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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 forwardlooking 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
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Revenue Composition
2008-09 Annual sales : Rs 43,751 million
5 Year CAGR 32%
India
Branded Generics
45%
APIs
5 Year CAGR 20%
11%
9%
35%
US Generics
International Branded
Generics (ex-US)
Finished Dosage
sales
89%
5 year CAGR 34%
Creating Lasting Value - Investor Presentation
International
sales
53%
10
1995
1983
2004
Began with
5 products
First API
Plant Panoli
1993
5 Key operating
subsidiaries
8,000+ Employees
USD 350mn
FCCB raised
1997
1994
Demerger
of innovative
R&D to SPARC
Went Global,
$7.5Mn invested
in Caraco
2007
2010
The performance continues
PART OF
19 Manufacturing facilities
in 4 Continents
Caraco Pharmaceutical
Laboratories
Develops, manufactures, market
and distributes generic and
private label pharmaceuticals
and markets them throughout
the United States.
Sun Pharmaceutical
Industries, Inc. (SPI)
US based wholly owned subsidiary
of Sun Pharmaceutical Industries
Limited, India.
Sun Pharmaceutical
(Bangladesh)
Owns and operates a pharmaceutical factory and
makes pharmaceutical products that are sold in
the local market.
Chattem
Chemicals, Inc.
Narcotic
raw
material
importer and manufacturer
of controlled substances
with a facility in Tennessee,
US
Alkaloida Chemical
Co. Exclusive Group Ltd
ICN Hungary acquired in 2005, now renamed;
one of the few units worldwide, authorized to
make controlled substances
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
Vertical integration :
Development through
Manufacturing (API and
Finished Dosage) to Marketing
Optimize operational costs
Growing Steadily
55,000
15,000
18,177
11,853
42,723
20,000
5,435
3,962
4,500
1,352
1,500
6,000
(Figures in Rs million)
Net Sales
Creating Lasting Value - Investor Presentation
Net Profit
10
Sustained Profitability
Superior business model
Margins consistently higher than peers*
85%
Gross Margin
80%
80%
70%
60%
50%
EBITDA Margin
44%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
-10%
-10%
Net Margin
43%
50%
40%
-20%
04-05
05-06
06-07
07-08
08-09
04-05
05-06
06-07
Sun Pharma
07-08
08-09
-20%
04-05
05-06
06-07
07-08
08-09
Average
11
Successful At Acquisitions
Acquired 14 high potential yet under-performing businesses*; successful
turnarounds
10,000
45
8 Early Acquisitions
8,000
36
6,000
27
4,000
18
2,000
95-96
96-97
97-98
98-99
99-00
00-01
Operating Margin(%)
01-02
02-03
03-04
12
Acquisition
Country
Rationale
2008
US
2008
Tennessee, US
2005
New Jersey, US
2005
Ohio, US
2005
Hungary
2004
US
2004
Baroda, India
API Plant
2000
Chennai, India
API Plant
1999
India
Ophthalmology brands
1998
India
Respiratory brands
1997
Acquired Caraco
Detroit, US
1997
Chennai, India
1996
Acquired MJ Pharma
Halol, India
1996
Ankleshwar, India
API plant
1996
Ahmednagar, India
13
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
14
Leadership in chronic
segment;
Top 3 in over 50% of more
than 500 brands
Therapywise Break-up
Ophthalmology - 4%
Others
10%
Antiasthamatic &
Antiallergic 4%
Neuro-Psychiatry
29%
Musculo-Skeletal
& Pain - 4%
Gynaecology &
Urology - 7%
Gastroenterology
11%
Diabetology
11%
Cardiology
20%
15
220
180
140
100
60
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Sun
Cipla
Ranbaxy
Nicholas
Cadila
DRL
16
Gastroenterology,
Orthopedics
Cardiology, Diabetology
Oncology
Ophthalmology
Psychiatry, Neurology
Gynecology
Rheumatology,
Dermatology
Asthma,
COPD
Interventional
Cardiology
Fertility, Gynecology,
Urology
17
60%
40%
20%
0%
Dr Reddy's
Lupin
Cipla
Piramal
Ranbaxy
Cadila
Sun
(20%)
Source: ORG IMS, Nomura Research
Creating Lasting Value - Investor Presentation
18
No Blockbuster Risk
80%
60%
40%
20%
0%
Ranbaxy
Dr Reddy's
Cipla
Cadila
Other products
Piramal
Sun
Lupin
Top 50 products
19
Oct '04
Oct '09
Psychiatrists
Neurologists
Cardiologists
Orthopaedic
Ophthalmologists
Gastroenterologists
Therapy area
Glucored
Oral antidiabetic
Pantocid
Susten
Women's healthcare
Aztor
Pantocid-D
Strocit
CNS, stroke
Repace
CVS, Hypertension
Diabetologists
Chest Physicians
Nephrologists
Consulting Physicians
Gynaecologists
10
Gemer
Oral antidiabetic
Oncologists
Urologists
Encorate
chrono
CNS, epilepsy
ENT Specialists
16
Repace H
CVS, Hypertension
20
US Generics
Integrated generic manufacturer
with flexibility for manufacture
onshore / offshore
Approvals
Therapy wise summary
CNS, 29
Pain, 14
Caraco Pharmaceutical
Laboratories Ltd.
The 76% owned US generics subsidiary,
markets own and Sun Pharma ANDAs
CVS, 13
Oncology, 10
Antibiotic, 2
Allergy, 2
Urology, 1
Sun Pharmaceutical
Industries, Inc. (SPI)
A wholly owned subsidiary of
Sun Pharma in US
Gastro, 2
Endocine, 1
As on Dec-09
21
191
176
150
142
95
100
83
69
59
50
53
Sun Pharma
81 Products pending
(with 8 tentative approval)
40
15
20
29
0
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Dec-09
Caraco
27 Products pending
(with 4 tentative approval)
22
US Generics
16 ANDA Approvals in last 12 months
Bethanechol Chloride Tabs
Bicalutamide Tablets
Topiramate Tablets
23
Caraco Update
In Oct 2009, Caraco submitted a work plan to FDA for remedial actions
Additional details and clarifications submitted on January 14, 2010
24
Focus Countries
25
China
Myanmar
Mexico
Brazil
Sri Lanka
South Africa
Focus Markets
Other Markets
26
Speciality API
High Margin Regulated Markets
27
150
133
100
90
75
81
84
50
40
33
0
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09
DMF/CEP Filed
DMF/CEP Approved
28
Manufacturing Locations
Plants across four continents enables us to compete with a tight
handle on cost and time to market across the geographies
Americas
India
Detroit
Bryan
Cranbury
Tennessee
Iztapalapa
(Mexico)
Jammu
Sikkim Plant
Halol
Ankleshwar
Bangladesh
Plant
Karkhadi
Panoli
Silvassa Dadra
Goinia
(Brazil)
Ahmednagar
Europe
Maduranthakam
Tiszavasvari
(Hungary)
API
Formulations
29
Tablets /
Capsules
Injectables / Sterile
Vials
Dry powder
Semisolids
Ampoules
Eye drops
Pre-filled Syringes
MDI
Gels
Aerosols
Liquids
Suppository
Lyophilized Units
30
API Manufacturing
8 World class locations with all sites
ISO 14001, ISO 9002 approved
India : 6, US : 1, Hungary : 1
Reactor capacity 1200 KL with over
650,000 sq ft area
API
Key Plants
Hungary &
Tennessee (US)
Controlled substances
manufacture
31
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
32
Immediate term
ANDA, DMF, Products for India
Balancing
the risk
Mumbai
Medium term
Drug delivery systems
Baroda
33
R&D Infrastructure
Baroda
Mumbai
Organic Synthesis
Analytical Method
Development
Clinical Research
Pharmacokinetics
34
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
35
Corporate Governance
Our philosophy on corporate governance envisages
working towards high levels of transparency,
accountability and consistent value systems across
all facets of operations
Eminent Independent Directors
Hasmukh Shah
Chairman Gujarat Gas
Former Chairman and
Managing Director, IPCL
Ashwin Dani
Vice Chairman and
Managing Director,
Asian Paints Ltd.
Audit Committee
Keki Mistry
Vice Chairman and
CEO, HDFC
S. Mohanchand
Dadha
36
Agenda
5
4
3
2
1
Revenue
Composition
History &
Profile
Business
Operations
Strategy &
Approach
Growth
Key
Acquisitions
Research &
Development
Management
& Governance
Financials
Geographies
API, Finished
Dosage &
Manufacturing
37
Shareholding Pattern
as on Dec 31, 2009
Individuals and Others 6%
Bodies Corporate 5%
Financial Inst / Banks 3%
Rs 1,000 Invested in
the 1994 IPO is
currently worth more
than Rs. 120,000
Earned dividend of
Rs. 4,000
Mutual Funds 3%
38
Financials
Figures in Rs million
2004-05
2005-06
2006-07
2007-08
2008-09
11,853
16,368
21,359
33,565
42,723
Gross Profit
8,619
11,492
15,592
26,344
34,154
EBITDA
4,167
4,914
6,724
15,511
18,639
Net Profit
3,962
5,733
7,843
14,869
18,177
R&D Spend
1,428
2,014
2,787
2,990
3,320
20.7
27.7
38.9
71.8
87.8
Shareholders Funds
11,307
15,902
27,728
49,915
70,449
Loan Funds
18,230
18,745
11,144
1,436
1,789
6,213
8,977
10,122
11,040
16,196
Investments
6,485
3,541
2,543
7,560
18,595
11,809
15,324
13,802
12,389
16,690
Inventories
3,173
5,117
6,645
7,723
9,757
Sundry Debtors
2,511
3,609
6,789
14,177
8,811
Sundry Creditors
1,063
1,110
968
2,393
2,543
3,754
1,852
2,395
5,048
21,651
1,666
3,387
2,000
1,995
5,900
P&L Summary
Net Sales
39
Financial Ratios
2004-05
2005-06
2006-07
2007-08
2008-09
Growth (%)
Net Sales
25.5
38.1
30.5
57.1
27.3
Gross Profit
22.2
33.3
35.7
69.0
29.6
5.9
17.9
36.8
130.7
20.2
25.5
44.7
36.8
89.6
22.2
Gross Margin
72.7
70.2
73.0
78.5
79.9
35.2
30.0
31.5
46.2
43.6
Net Margin
33.4
35.0
36.7
44.3
42.5
20.1
18.7
22.7
35.5
31.5
48.6
45.6
37.0
38.3
30.2
Debt / Equity
1.61
1.18
0.40
0.03
0.03
12.0
12.3
13.0
8.9
7.8
8.5
9.4
11.4
8.5
7.3
0.4
0.5
EBITDA
Net Profit
Margins (%)
Return (%)
Others
Revenue
Capital
3.5
2.9
1.6
40
Net Sales
Gross Profit
Gross Margin
EBITDA
EBITDA Margin
Net Profit
Net margin
R&D
Q3 FY10
Q3 FY09
Change
9m FY10
9m FY09
Change
FY 0809
10,208.6
9,182.8
11.2%
29,936.2
22,196.1
(4.6%)
42,723.0
7,351.3
7,410.2
(0.8%)
21,619.5
24,975.8
(13.4%)
34,154.2
72.0%
80.7%
72.2%
79.6%
3,684.1
4,134.3
9,443.0
14,893.3
36.1%
45.0%
31.5%
47.5%
3,389.5
4,086.4
9,566.0
14,228.5
33.2%
44.5%
32.0%
45.3%
514.6
945.7
1,906
2,572.0
5.0%
10.3%
6.4%
8.2%
16.4
19.7
46.2
68.7
(10.9%)
(17.1%)
(45.6%)
(17.1%)
79.9%
(36.6%)
18,638.8
43.6%
(32.8%)
18,177.3
42.5%
(25.9%)
3,320.4
7.8%
(32.8%)
87.8
International sales are 46% and India sales at 54% of total sales
41
Taro Update
Background
Taro sent Sun Pharma a notice for purported termination of the merger agreement
saying US $10.25 per share, was too low in view of the dramatic turnaround
Sun Pharmas cash injections of approx. $60 million last year was a major factor,
otherwise Taro would have virtually negative cash
Latest
75% of Taro shareholders who are not identified with either Levitt family or Sun
objected to the continued control of the Company by the Levitt family and its
representatives on the Board in the 31 Dec 2009 AGM
Despite this, the entire Board was re-elected on account of the voting majority of the Levitts
Shareholders voted decisively against the election of Taros external director
Prior to the AGM, Sun Pharma exercised its warrant to purchase 3,787,500 ordinary
share of Taro
Taro refused to issue such shares
Supreme Court judgment related to the temporary injunction & STO litigation is
awaited
Creating Lasting Value - Investor Presentation
42
Mira Desai
Tel : +91 22 6645 5645, Ext 606
Tel Direct : +91 22 66455606
Mobile : +91 98219 23797
mira.desai@sunpharma.com
43