Analysts/Institutional Investor Meet/Con. Call Updates

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 06 August 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: SUNPHARMA Scrip Code: 524715 Q1 FY27 Earnings Call Transcript Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith a copy of the transcript of the Company’s Q1FY27 earnings conference call, which we shall be uploading on our website after sending this letter to you. This is for your information and record. For Sun Pharmaceutical Industries Limited (Anoop Deshpande) Company Secretary and Compliance Officer ICSI Membership No.: A23983 Registered Office: SPARC, Tandalja, Vadodara – 390 012, Gujarat, INDIA Reaching People. Touching Lives Sun Pharma Q1 FY27 Earnings Call Transcript 06:30 pm July 31, 2026 Corporate Participants Dilip Shanghvi Chairman, Sun Pharmaceutical Industries Ltd. Kirti Ganorkar Managing Director, Sun Pharmaceutical Industries Ltd. Aalok Shanghvi Chief Operating Officer, Sun Pharmaceutical Industries Ltd. Jayashree Satagopan Chief Financial Officer, Sun Pharmaceutical Industries Ltd. Richard Ascroft CEO (North America), Sun Pharmaceutical Industries Ltd. Corporate Office : Sun House, 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, Sun Pharma Q1 FY27 Earnings Call Transcript 06:30 pm July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Sun Pharma's Q1 FY27 Financial Results Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Abhishek Sharma, Vice President and Head of Investor Relations and Strategic Projects. Thank you, and over to you, sir. Abhishek Sharma: Thank you. Good evening, and a warm welcome to our first quarter FY27 earnings call. I'm Abhishek from the Sun Pharma Investor Relations team. We hope you have received the Q1 financials, the press release and the earnings presentation that was sent out earlier in the day. These are also available on our website. We have with us Mr. Dilip Shanghvi, Chairman; Mr. Kirti Ganorkar, Managing Director; Mr. Aalok Shanghvi, Chief Operating Officer; Ms. Jayashree Satagopan, CFO; and Mr. Richard Ascroft, CEO, North America. Today, the team will provide an update on financial performance and business highlights for the quarter, pipeline updates and respond to any queries that you may have. We will refer to the consolidated financials during management comments. The call recording and call transcript will also be put up on our website shortly. We have recently noted that Organon has received a shareholder approval for acquisition by Sun. The acquisition is subject to the satisfaction of remaining customary closing conditions and is on track to close by early 2027. Since Organon remains a public listed company, we will not be taking any questions today regarding Organon's business performance. The discussion today might include certain forward-looking statements, and these must be viewed in conjunction with the risks that our business faces. You are requested to ask two questions in the initial round. I also request all of you to kindly send in your questions that may remain unanswered today. I will now hand over the call to our CFO, Ms. Jayashree Satagopan. Jayashree Satagopan: Welcome, and thank you for joining us for the earnings call after the announcement of financial results for the first quarter of FY 2027. The financials are already with you. As usual, we will look at the key consolidated financials now. During the first quarter of FY27, sales were at INR1,51,836 million, registering a growth of 10.1% versus Q1 financial year FY26. Corporate Office : Sun House, 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, Sun Pharma Q1 FY27 Earnings Call Transcript 06:30 pm July 31, 2026 Gross margin was at 80.5% for the quarter, higher than the same period last year, mainly on account of better product mix. EBITDA for the quarter was INR 44,177 million, an increase of 2.7% over Q1 last year. EBITDA margins came in at 28.9% while EBITDA margins were slightly lower, please note that Q1 FY26 had some benefit from Lenalidomide sales. Adjusted for that, EBITDA margins were higher year-on-year. Forex gain for the quarter was INR1,220 million, lower than Q1 last year. Reported net profit after tax for quarter 1 FY27 was INR28,948 million, while adjusted net profit for the quarter was INR30,894 million. EPS for the quarter was INR12.10 per share. Exceptional items for Q1 FY27 include a charge of INR1,617 million towards Organon's acquisition-related costs. There would be additional charges on this account in the subsequent quarters. Since some of the costs are not yet fully crystallized, we are not in a position to guide to a full estimate at this point in time. However, these charges are somewhat back-ended with a substantial part being accrued at closing. Effective tax rate for the quarter was at 27.8% versus 24.3% in Q1 FY26. Sun had a significantly lower tax rate in India, which is now getting exhausted. And with varying tax rates in our different jurisdictions, our ETR has moved up. Going forward, and until Organon closing, we expect the tax rate to be in a similar range as in Q1. Balance sheet of Sun continues to be strong with a net cash of $3.4 billion at the consolidated level. With this, I hand over the call to Kirti, who will share the performance of our Global Innovative Medicines business and India business. Kirti Ganorkar: Thank you, Jayashree. I shall first provide you an update on Global Innovative Medicines. In Q1 FY27, our innovative medicine sales were up 12.8% to reach USD351 million. This business accounted for 21.9% of Sun sales for the quarter. The performance in Innovative Medicine business continues to be driven by growth across U.S. and ex-U.S. markets and across products, notably ILUMYA, ODOMZO and CEQUA. During the quarter, the company shared the updated results from locally advanced cutaneous squamous cell carcinoma expansion cohort from the pivotal trial of Unloxcyt at 2026 ASCO Annual Meeting. The updated data showed a durable benefit for patients with more than one in four achieving complete tumor response and generally manageable safety profile. Now coming to India business. Sales of India formulations were INR54,749 million for the quarter, recording a growth of 16%. India sale accounted for 36.1% of our total consolidated sales for the quarter. Corporate Office : Sun House, 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, Sun Pharma Q1 FY27 Earnings Call Transcript 06:30 pm July 31, 2026 During the quarter, the company became number 2 generic semaglutide injectable player. Sun Pharma is the only company in India offering semaglutide auto-injector and the device has received [Showing first 8,000 characters — download PDF for full document]