Interim report
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives 05 November 2025 National Stock Exchange of India Limited BSE Limited NSE Code: SUNPHARMA BSE Code: 524715 Outcome of the Board Meeting held today, i.e., 05 November 2025 Further to the communication dated 14 October 2025, this is to inform that the meeting of the Board of Directors of the Company (“Board”) was held today, i.e. 05 November 2025, which commenced at 11:30 A.M. and concluded at 03:40 P.M., IST. The Board has, inter alia: 1. Approved Financial Results The Unaudited Standalone and Consolidated Financial Results for the quarter and half -year ended 30 September 2025, as approved pursuant to Regulation 33 of the Listing Regulations, along with the Limited Review Report of the Statutory Auditors, are annexed herewith as Annexure A. 2. Approved the proposal for alteration of the Memorandum of Association In alignment with the company’s long -term sustainability goals and its commitment to Environmental, Social, and Governance principles, the proposal to amend the Memorandum of Association (MoA) to include under the Main Objects, an additional enabling clause for setting up of captive solar, renewable and other power plants, including the sale of surplus power to the grid. The approval is subject to shareholder approval and applicable regulatory approvals. 3. Press Release The press release outlining key updates for the quarter and half -year ended 30 September 2025 is enclosed herewith as A nnexure B. It will be released soon after this communication. Fo r Sun Pharmaceutical Industries Limited (Anoop Deshpande) Company Secretary and Compliance Officer ICSI Membership No.: A23983
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Annexure A SR BC & COLLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai -400 028, India Tel: +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Sun Pharmaceutical Industries Limited 1. We have reviewed the accompanying statement of unaudited standalone financial resu Its of Sun Pharmaceutical Industries Limited (the "Company") for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 H ~ )v,/ 1:, % u ' '\ ~ per Amit Singh (( ~ l ln8,'1/ > • ,:i ) * Partner ~..<\\ .)f:..) ':.0 '-/ ~ Membership No.: 408869 ·~o-4cco0~~~ UDIN: 2.5'4D8g6qBMNXU~5"36'7 Mumbai November 05, 2025 S RB C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22. Camac Street. Block 'B', 3rd Floor, Kolkata-700 016
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Sun Pharmaceutical Industries Limited Registered Office· Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. CIN: L24230G J1 993PLC019050 , Website . www.sunpharma.com Statement of Unaudited Standalone Financial Results for the Quarter and Half year ended September 30, 2025 Quarter ended Half Year ended Particulars I Revenue from operations a. Revenue from contracts with customers b. Other operating revenues • Total revenue from operations (I) II Other income Ill Total income (1+11) IV Expenses Cost of materials consumed Purchases of stock-in- trade Changes in inventories of finished goods, stock-in-trade and work-in-progress Employee benefits expense Financ e costs Depre ciation and amortisat ion expense Other expenses Net (gain) / loss on foreign currency transactions Total expenses (IV) V Profit/ (loss) before exceptional items and tax (Ill-IV) VI Exceptional items (Refer Note 3) VII Profit/ (loss) before tax (V-VI) VIII (i) Tax expense/ (credit) (ii) Tax expense/ (credit) - Exceptional (Refer Note 3) IX Profit/ (loss) for the period (VII-VIII) X Other comprehensive income (OCI) a. (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss b. (i) Items that may be reclassified to profit or loss (ii) Income tax relating to items that may be reclassified to profit or loss Total other comprehensive income (a+b) (X) XI Total comprehensive income for the period (IX+X) XII Paid-up equity share capital - face value { 1 each XIII Other equity XIV Earnings per equity share off 1 each (not annualised for quarters) { (Basic) { (Diluted) See accompanying notes to the unaudited standalone financial results Research and development expenses incurred (included above) SIGNED FOR IDENTIFICATION BY ~ ) SR BC & CO LLP MUMBAI 30.09.2025 Unaudited 45,112.7 368.4 45,481 .1 727.9 46,209.0 9,961.9 3,380.9 154.8 7,287.7 2,483.3 3,363.0 17,676.1 (4,816.2) 39,491 .5 6,717.5 6,717 .5 1,075.3 5,642.2 44.3 (15.4) (1 ,529.4) 534.4 (966 .1) 4,676.1 2,399 .3 2.4 2.4 4,586.8 30.06.2025 30.09.2024 30.09.2025 30.09.2024 Unaudited Unaudited Unaudited Unaudited 55,592.7 51 ,178.7 100,705.4 95,237.9 356.1 46.0 724.5 933.8 55,948.8 51 ,224.7 101,429.9 96,171.7 1,037.1 952.1 1,765.0 1,779.6 56,985 .9 52,176.8 103,194.9 97,951.3 9,979.3 11 ,838.8 19,941.2 21 ,149.8 3,282.5 3,600.9 6,663.4 6,663.5 930.2 (1 ,442.7) 1,085.0 (1 ,896.7) 7,389.2 6,816.6 14,676.9 13,478.2 2,384.2 2,590.4 4,867.5 4,902.5 3,109.2 2,972.3 6,472.2 6,785.2 17,168.2 18,378.1 34,844.3 37,011 .9 (1 ,895.9) (1 ,285.7) (6,712.1) (971.5) 42,346 .9 43,468.7 81,838.4 87,122.9 14,639.0 8,708.1 21 ,356.5 10,828.4 2,876.4 2,876.4 11 ,762.6 8,708.1 18,480.1 10,828.4 5,317.1 324.4 6,392.4 525.3 (1 ,005.1) (1 ,005.1) 7,450.6 8,383.7 13,092.8 10,303.1 (28.8) (77.8) 15.5 32.2 105 27.0 (4.9) (1 1.5) 330.6 (223.8) (1,198.8) (78.5) (115.5) 78.2 418.9 27.4 196.8 (196.4) (769.3) (30.4) 7,647 .4 8,187.3 12,323.5 10,272 .7 2,399.3 2,399.3 2,399.3 2,399.3 3.1 3.5 5.5 4.3 3.1 3.5 5.5 4.3 6,146.9 4,147.2 10,733.7 9,061.9 (f in Million) Year ended 31.03 .2025 Audited 225,984.0 3,790.0 229,774.0 3,791.4 233,565 .4 44,167.9 13,595.3 (551.4) 26,913.1 9,538.9 12,867.4 79,824.0 (2,551 .9) 183,803.3 49,762 .1 49,762.1 7,481 .3 42,280.8 (183.3) 63.4 (180.1) 62.9 (237.1) 42,043.7 2,399.3 236,603.6 17.6 17.6 19,226.2
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324 . GIN: L24230GJ1993PLC019050 , Website : www.sunpharma .com Unaudited Standalone Statement of Assets and Liabilities Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Goodwill (d) Other intangible assets (e) Intangible assets under development (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Deferred tax assets (Net) (h) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balances other than (ii) above (iv) Loans (v) Other financial assets (c) Other current assets Total current assets Assets classified as held for sale TOTAL ASSETS EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity Liabilities (1) Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Other non-current liabilities (c) Provisions Total non-current liabilities (2) Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade payables (a) total outstanding dues of micro and small enterprises - (b) total outstanding dues of creditors other than micro and small enterprises (iii) Lease liabilities (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (Net) Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES SIGNED FOR IDENTIFICATION BY SR 8 C & CO LLP MUt\dBAI As at 30.09.2025 Unaudited 48,350.3 7,687.4 1,209.0 26,616.9 2,183.2 125,793.5 27,148.4 622.7 10,036.3 3,004.8 252,652.5 38,138.7 122,279.9 10,663.4 4,163.9 9,051.5 4,788.9 12,145.7 201,232.0 309.9 454,194.4 2,399.3 235,730.5 238,129.8 8,091 .1 1,714.0 2,085.7 3,659.7 2,479.4 18,029.9 123,407.1 1,111 .0 28,850.2 179.9 28,392.8 6,337.9 5,237.6 4,518.2 198,034.7 216,064.6 454,194.4 (fin Million) As at 31.03.2025 Audited 47,283.8 7,083.6 1,209.0 25,231 .5 3,758.4 124,101 .1 26,633.6 617.5 11 ,676.4 3,078.7 250,673.6 39,341.3 117,015.4 4,925.7 4,184.8 8,698.2 4,097.5 9,544.1 187,807.0 304.1 438,784.7 2,399.3 236,603.6 239,002.9 8,091.1 1,668.5 1,781 .5 3,767.4 2,449.5 17,758.0 109,544.7 843.6 33,851.7 166.4 24,742.9 5,636.9 5,067.8 2,169.8 182,023.8 199,781.8 438,784.7
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. CIN: L24230GJ1993PLC019050, Website : www.sunpharma .com Unaudited Standalone Statement of Cash Flow for the Half year ended September 30, 2025 Particulars A. Cash flow from operating activities Profit/ (loss) before tax Adjustments for: Depreciation and amortisation expense Net (gain)/ loss on sale/write off /impairment of property, plant and equipment ,other intangible assets and intangible assets under development (Gain)/ loss on derecognition of Right-of-use assets Finance costs Interest income Net (gain)/ loss on sale of financial assets measured at fair value through profit or loss Provision/ write off/ (reversal) for doubtful trade receivables/ advances /Other receivables Sundry balances written back Impairment in value of investment Effect of exchange rate changes Operating profit/ (loss) before working capital changes Movements in working capital: (Increase)/ decrease in inventories (Increase)/ decrease in trade receivables (Increase)/ decrease in other assets Increase/ (decrease) in trade payables Increase/ (decrease) in other liabilities Increase/ (decrease) in provisions Cash generated from / (used in) operations Net Income tax (paid)/ refund received (including interest on refunds) Net cash generated from I (used in) operating activities (A) B. Cash flow from investing activities Payments for purchase of property, plant and equipment (including capital work-in-progress, other intangible assets and intangible assets under development) Proceeds from disposal of property, plant and equipment and other intangible .assets Loans/ Inter corporate deposits given/ placed Loans/ Inter corporate deposits received back/ matured Purchase of investments Proceeds from sale of investments Bank balances not considered as cash and cash equivalents Fixed deposits/ margin money matured Interest received Net cash flow from / (used in) investing activities (B) C. Cash flow from financing activities Proceeds from borrowings Repayment of borrowings Net increase/ (decrease) in working capital demand loans Repayment towards lease liabilities Interest paid on lease liabilites Interest paid Dividend paid Net cash flow from/ (used in) financing activities (C) Net increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Effect of exchange differences on restatement of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period SIGNED FOR IDENTIFICATION BY v\) SR BC & CO LLP MUMS.Al Half year ended 30.09.2025 Unaudited 18,480.1 6,472.2 1,615.3 - 4,867.5 (1 ,609.6) (4.6) (219.4) (0.6) 125.0 (5,287.7) 24,438.2 1,202.6 (1 ,242.6) (3,764.3) (3,923.4) (735.2) 208.0 16,183.3 (586.8) 15,596.5 (9,525.0) 103.4 (105.6) 579.2 (3,650.1) 1,844.5 29.7 1,080.3 (9,643.6) 56,633.7 (42,771 .3) - (94.9) (81 .8) (942.6) (13,196.3) (453.2) 5,499.7 4,925.7 238.0 10,663.4 (~ in Million) Half year ended 30.09.2024 Unaudited 10,828.4 6,785.2 37.9 (0.1) 4,902.5 (1 ,570.3) (18.2) 294.9 - 125.0 (761 .6) 20,623.7 (3,818.1) (7,500.9) 425.0 3,700.0 (1 ,551.4) (1 ,250.8) 10,627.5 1,328.4 11 ,955.9 (3,162.8) 226.9 (124.8) - (4,494.8) 4,388.0 - 1,469.6 (1,697.9) 54,128.4 (48,473.7) (106.0) (75.7) (76.7) (964.1) (11 ,996.7) (7,564.5) 2,693.5 3,273.7 43.2 6,010.4
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Notes: 1 The above unaudited standalone financial results of Sun Pharmaceutical Industries Limited (the 'Company') have been reviewed by the Audit Committee and approved by the Board of Directors at their respecti ve meetings held on November 05, 2025. 2 The above unaudited standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS") as amended, prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder . 3 Exceptional items oft 2,876.4 Million is on account of discontinuation of development work of SCD-044, and includes, (i) Impairment of acquired intangible asset under development oft 1,514.9 Million and (ii) Other costs oft 1,361 .5 Million (included in research and development expenses). Exceptional tax credit on this charge is t 1,005.1 Million. 4 The Board of Directors of the Company at its meeting held on November 01 , 2023 approved a Composite Scheme of Arrangement covering two aspects (1) Amalgamation of five wholly-owned subsidiaries (Sun Pharmaceutica l Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited) (collectively "Transferor Companies ") into the Company, and (2) Reclassification of general reserves to retained earnings with an appointed date of April 01 , 2023. On October 7, 2025 , the National Company Law Tribunal approved the above scheme. As a result, the impact of the scheme for merger of Sun Pharmaceutical Medicare Limited including the tax credit on losses of t 1,401.9 Million has been taken in the unaudited standalone financ ial results in accordance with Ind AS 103 - Business Combinations. The financial results for prior periods have been restated to reflect the effects of the merger. The other subsidiaries do not constitute a business under IND AS 103, and will be accounted as an asset acquisition in the next quarter. The impact on the financial position of the Company is not expected to be material on account of these subsidiaries. 5 The Company has only one reportable segment namely 'Pharmaceuti cals'. 6 Figures for previous periods have been regrouped / reclassif ied wherever considered necessary . SIGNED FOR IDENTIFICATION BY SR BC & CO LLP MUMBAI Mumbai, November 05, 2025 For and on behalf of the Board Dilip S. Shanghvi Executive Chairman
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SR BC & CO LLP Chartered Accountants 12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Sun Pharmaceutical Industries Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Sun Pharmaceutical Industries Limited (the "Holding Company") and its subsidiaries (the Holdi ng Company and its subsidiaries together referred to as "the Group"), its associates and jo int venture for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, as amended (the "Listing Regulations"). 2. The Holding Company's management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended , read with relevant rules issued thereunder and other accounting principles genesally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagemen ts (SRE) 241 0, " Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whethe r the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do n·ot express an audit opinion . We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicab le. 4. The Statement includes the unaudited financ ial results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed , or that it contains any material misstatement. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kol!<ata-700 016
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SR BC & COLLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2025 Page 2 of 6 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of 23 subsidiaries, whose financial results and other information without giving effect to the elimination of intra-group transaction reflect, Group's share of total assets of INR 6,16,216.0 Million as at September 30, 2025, total revenues of INR 36,605.8 Million and INR 67,705.6 Million, total net profit after tax of INR 3,095.2 Million and INR 6,027 .7 Million, total comprehensive income of INR 3,040.4 Million and INR 5,991.4 Million, for the quarter ended September 30, 2025 and half year ended on that date respectively, and net cash inflows of INR 5,818 .2 Million for the period from April 01, 2025 to September 30, 2025, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results and other financial information of these entities have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement in respect of matters stated in para above is not modified with respect to our reliance on the work done and the reports of the other auditors. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 r~ per Amit Singh Partner Membership No.: 408869 Place: Mumbai Date: November 05, 2025
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SR BC& COLLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2025 Page 3 of 6 Annexure I - List of entities included in the report of the unaudited Consolidated Financial Results Sr. No. Name of the entity Subsidiaries 1 Green Eco Development Centre Limited [Merged with Sun Pharmaceutical Industries Limited as per NCL T Order dated October 07, 2025] 2 Sun Pharmaceutical (Bangladesh) Limited 3 Sun Pharma De Mexico S.A. DE C. V. 4 Sun Pharma Japan Ltd. 5 Sun Pharma De Venezuela, C.A. 6 Sun Pharma Laboratories Limited 7 Faststone Mercantile Company Private Limited [Merged with Sun Pharmaceutical Industries Limited as per NCL T Order dated October 07, 2025] 8 Neetnav Real Estate Private Limited 9 Realstone Multitrade Private Limited [Merged with Sun Pharmaceutical Industries Limited as per NCL T Order dated October 07, 2025] 10 Skisen Labs Private Limited [Merged with Sun Pharmaceutical Industries Limited as per NCL T Order dated October 07, 2025] 11 Sun Pharma Holdings 12 Softdeal Pharmaceutical Private Limited 13 Sun Pharma (Netherlands) B. V. 14 TARO Pharma Corporation Inc. 15 Zenotech Laboratories Limited 16 Sun Farmaceutica do Brasil Ltda. 17 Sun Pharma France 18 Sun Pharmaceutical Industries, Inc. 19 Ranbaxy (Malaysia) SDN. BHD. 20 Ranbaxy Nigeria Limited 21 Chattem Chemicals Inc. 22 The Taro Development Corporation 23 Alkaloida Chemical Company Zrt. ,-- ..;- 24 Sun Pharmaceutical Industries (Australia) Pty Limited 25 Aditya Acquisition Company Ltd. 26 Sun Pharmaceutical Industries (Europe) B.V. 27 Sun Pharmaceuticals Germany GmbH 28 Sun Pharma Philippines, Inc. 29 Caraco Pharmaceuticals Private Limited 30 Sun Pharmaceutical Peru S.A.C. -c, &. C~~ l Sun Laboratories FZE ~ ,,.----.. ..... (~~ ) Taro Pharmaceutical Industries Ltd. (Taro) 4-r 11; .\ ~,\ )AUtAS"' 'l ; t n ;~ ~\. I:!' ~,? ..... .___..,../ ~+ • /'~"E0-'4.0JJ
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SR BC & COLLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2025 Page 4 of 6 Sr. No. Name of the entity 33 Sun Pharma Canada Inc. (Formerly known as Taro Pharmaceuticals Inc.) 34 Taro Pharmaceuticals U.S.A., Inc. 35 Taro Pharmaceuticals North America, Inc. 36 Taro Pharmaceuticals Europe B. V. [Merged with Sun Pharmaceutical Industries (Europe) B.V. wef August 19, 2025] 37 Taro International Ltd. 38 3 Skyline LLC 39 One Commerce Drive LLC 40 Sunpharma Middle East FZ LLC 41 2 Independence Way LLC 42 Universal Enterpr ises Private Limited 43 Sun Pharma Switzerland Ltd. 44 Sun Pharma East Africa Limited 45 Pl Real Estate Ventures, LLC 46 Sun Pharma ANZ Pty Ltd . 47 Ranbaxy Farmaceutica Ltda. 48 Sun Pharma Canada Inc. [Merged with Taro Pharmaceuticals Inc. w.e.f April 01, 2025] 49 Sun Pharma Egypt LLC 50 Rexcel Egypt LLC 51 Basics GmbH 52 Sun Pharma Italia srl 53 Sun Pharmaceutical Industries S.A.C. 54 Ranbaxy (Poland) SP. Z 0.0. 55 Terapia SA 56 AO Ranbaxy 57 Ranbaxy South Africa (Pty) Ltd . 58 Ranbaxy Pharmaceuticals (Pty) Ltd. 59 Sonke Pharmaceuticals Proprietary Limited 60 Sun Pharma Laboratorios, S.L.U . 61 Sun Pharma UK Limited 62 Sun Pharma Holdings UK Limited 63 Ranbaxy Inc. 64 Ranbaxy (Thailand) Co., Ltd. 65 Ohm Laboratories, Inc. 66 Ranbaxy Signature LLC · - Sun Pharmaceuticals Morocco LLC C & ~ ~67 ~ fb ,.---"'-o ~ . "Ranbaxy Pharmaceuticals Ukraine" LLC ".>fr M) "" ~ - Sun Pharmaceutical Medicare Limited [Merged with Sun Pharmaceutical Industries • l MUMBAI 1?<) Limited as per NCL T Order dated October 07, 2025] ("') • c,, ~ '- ,..__ ""-'.~ \.. .J. ~ 71"" _; ~"'t' ~it, ...... _.., ~~ ~DAcCO
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SR BC & COLLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2025 Page 5 of 6 Sr. No. Name of the entity 70 JSC Biosintez 71 Sun Pharmaceuticals Holdings USA, Inc. 72 Zenotech Inc. 73 Zenotech Farmaceutica Do Brasil Ltda. 74 Sun Pharma Distributors Limited 75 Real stone Infra Limited 76 Sun Pharmaceuticals CEZ) Limited 77 Sun Pharma (Shanghai) Co. Ltd. 78 Alchemee, LLC 79 The Proactiv Company Holdings, Inc. 80 Proactiv YK 81 The Proactiv Company KK 82 Alchemee Skincare Corporation 83 Concert Pharma Ireland Limited 84 Sun Pharma New Milford Parent LLC 85 Sun Pharma Housatonic LLC 86 Sun Pharma Housatonic II LLC 87 Sun Pharma Housatonic Ill LLC 88 Vivaldis Health and Foods Private Limited 89 Sun Pharma Community Health Care Society 90 Sun Pharma Science Foundation 91 Sun Pharmaceuticals North Africa SA (formerly known as Kemipharm) 92 Sun Pharma Luxembourg S.A (formerly known as Valstar S.A.) 93 Antibe Therapeutics Inc. [Merged with Sun Pharma Canada Inc. (formerly known as Taro Pharmaceuticals Inc.) w.e.f June 01, 2025] 94 Snoopy Merger Sub, Inc. [Merged with Checkpoint Therapeutics, Inc. w.e.f May 30, 2025] 95 Checkpoint Therapeutics, Inc. 96 Sun Pharma (Hainan) Company Limited [Date of Incorporation July 16, 2025] Joint Venture 1 Artes Biotechnology GmbH Associates 1 Medinstill LLC 2 Generic Solar Power LLP -c&co ~ . Trumpcard Advisors and Finvest LLP ~~,~ ~ Tarsier Pharma Ltd. :,l/ M~ B.A.1 \ ~ I · WRS Bioproducts Pty Ltd. 0 ,If;.:' s\. ~ ~' .. ~'--- J.J~· lfto;cco
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SR BC & COLLP Chartered Accountants Sun Pharmaceutical Industries Limited Limited Review Report for the quarter ended September 30, 2025 Page 6 of 6 Sr. No. Name of the entity 6 Remidio Innovative Solutions Private Limited 7 Agatsa Software Private Limited 8 Ezerx Health Tech Private Limited 9 Surgimatix, Inc 10 Indian Foundation for Quality Management 11 Haystackanalytics Private Limited 12 Pharmazz Inc. Note: Number of subsidiaries reported under para 6 of the auditor's review report have been reported on a consolidated basis for certain subsidiaries having step-down subsidiaries, joint venture and associates.
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel: +91 22 4324 4324 . GIN: L24230GJ1993PLC019050 , Website : www.sunpharma .com Statement of Unaudited Consolidated Financial Results for the Quarter and Half year ended September 30, 2025 Particulars I Revenue from operations a. Revenue from contracts with customers b. Other operating revenues Total revenue from operations (I) II Other income • Ill Total income (1+11) IV Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, stock-in-trade and work-in-progress Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Net (gain) / loss on foreign currency transactions Total expenses (IV) V Profit I (loss) before exceptional items and tax (Ill-IV) VI Exceptional items (Refer Note 4 and 5) VII Profit I (loss) before tax (V-VI) VIII (i) Tax expense/(credit) (ii) Tax expense/(credit) - Exceptional (Refer Note 4 and 5) IX Profit I (loss) for the period before share of profit I (loss) of associates and joint venture (VII-VIII) X Share of profit/ (loss) of associates and joint venture (net) XI Net Profit I (loss) after taxes and share of profit I (loss) of associates and joint venture but before non-controlling interests (IX+X) Non-controlling interests XII Net Profit I (loss) after taxes, share of profit I (loss) of associates and joint venture and non-controlling interests XIII Other comprehensive income (OCI) a. (i) Items that will not be reclassified to profit or loss (ii) Income tax relating to items that will not be reclassified to profit or loss b. (i) Items that may be reclassified to profit or loss (ii) Income tax relating to items that may be reclassified to profit or loss Total other comprehensive income (a+b) (XIII) XIV Total comprehensive income for the period (Xl+XIII) Attributable to: - Owners of the Company - Non-controlling interests XV Paid-up equity share capital - face value t 1 each XVI Other equity XVII Earnings per equity share off 1 each (not annualised for quarters) t (Basic) t (Diluted) See accompanying notes to the unaudited consolidated financial results Research and development expenses incurred (included above) SIGNED FOR IDENTIFICATION BY v') SR BC & CO LLP MUi'v1BAI Quarter ended 30.09.2025 30.06.2025 30.09.2024 Unaudited 144,052.2 730.9 144,783.1 4,699.2 149,482.3 16,215.1 10,877.9 2,734.3 27,647.9 998.6 7,295.0 46,342.1 (4,304.7) 107,806.2 41 ,-676.1 41 ,676.1 10,305.2 31,370.9 (121.4) 31,249.5 70.0 31,179.5 3,227.4 (789.0) 11 ,185.7 530.2 14,154.3 45,403.8 45,254.0 149.8 2,399.3 13.0 13.0 7,680.6 Unaudited 137,860.7 653.3 138,514.0 4,644.6 143,158.6 17,715.9 10,479.8 (48.1) 28,016.6 748.0 7,005.5 41 ,623.6 (2,290.4) 103,250.9 39,907.7 8,180.0 31,727.7 9,706.6 (1 ,005.1) 23,026.2 (97.5) 22,928.7 142.4 22,786.3 (2,844.1) 739.4 3,507.0 (128.1) 1,274.2 24,202.9 23,959.2 243.7 2,399.3 9.5 9.5 8,841 .0 Unaudited 132,642.2 271 .7 132,913.9 3,540.0 136,453.9 16,387.2 8,751 .0 1,803.8 24,777.0 691 .7 6,259.1 43,086.2 (1 ,280.9) 100,475.1 35,978.8 35,978.8 5,672.1 30,306.7 66.6 30,373.3 (28.3) 30,401.6 (132.3) 47.8 4,266.4 (4.4) 4,177.5 34,550.8 34,449.0 101.8 2,399.3 12.7 12.7 7,628.3 Half Year ended 30.09.2025 30.09.2024 Unaudited 281 ,912.9 1,384.2 283,297.1 9,343.8 292,640.9 33,931.0 21,357.7 2,686.2 55,664.5 1,746.6 14,300.5 87,965.7 (6,595.1) 211,057.1 81,583.8 8,180.0 73,403.8 20,011.8 (1 ,005.1) 54,397.1 (218.9) 54,178.2 212.4 53,965.8 383.3 (49.6) 14,692.7 402.1 15,428.5 69,606.7 69,213.2 393.5 2,399.3 22.5 22.5 16,521 .6 Unaudited 257,887.3 1,554.1 259,441.4 8,865.5 268,306.9 31 ,957.3 18,725.3 3,013.7 49,323.2 1,307.1 12,810.4 81 ,732.5 (776.4) 198,093.1 70,213.8 70,213.8 11 ,194.6 59,019.2 (40.8) 58,978.4 220.6 58,757.8 249.2 (71 .8) 4,471 .5 (57.5) 4,591.4 63,569.8 63,238.4 331.4 2,399.3 24.5 24.5 15,390.2 (fin Million) Year ended 31 .03.2025 Audited 520,412.5 5,371 .9 525,784.4 19,650.4 545,434.8 64,491 .0 41,479 .5 1,503.1 99,731.2 2,313.6 25,753.9 167,718.0 (1 ,855.3) 401,135 .0 144,299.8 6,778.5 137,521.3 23,945.5 3,774.8 109,801.0 (153.5) 109,647.5 357.1 109,290.4 (451 .0) 115.6 9,451.7 7.8 9,124.1 118,771.6 118,389.0 382.6 2,399.3 719,780.9 45.6 45.6 31 ,541 .9
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com Unaudited Consolidated Statement of Assets and Liabilities Particulars ASSETS (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Goodwill (Net) (d) Other intangible assets (e) Intangible assets under development (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Deferred tax assets (Net) (h) Income tax assets (Net) (i) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Other current assets Total current assets Assets classified as held for sale TOTAL ASSETS EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Equity attributable to owners of the Company Non-controlling interests Total equity Liabilities (1) Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities -(b) Provisions 8 . ~u,\CAL '+<>v (c) Deferred tax liabilities (Net) (d) Other non-current liabilities ~ ~ (e) Non-current tax liabilities (Net) l i MUMBAI ~, Total non- current liabilities 0- c,, (2) Current liabilities ~ ~ (a) Financial liabilities · ~ * 01~ -(i) Borrowings (ii) Lease liabilities (iii) Trade payables (iv) Other financial liabilities (b) Other current liabilities SIGNED FOR IDENTIFICATION (c) Provisions BY "~ (d) Current tax liabilities (Net) Total current liabilities SR BC&. CO LLP Total liabilities tv1UMBt-\l TOTAL EQUITY AND LIABILITIES As at 30.09.2025 Unaudited 104,071 .1 13,547.3 92,790.2 121 ,234.8 15,612.9 39,200.5 29.2 1,172.0 39,753.3 2,538.4 5,441.1 435,390.8 104,422.0 156,230.1 153,960.1 100,223.5 22,350.7 516.9 15,204.5 48,456.5 601,364.3 309.9 1,037,065.0 2,399.3 775,797.9 778,197.2 3,068.7 781,265.9 24.3 3,594.7 5,787.4 4,571.7 3,834.5 3,743.5 90.4 21,646.5 46,834.9 1,697.1 67,055.6 20,990.0 11,967.9 72,650.8 12,956.3 234,152.6 255,799.1 1,037,065.0 (fin Million) As at 31.03.2025 Audited 100,359.4 12,343.4 89,394.2 36,109.2 54,096.2 46,977.0 27.9 1,770.4 44,075.5 4,206.7 5,401.2 394,761.1 102,433.3 136,561 .0 130,461.1 102,687.7 10,628.5 483.8 17,406.6 25,278.6 525,940.6 304.1 921,005.8 2,399.3 719,780.9 722,180.2 2,679.3 724,859.5 25.2 3,557.4 106.8 4,650.4 1,924.4 3,852.4 87.6 14,204.2 18,671 .1 1,368.2 61 ,843.4 19,478.4 11 ,697.9 61 ,551.3 7,331 .8 181,942.1 196,146.3 921,005.8
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Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja , Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. CIN: L24230GJ 1993PLC019050, Website : www.sunpharma .com Unaudited Consolidated Statement of Cash Flow for the Half Year ended September 30, 2025 Particulars A. Cash flow from operating activities Profit/ (loss) before tax Adjustments for: Depreciation and amortisation expense Net (gain)/ loss on sale/ write off/ impairment of property, plant and equipment, other intangible assets, intangible assets under development Impairment of investment Finance costs Interest income Dividend income on investments Net (gain) / loss arising on financial assets measured at fair value through profit or loss Net gain on sale of financial assets measured at fair value through profit or loss Net (gain) / loss on sale of financial assets measured at fair value through other comprehensive income Provision / impairment/ write off /(reversal) for doubtful trade receivables/ advances/ loans Sundry balances written back, net Effect of exchange rate changes Operating profit I (loss) before working capital changes Movements in working capital: (Increase)/ Decrease in inventories (Increase)/ Decrease in trade receivables (Increase)/ Decrease in other assets Increase / (Decrease) in trade payables Increase/ (Decrease) in other liabilities Increase/ (Decrease) in provisions SIGNED FOR IDENTIFICATION BY r1) SR BC & CO LLP ~v1UMBAI Cash generated from/ (used in) operations Net Income tax (paid) / refund received (including interest on refunds) Net cash generated from / (used in) operating activities (A) 8. Cash flow from investing activities Payments for purchase of property, plant and equipment (including capital work-in-progress , other intangible assets and intangible assets under development) Proceeds from disposal of property, plant and equipment and other intangible assets Loans / inter corporate deposits given / placed Loans / inter corporate deposits received back / matured Purchase of investments ( including investment in associates) Proceeds from sale of investments Bank balances not considered as cash and cash equivalents Fixed deposits / margin money placed Fixed deposits / margin money matured Acquisition of subsidiary Interest received Dividend received Net cash from/ (used in) investing activities (8) C. Cash flow from financing activities Proceeds of borrowings Repayment of borrowings Repayment of principal portion of lease liabilitie.s - Payment for buy-back of equity shares held by non-controlling interests of subsidiaries Net increase/ (decrease) in working capital demand loans Finance costs (including interest on lease liabilities) Dividend payment to non-controlling interests Dividend paid Net cash from/ (used in) financing activities (C) Net (decrease)/ increase in cash and cash equivalents (A+8+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents taken over on acquisition of subsidiary Effect of exchange differences on restatement of foreign currency cash and cash equivalents Cash and cash equivalents at the end of the period Half year ended 30.09.2025 Unaudited 73,403.8 14,300.5 1,585.9 125.0 1,746.6 (5,073.4) (138.4) (1 ,022.7) (2,615.3) (2.6) 671.0 (5.4) (6,341.0) 76,634.0 4,247.8 (20,359.2) (23,968.9) 5,538.2 (490.7) 10,276.5 51,877.7 (4,067.5) 47,810.2 (23,884.4) 476.5 - - (106,988.3) 101,478.4 (12,969.2) 5,133.7 (34,051.3) 3,759.3 138.4 (66,906.9) 41 ,067.9 (14,738.8) (840.1) - 460.1 (1,740.4) (4.1) (13,196.3) 11,008.3 (8,088.4) 102,687.7 1,627.3 3,996.9 100,223.5 (fin Million) Half year ended 30.09.2024 Unaudited 70,213.8 12,810.4 60.0 125.0 1,307.1 (5,916.4) (358.9) (670.4) (1,504.1) 149.7 484.1 (10.4) (247.6) 76,442.3 551.1 (16,331.0) 663.4 648.5 (5,288.3) 3,402.1 60,088.1 2,903.4 62,991.5 (6,975.0) 259.4 (33.4) 320.0 (158,009.6) 134,080.6 (5,212.0) 7,520.3 (2,431.1) 4,282.3 358.9 (25,839.6) 31,954.9 (39,955.3) (546.6) (29,022.1) 252.1 (1,252.9) (13.9) (11,996.7) (50,580.5) (13,428.6) 92,856.5 3.2 694.3 80,125.4
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Notes : These unaudited consolidated financial results relate to Sun Pharmaceutica l Industries Limited {the 'Company'), its Subsidiaries (together the 'Group'), Joint Venture and Associates and are prepared by applying Ind AS 11 o - "Consolidated Financial Statements", and Ind AS 28 - "Investments in Associates and Joint Ventures" . 2 The above unaudited consolidated financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 05, 2025. 3 The above unaudited consolidated financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 ('~nd AS") as amended , prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder. 4 Exceptional items oft 8,180.0 Million and Exceptional tax credit oft 1,005.1 Million for quarter ended June 30, 2025 and half year ended September 30, 2025 includes a) Charge oft 2,876.4 Million on account of discontinuation of development work of SCD-044, which includes (i) Impairment of acquired intangible asset under development oft 1,514.9 Million and (ii) Other costs oft 1,361 .5 Million (included in research and development expenses). Exceptional tax credit on this charge is t 1,005.1 Million. b) On July 24, 2025 Taro and Sun Pharmaceut ical Industries, Inc. (SPIINC) entered into a settlement agreement with the putative End Payer Plaintiffs class ("EPPs") without any admission of guilt or violation of any statute, law, rule or regulation, or of any liability or wrongdoing , pursuant to which Taro and SPIINC agreed to pay an aggregate amount of USO 200.0 Million (equivalent tot 17,112.0 Million), which may be reduced if more than a certain percentage of the total insured class members opt out of the putative class, in exchange for a full release of all claims asserted against them (and all of their current and former parents, affiliates, predecessors and successors as well as their current and former directors, officers, employees and representatives). The settlement agreement is subject to court approval. The Company had taken a charge of USO 62.0 Million (equivalent tot 5,303.6 Million) inclusive of legal charges of USO 7.0 Million (equivalent to t 598.9 Million) (net of amount already provided in previous years) as an exceptional item during the quarter ended June 30, 2025. The Company continues to defend related matters in the United States of America and Canada. 5 Exceptional items oft 6,778.5 Million and Exceptional tax expense oft 3,774.8 Million for year ended March 31 , 2025 includes a) Charge of USO 37.44 Million (equivalent tot 3,161.7 Million) including legal expenses of USO 0.7 Million ( equivalent tot 58.2 Million) in quarter ended December 31 , 2024 on agreement of a settlement in principle on the primary financial terms, with no admission of wrongdoing , in the National Prescription Opiate Litigation that has been consolidated for pre-trial proceedings in the U.S. District Court for the Northern District of Ohio. The settlement is subject to the finalization of the settlement agreement between the parties. The Company continues to defend related matters in the United States of America that were not consolidated into the National Prescription Opiate Litigation as well as similar putative class actions pending in the provinces in Canada. b) Charge of USO 11 .7 Million (equivalent tot 1,013.8 Million) towards integration and restructuring of operations in the United States in the quarter ended March 31 , 2025. Deferred tax asset of USO 43.6 Million (equivalent tot 3,774.8 Million) was also written off on account of this restructuring. c) Charge of USO 30.05 Million (equivalent tot 2,603.0 Million) towards impairment of investment in Lyndra Therapeutics Inc. in the quarter ended March 31 , 2025 due to closure of its operations . 6 The Board of Directors of the Company at its meeting held on November 01, 2023 approved a Composite Scheme of Arrangement covering two aspects (1 ) Amalgamation of five wholly-owned subsidiaries (Sun Pharmaceutical Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited) (collectively "Transferor Companies ") into the Company, and (2) Reclassificat ion of general reserves to retained earnings with an appointed date of April 01 , 2023. On October 7, 2025, the National Company Law Tribunal approved the above scheme. As a result, the impact of the scheme for merger of Sun Pharmaceut ical Medicare Limited including the tax credit on losses of t 1,401 .9 Million has been taken in the unaudited consolidated financial results in accordance with Ind AS 103 - Business Combinations . 7 On July 13, 2025, Sun Pharmaceutical Industries, Inc. (Sun) and lncyte Corporation along with lncyte Holdings Corporation (together, "lncyte") entered into a settlement and license agreement regarding litigation related to LEQSELVI ™. Under the terms of agreement , lncyte agreed to seek dismissal of the pending LEQSELVI™ litigation in the United States District Court for the District of New Jersey (the "LEQSELVI™ Litigation"). Sun and lncyte agreed to mutually release each other of all claims that were raised or could have been raised in the LEQSELVI™ Litigation. As a part of the agreement , lncyte granted to Sun a limited, non-exclusive license to patents with respect to oral deuruxolitinib for certain indications including alopecia areata in the U.S. The LEQSELVI ™ Litigation is now dismissed . 8 During the quarter ended June 30, 2025, the Group has acquired all outstanding shares of Checkpoint Therapeutics Inc. at a price of USO 4.10 per share in cash, plus one non-tradable contingent value right (CVR) per share representing the right to receive up to an additional USO 0.70 in cash, if certain specified milestones are met, as set out in the terms and conditions of the contingent value rights agreement 9 The Group has only one reportable segment namely 'Pharmaceuticals '. 10 Figures for previous periods have been regrouped / reclassified wherever considered necessary. Mumbai , November 05, 2025 SIGf~EO FOR IDENTIFICATION BY SR BC & CO LLP MUIViBAI For and on behalf of the Board 9-~\:~ Dilip S. Shanghvi Executive Chairman '
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Annexure B FOR IMMEDIATE RELEASE Sun Pharma reports Q2FY26 results Q2 Sales at Rs. 144,052 million up 8.6% YoY Q2 Net Profit at Rs. 31,180 million, up 2.6% YoY Mumbai, November 05, 2025: Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) reported financials for the second quarter ending September 30th, 2025. Highlights of Q2FY26 consolidated financials* • Sales at Rs. 144,052 million, a growth of 8.6% • Global Innovative Medicines** sales stood at US$ 333 million, up 16.4% and accounting for 20.2% of sales • EBITDA was Rs. 45,271 million, up 14.9%. EBITDA margin was 31.3% • Profit before exceptional items and tax was Rs 41,676 million, up 15.8% • Net profit was Rs. 31,180 million, up 2.6% • R&D investment was Rs. 7,827 million or 5.4% of sales Highlights of H1FY26 consolidated financials* • Sales at Rs. 281,913 million, a growth of 9.3% • Global Innovative Medicines** sales stood at US$ 644 million, up 16.6% and accounting for 19.8% of sales • EBITDA was Rs. 88,287 million, up 17%. EBITDA margin was 31.2% • Profit before exceptional items and tax was Rs 81,584 million, up 16.2% • Adjusted net profit (excluding the exceptional items) was Rs. 61,141 million, up 4.1%. • R&D investment was Rs. 16,855 million or 6.0% of sales *Growth measured vs same period last financial year ** “Specialty” business renamed as “Innovative Medicines” Kirti Ganorkar, Managing Director of the Company , said, “India, Emerging Markets and Rest of World led our growth for the period . US sales of Innovative Medici nes have surpassed Generics for the first time during the quarter. We remain focused on broadening our portfolio while strengthening in-house talent pool and execution capability.” India Formulations Formulation sales in India were Rs. 47,348 million, registering a growth of 11%. India Formulation sales accounted for 32.9% of total consolidated sales for the quarter. For the first half of the year , sales were Rs. 94,559 million, growing by12.4% over same period last year. Sun Pharma continues to be India’s No. 1 Pharma Company. Sun’s market share increased from 8.0% to 8.3% as per Pharmarack # M AT Sept-2025 report. As per SMSRC ( July-Sept 2025) report, Sun Pharma enjoys No.1 ranking by prescriptions in 13 different doctor categories. The company launched 9 new products during the quarter and 15 products year to date. #Formerly AIOCD AWACS report
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives US Formulations Formulation sales in the US were US$ 496 million registering a decline of 4.1%. The decline in generics business was offset by growth in Innovative Medicines. US sales accounted for approximately 30.1% of total consolidated sales. For the first half, sales were US$ 968 million. Emerging Markets (EM) Formulations Emerging Markets formulations sales were US$ 325 million for Q2FY26, up by 10.9% and accounted for 19.7% of total consolidated sales. For the first half, sales were US$ 623 million, growing by 8.0% over same period last year. Rest of World (ROW) Formulations Formulation sales in Rest of World (RoW) markets were US$ 234 million for Q 2FY26, up by 17.7% and accounted for 14.2% of total consolidated sales for the quarter. For the first half, sales were US$ 453 million, up by 16.6% over same period last year. Innovative Medicines Global Innovative Medicines sales were US$ 333 million for Q2FY26, up 16.4% over Q2 last year and accounted for 20.2% of total consolidated sales for the quarter. For the first half, sales were US$ 644 million, up by 16.6% over same p eriod last year. During the quarter , Leqselvi was launched in the US for the treatment of severe alopecia areata and has received encouraging response from the prescribers and patients. Active Pharmaceutical Ingredients (API) For Q2FY26, external sales of API were Rs. 4,299 million, down by 19.5%. For the first half, API sales were Rs. 9,702 million, a decline of 5.7% over the same period last year. Our API portfolio supports our formulation business and API customers across geographies. R&D Update Sun Pharma’s R&D efforts span across both innovative and generic businesses and the company continues to invest in building the pipeline for various markets. Sun’s innovative R&D pipeline includes six novel entities in clinical stage. Sun has a comprehensive product offering in the US market consisting of approved ANDAs for 548 products while filings for 117 ANDAs await US FDA approval, including 31 tentative approvals. During the quarter, 4 ANDAs were filed, and approval received for 5 ANDAs. Sun’s portfolio includes 57 approved NDAs while 14 NDAs await US FDA approval. 1 NDA was filed during the quarter.
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Innovative Medicines Pipeline Candidate Indication Current phase Next milestone Unloxcyt metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC Approved in the US Launch Ilumya psoriatic arthritis Phase 3 topline data released Regulatory filing Fibromun soft tissue sarcoma Phase 3 Regulatory filing glioblastoma Phase 2 Regulatory filing GL0034 type 2 diabetes Phase 1 completed Phase 2 to start during H2FY26 NidlegyTM (EU, ANZ rights with Sun) melanoma and non-melanoma skin cancers Phase 3 completed Filing with EMA MM-II pain in osteoarthritis Phase 2 completed To enter partnership for commercialization Sales and R&D snapshot (₹ in Mn) Particulars Quarter ended Half Year ended Year ended 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 India Formulations 47,347.9 47,211.0 42,651.8 94,558.9 84,096.9 169,230.0 US Formulations 43,287.9 40,452.1 43,274.3 83,740.0 82,168.7 162,402.8 EM Formulations 28,366.9 25,531.4 24,519.3 53,898.3 48,214.5 94,159.8 ROW Formulations 20,414.9 18,735.9 16,632.5 39,150.8 32,446.1 71,626.0 Total Formulations 139,417.6 131,930.4 127,077.9 271,348.0 246,926.2 497,418.6 API 4,298.7 5,403.7 5,338.1 9,702.4 10,283.8 21,292.2 Others 335.9 526.6 226.2 862.5 677.3 1,701.7 Total Sales 144,052.2 137,860.7 132,642.2 281,912.9 257,887.3 520,412.5 Total R&D Expenditure 7,826.5 9,028.6 7,929.0 16,855.1 15,868.7 32,484.4 Capital 145.9 187.6 300.7 333.5 478.5 942.5 Revenue 7,680.6 8,841.0 7,628.3 16,521.6 15,390.2 31,541.9 Exchange Rates : $ 1 = ₹ 87.35 85.56 83.77
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Sun Pharmaceutical Industries Limited SUN HOUSE, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai 400063, India Tel.: (91-22) 4324 4324 Fax.: (91-22) 4324 4343 Website: www.sunpharma.com Email: secretarial@sunpharma.com CIN: L24230GJ1993PLC019050 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Earnings Call (06.30 pm IST, November 05, 2025) The Company will host earnings call at 06.30 pm IST on November 05, 2025, where senior management will discuss the Company’s performance and answer questions from participants. This call will be accessible through an audio dial-in and a web-cast. Audio conference Pre‐registration details Participants can dial-in on the numbers below Universal number: +91 22 6629 0049 +91 22 7194 5729 Click here DiamondPassRegistration Web-cast More details will be provided through our website, www.sunpharma.com To participate in the audio call, please dial the numbers provided above five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call. The transcript of the event will be available at www.sunpharma.com. The playback will be available for a few days. Disclaimer: Statements in this “Docum ent” describing the Company’s objectives, projections, estimates, expectations, plans or predictions or industry conditions or events may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results, perf ormance or achievements could differ materially from those expressed or implied. The Company undertakes no obligation to update or revise forward looking statements to reflect developments or circumstances that arise or to reflect the occurrence of unanticipated developments/circumstances after the date hereof. About Sun Pharmaceutical Industries Limited (CIN - L24230GJ1993PLC019050): Sun Pharma is the world’s leading specialty generics company with a presence in Innovative Medicines, Generics and Consumer Healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the US as well as Global Emerging Markets. Sun’s high growth Innovative Medicines portfolio spans innovative products in dermatology, ophthalmology, and onco- dermatology and accounts for about 20% of company sales. The company’s vertically integrated operations deliver high-quality medicines, trusted by physicians and consumers in over 100 countries. Its manufacturing facilities are spread across six continents. Sun Pharma is proud of its multi -cultural workforce drawn from over 50 nations. For further information, please visit www.sunpharma.com and follow us on LinkedIn & X (Formerly Twitter). Contacts: Investors: Media: Dr. Abhishek Sharma Gaurav Chugh Tel +91 22 4324 4324, Xtn 2929 Tel +91 22 4324 4324, Xtn 5373 Tel Direct +91 22 4324 2929 Tel Direct +91 22 4324 5373 Mobile +91 98196 86016 Mobile +91 98104 71414 E mail abhi.sharma@sunpharma.com E mail gaurav.chugh@sunpharma.com