Shareholders meeting

SPARC/Sec/SE/2026-27/21 July 16, 2026 National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, 5th Floor, Market Operations Dept. Plot No. C/1, G Block, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol: SPARC Scrip Code: 532872 Dear Sir/ Madam, Sub: Submission of Annual Report of the Company for the financial year 2025-26 along with the Notice of 21st Annual General Meeting of the Company. Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclosing the Annual Report of the Company for the financial year 2025-26 (“Annual Report”) along with the Notice convening the 21st Annual General Meeting (“Notice”) of the Company, scheduled to be held on Monday, August 10, 2026 at 04:30 P.M. (IST) through Video Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”), copies of which are being e-mailed to the shareholders of the Company whose e-mail ids are registered with the Company’s RTA, MUFG Intime India Private Limited or their respective Depository Participant. A copy of the Annual Report 2025-26 is enclosed herewith. The Notice and Annual Report is also available on the Company’s website at https://sparc.life/SPARC-Annual Report and Notice of 21st AGM FY 26 and can also be accessed by scanning the QR code. The remote e-voting period shall commence on Thursday, August 06, 2026 at 09:00 A.M. (IST) and shall end on Sunday, August 09, 2026 at 05:00 P.M. (IST). This is for your information and dissemination. Thanking you, Yours faithfully, For Sun Pharma Advanced Research Company Ltd. Kajal Damania Company Secretary and Compliance Officer Encl: As above Innovations Inspired by Life Sun Pharma Advanced Research Company Ltd. Annual Report 2025-26 Navigate through the Corporate Pages Information Corporate Information Auditors 02-11 12-29 30-51 Mr. Dilip Shanghvi S R B C & Co. LLP Chairman and Non-Executive Director (Registration No. 324982E/E300003) Management Discussion Board’s Corporate Governance and Analysis Report Report Dr. T. Rajamannar Bankers Non-Executive Director Kotak Mahindra Bank Ltd. ICICI Bank Ltd. Ms. Vidhi Shanghvi Non-Executive Director Offices & Research Centres 52-75 76-185 186-196 Dr. Robert J. Spiegel Registered Office & Research Centre Independent Director Business Responsibility Financial Notice of Annual Plot No. 5 & 6/1, Savli G.I.D.C. Estate, Savli - Vadodara Highway, and Sustainability Report Statements General Meeting Manjusar, District Vadodara – 391 775. Mr. Venkateswarlu Jasti Independent Director Corporate Office & Research Centre 17-B, Mahal Industrial Estate, Ms. Rekha Warriar Off Mahakali Caves Road, Independent Director Andheri (East), Mumbai - 400 093. Branch Office Key Managerial Personnel Regus, 116 Village Blvd, Suite 200, New Jersey, 08540 Mr. Anil Kumar Raghavan Chief Executive Officer To view the report Scan the QR code Research Centres online, log in to to know more about Mr. Anup Rathi F.P.- 27, Part Survey No. 27, https://sparc.life/ the company Chief Financial Officer C.S. No. 1050, T.P.S. No. 24, Tandalja, Vadodara - 390 012. Ms. Kajal Damania Registrar & Transfer Agent Company Secretary MUFG Intime India Pvt Ltd Disclaimer (formerly known as Link Intime India Pvt Ltd.) C 101, 247 Park, LBS Marg, Vikhroli West, Mumbai - 400 083. Statements in this annual report 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, performance or achievements could differ Tel: +91 22 4918 6000 | +91 22 4918 6270 materially from those expressed or implied. Important factors that could make a difference to the Company’s operations include global and Indian demand supply Fax: +91 22 4918 6060 conditions, competitors’ pricing in the Company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which the Company conducts businesses and other factors such as litigation and labour unrest or other difficulties. The Company assumes no E-mail: rnt.helpdesk@in.mpms.mufg.com responsibility to publicly update, amend, modify or revise any forward-looking statements, on the basis of any subsequent development, new information or future events or otherwise except as required by applicable law. Unless the context otherwise requires, all references in this document to “we”, “us” or “our” refers to Sun Pharma Advanced Research Company Limited. All brands and trademarks are the properties of their registered owners. Management Discussion & Analysis Global Pharmaceutical Industry The global biopharmaceutical industry operated in a paradoxical billion in US based manufacturing in the near term1. Notably, environment: strong underlying demand and scientific innovation majority of these manufacturing commitments were secured on one side, and geopolitical fragmentation, pricing pressure, prior to the formal rollout of the MFN policy framework. patent cliffs and capital discipline on the other. Despite The regulatory environment has also continued to evolve, with macroeconomic uncertainty, the sector remained one of the most the US Food and Drug Administration (FDA) experiencing a period resilient innovation-driven industries globally. of organizational transition. Over the past year, the FDA has been One of the defining macro themes of 2025 was the return of impacted by workforce reductions, voluntary resignations and aggressive US industrial and trade protectionism. The proposed the departure or reassignment of several experienced personnel, tariff measures targeting imported pharmaceuticals and APIs alongside changes in leadership across select divisions. These created significant uncertainty for global supply chains. Tariff developments have, at times, created operational capacity threats potentially increased API procurement costs, logistics constraints and contributed to longer review timelines, reduced expenses and capex requirements for local manufacturing. frequency of formal interactions and increased variability in Global pharma companies accelerated US based manufacturing regulatory feedback. investments and “China+1” API sourcing models. Pressure on Despite these near-term challenges, the FDA continues to drug pricing also intensified through the implementation of Most prioritize its core mandate of safeguarding public health and Favoured Nation (MFN) deals. supporting innovation. The approval cadence remained resilient, The MFN pharmaceutical pricing policy represents one of the with a notable concentration of approvals in the second half of most ambitious federal efforts to address prescription drug costs 2025. During calendar year 2025, the FDA approved 46 novel in the US history. The policy has evolved into a comprehensive drugs, reflecting a slight moderation compared to 50 approvals in framework that combines voluntary manufacturer agreements 2024 and 55 in 2023, while remaining broadly consistent with the with three distinct regulatory models: GENEROUS for Medicaid, long-term average of ~47 approvals annually2. GLOBE for Medicare Part B, and GUARD for Medicare Part D. Cancer remains the most common therapeutic area for newly Collectively, these mechanisms aim to fundamentally reset US approved drugs. 16 (35%) of FDA’s newly approved drugs in drug pricing by benchmarking domestic prices against those paid 2025 were for cancer, up from a rolling 5-year average of 29%. in other developed nations. The other most active areas were cardiology, with 5 (11%) new Beyond the three MFN models, the administration has pursued approvals, and allergy and inflammatory diseases, with 4 (9%) new voluntary agreements with pharmaceutical manufacturers. These approvals2. 2025 was also the biggest year yet for kinase inhibitors, agreements extend beyon [Showing first 8,000 characters — download PDF for full document]