IR Presentation June 2015 Sun Pharma

Creating Lasting Value
Investor Presentation - June 2015
NSE:SUNPHARMA | BSE:524715 |
Bloomberg:SUNP IN | Reuters:SUN.BO
WWW.SUNPHARMA.COM
Disclaimer
Except for the historical information contained herein, statements in this presentation and
the subsequent discussions, which include words or phrases such as will, aim, will likely
result, would, believe, may, expect, will continue, anticipate, estimate, intend,
plan, contemplate, seek to, future, objective, goal, likely, project, should,
potential, will pursue and similar expressions or variations of such expressions may
constitute "forward-looking statements". These forward-looking statements involve a
number of risks, uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks and
uncertainties include, but are not limited to our ability to successfully implement our
strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning
policies, technological changes, investment and business income, cash flow projections, our
exposure to market risks as well as other risks. Sun Pharmaceutical Industries Limited does
not undertake any obligation to update forward-looking statements to reflect events or
circumstances after the date thereof.
Sun Pharmaceutical Industries Limited. All Rights Reserved.
Contents
1
Sun Pharma at a glance
Long-term Strategy
Global Specialty Initiatives
Revenue Composition, History & Acquisition Track Record
Business Operations, R&D, Manufacturing
Corporate Governance
Financials P&L, Balance Sheet, Cash Flows & Ratios
Key Milestones Targeted

5th Largest Global Specialty Generic Company
US
India
Emerging Markets
Europe
Manufacturing Footprint
Ranked 5th in US / Largest Indian Pharma Company in US

No. 1 Pharma Company in India
Largest Indian Pharma Company in Emerging Markets
Expanding presence in Europe
45 manufacturing sites across the world
Market Presence
Presence in more than 150 countries across branded and generic

markets
Product Portfolio
Portfolio of more than 3,000 products across the world
Employees
Quality Compliance
R&D and Manufacturing
Addressable Segments
30,000+ global employee base

Multiple facilities approved by various regulatory authorities
across the world including USFDA
Capabilities across dosage forms like injectables, sprays,
ointments, creams, liquids, tablets and capsules
Specialty products, branded generics, complex generics, pure

generics & APIs
4
Worlds 5th Largest Specialty Generic Pharma Co

2014 Worldwide Generic Sales (US$ in billions)
9.8
Teva
8.5
Sandoz
Actavis
6.4
Mylan
6.4
Sun + Ranbaxy
Sun - 3.0
Aspen
3.0
5.1
2.6
Hospira
2.4
Fresenius
2.3
Sanofi
2.1
Ranbaxy
2.0
Lupin
Dr Reddy's
1.8
Cipla
1.7
STADA
Ranbaxy - 2.1
1.6
Source: Evaluate Pharma, Company filings
Sun Pharma today

India Branded Generics
US Formulations
5th largest generics company in US with one of the
largest ANDAs pipeline (159 ANDAs awaiting approval)
Presence in generics, Specialty and branded segments
with more than 430 approved products

FY15 sales: US$ 2,244 mn (2)
India
25%
International
75%
No.1 ranked with 12 classes of doctor categories

Leading position in high growth chronic therapies
Specializes in technically complex products
FY15 sales: US$ 1,099 mn (2)
Market cap: US$ 36 bn (1)

Gross Sales: US$ 4,510 mn (2)
EBITDA: US$ 1,295 (29% margin) (2)
R&D Investment: 7.2% of Net Sales
Globalized supply chain
55% owned by promoter group
Strong balance sheet, low debt
Strong product pipeline
Emerging Markets
Presence in over 150 countries across Africa, Americas,
Asia and Eastern & Central Europe

Key focus markets Brazil, Mexico, Russia, Romania,
South Africa, and complementary & affiliated markets
FY15 sales: US$ 611 mn (2)
Emerging
Markets
14%
Revenue
Break-up
Geographical
sales split
India
Branded
Generics
24%
Western
Europe &
Other
Markets #
8%
API & Others
4%
US
Formulation
50%
Western Europe, Canada, ANZ & others

Presence across majority of markets in Western Europe,
Canada and A&NZ

Product portfolio includes differentiated offerings for
hospitals, injectables and generics for retail market
FY15 sales: US$ 381 mn (2)
Note:
(1) As of May 29, 2015 using spot exchange rate of INR /USD = 63.76.
(2) Using average exchange rate for FY15 of INR /USD = 61.13
# Includes Western Europe, Canada, Australia & New Zealand, Japan and other markets.
All sales numbers in US$ for 12 months ended March 31, 2015.
Driving Long Term Growth

Enhance share of specialty business
globally
Achieve differentiation by focusing on
technically complex products
Focus on key markets achieve
critical mass
Speed to market
Ensure sustained compliance with
global regulatory standards
Create
sustainable
revenue streams
Balance
profitability &
investments
for future
Increasing contribution of
specialty and complex products
Future investments directed
towards differentiated products
Vertically integrated operations
Optimize operational costs
Cost
leadership
Business
development
Use acquisitions to bridge
critical capability gaps
Focus on access to products,
technology, market presence
Ensure acquisitions yield high
return on Investment
Focus on payback timelines
7
Our Specialty Initiatives

Ramping up
Specialty
Pipeline
In-licensed MK-3222 (a monoclonal antibody undergoing Phase-III trials targeting IL-23)

from MSD for treating chronic plaque psoriasis
Entered into a joint venture with Intrexon Corporation for developing gene-based
therapies for ocular diseases
Acquired Dusa Pharma in US Gets access to patented drug-device combination useful
for treating Actinic Keratosis, a dermatology ailment
Branded
Businesses in
US, India and
RoW
Ranked no. 3 branded dermatology company in the US market

Market leader in specialty chronic segments in India
Amongst the largest Indian companies in branded emerging markets
Complex
Generics in US
Firmly established as the no. 1 supplier of generic dermatology products in the US

Current product offering in US includes many specialty generics across different dosage
forms. Future product development targeted at complex generics
One of the few companies globally to have farm-to-market capabilities for controlled
substances
Key focus areas include dermatology, oncology, controlled substances, ophthalmology
amongst others
Highly Diversified Revenue Base

Sun Pharma (Post Ranbaxy Acquisition)
Sun Pharma (Pre Ranbaxy Acquisition)

API & Others
5%
Rest of
World##
12%
5 year CAGR: 11%
Emerging
Markets
14%
India Branded
Formulations
23%
5 year CAGR: 14%
5 year CAGR: 38%
India Branded
Formulations
24%
FY15 Sales*
Rs 276 billion
FY14 Sales**
Rs 162 billion
US
Formulations
60%
## Includes all formulations sales excluding US and India
API & Others

4%
US
Formulations
50%
5 year CAGR: 45%

** Sales for Sun Pharma (excluding Ranbaxy) for 12 months ended Mar 14.
Western
Europe &
Other
Markets #
8%
Sales for Sun Pharma (including Ranbaxy) for 12 months ended Mar 15.
# Includes Western Europe, Canada, Australia & New Zealand, Japan and other markets.
Impressive Track Record of Growth

(All Figures in INR Billion)
272.8
Net Sales
CAGR
32%
39.3
4.4
11.9
47.8
79.2
EBITDA
13.6
1.1
CAGR
33%
4.2
FY00 FY05 FY10 FY15
FY00 FY05 FY10 FY15
39.6
Adjusted
Net Profit
13.1
0.8
CAGR
31%
4.0
FY00 FY05 FY10 FY15
30.5
19.9
21.6
15.5
Operating
Cash Flow
0.5
2.9
CAGR
34%
FY99 FY04 FY09 FY14
Free Cash
Flow
-0.2
0.0
FY99 FY04 FY09 FY14
CAGR
37%
5.6
0.4
Adjusted
EPS (Rs)
1.7
CAGR
31%
FY00 FY05 FY10 FY15

FY15 numbers include the impact of Ranbaxy merger
10
Consistent profitability and returns

EBITDA Margin
Gross Margin #
80%
82%
83%
41%
75%
74%
44%
Net Margin
45%
34%
32%
32%
32%
35%
29%
18%
FY11
FY12
FY13
FY14
FY15
ROCE
24%
27%
FY12
FY13
FY14
FY15
FY11
18%
FY12
FY13
FY14
FY13
FY14
21%
FY15
# Gross margin= (Net Sales- Material Cost)/ Net Sales * 100

ROCE & ROE exclude one-time exceptional charges
FY11
FY15
35
31%
24%
26%
20%
10
FY11
FY12
Market Cap (USD Bn)
ROE
28%
20%
FY11
FY12
FY13
FY14
FY15
FY11
12
FY12
16
FY13
20
FY14
FY15
FY15 numbers include the impact of Ranbaxy merger
11
Sustained Profitability Vs. Peers
Superior business model

Margins consistently higher than peers#
EBITDA Margin
Gross Margin
82%
Net Margin
83%
80%
45%
44%
75%
75%
34%
41%
73%
34%
59%
60%
62%
62%
63%
FY11
FY12
FY13
FY14
FY15*
FY10
Gross margin= (Net Sales Material Cost) / Net Sales * 100
20%
20%
FY11
FY12
18%
12%
13%
FY14
FY15*
7%
22%
19%
19%
FY13
FY14
FY15*
Sun Pharma
#Top 10 Indian Pharma company include Aurobindo, Cadila Healthcare,

Cipla, DRL, Glenmark, Ipca, Lupin, Ranbaxy, Torrent and Wockhardt.
35%
32%
14%
14%
9%
17%
FY10
33%
34%
29%
61%
32%
FY10
FY11
FY12
FY13
Range of Top 10 Indian Pharma Cos.
Average
* FY15 numbers include the impact of Ranbaxy merger
12
Creating Value, Continuously

Began with 5
products
Year
1983
IPO - Rs. 550 Mn

raised
1993
Market Cap (US$ Bn) as

of Mar, 31 of respective
years
First Research Centre

SPARC, Baroda
1994
Acquired Dusa
Acquired Taro
Acquired URL
Pharma
Acquired Ranbaxy
1997
2010
2011
2012
2013
2014
0.1
7.8
10.1
12.3
15.6
19.7
0.1
$7.5Mn invested in
Caraco
JV for Emerging
Markets
JV for Ocular Therapy
2015
34.6
Agreement with Merck

for in-licensing MK-3222
Sun Pharma Today
30,000+
Employees
Invested Rs. 64 billion

in R&D till date
Part of NSE Nifty & BSE

Sensex in India
45 Manufacturing facilities
in 5 Continents
75% of sales from

international markets
13
Key Deals & Rationale

Year
Deals
Country
Rationale
2015
Distribution agreement with

AstraZeneca
India
Distribution services agreement in India for brand Axcer (brand of

ticagrelor, used for the treatment of acute coronary syndrome)
2015
Sun Pharma Ranbaxy Merger
Global Markets
5th largest Global Specialty Generic Pharma Company, No.1 Pharma

Company in India & Strong positioning in Emerging Markets
2015
Acquisition of GSKs Opiates Business

(Proposed)
Global Markets
Vertical Integration for controlled substances business
2014
In-licensing agreement with Merck for

MK-3222 a biologic for psoriasis
Global Markets
Strengthening the specialty product pipeline
2014
Acquired Pharmalucence
US
Sterile injectable capacity in the US, supported by strong R&D

capabilities
2013
Formation of Sun-Intrexon JV
Global Markets
JV for ocular therapies
2013
Acquired URLs generic business
US
Adds 107 products to US portfolio
2012
Acquired DUSA Pharma, Inc.
US
Access to branded derma product
2011
Formation of Sun-MSD JV
Emerging
Markets
Develop and commercialize technology based combinations products
2010
Acquired Taro Pharmaceutical

Industries Ltd.
Israel
Dermatology & Topical Product

Manufacturing Plant at Israel & Canada
2008
Acquired Chattem Chemicals, Inc.
Tennessee, US
Import registration with DEA, API Plant approved by DEA in Tennessee,

US
2005
Assets of Able Labs

Formulation plant in Bryan
New Jersey, US
Ohio, US
Dosage form plant (NJ, US) and IP

Dosage form plant (Ohio, US)
1997
Acquired Caraco
Detroit, US
Entry into US Market
14
Successful track record of turning around

acquisitions
27%
ROCE
26%
300
19%
41%
35%
23%
22%
8 Early Acquisitions
30%
20%
4 Acquisitions
250
Recent Acquisitions
Assets of:
Taro
Dusa
URL
Ranbaxy
Bryan
Hungary
Able Labs
Chattem
200
150
18%
27%
100
50
Net Sales (Rs Bn)
EBITDA (Rs Bn)
FY15*
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
FY06
FY05
FY04
FY03
FY02
FY01
FY00
FY99
FY98
FY97
FY96
FY95
FY94

15
US Business
50% of Revenues
16
US Business at a glance
5th Largest Pharma Company in the US Generics Market
Dermatology Segment
Largest generic dermatology company and 3rd largest branded

dermatology company in the US
Comprehensive Portfolio
Wide basket of 597 ANDAs filed & 438 approved ANDAs across
multiple therapies
Robust Pipeline
159 ANDAs pending FDA approval, including a combination of

complex generics, FTF opportunities and pure generics
Market Presence
Presence in generics, branded & OTC segments
Flexible Manufacturing
Dosage Forms
Integrated manufacturer with flexibility for manufacturing

onshore/ offshore
Liquids, Creams, Ointments, Gels, Sprays, Injectable, Tablets,
Capsules, Drug-Device combination
17
US Business - Significant Ramp-up in Sales

Sales in Rs billion
Key Milestones in US
137
FY98
98
FY98-FY10
Ramp-up in US business
FY08 onwards
Launched many complex

generics & few FTFs
62
FY10
Acquired Taro Pharma Entry

into dermatology market
FY13
Acquired DUSA - Entry in

branded specialty market
FY13
Acquired URLs generic

business
35
FY15*
FY14
FY13
FY12
FY11
11
FY10
15
FY09
14
FY08
FY07
FY06
FY05
23
Entry in US through Caraco

acquisition
FY05 FY14 numbers exclude Ranbaxy financials

18
ANDA Pipeline - Significant ramp up

438 ANDA Approvals by Therapeutic Area
ANDAs Filed and Approved

597
449
397
344
FY13
FY14
FY15
Cumulative Products Approved
(Taro numbers added since Mar 2011, URL numbers added since Mar 2013
& Ranbaxy numbers added for March15)
13
13
Other
Cumulative Products Filed
FY12
20
Metabolism
FY11
30
Gastro
FY10
27
Oncology
FY09
34
Allergy
84
Pain
69
39
CVS
177
250
Skin
207
61
Antibiotic
311
225
98
438
CNS
377
478
103
(As of March15)
19
India Branded
Generic Business
24% of Revenues
20
India Business at a glance

No. 1 in India
Market Position**
Prescription Ranking##
Chronic Segment
Acute Segment
Product Offering
No. 1 ranked with 8.9% market share

Growth of 12% versus average industry growth of 13%
No. 1 ranked by prescriptions with 12 different classes of doctors
Market leader in the chronic segment
Strong positioning in the acute segment
Specializes in technically complex products and offers a complete
therapy basket
Strong Brand Positioning**
30 brands in the countrys top 300 pharmaceutical brands
De-risked Growth**
Top 10 Brands contribute approx. 17% of India revenues

Growth driven by a basket of brands & not few key brands
Extensive Sales Force
9,000+ strong field force covering over 600,000* doctors
** - As per AIOCD AWACS data for 12 months ended March15

## - As per SMSRC data for Feb15
* Does not exclude overlaps

21
Largest Pharma Company in India

(Market Share)
Last 12 Months of Branded Generic Sales in India as of March 2015 (US$ in mn)
1,259
Sun Pharma+Ranbaxy - 8.9%

880
Abbott - 6.2%
768
Sun Pharma - 5.5%

710
Cipla - 5.0%
596
Zydus Cadila - 4.2%

Mankind - 3.6%
510
Alkem + Cachet + Indchemie -3.6%
504
Glaxo - 3.5%
497
Ranbaxy- 3.5%
490
Lupin - 3.4%
482
Pfizer - 3.0%
425
Macleods - 2.9%
420
Emcure + Zuventus - 2.7%
378
Source: AIOCD AWACS MAT March 2015

22
India Business Sales ramp-up

Leadership in chronic segment; Strong positioning in acute segment
30 brands in top 300 brands of country
Sales in Rs Billion
Therapeutic Revenue Break-up
67
Opthalmology,
3%
Others, 7%
Neuro-Psychiatry,
18%
Respiratory, 4%
Dermatology, 4%
Gynaecology, 4%
37
Vitamins /
Minerals /
Nutrients, 5%
30
29
Market Share
8.9%
Cardiology, 17%
24
20
15

FY15*
FY14
FY13
FY12
FY11
FY10
FY09
FY08
Diabetology, 8%
FY07
10
FY06
FY05
12
Pain / Analgesics,
7%
17
Anti-Infective
12%
Gastroenterology,
11%
As per AIOCD AWACS March15

23
Strong Customer Focus Drives Market Share Gains

Therapy focused marketing
Strong increase in market share
9,000+ sales representatives

Covering over 600,000* doctors
Sun pharma market share has

consistently increased from 2.1% in
2000 to 4.8% in 2014
Including Ranbaxy, current market

share is 8.3% (IMS Data for Mar15)
8.3%
* Does not exclude overlaps

200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0
Source : IMS
Cipla
Ranbaxy
Sun
Cadila
Lupin
DRL
Torrent
Wockhardt
Ipca
24
Leadership in key therapeutic areas*

Number 1 Ranking with 12 Doctor Categories*
Ranking (Sun Pharma)

Specialist
Ranking (Sun + Ranbaxy)

Specialist
Oct 14
Feb 15
Psychiatrists
Psychiatrists
Neurologists
Neurologists
Cardiologists
Cardiologists
Orthopaedic
Orthopaedic
Ophthalmologists
Ophthalmologists
Gastroenterologists
Gastroenterologists
Nephrologists
Nephrologists
Diabetologists
Diabetologists
Consulting Physicians
Consulting Physicians
Dermatologists
Dermatologists
Urologists
Urologists
Chest Physicians
Chest Physicians
Oncologists
Oncologists
Improved
Rankings
due to
Ranbaxy
acquisition
*Ranks based on prescription share

Source-Strategic Marketing Solutions and Research Centre (SMSRC) Prescription Data
Creating Lasting Value - Investor Presentation
25
Best-in-class field force productivity

Sales Per Representative (Rs. Mn)
Field Force Productivity

FY10 FY14 numbers exclude Ranbaxy
11.1
11.0
10.1
9.2
7.5*
7.1
FY10
Sun
Pharma
Rs 7.5 Mn/ MR
Industry
Average*
Rs 5.5 Mn/ MR
* Based on brokerage reports
FY11
FY12
FY13
FY14
FY15*
Well trained and scientifically

oriented sales representatives team
with strong performance track record
Field force with highest productivity

amongst key players in India
Sales Per Representative (Rs. Mn)
26
Emerging Markets
14% of Revenues
27
Emerging Markets Business at a glance

Largest Indian Company in Emerging Markets
Global footprint
Focus Markets
Presence in over 50 markets

Brazil, Mexico, Russia, Romania, South Africa and complementary
& affiliated markets
Product Portfolio
Extensive basket of branded products
Customer Focus
Strong relationships with doctors and medical practitioners
Sales Force
Opportunity
Local Manufacturing
Over 2,500 Sales Representatives

To cross-sell products between Sun Pharma and Ranbaxy
marketing infrastructure
Across 10 countries
28
Western Europe, Canada, ANZ & Other

Markets
8% of Revenues
29
Western Europe & Other Markets at a glance

Amongst the leading Indian Companies
Market Presence
Across all major markets in Western Europe, Canada, A&NZ and

few other markets
Product Portfolio
Expanding basket of products including injectables and hospital

products as well as products for retail market
Focus
Sales Force
Local Manufacturing
Development and commercialization of complex generics and

differentiated products to drive sustainable and profitable growth
Distribution led model
At Canada, Hungary & Ireland + Servicing from India facilities
30
Global Consumer Healthcare Business
31
Global Consumer Healthcare Business

at a glance
An Attractive Opportunity
India
Global Presence
Market Focus
Strong Brand Equity
Sales Force
Strong Positioning
Amongst the top 10 consumer healthcare companies
Operates in about 20 countries

5 core markets viz., India, Russia, Romania, Nigeria and Myanmar
4 growth markets viz., Ukraine, Poland, South Africa and Sri Lanka
5 Brands are category leaders across 3 markets - India, Romania
and Nigeria
Promoted through dedicated sales force in each market
Amongst top 10 consumer healthcare companies in India,
Romania, Nigeria & Myanmar
32
Active Pharmaceutical
Ingredients (API) Business
4% of Revenues
33
API Business
Backward Integration Strategic Importance
Strategic Importance
Customers
Product Portfolio
Backward integration provides cost competitiveness and supply

reliability
Large generic and innovator companies
Approximately 300 APIs
Pipeline Development
More than 25 APIs scaled up annually
Regulatory approvals
270 DMF/CEP approvals to date

396 DMF/CEP Filings to date
Manufacturing
Across 11 facilities
34
Research & Development
35
Research & Development

Cumulative R&D Spend of Rs 64 billion to date
R&D Spend
R&D spend at 7.2% of Net Sales for FY15*

Strong cash flows & large scale to support R&D investments
Capabilities
Strong research teams in generics, finished dosage development,

biological support, chemistry
Organization
1,800 scientists globally with capabilities across dosage forms like

orals, liquids, ointments, gels, sprays, injectables
IPR Support
Strong team of intellectual property experts supporting R&D

(internal and external lawyers)
Focus
Developing non infringing formulations and development of

specialty/complex products

36
R&D Investments
Filings and Approvals
R&D Expenditure
7.8%
6.2%
5.8%
5.6%
6.3%
6.5%
7.2%
DMF/CEP
ANDA
1598
396
597
Patents
19.6
438
270
951
10.4
7.0
3.3
FY09
2.5
FY10
3.3
FY11
4.4
FY12
R&D Expenses (Rs Bn)
FY13
FY14
FY15*
Filed
Approved
Filed
Approved
Filed
Granted
R&D Exp (% of Net Sales)

As of March 31, 2015

37
Global Manufacturing
Presence
38
Global Manufacturing Presence

World Class Manufacturing Infrastructure
Extensive Global Footprint
45 manufacturing facilities across India, the Americas, Asia, Africa

and Europe
Integrated Network
Vertically integrated network across four continents enabling high

quality, low cost and a quick market entry across the geographies
Capabilities
One of the few companies that has set up completely integrated

manufacturing capability for the production of oncology,
hormones, peptides, controlled substances and steroidal drugs
High Quality
High quality manufacturing facilities. Many of the plants have

received approvals from US FDA, UK MHRA and various other
regulatory authorities
Dosage Forms
Ability to manufacture a variety of dosage forms Orals, Creams,

Ointments, Injectables, Sprays, Liquids
39
Global Manufacturing Footprint

Tiszavasvari Haifa
(Hungury)
(Israel)
Ontario (Canada)
Casablanca
(Morocco)
Cashel (Ireland)
(US)
Aurora
Billerica, MA
Brayn
Tennessee
New Jersey(US)
Lagos (Nigeria)
Be-Tabs,
South Africa)
Philadelphia
Rio de
Janeiro (India)
(Brazil) Baddi-1
Baddi-2
Batamandi
Cranbury
Wilmington M.A.
Iztapalapa
(Mexico)
Mohali
Toansa
Goinia
(Brazil)
Malanpur
Dewas
Paonta
Goa
Sun Pharmas Manufacturing facilities

Ranbaxys Manufacturing Facilities
Formulation Plant
API Plant
Formulation & API Plant
Cluj (Romania)
Giza, (Egypt)
Kuala Lumpur
(Malaysia)
Bangladesh Plant
(India)
Jammu
Halol
Karkhadi
Sikkim Plant
Silvassa
Ankleshwar
Panoli
Dadra
Ahmednagar
Maduranthakam
40
Finished Dosage Manufacturing

Sun Pharma - 18 Manufacturing sites
Ranbaxy - 16 Manufacturing sites
India : 6, US : 6
India : 7, US : 1
Canada, Brazil, Mexico, Hungary , Israel,

Bangladesh : 1 each
Ireland, South Africa, Malaysia,

Romania, Brazil, Morocco, Egypt and
Nigeria : 1 each
Capacities available for a variety of

finished dosages
Injectables / Sterile
Orals
Topicals
Tablets / Capsules
Vials
Dry powder
Creams
Semisolids
Ampoules
Eye drops
Ointments
Liquids
Pre-filled Syringes
MDI
Suppository
Gels
Aerosols
Lyophilized Units
41
API Manufacturing
Sun Pharma - 8 locations
India : 5, Israel : 1, US : 1, Hungary : 1
Ranbaxy - 3 locations
India : 3
Hungary &
Tennessee (US)
Panoli & Ahmednagar

(both India)
International regulatory
approvals: USFDA,
European
API
Key Plants
Controlled substances
manufacture
Stand alone units for

peptides, anti-cancer,
steroids, sex hormones
42
Corporate Governance
Our philosophy on corporate governance envisages
working towards high levels of transparency,
accountability and consistent value systems across all
facets of operations
Chairman
Independent Directors & Members of Audit Committee
Israel Makov
Ashwin Dani
Keki Mistry
Former President
& CEO of Teva
Pharma. Industries Ltd.
Non-Executive Vice
Chairman,
Asian Paints Ltd.
.
Vice Chairman
& CEO, HDFC Ltd.
.
Independent Director
Rekha Sethi
Director General
All India Management
Association (AIMA)
Hasmukh Shah
Former Chairman of
Gujarat Gas & Former
Chairman & Managing
Director, IPCL
.
S. Mohanchand
Dadha
Former Chairman &
Managing Director, TDPL
.
43
Financials
44
Financials
Market Capitalisation Rs. 2,300 billion / US$ 36 billion
P&L Summary
Net Sales
Gross Profit
EBITDA
Net Profit
Net Profit (Adjusted)
R&D Spend
BS Summary
Shareholders Funds
Loan Funds
Net Fixed Assets
Investments
Cash and Bank Balances
Inventory
Sundry Debtors
Sundry Creditors
FY11
YoY
FY12
YoY
57,229
42,577
19,518
18,161
18,161
3,313
43%
46%
43%
34%
34%
26%
80,057
63,644
32,507
26,567
26,567
4,449
40%
49%
67%
46%
46%
34%
Mar'11
94,833
3,651
27,568
22,298
22,046
14,895
11,049
6,454
YoY
21%
113%
64%
-30%
333%
39%
-6%
102%
Mar'12
122,358
2,650
32,742
22,129
33,672
20,870
20,787
9,927
YoY
29%
-27%
19%
-1%
53%
40%
88%
54%
All figures from FY11 to FY14 exclude Ranbaxy aqcuisition which is

effective from 01 April 2014
( All Figures in Rs. Mn )
FY13
112,389
91,592
49,063
29,830
35,666 #
7,042
Mar'13
149,897
1,982
50,771
24,116
40,587
25,778
24,122
10,580
YoY
FY14
40%
44%
51%
12%
34%
58%
160,044
132,250
71,141
31,415
56,589 #
10,418
YoY
23%
-25%
55%
9%
21%
24%
16%
7%
Mar'14
185,250
24,890
58,242
27,860
75,902
31,230
22,004
13,283
YoY
FY15*
42%
44%
45%
5%
59%
48%
272,865
205,473
79,167
45,406
47,784
19,550
YoY Mar'15*
24% 264,586
75,960
15% 110,200
16%
27,160
87% 109,980
21%
56,680
-9%
53,120
26%
31,540
Exchange Rate :
For Market Capitalisation US$1 = Rs 63.76 (As on 29 May 2015)
# Adjusted for Rs 5.83 bn provision related to generic Protonix settlement for the year 2012-13 and
Adjusted for Rs 25.17 bn provision related to generic Protonix settlement for the year 2013-14 and
Adjusted for Rs 2.4 bn for settlement provision for Texas Medicaid Program litigation for 2014-15
45
Sales Break-up
In USD Million
In INR Billion
Gross
Sales
40
81
58
114
162
276
Full year consolidation

for URL & Dusa
2,099
2,682
4,510
11
175
61
992
URL & Dusa partconsolidation

8
19
Taro
Consolidation
8
15
6
6
11
17
FY10
5
6
23
6
11
1132
67
29
30
37
FY11
FY12
FY13
FY14
Rest of World
Rest of world includes all formulations sales excluding US & India

2244
1620
62
35
US Formulations
140
281
98
24
India Formulations
137
135
316
FY15*
1098
546
611
FY13
FY14
FY15*
API+Others
#Exchange Rate : US$1 = Rs 54.36 (for FY13)
US$1 = Rs 60.41 (for FY14)
US$1 = Rs 61.13 (for FY15)
46
EBITDA Trend
In INR Billion
Net
Sales
39
57
80
112
160
273
% of Net Sales
27%
12%
26%
14%
15%
26%
34%
34%
FY10
FY11
19%
17%
14%
13%
25%
16%
24%
24%
27%
EBITDA
21%
25%
30%
44%
41%
44%
Key drivers include Taro, generic

Doxil, Doxycycline & other low
competition products in US
Impact of Ranbaxy acquisition

29%
FY12
Other Expenditure
FY13
Personnel Costs
FY14
FY15*
Material Costs

47
Cash Flow
Net Cash From Operating Activities (Rs Bn)
Free Cash Flow (Rs Bn)

31
40
34
24
25
19
22
15
FY10
FY11
FY12
FY13
FY14
FY10
FY11
FY12
FY13
FY14
All numbers above exclude Ranbaxy financials
48
Financial Ratios
Growth (%)
Net Sales
Gross Profit
EBITDA
Net Profit
Margins (%)
Gross Margin
EBITDA Margin (%)
Net Margin
Net Margin (Adjusted)
Return (%)
ROCE
ROE
Others
Debt / Equity
Fully Diluted EPS (Rs) Post bonus
Fully Diluted EPS (Rs) Post bonus (Adjusted)
R&D Spend % of Net Sales
Revenue
Capital
FY11
FY12
FY13
FY14
FY15
42.8
46.3
43.2
34.4
34.4
39.9
49.5
66.5
46.3
46.3
40.4
43.9
50.9
12.3
34.3 #
42.4
44.4
45.0
5.3
58.7*
70.5
55.4
11.3
44.5
(15.6)**
74.4
34.1
31.7
31.7
79.5
40.6
33.2
33.2
81.5
43.7
26.5
31.7#
82.6
44.5
19.6
35.4*
75.3
29.0
16.6
17.5**
20.3
21.0
23.8
23.8
26.7
25.7
27.6
30.9
17.8
20.0
0.04
8.8
8.8
5.8
5.4
0.4
0.02
12.8
12.8
5.6
5.1
0.5
0.01
14.4
17.2#
6.3
5.9
0.4
0.13
15.2
27.3*
6.5
6.2
0.3
0.29
18.9
19.9**
7.2
6.7
0.4
# Adjusted for Rs 5.83 bn provision related to generic Protonix settlement for the year 2012-13.
* Adjusted for Rs 25.17 bn provision related to generic Protonix settlement for the year 2013-14.
** Adjusted for Rs 2.4 bn for settlement provision for Texas Medicaid Program litigation for 2014-15.
49
Key Financials Q4 & FY15

Net Sales
Gross Profit
Gross Margin
EBITDA
EBITDA Margin
Net Profit
Net margin
Net margin (Adjusted)
R&D
R&D as % of Net Sales
EPS (Diluted) INR
EPS (Diluted) INR (Adjusted)
Q4 FY15
61,449
45,475
74%
8,802
14%
8,881
14%
8,881
14%
5,788
9.4%
3.7
3.7
Q4 FY14
40,436
33,724
83%
17,856
44%
15,871
39%
15,871
39%
3,083
7.6%
7.7
7.7
FY15
272,865
205,473
75%
79,167
29%
45,406
17%
47,784*
18%
19,550
7.2%
18.9
19.9*
FY14
160,043
132,251
83%
71,140
44%
31,412
20%
56,586 #
35%
10,418
6.5%
15.2
27.3 #
* Adjusted for Rs 2.4 bn for settlement provision for Texas Medicaid Program litigation for 2014-15.
# Adjusted for Rs 25.17 bn provision related to generic Protonix settlement for the year 2013-14.
Note - Q4FY15 and full-year FY15 numbers include the impact of Ranbaxy merger & hence are not
comparable with same period last year
50
Sales Breakup Q4 & FY15

Formulation
India
US
Emerging Markets
ROW
Sub-total
Bulk
Others
Gross Sales
Q4 FY15
Q4 FY14
FY15
FY14
15,690
30,477
7,706
5,242
59,115
2,860
122
9,465
24,861
2,112
2,334
38,773
2,223
15
67,166
137,196
37,326
23,320
265,007
9,910
792
36,918
97,844
10,308
8,777
153,847
8,010
138
62,097
41,011
275,709
161,995
Note - Q4FY15 and full-year FY15 numbers include the impact of Ranbaxy merger & hence are not comparable with same period
last year
51
Key Milestones targeted for future
US
Business
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
Gain critical mass in key therapeutic segments
India
Business
Improve productivity of India business

Maintain leadership position in a fiercely competitive market
Continuously innovate to ensure high brand equity with doctors
RoW
Business
Gain critical mass in key emerging markets

Enhance product basket in emerging markets
Improve profitability in developed European markets
52
Key Milestones targeted for future

Global
Consumer
Healthcare
R&D
Regulatory/
Quality
Financial
Maintain leadership in existing markets through focus on innovative solutions

Enhance presence in high growth markets
Develop more products through expanded R&D team for global markets
Focus on developing complex products across multiple dosage forms
Ensuring 24x7 compliance to cGMP is imperative for a global business

Continuously enhance systems, processes, human capabilities to ensure compliance
with global regulatory standards
Ensure resolution of consent decree at Ranbaxys facilities
Target sustainable and profitable growth

Deliver on the US$ 250 million synergy benefits from Ranbaxy acquisition by FY18
53

5th Largest Global Specialty Generic Company
US
India
Emerging Markets
Europe
Manufacturing Footprint
Ranked 5th in US / Largest Indian Pharma Company in US

No. 1 Pharma Company in India
Largest Indian Pharma Company in Emerging Markets
Expanding presence in Europe
45 manufacturing sites across the world
Market Presence
Presence in more than 150 countries across branded and generic

markets
Product Portfolio
Portfolio of more than 3,000 products across the world
Employees
Quality Compliance
R&D and Manufacturing
Addressable Segments
30,000+ global employee base

Multiple facilities approved by various regulatory authorities
across the world including USFDA
Capabilities across dosage forms like injectables, sprays,
ointments, creams, liquids, tablets and capsules
Specialty products, branded generics, complex generics, pure

generics & APIs
54
Thank You!
For more information please contact:
Investors:
Media:
Nimish Desai
Tel : +91 22 4324 4324, Ext 2778
Tel Direct +91 22 43242778
Mobile : +91 98203 30182
nimish.desai@sunpharma.com
Frederick Castro
Tel : +91 22 4324 4324, Ext 2777
Tel Direct : +91 22 43242777
Mobile : +91 99206 65176
frederick.castro@sunpharma.com
Thank You
Corporate Address:
SUN HOUSE, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063
2015 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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Creating Lasting Value

Investor Presentation - June 2015

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Sun Pharma at a glance

Global Specialty Initiatives

Revenue Composition, History & Acquisition Track Record

Business Operations, R&D, Manufacturing

Financials P&L, Balance Sheet, Cash Flows & Ratios

Key Milestones Targeted

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Sun Pharma at a glance

Ranked 5th in US / Largest Indian Pharma Company in US

Presence in more than 150 countries across branded and generic

Portfolio of more than 3,000 products across the world

30,000+ global employee base

Specialty products, branded generics, complex generics, pure

Worlds 5th Largest Specialty Generic Pharma Co

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Sun Pharma today

largest ANDAs pipeline (159 ANDAs awaiting approval)

Presence in generics, Specialty and branded segments

with more than 430 approved products

No.1 ranked with 12 classes of doctor categories

Market cap: US$ 36 bn (1)

Asia and Eastern & Central Europe

Western Europe, Canada, ANZ & others

Canada and A&NZ

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Driving Long Term Growth

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Vertically integrated operations

Optimize operational costs

Our Specialty Initiatives

In-licensed MK-3222 (a monoclonal antibody undergoing Phase-III trials targeting IL-23)

Ranked no. 3 branded dermatology company in the US market

Firmly established as the no. 1 supplier of generic dermatology products in the US

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Highly Diversified Revenue Base

Sun Pharma (Pre Ranbaxy Acquisition)

5 year CAGR: 11%

5 year CAGR: 38%

## Includes all formulations sales excluding US and India

Sun Pharmaceutical Industries Limited. All Rights Reserved.

API & Others

5 year CAGR: 45%

Impressive Track Record of Growth

FY00 FY05 FY10 FY15

FY00 FY05 FY10 FY15

FY00 FY05 FY10 FY15

FY99 FY04 FY09 FY14

FY99 FY04 FY09 FY14

FY00 FY05 FY10 FY15

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Consistent profitability and returns

# Gross margin= (Net Sales- Material Cost)/ Net Sales * 100

Sun Pharmaceutical Industries Limited. All Rights Reserved.

Market Cap (USD Bn)

FY15 numbers include the impact of Ranbaxy merger

Sustained Profitability Vs. Peers