Sun Pharma has released its investor presentation for February 2026, showcasing an impressive track record of growth, with Sales reaching Rs 520 Bn in FY25, marking a 19% CAGR since FY10. The company maintained strong profitability, with an Adjusted Net Profit Margin of 22.8%. Future strategy centers on enhancing Innovative Medicines contribution, maintaining cost leadership, and driving productivity across key markets like the US and India.
FY25 Financial Performance Overview
Sun Pharmaceutical Industries Limited reported robust performance across key metrics for the fiscal year ending March 2025 (FY25). Sales reached Rs 520 Bn, exhibiting a strong 19% CAGR for the FY10-FY25 period. EBITDA grew significantly, showing an 18% CAGR over the same period. Furthermore, Adjusted Net Profit reached Rs 120 Bn, corresponding to a 16% CAGR. The company also demonstrated strong cash generation, with Free Cash Flow hitting Rs 119 Bn (24% CAGR).
Profitability and Return Ratios
Profitability margins continued to strengthen in FY25. The Gross Margin stood at 79.3%, while the EBITDA Margin reached 29.0%. The Adjusted Net Profit Margin for FY25 was 22.8%. Return ratios also improved, with ROCE reaching 20.4% and ROE at 17.4%. The company’s Market Cap as of March 31st, 2025, was valued at USD 49.2 Bn.
Revenue Composition and Geographical Split
The revenue base remains diversified, with India Formulations contributing the largest share at 33% (Rs 169 Bn in FY25 sales). US Formulations accounted for 31% of sales (Rs 162,403 mn in FY25). Emerging Markets Formulations contributed 18% (Rs 94,160 mn), and Rest of World Formulations made up 14% (Rs 71,626 mn). API & Others represented 4% of total sales.
Business Segment Highlights
US Business
The US business contributed 31% of FY25 Revenues. Sun Pharma is the 13th largest generics company in the US market. The company reported a comprehensive portfolio with 666 ANDAs filed and 550 ANDAs approved cumulatively as of December 31, 2025, alongside 116 ANDAs and 14 NDAs pending USFDA approval.
India Business
The India business constitutes 33% of FY25 Revenues, establishing Sun Pharma as the Largest Pharma company in India with an 8.4% market share. The company ranks No. 1 by prescriptions across 14 classes of prescribers. Sales in India grew from Rs 103 Bn in FY21 to Rs 169 Bn in FY25.
Emerging Markets (EM) and Rest of World (RoW)
EM Formulations contributed 18% of FY25 Revenues, with operations scaled in over 80 countries, focusing on markets like Romania, Russia, South Africa, Brazil, and Mexico. The RoW segment, including Western Europe and Japan, contributed 14% of FY25 Revenues.
Innovative Medicines
Innovative Medicines accounted for 20% of sales in FY25, up from 7.3% in FY18. The portfolio includes 27 products marketed globally. Key growth drivers include products like ILUMYA, which reported sales of $681 Mn in FY25. The pipeline features five New Active Substances in the development stage, and the company completed Phase-3 trials for Psoriatic Arthritis for ILUMYA.
R&D and Manufacturing
R&D spend was 6.2% of sales for FY25 (Rs 32.5 Bn). The company has 40 manufacturing facilities globally, supporting integrated capabilities across injectables, steroidal drugs, and others. As of December 31, 2025, filings included 666 ANDAs filed and 71 NDAs/BLAs filed.
Strategic Focus Areas for FY26
Sun Pharma’s focus areas for the upcoming year include:
- US Business: Enhancing the share of innovative/branded business and focusing on complex generics.
- India Business: Maintaining market leadership through continuous innovation and productivity enhancement.
- EM & RoW Business: Gaining critical mass in key markets and focusing on profitable growth.
- Financials: Targeting mid to high single-digit consolidated topline growth for FY26 and improving overall return ratios.
Source: BSE
