY20 FY21 FY22
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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

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15.0%
12.5%
9.4% 9.1%
FY19 FY20 FY21 FY22
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29.5
19.3
16.6
11.9
FY19 FY20 FY21 FY22
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(Market Cap as on 31st March )

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Best-in-class profitability

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Adjusted Net Profit Margin

Gross Margin

EBITDA Mar in g

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74%
73% 73%
71%
27%
65% 25%
65% 64%
63% 22%
22% 21%
20%
18% 19% 18% 20%
14%
13%
14% 13%
11% 12%
FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22
Gross margin= (Net Sales – Material Cost) / Net Sales * 100 Sun Pharma Range of Top 9 Indian Pharma Cos. Average
#Top 9 Indian Pharma company include Aurobindo, Zydus Lifesciences,
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Top 9 Indian Pharma company include Aurobindo, Zydus Lifesciences, Cipla, Dr. Reddy’s, Glenmark, Ipca, Lupin, Torrent and Alkem Lab.

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Business operations

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Snapshot of business operations

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US Formulations

• Presence in Specialty & Generics segments with more than 570 approved products

• 9[th] largest generics company in US* with a strong pipeline (96 ANDAs & 13 NDAs awaiting approval)

• FY22 sales: Rs 113,737 mn

India Branded Generics

• Largest pharma company in India by sales

• Ranked No.1 with 12 classes of prescribers

• Leading position in high growth chronic therapies

• One of the largest sales forces in the country

• FY22 sales: Rs 127,593 mn

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India
•
35% Market cap: US$ 29 Bn [(1)]
•
Gross sales: Rs 384,264 mn
•
EBITDA: Rs 103,977 mn (26.9% margin)
FY22
• R&D investment: 5.8% of Sales
•
Specialty share increased to 13% of sales
•
Strong balance sheet
International
65%
split
Geographical
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Emerging
Markets
Rest of World
18%
(RoW)# 14%
India FY22 API & Others
Branded 5%
Generics
33%
US
Formulations
30%
Revenue share
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Emer in Markets g g

Rest of World (RoW)

• Presence in over 80 countries across Africa, Americas, Asia and Eastern & Central Europe

• Focus markets – Romania, Russia, South Africa, Brazil & Mexico

• FY22 sales: Rs 67,432 mn

• Presence across key markets in Western Europe, Canada, Japan, Israel, A&NZ and other markets

• Product portfolio includes specialty products, differentiated offerings for hospitals, injectables & generics for retail market

• FY22 sales: Rs 54,545 mn

Note:

(1) As of April, 28 2023 using spot exchange rate of INR /USD = 81.80

• Includes Western Europe, Canada, Japan, Australia & New Zealand, Israel and other markets.

• Source: IQVIA data for 12 months ended Dec 2022

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Driving sustainable long term growth

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• Achieve critical mass in key markets

• Increase contribution of specialty and complex products

• Clear and actionable targets on sustainability

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Clear and actionable targets on
and complex products
sustainability • Future investments directed
•
Embed sustainability practices in
towards differentiated products
businesses
Sustainable
growth
Business
development
•
Optimize operational costs •
Use acquisitions to bridge gaps
• while yielding target ROI
Vertically integrated operations
•
Focus on access to novel products,
technology or market presence
Balance
investments profitability &
Cost
leadership
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Global Specialty

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Global Specialty highlights

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Building a Global Specialty business in select therapy areas
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Focused approach
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Marketed products in Dermatology, Ophthalmology and Onco Dermatology

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Key growth driver
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13.1% of sales in FY22 vs 7.3% of sales in FY18

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Wide portfolio
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Approx. 25 marketed products

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US market presence
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Large part of global Specialty sales from US

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Own commercial infrastructure
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Own commercial infrastructure in US and certain other markets

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

*Global specialty revenues are reported as part of businesses, included US and others

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Global Specialty portfolio

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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 years[1]

• Ongoing Phase-3 trials for Psoriatic Arthritis

• Current Markets: US, Australia, Japan, Canada, Europe (by partner Almirall)

• Out licensed to CMS for Greater China & to Hikma for Middle East & North Africa

Topical treatment of acne vulgaris in patients 12 years of age and older

• Results from two pivotal clinical trials showed favorable safety and efficacy data for WINLEVI in patients with acne aged 12 years and older[2]

• Current Markets: US

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 hands[3]

• 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 posttreatment[4]

• Current Markets: US

ILUMETRI [®] is a registered trade mark of Almirall All brand names and trademarks are the property of their respective owners

Source:

1, 2 & 4 Sun Press Release 3 Levulan website

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Global Specialty portfolio

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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 months[5]

• Currently marketed in US, Canada, Germany, France, Denmark, Switzerland, Spain, Italy, 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 patients[6]

• Current Markets: US, Canada

• 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 surgery[7]

• 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 hypertension[8]

• Current Markets: US

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

Source:

5 Product Lebel 6 Sun Press Release 7 & 8 Product website

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Global Specialty portfolio

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• 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 methylprednisolone[9]

• 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 groups[10]

• 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

Source:

9 & 10 Sun Press Release

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

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Specialty pipeline

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Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration	Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration	Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration	Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration	Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration	Asset Indication Route of administration Mechanism of action Preclinical Phase 1 Phase 2 Phase 3 Registration
CTP-543 (deuruxolitinib) Alopecia Areata Oral JAK Inhibitor
Ilumya (tildrakizumab) Psoriatic Arthritis Injection IL-23 Antagonist
SCD-044 Psoriasis, Atopic Dermatitis Oral Selective SIPR1 Agonist
MM-II Pain in osteoarthritis Injection Liposomal intra -articular lubrication
GL0034 Type 2 Diabetes Injection GLP-1R Agonist

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Creating Lasting Value - Investor Presentation

US Formulations

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30% of FY22 Revenues

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US highlights

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Significant Specialty presence/9 [th] largest in US Generics
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Dermatology segment
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Ranked 2[nd] by prescriptions[##] in the US dermatology market

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Comprehensive portfolio
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Wide basket of 613 ANDAs & 67 NDAs filed and 517 ANDAs & 54 NDAs approved across multiple therapies

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Robust pipeline
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96 ANDAs & 13 NDAs pending approval with USFDA

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Market presence
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Presence in Specialty, Generics & OTC segments

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Flexible manufacturing
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Integrated manufacturer with onshore/ offshore capabilities

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Versatile dosage forms
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Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets, Capsules, Drug-Device combination

• Source: IQVIA data for 12 months ended Dec 2022 ## Source: IQVIA data for 12 months ended Jan 2023

**All data as of 30-Dec-2022

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Milestones in US formulations

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•
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 clinical insights for Odomzo &
FY21
Levulan at American Academy of Dermatology conference
FY20 Launched Cequa & Absorica LD in the US
•
Launched Ilumya, Yonsa & Xelpros in the US
•
FY19 Received USFDA approval for Cequa
•
Launched Ready-to-Infuse INFUGEM [TM]
• Launched Odomzo in the US
FY18
•
Received US FDA approval for Ilumya
•
Acquired Ocular Technologies giving access to Cequa for dry eye.
FY17
•
Acquired Odomzo, a branded oncology product from Novartis
FY13 Acquired DUSA for entry into branded specialty
FY10 Acquired Taro Pharma for entry into US dermatology
FY98 Entry in US through Caraco acquisition
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US formulations: revenue progression

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Sales in Rs Bn

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114
107
105
101
87
FY18 FY19 FY20 FY21 FY22
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ANDA & NDA pipeline

ANDAs filed and approved (cumulative)

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605 613
595
581
571
561
512 517
501
483
453
422
FY18 FY19 FY20 FY21 FY22 Q3FY23
Cumulative products filed
Cumulative products approved
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NDA filed and approved (cumulative)

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67 67
64
59 60
55 55 54 54
52
42
39
FY18 FY19 FY20 FY21 FY22 Q3FY23
Cumulative products filed
Cumulative products approved
(All data as of 30-Dec-2022)
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India Branded Formulations 33% of FY22 Revenues

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India highlights

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Largest Pharma company in India
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Market position
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Largest Pharma company in India with 8.5% market share

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Prescription ranking##
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Ranked No. 1 by prescriptions with 12 classes of prescribers

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Chronic segment
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Market leader in the chronic segment

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Acute segment
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Strong positioning in the acute segment

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Product offering
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Technically complex products and a complete therapy basket

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Strong brand positioning
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33 brands in India’s top 300 pharmaceutical brands

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De-risked growth
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Top 10 Brands contribute approx. 18% of India revenues – low product concentration

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Sales strength
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11,149 strong field force*

• ** As per AIOCD AWACS data for 12 months ended Dec’22

• ## As per SMSRC data for Oct’22

• As of March 31st, 2022

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Largest Pharma company in India

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Market Share Formulation sales in India as of 12 months ended Dec 2022 (Rs mn) 152,980 Sun Pharma 8.5% 112,990 Abbott + Abbott HC + Novo 6.3% 89,530 Mankind 5.0% 87,600 Cipla 4.9% 71,330 Zydus 3.9% 63,970 Lupin 3.5% 63,870 Torrent 3.5% 62,990 Alkem + Cachet + Indchemie 3.5% 60,360 Intas 3.3% 56,900 Macleods 3.2% 51,920 Dr. Reddys 2.9% 51,570 Aristo 2.9%

Source: AIOCD AWACS MAT Dec 2022

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India: revenue progression

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Sales in Rs Bn Therapeutic breadth
Others
Opthalmology 2% 4%
Cardiology
128 18%
Urology, 3%
One-time
Gynaecology, 4%
impact of
Vitamins /
change in 103
Minerals /
distribution 97
Nutrients, 5%
80 Respiratory 5%
73 Market Share
Neuro-Psychiatry
8.5%
Dermatology, 6% 16%
Pain / Analgesics
7%
Diabetology
7%
Gastroenterology
12%
Anti-Infectives
11%
FY18 FY19 FY20 FY21 FY22
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** As per AIOCD AWACS – Dec‘22

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Leadership across therapeutic areas*

Ranked number 1 with 12 prescriber categories*

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		Prescription ranking	Prescription ranking	Prescription ranking
Specialist	Oct ’18	Oct ‘19	Oct ‘20	Oct ‘21	Oct ‘22
Psychiatrists	1	1	1	1	1
Neurologists	1	1	1	1	1
Cardiologists	1	1	1	1	1
Orthopaedic	1	1	1	1	1
Gastroenterologists	1	1	1	1	1
Diabetologists	1	1	1	1	1
Dermatologists	1	1	1	1	1
Urologists	1	1	1	1	1
Consulting Physicians	2	1	1	1	1
ENT	2	2	2	1	1
Chest Physicians	3	2	2	1	1
Nephrologists	1	1	2	2	1
Ophthalmologists	1	2	2	2	2

*Ranks based on prescription share

Source-Strategic Marketing Solutions and Research Centre (SMSRC) Prescription Data

27

Creating Lasting Value - Investor Presentation

Best-in-class field force productivity

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Sales Per Medical Representative (Rs mn)

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9,291 9,550 9,707 10,963 11,149
Impact of
sales force 11.4
expansion
10.0
9.4
8.8
8.6
FY18 FY19 FY20 FY21 FY22
No. of medical representatives
Sales per representative (Rs mn)
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• 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 strength in FY21 to enhance geographical & doctor reach and improve brand focus

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Emerging Markets

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18% of FY22 Revenues

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Emerging Markets highlights

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Amongst the leading Indian companies in Emerging Markets
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Global footprint
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Presence in over 80 markets

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Focus markets
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Romania, Russia, South Africa, Brazil, Mexico

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Product portfolio
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Extensive basket of branded generics

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Customer focus
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Strong relationships with doctors and medical practitioners

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Sales force
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Approximately 2,200 sales representatives

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Opportunity
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Favourable macroeconomic parameters to drive pharmaceutical consumption in the long-term

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Local manufacturing
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Across 7 countries

30

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

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14% of FY22 Revenues

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31

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Rest of World highlights

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Amongst the leading Indian companies
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Market presence
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• Western Europe, Canada, A&NZ, Japan, Israel and others

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Product portfolio
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• Expanding basket including specialty, hospital & retail products

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Focus
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• Development and commercialization of complex generics and differentiated products

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Sales force
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• Distribution led model &

• Sales force for Specialty products

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Local manufacturing
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• In Canada, Japan, Australia, Israel and Hungary + supplies from India facilities

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Japan presence
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• Acquired 14 established prescription brands from Novartis in March 2016

• Acquired Pola Pharma in Japan in Jan 2019

• Launched Ilumya in Japan in September 2020

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Canada presence
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• Portfolio of generics and specialty products

• Specialty products - Launched Ilumya in October 2021 and Cequa in January 2022

32

Global Consumer Healthcare

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Global Consumer Healthcare highlights

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An attractive opportunity
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India
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Amongst the top 10 consumer healthcare companies

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Global presence
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Presence in over 20+ countries

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Markets of presence
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India, Romania, South Africa, Nigeria, Myanmar, Ukraine, Poland, Thailand, Belarus, Kazakhstan, Nepal, Morocco, UAE, Oman etc.

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Strong brand equity
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Strong brand equity in 4 countries

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Sales force
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Promoted through dedicated sales force in each market

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Strong positioning
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Amongst top 10 consumer healthcare companies in India, Romania, Nigeria & Myanmar

34

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Active Pharmaceutical Ingredients (API)

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5% of FY22 Revenues

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35

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API highlights

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Backward integration has strategic importance
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Strategic importance
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Backward integration provides cost competitiveness and supply reliability

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Customers
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Large generic and innovator companies

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Product portfolio
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Approximately 370 APIs

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Pipeline development
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20-30 APIs scaled up annually

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Regulatory approvals
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379 DMF/CEP approvals & 491 DMF/CEP Filings to date Across 14 facilities

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Manufacturing
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36

Research & Development

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37

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Research & Development

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Cumulative R&D spend of ~Rs 230 Bn to date
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R&D spend
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R&D spend at 5.8% of sales for FY22

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Specialty R&D
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Global development capabilities incl. clinical trials

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

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Organization
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Approx. 2,700 headcount globally across several R&D centers

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IPR support
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Strong team of intellectual property experts supporting R&D

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Focus
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Development of specialty/complex products and non infringing formulations

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R&D investments

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R&D investments

Filin s and a rovals g pp

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8.6% 6.9% 6.1% 6.5% 5.8% ANDA NDA/BLA DMF/CEP Patents
613 67 491 2,505
22.5 22.2
21.5
19.8 19.8 517
379
54
1,643
FY18 FY19 FY20 FY21 FY22 Filed Approved Filed Approved Filed Approved Filed Granted
Excludes expired/abandoned patents
R&D investments (Rs Bn) R&D investments (% of sales)
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(All data as of 30-Dec-2022)

39

Global Manufacturing

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40

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Global Manufacturing highlights

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World Class manufacturing infrastructure
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Extensive global footprint
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43 manufacturing facilities across India, the Americas, Asia, Africa, Australia and Europe

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

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Wide capabilities
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One of the few companies that has set up integrated manufacturing capability for the production of oncology, hormones, peptides and steroidal drugs

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High quality
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Many facilities approved by US FDA, UK MHRA, EMEA and other international regulatory authorities

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Dosage forms
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Ability to manufacture a variety of dosage forms – Orals, Creams, Ointments, Injectables, Sprays, Liquids

41

Manufacturing facilities

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43 manufacturing sites

• Formulation

• India : 15, 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, US : 1, Hungary : 1

 Tablets / Capsules  Semisolids  Liquids  Suppository  Vials  Ampoules  Pre-filled Syringes  Gels  Lyophilized Units  Dry powder  Eye drops  MDI  Aerosols  Creams  Ointments Injectables / Sterile Orals Topicals	Orals		Injectables / Sterile		Topicals

42

Corporate governance

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Our philosophy on corporate governance envisages working towards high levels of transparency, accountability and consistent value systems across all facets of operations

Lead Independent Director

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

Independent Director

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Rama Bijapurkar Independent management consultant & Professor of Management Practice at IIM, Ahmedabad

Independent Director

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Gautam B. Doshi Professional with expertise in M&A, Taxation, Accounting & Corp. and Commercial Laws

Independent Director

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Sanjay Asher Senior Partner with M/s. Crawford Bayley & Co.

43

Key Financials

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44

Summary Financials

Market capitalisation Rs 2,360 Bn / US$ 29 Bn (as of 28[th] April 2023)

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( All Figures in Rs mn )

	FY18	FY18	YoY	FY19	FY19	**	YoY	FY20	FY20	YoY	FY21	FY21	YoY	FY22	FY22	YoY
P&L Summary
Sales	260,659		-14%	286,863			10%	323,252		13%	332,331		3%	384,264		16%
Gross Profit	186,413		-16%	208,173			12%	230,947		11%	245,430		6%	280,749		14%
EBITDA	56,081		-36%	63,076			12%	69,898		11%	84,914		21%	103,977		22%
Net Profit	20,957		-70%	26,654			27%	37,649		41%	29,038		-23%	32,727		13%
Net Profit (Adjusted)	33,006	#	-53%	38,798	#		18%	40,256	#	4%	59,317	#	47%	76,671	#	29%
R&D Spend	22,489		-3%	19,847			-12%	19,739		-1%	21,499		9%	22,194		3%
BS Summary	Mar'18		YoY	Mar'19			YoY	Mar'20		YoY	Mar'21		YoY	Mar'22		YoY
Shareholders Funds	383,141		5%	414,091			8%	452,645		9%	464,628		3%	480,112		3%
Loan Funds	97,518		21%	98,934			1%	75,783		-23%	35,235		-54%	9,307		-74%
Net Fixed Assets	157,110		5%	172,919			10%	175,858		2%	168,322		-4%	171,971		2%
Investments	71,430		499%	79,030			11%	101,431		28%	96,125		-5%	128,486		34%
Cash and Bank Balances	99,290		-34%	72,760			-27%	64,876		-11%	64,455		-1%	50,334		-22%
Inventory	68,810		1%	78,860			15%	78,750		0%	89,970		14%	89,968		0%
Sundry Debtors	78,150		9%	88,840			14%	94,212		6%	90,614		-4%	105,929		17%
Sundry Creditors	47,660		8%	41,480			-13%	35,836		-14%	39,737		11%	44,793		13%

# FY18 - Adjusted for Rs 12.1 Bn provision related to Modafinil settlement & deferred tax adjustment

# FY19 - Adjusted for Rs 12 Bn provision related to Modafinil settlement

**FY19 - Includes a one-time sales reduction of Rs 10,850mn related to change in distribution for India business

# FY20 - Adjusted for Rs 2.6 Bn provision (related to Dusa US DoJ settlement of Rs 1.6 Bn and Indirect Tax provision of Rs 1.0 Bn in India)

# 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).

45

Sales split

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In Rs Bn
Sales 261 287 323 332 384
21
55
21
20
49
18 45 67
15 35
30 55 58
54
48
114
105 101
87 107
128
97 103
80 73
FY18 FY19 FY20 FY21 FY22
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India Formulations US Formulations Emerging Markets Rest of World API+Others

46

EBITDA trend

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In Rs Bn

In Rs Bn	In Rs Bn	In Rs Bn
21.2% 21.7% 21.3% 25.3% 26.9% 31.0% 30.8% 31.8% 28.5% 28.0% 20.6% 20.8% 19.7% 20.6% 19.0% 28.5% 27.4% 28.6% 26.1% 26.9% FY18 FY19 FY20 FY21 FY22 EBITDA Other Expenditure Personnel Costs Material Costs % of Sales 261 287 323 332 384 Sales
		FY18 FY19 FY20 FY21 FY22
		EBITDA Other Expenditure Personnel Costs Material Costs

47

Cash Flow & debt

Net Cash From operating activities (Rs Bn)

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89.8
65.5
61.7
39.1
22.0
FY18 FY19 FY20 FY21 FY22
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Gross Debt (Rs Bn)

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103.6 104.8
82.2
35.2
9.3
FY18 FY19 FY20 FY21 FY22
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Free Cash Flow (Rs Bn)

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74.9
50.1 50.0
19.5
FY18 FY19 FY20 FY21 FY22
-10.2
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Net Cash (excluding debt) (Rs Bn)

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149.2
103.0
69.5
45.0
34.7
FY18 FY19 FY20 FY21 FY22
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48

Financial ratios
	FY18			FY19		**	FY20		FY21		FY22
Growth (%)
Sales	(13.9)			10.1			12.7		2.8		15.6
Gross Profit	(15.8)			11.7			10.9		6.3		14.4
EBITDA	(44.4)			12.5			10.8		21.5		22.5
Net Profit Net Profit (Adjusted)	(69.9) (52.6)		#	27.2 17.5	#		41.3 3.8	#	(22.9) 47.4 #		12.7 29.3	#
Margins (%)
Gross Margin	71.5			72.6			71.4		73.9		73.1
EBITDA Margin (%)	21.2			21.7			21.3		25.3		26.9
Net Margin Net Margin (Adjusted)	8.0 12.7	#		9.3 13.5	#		11.6 12.5	#	8.7 17.8	#	8.5 20.0	#
Return (%)
ROCE	11.1			11.8			11.0		13.5		16.4
ROE	8.7			9.4			9.1		12.5		15.0
Others
Debt / Equity	0.25			0.24			0.17		0.08		0.02
Fully Diluted EPS	8.7			11.1			15.7		12.1		13.6
Fully Diluted EPS (Adjusted)	13.8	#		16.2	#		16.8	#	24.7	#	32.0	#
R&D Spend % of Net Sales	8.6			6.9			6.1		6.5		5.8
Revenue	7.9			6.6			6.0		6.4		5.6
Capital	0.7			0.3			0.1		0.1		0.2

Financial ratios

# FY18 - Adjusted for Rs 12.1 Bn provision related to Modafinil settlement & deferred tax adjustment

# FY19 - Adjusted for Rs 12 Bn provision related to Modafinil settlement

**FY19 - Includes a one-time sales reduction of Rs 10,850mn related to change in distribution for India business

# FY20 - Adjusted for Rs 2.6 Bn provision (related to Dusa US DoJ settlement of Rs 1.6 Bn and Indirect Tax provision of Rs 1.0 Bn in India)

# 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)

49

Key Financials Q3 & 9m FY23

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( All Figures in Rs mn )

	Q3 FY23	Q3 FY22	CHANGE	9mFY23	9mFY22		CHANGE
Gross Sales	111,001	98,142	13.1%	325,533	290,403		12.1%
Revenue from operation	112,410	98,631	14.0%	329,550	292,077		12.8%
Gross Profit	82,965	71,736	15.7%	241,414	212,284		13.7%
Gross Margin	74.7%	73.1%		74.2%	73.1%
EBITDA	30,037	26,063	15.2%	88,447	80,574		9.8%
EBITDA Margin	26.7%	26.4%		26.8%	27.6%
Net Profit	21,660	20,588	5.2%	64,891	55,500		16.9%
Net margin	19.5%	21.0%		19.9%	19.1%
Net Profit (Adjusted)	21,660	20,588	5.2%	64,891	60,851	#	6.6%
Net margin (Adjusted)	19.5%	21.0%		19.9%	21.0%
R&D	6,702	5,471	22.5%	17,020	16,761		1.5%
R&D as % of Net Sales	6.0%	5.6%		5.2%	5.8%
EPS (Diluted) INR	9.0	8.6	5.2%	27.0	23.1		16.9%
EPS (Diluted) INR (Adjusted)	9.0	8.6	5.2%	27.0	25.4 #		6.6%

# 9mFY22- Adjusted for Rs 5.3 Bn provision (related to (i) US MDL (Taro) =Rs 4,425 mn (ii) Japan (plant)=Rs 382 mn (iii) Dexasite impairment=Rs 1,503 mn. (after adjusting for Taro minority of Rs 960 mn)

50

Sales split Q3 & 9m FY23

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						(All	Figures in Rs mn)
		Q3 FY23	Q3 FY22	CHANGE	9mFY23	9mFY22	CHANGE
Formulation
India		33,919	31,676	7.1%	102,390	96,637	6.0%
US		34,660	29,718	16.6%	100,009	84,491	18.4%
Emerging Markets		21,158	17,899	18.2%	60,773	51,957	17.0%
ROW	#	15,563	13,532	15.0%	44,682	41,138	8.6%
	Sub-total	105,299	92,824	13.4%	307,854	274,223	12.3%
ÀPI		5,154	4,710	9.4%	15,871	14,218	11.6%
Others		548	608	-9.8%	1,808	1,963	-7.9%
Gross Sales		111,001	98,142	13.1%	325,533	290,403	12.1%

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US Formulations
31% 19% 32% 18%
India Branded Generics Q3
Q3
Emerging Markets FY23 14% FY22 14%
6%
5%
Rest of World
31% 30%
API & Others
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ROW includes Western Europe, Canada, Japan, Australia, New Zealand, Israel and other markets

51

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Company history and key deals

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52

Creating a global company over time

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			1983					1994						2010	2010	2010					2012	2012				2013
	Began with 5 products			IPO – Rs 550 Mn raised									Acquired Taro					Acquired			Dusa				Acquired URL Pharma
			2019					2018					2016						2015							2014
							Acquired
		Acquired Pola					Global rights for Cequa &					Acquired Biosintez in			Acquired InSite Vision ophthalmic						Acquired Ranbaxy				Agreement with Merck for in- licensing
		Pharma in Japan					Odomzo					Russia			portfolio										Tildrakizumab
			2019					2020					2021					2022							2023
			Specialty launches														Expanded
																	Winlevi®
													In-lincesed Winlevi®				licensing agreement				Launch in US					Acquired Concert Pharma

53

Key deals & rationale

Year	Deals	Country	Rationale
2023	Launched Sezaby	US	Addition to portfolio of specialty branded products. Treatment of neonatal seizures
2022	Acquired Concert Pharma in US	US	Adding a late-stage product to dermatology franchise
2022	Acquired Uractiv Portfolio from Fiterman Pharma	Romania	Expand non-prescription product basket in Romania and neighbouring markets
2022	In-licensing agreement to expand Winlevi	Japan, Australia, New Zealand, Brazil, Mexico & Russia	Increasing across 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	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.
2020	In-licensing agreement with SPARC for SCD-044	Global	Potential indication in psoriasis, atopic dermatitis & other auto-immune disorders
2019	Out-licensing agreement with AstraZeneca UK for ready-to-use infusion oncology products	Mainland China	Access to oncology market in Mainland China
~~2019~~	Licensing agreement with CMS for	~~Greater China~~	~~Access to Greater China market~~
	~~tildrakizumab, Cequa & 8 generic products~~		~~54~~

~~54~~

Key deals & rationale

Year	Deals	Country	Rationale
2018	Acquired Pola Pharma in Japan	Japan	Access to Japanese dermatology market
2016	Acquired global rights for Cequa & Odomzo	Global	Enhances specialty pipeline
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 Tidrakizumab
2016	Acquired 14 brands from Novartis	Japan	Entry into Japan
2015	Acquired InSite Vision Inc.	US	Strengthens branded ophthalmic portfolio in U.S.
2015	Sun Pharma – Ranbaxy Merger	Global Markets	Strengthen position in the Global Generic Pharma Industry, No.1 Pharma Company in India & Strong positioning in Emerging Markets
2014	In-licensing agreement with Merck for tildrakizumab	Global Markets	Strengthening the specialty product pipeline
2014	Acquired Pharmalucence	US	Access to sterile injectable capacity in the US
2012	Acquired DUSA Pharma, Inc.	US	Access to specialty drug-device combination in dermatology segment
2010	Acquired Taro Pharmaceutical Industries Ltd.	Israel	Access to dermatology generic portfolio Manufacturing facilities at Israel & Canada
1997	Acquired Caraco	US	Entry into US Market

55

Sun Pharma - focus areas

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US business
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India
business
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EM & RoW
business
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Global
Consumer
Healthcare
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• Enhance share of specialty/branded 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

• 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

• Gain critical mass in key markets

• Enhance Specialty product basket in emerging markets

• Focus on profitable growth

• Maintain leadership in existing markets through focus on innovative solutions

• Enhance presence in high growth markets

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Sun Pharma - focus areas

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Sustainability
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R&D
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Regulatory/
Quality
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Financial
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• 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

• Focus on developing complex products across multiple dosage forms

• Invest to further build the specialty pipeline

• Ensuring 24x7 compliance to cGMP

• Continuously enhance systems, processes, human capabilities to ensure compliance with global regulatory standards

• Target high-single digit to low double-digit consolidated topline growth for FY23

• Focus on sustainable and profitable growth

• Focus on improving overall return ratios

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Sun Pharma at a glance

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Leading global specialty generic company
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Operates in over 100 countries

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Diversified business
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Specialty products, branded generics, generics & APIs

Focused therapy approach, commercial infrastructure in key markets

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US Generics
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9[th] largest in US generics market[##]

Largest pharma company in India**

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Emerging Markets
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Scaled up operations in over 80 countries

Expanding presence in Ex-US developed markets

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Manufacturing footprint
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43 manufacturing sites across the world

Several facilities approved by global regulators incl. USFDA

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R&D and Manufacturing
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Global clinical trial expertise. Generic capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules

38,000+ global employee base

*Source: Evaluate Pharma Estimates for 12 months ended Dec 2021 ## Source: IQVIA data for 12 months ended Dec 2022 ** As per AIOCD AWACS data for 12 months ended Dec 2022

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For more information please contact

Investors

Dr. Abhishek Sharma Tel : +91 22 4324 4324, Xtn 2929Thank You Tel Direct +91 22 4324 2929

abhi.sharma@sunpharma.com

Corporate Address

SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063

© 2017 Sun Pharmaceutical Industries Limited., All Rights Reserved.

“SUN Pharma”, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited.

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.

NSE:SUNPHARMA, BSE: 524715, Reuters: SUN.BO, Bloomberg: SUNP IN CIN: L24230GJ1993PLC019050 www.sunpharma.com

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