Creating Lasting Value: Investor Presentation - Feb 2010

Creating Lasting Value
Investor Presentation Feb 2010
Sun Pharmaceutical Industries Limited

Corporate Office: Acme Plaza, Andheri Kurla Road, Andheri (E), Mumbai - 400 059.
Tel: 91-22-66969696 Fax: 91-22- 28212010 www.sunpharma.com
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
forward-looking statements to reflect events or circumstances after the date thereof.
Creating Lasting Value - Investor Presentation
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%
5 Year CAGR 25%
11%
9%
35%
US Generics
International Branded
Generics (ex-US)
5 Year CAGR 47%
5 Year CAGR 42%
Finished Dosage
sales
89%
5 year CAGR 34%
International
sales
53%
5 year CAGR 43%

5
Creating Value, Continuously

83
10
1995
1983
2004
Began with
5 products
First API
Plant Panoli
1993
First Research Centre

SPARC, Baroda
Sun Pharma Today
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
IPO - Rs. 550 Mn

raised
Invested Rs. 17 billion
in Research
2007
2010
The performance continues
PART OF
19 Manufacturing facilities
in 4 Continents
More than 50% of sales from international markets

Key Operating Subsidiaries

Sun Pharmaceutical Industries Limited
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
Strategy and Approach

Create sustainable
revenue streams
Seek cost leadership
Focus: Chronic therapies

Differentiation: Technically
complex products
Speed to market
Vertical integration :
Development through
Manufacturing (API and
Finished Dosage) to Marketing
Optimize operational costs
Balance profitability and

investments for future
Acquisitions yielding high ROI
Development of complex generics
Growing Steadily
96-97 97-98 98-99 99-00 00-01
55,000
15,000
18,177
11,853
42,723
00-01 01-02 02-03 03-04 04-05
20,000
5,435
3,962
4,500
1,352
1,500
6,000
Consistent top-line and bottom-line growth;

continuing the trend despite increasing size
04-05 05-06 06-07 07-08 08-09
(Figures in Rs million)
Net Sales
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
Range of other Top 10 Pharma Cos.
07-08
08-09
Average
Gross margin= (Net Sales Material Cost) / Net Sales * 100

* Other top 10 Indian Pharma companies include Ranbaxy, DRL, Cipla, Piramal Healthcare, Lupin,
Wockhardt, Cadila, Aurobindo, Glenmark and Torrent
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
Net Sales (MINR)
98-99
99-00
00-01
Operating Margin(%)
01-02
02-03
03-04
Operating Profit (MINR)
12
Key Acquisitions & Rationale

Year
Acquisition
Country
Rationale
2008
Caraco acquired some products of

Forests Inwood business
US
Increased generic product offerings
2008
Acquired Chattem Chemicals, Inc.
Tennessee, US
Import registration with DEA, API Plant

approved by DEA in Tennessee, US
2005
Assets of Able labs
New Jersey, US
Dosage form plant (NJ, US) and IP
2005
Formulation plant in Bryan
Ohio, US
Dosage form plant (Ohio, US)
2005
Acquired ICN Hungary
Hungary
API and dosage form plant (Hungary)
2004
Womens Health Brands
US
Brands in womens health (US)
2004
Merged Phlox Pharma
Baroda, India
API Plant
2000
Merged Pradeep Drug

Company Ltd (PDCL)
Chennai, India
API Plant
1999
Merged Milmet Labs
India
Ophthalmology brands
1998
Brands from Natco
India
Respiratory brands
1997
Acquired Caraco
Detroit, US
Dosage form Plant
1997
Merged Tamilnadu Dadha

Pharmaceuticals Ltd (TDPL)
Chennai, India
Gynecology and oncology brands; API and

dosage form plant
1996
Acquired MJ Pharma
Halol, India
Dosage form plant (now USFDA approved)
1996
Acquired Gujarat Lyka
Ankleshwar, India
API plant
1996
Bulk Drug plant from Knoll Pharma
Ahmednagar, India
API plant (now USFDA approved)
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
India Branded Generics : Strong Base
Market Share 3.6%
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
Relentless Customer Focus

Strong increase in
prescription and
sales market share
Therapy focused marketing

2,500+ sales representatives
covering 130,000 specialist doctors
260
220
180
140
100
60
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Sun
Cipla
Ranbaxy
Nicholas
Cadila
DRL
1998 Market Share indexed to 100 for all companies

16
Therapy Focused Marketing
Delivering promotional message to specialty customers.
Gastroenterology,
Orthopedics
Cardiology, Diabetology
Oncology
Ophthalmology
Psychiatry, Neurology
Gynecology
Rheumatology,
Dermatology
Asthma,
COPD
Interventional
Cardiology
Fertility, Gynecology,
Urology
17
Well diversified growth
Growth not dependent solely on launch of new products
Over 60% of growth from products launched prior to 2005

80%
60%
40%
20%
0%
Dr Reddy's
Lupin
Cipla
Piramal
Ranbaxy
Cadila
Sun
(20%)
Source: ORG IMS, Nomura Research
18
No Blockbuster Risk
Top 10 brands contribute 21% of sales
Top 50 brands contribute 55% of sales growth

100%
80%
60%
40%
20%
0%
Ranbaxy
Dr Reddy's
Source: ORG IMS, Nomura Research
Cipla
Cadila
Other products
Piramal
Sun
Lupin
Top 50 products
19
Preferred Choice of Doctors

Leadership in key therapeutic areas*
Specialist
Oct '04
Oct '09
Psychiatrists
Neurologists
Cardiologists
Orthopaedic
Ophthalmologists
Gastroenterologists
Our Top 10 Brands

Brand Name
Therapy area
Glucored
Oral antidiabetic
Pantocid
Proton pump inhibitor/

antiulcerant
Susten
Women's healthcare
Aztor
CVS, cholesterol reducing

agent
Pantocid-D
Proton pump imhibitor/

antiulcerant
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
*Ranks based on prescription share

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
ANDA Pipeline : Significant ramp up

Products Filed and Approved Status
200
191
176
150
As of Dec 09, ANDAs for 108

products await approval
(including 12 tentative approvals)
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
Cumulative Products Filed
Mar-08
Mar-09
Dec-09
Caraco
27 Products pending
(with 4 tentative approval)
Cumulative Products Approved
22
US Generics
16 ANDA Approvals in last 12 months
Bethanechol Chloride Tabs
Nicardipine HCl Injection
Bicalutamide Tablets
Oxaliplatin for Injection
Caffeine Citrate Injection
Oxycodone HCl Tabs
Caffeine Citrate Oral Solution
Promethazine HCl Oral Solution
Carbidopa Levodopa OD Tablets
Quinapril Tablets USP
Cetrizine HCl Syrup (RX)
Sumatriptan Succinate Tablets
Ketorolac Tromethamine Opthalmic
Topiramate Tablets
Leuprolide acetate Injection
Vecuronium Bromide for Injection
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
In 2QFY10, Caraco reduced its workforce by 430 employees for an

indefinite period to align its expenses with the cessation of its
manufacturing operations
Has recalled some of these employees in its efforts to restart manufacturing
activities
Caraco has transferred certain of its owned products to additional

alternate manufacturing sites; would allow it regain revenues from those
products
24
Europe Generic Markets

Plan to enter key markets
Working on complex generic
products, including injectables
Filings from Indian site
Acquired an API and Finished Dosage

manufacturing company in Hungary
with controlled substance capacity
Focus Countries
25
International Branded Generic Markets

Less Regulated Markets
Replicating the speciality template
Product basket width and

technology based products as
growth drivers
30+ countries, 1600 products registered

and 1000 awaiting registration
400 strong local sales force promotes
brands to doctors
CIS Countries
China
Myanmar
Mexico
Brazil
Map Not to Scale
Sri Lanka
South Africa
Focus Markets
Other Markets
26
Speciality API
High Margin Regulated Markets
Strong regulatory capability
Business largely with end users in

regulated markets
Over 160 speciality APIs across 8 plants
148 DMF / CEP filed

84 approved
27
Strong Regulatory Capability

International level quality processes and documentation
148
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 and Formulations

API
Formulations
29
Finished Dosage Manufacturing

13 Manufacturing sites
worldwide
India : 6, US : 3
Over 750,000 sq. ft. area
Capacities available for a variety of
finished dosage
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
Panoli & Ahmednagar

(both India)
International regulatory
approvals: USFDA, European
API
Key Plants
Over 25 API processes

scaled up annually
Hungary &
Tennessee (US)
Controlled substances
manufacture
Stand alone units for

peptides, anti-cancer,
steroids, sex hormones
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
Research and Development
Generic R&D spend around 8% of net sales
Strong research teams in generics, finished

dosage development, biological support,
chemistry
2 R&D centers with about 600 scientists
Immediate term
ANDA, DMF, Products for India
Balancing
the risk
Mumbai
Medium term
Drug delivery systems
Baroda
33
R&D Infrastructure
Baroda
Mumbai
16 acre campus with nearly

330,000 sq. ft research area
50,000 Sq. ft research campus

Develops Dosage forms and
generics for US, Europe
World-class equipment for instrumental, chemical and

microbiological analysis; Equipment include: NMR, XRD,
LC-MS/MS, HPLCs etc.
Formulation
Development
State of the art

research Labs
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
Committee chaired by Keki Mistry

comprises Hasmukh Shah and
S. Mohanchand Dadha
Former Chairman &

Managing Director, TDPL
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%
FIIs / Foreign Banks

19%
Promoter and
promoter group
64%
38
Financials
Market capitalisation Rs. 312 billion / USD 6.7 billion*
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
Net Fixed Assets
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
Net Cash from Operating Activities
3,754
1,852
2,395
5,048
21,651
Net Cash used in Asset Creation Activities
1,666
3,387
2,000
1,995
5,900
P&L Summary
Net Sales
Fully Diluted EPS (Rs.)

BS Summary
Cash and Bank Balances
Cash Flow Summary
*Exchange Rate : 1 USD = Rs 46.37
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
EBITDA Margin (%)
35.2
30.0
31.5
46.2
43.6
Net Margin
33.4
35.0
36.7
44.3
42.5
Return on Average Capital Employed
20.1
18.7
22.7
35.5
31.5
Return on Average Net Worth
48.6
45.6
37.0
38.3
30.2
Debt / Equity
1.61
1.18
0.40
0.03
0.03
R&D Spend % of Net Sales
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
Q3 and 9m FY10 Update

Figures in Rs million
Net Sales
Gross Profit
Gross Margin
EBITDA
EBITDA Margin
Net Profit
Net margin
R&D
R&D as % of Net Sales

EPS (Diluted) INR
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
42
For updates and specific queries, please visit www.sunpharma.com

or feel free to contact
Uday Baldota
Tel : +91 22 6645 5645, Ext 605
Tel Direct : +91 22 66455605
Mobile : +91 98670 10529
uday.baldota@sunpharma.com
Mira Desai
Tel : +91 22 6645 5645, Ext 606
Tel Direct : +91 22 66455606
Mobile : +91 98219 23797
mira.desai@sunpharma.com
2010 Sun Pharmaceutical Industries Limited., All Rights Reserved.

SUN Pharma, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited.
In addition to Company data, data from IMS ORG, CMARC, Stock Exchanges and industry publications has been used for this presentation.
This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or
reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned
herein are the trademarks or registered trademarks of their respective owners.
43

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Creating Lasting Value

Investor Presentation Feb 2010

Sun Pharmaceutical Industries Limited

Tel: 91-22-66969696 Fax: 91-22- 28212010 www.sunpharma.com

forward-looking statements to reflect events or circumstances after the date thereof.

Creating Lasting Value - Investor Presentation

Creating Lasting Value - Investor Presentation

Creating Lasting Value - Investor Presentation

5 Year CAGR 25%

5 Year CAGR 47%

5 Year CAGR 42%

5 year CAGR 43%

Creating Value, Continuously

First Research Centre

Sun Pharma Today

IPO - Rs. 550 Mn

More than 50% of sales from international markets

Key Operating Subsidiaries

Creating Lasting Value - Investor Presentation

Creating Lasting Value - Investor Presentation

Strategy and Approach

Seek cost leadership

Focus: Chronic therapies

Balance profitability and

Creating Lasting Value - Investor Presentation

96-97 97-98 98-99 99-00 00-01

00-01 01-02 02-03 03-04 04-05

Consistent top-line and bottom-line growth;

04-05 05-06 06-07 07-08 08-09

Range of other Top 10 Pharma Cos.

Gross margin= (Net Sales Material Cost) / Net Sales * 100

Creating Lasting Value - Investor Presentation

Net Sales (MINR)

Creating Lasting Value - Investor Presentation

Operating Profit (MINR)

Key Acquisitions & Rationale

Caraco acquired some products of

Increased generic product offerings

Acquired Chattem Chemicals, Inc.

Import registration with DEA, API Plant

Assets of Able labs

Dosage form plant (NJ, US) and IP

Formulation plant in Bryan

Dosage form plant (Ohio, US)

Acquired ICN Hungary

API and dosage form plant (Hungary)

Womens Health Brands

Brands in womens health (US)

Merged Phlox Pharma

Merged Pradeep Drug

Merged Milmet Labs

Brands from Natco

Dosage form Plant

Merged Tamilnadu Dadha

Gynecology and oncology brands; API and

Dosage form plant (now USFDA approved)

Acquired Gujarat Lyka

Bulk Drug plant from Knoll Pharma

API plant (now USFDA approved)

Creating Lasting Value - Investor Presentation

Creating Lasting Value - Investor Presentation

India Branded Generics : Strong Base

Market Share 3.6%