About
Sun Pharmaceuticals Industries Ltd
Sun Pharmaceutical Industries Limited including its subsidiaries and associates (Sun Pharma) is the fourth largest global specialty generic company that is ranked No. 1 in India and No. 8 in the US. It is the largest Indian pharmaceutical company in the US and among the leading Indian pharmaceutical companies in emerging markets. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, complex or difficult to make technology intensive products, over-the-counter (OTC) products, anti-retrovirals (ARVs), Active Pharmaceutical Ingredients (APIs) and intermediates. The product portfolio of over 2000 high quality molecules covers multiple dosage forms, including tablets, capsules, injectables, inhalers, ointments, creams and liquids. The products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.
The company has global presence with 43 manufacturing facilities across the world. India and the US are two predominant markets, accounting for nearly 70% of the company's revenue. The company has a robust product pipeline and established presence in Europe and high-growth emerging markets like Russia, Romania, South Africa, Brazil and Mexico. The company has entered into a joint-venture agreement with MSD (Merck) to develop and bring differentiated branded generics to emerging markets. Sun Pharmaceutical Industries invests around 7-8% of its global revenue each year in R&D. The R&D capabilities span the development of differentiated products such as liposomal products, inhalers, lyophilized injections and nasal sprays, besides controlled release dosage forms.
Sun Pharmaceutical Industries Ltd was incorporated in the year 1983. The company began operations in Kolkata with just 5 products to treat psychiatry ailments. They set up a compact manufacturing facility for tablets/capsules at Vapi. Sales were initially limited to two states in Eastern India. In the year 1986, the company set up an administrative office in Mumbai. They extended the customer coverage to select cities in Western India. In the year 1987, they rolled out their marketing operations nation-wide.
In the year 1988, the company launched Monotrate and Angizem products. In the year 1989, they introduced Products used in gastroenterology. They moved their corporate office to Baroda. Also, they began exporting their products to neighboring countries. In the year 1998, the company established their first research center, SPARC and this created the base for strong product and process development that enabled growth in the subsequent years. Also, they began office in Moscow.
In the year 1994, the company was listed on the main stock exchanges in India. They started production in a dosage form plant at Silvassa. Also, they completed the major expansion at Vapi plant. In the year 1995, the company's first API plant at Panoli started production. Also, a new division, Azura, was begun for cardiology products. Inca, a new division to market critical care medication to intensive care units began operations. They strengthened the international marketing with offices in Ukraine and Belarus.
In the year 1996, the company acquired an API plant at Ahmednagar from the multinational Knoll Pharmaceutical, and expanded and substantially upgraded for regulated markets, with capacity addition over the years across differentiated API lines such as anticancers and peptides. Also, the company acquired equity stake in Gujarat Lyka Organics Ltd., a manufacturer of Cephalexin Active with a USFDA approval for the intermediate, 7ADCA.
In the year 1997, the company's headquarters was shifted to Mumbai, India's commercial capital. Also, they began the first of their international acquisitions with an initial $7.5 million investment in Caraco, Detroit. Also, they took equity stake in MJ Pharma, a manufacturer of several dosage form lines with UK MHRA approval for Cephalexin capsules. The company acquired TDPL with an extensive product offering and its portfolio streamlined.
In the year 1998, the company acquired a basket of products, including several respiratory/asthma brands acquired from Natco Pharma. Their new formulation plant at Silvassa commenced operations. In the year 2001, the company built a new formulation plant in Dadra. Also, the erstwhile TDPL division was renamed Spectra. A new division, Arian, targeting cardiologists/physicians and diabetologists, was launched.
In the year 2004, the company acquired common stock and options from 2 large shareholders of Caraco, increasing stake to over 60% from 44% at a total outlay of about $42 million. The upgraded and expanded formulation site in Halol, India (the erstwhile MJ Pharma site) received approval from USFDA, UK MHRA, South African MCC, Brazilian ANVISA and Columbian INVIMA.
During the year, the company completed the construction at a formulation manufacturing site at Jammu. They commissioned their first joint venture manufacturing unit, in Dhaka, Bangladesh. Also, two of their API factories received USFDA approval, taking the total number of US FDA approved sites to three. The company acquired a Cephalosporin Active manufacturer, Phlox Pharma, with European approval for cefuroxime axetil amorphous. In December 2004, a research centre spread over 16 acres was inaugurated by the President of India, with special lab space for drug discovery and innovation.
In the year 2005, the company bought a plant in Bryan, Ohio, US and the business of ICN, Hungary from Valeant Pharma. In December 2005, they acquired the intellectual property and assets of Able Labs from the US District Bankruptcy court in New Jersey. In the year 2007, the company de-merged the innovative research and business into a new company, SPARC Ltd. SPARC Ltd was listed on the stock exchanges in India, the first pure research company to be so listed.
In May 2007, the company along with their subsidiaries, signed definitive agreements to acquire Taro Pharmaceutical Industries Ltd., a multinational generic manufacturer with established subsidiaries, manufacturing and products across the US, Israel, Canada for $454 million.
In November 2008, the company along with their subsidiaries acquired 100% ownership of Chattem Chemicals, Inc., a narcotic raw material importer and manufacturer of controlled substances with an approved API facility in Tennessee. This offers vertical integration for its controlled substance dosage form business in the US.
In September 2010, the company acquired Taro Pharmaceuticals. This acquisition doubled the size of their US business and brought them a range of generics including a strong line of dermatologicals.
In April 2011, MSD in India and Sun Pharmaceutical Industries Ltd announced formation of an India-specific strategic partnership agreement under which Sun Pharma will have the right to market, promote and distribute MSD's diabetes products, sitagliptin and sitagliptin plus metformin, under different brand names in India. In June 14, 2011, Caraco Pharmaceutical Laboratories Ltd (Caroco) merged with a subsidiary of the company. Thus, Caraco became a wholly owned subsidiary of the company.
In 2012, Sun Pharma bagged USFDA approval for its AND Application for generic Zyprexa. The company also acquired URL generic business from Takeda during the year under review.
In 2013, the company announced US FDA approval for generic Cymbalta. The company and Intrexon formed Joint Venture to Develop New Class of Therapeutics for Ocular Diseases. The Company announces USFDA approval for generic Prevacid, generic DoxilAr and generic DepoAr-Testosterone Injection. The company also Announces 1:1 Bonus during the year. The company also announces Tentative USFDA approval for generic Januvia & Glumetza.
In 2014, the company announced US FDA approval for generic Temodar. The company acquires Pharmalucence during the year. The company and Merck & Co. Inc. enter into Licensing Agreement for Tildrakizumab during the year under review. The Board of Directors of the Company at its Meeting held on April 06, 2014 has approved the scheme of arrangement between Ranbaxy Laboratories Limited and the Company under the provisions of the sections 391 to 394 and other applicable provisions of the Companies Act, 1956 and corresponding provisions of the Companies Act, 2013 subject to receipt of necessary approvals, consents and filings.
In 2015, the company receives US FTC clearance for Ranbaxy acquisition. The company and AstraZeneca enter into distribution agreement for ticagrelor in India during the year. SPARC Licenses Xelpros (Latanoprost BAK-free) to Sun Pharma. During the year, Hon'ble High Court of Gujarat, at Ahmedabad has approved the Scheme of Amalgamation of Sun Pharma Global Inc. (SPGI), wholly-owned subsidiary of the Company. The company also announces US FDA Approval for Ximino TM. The company also announces another successful completion of Opiates business acquisition in Australia and also acquires InSite Vision Incorporated. The company announces Absorica patent litigation settlement during the year under review.
On 10 December 2015, Sun Pharmaceutical Industries announced that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke as well as glioblastoma, a lethal brain cancer.
On 14 December 2015, Sun Pharmaceutical Industries announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. As a part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum.
On 19 December 2015, Sun Pharmaceutical Industries announced that it has received a Warning Letter from the USFDA as a result of the September 2014 inspection for its facility located at Halol, Gujarat in India. Post the September 2014 inspection, the US FDA has withheld future product approvals from the Halol facility. Sun Pharma said that the company expects to request a re-inspection by USFDA upon completion of its remediation commitments. Sun Pharma also said at that time that the Halol facility will continue to supply important drug products to meet its obligations to its customers and the patients who use the drugs in the United States and around the world.
On 23 March 2016, Sun Pharma and AstraZeneca Pharma India Limited announced a partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes medicine, in India. Dapagliflozin is AstraZeneca India's leading diabetes medicine. Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and under the terms of the agreement, both companies will promote, market and distribute dapagliflozin in India under different brand names. AstraZeneca will retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet after requisite regulatory approval.
On 29 March 2016, Sun Pharma announced the acquisition of 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan. According to the agreements entered into between the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of US$ 293 million. These brands have combined annualized revenues of approximately US$ 160 million and address medical conditions across several therapeutic areas. Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma's subsidiary. The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The local marketing partner will also be responsible for distribution of the brands.
On 4 May 2016, Sun Pharma and International Centre for Genetic Engineering and Biotechnology (ICGEB) signed an agreement to develop a novel botanical drug for treatment of dengue. Through this agreement Sun Pharma will follow up on earlier pre-clinical collaboration between ICGEB and erstwhile Ranbaxy Laboratories. Sun Pharma will develop Cipa, a botanical drug following a drug registration process similar to a new chemical entity, consisting of all required in-vitro, in-vivo, pre-clinical and clinical studies meeting all regulatory standards of India and other regulatory agencies worldwide. A botanical drug is a plant-derived medicinal product that is intended for use in the diagnosis, cure, mitigation, treatment or prevention of disease in humans. On 4 June 2016, Sun Pharma announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharm, Inc. (Frontida) for divestment of its two oral solid dosage manufacturing facilities located at Philadelphia, PA, and Aurora, IL, both in the US, along with 15 related pharmaceutical products. In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period.
The Board of Directors of Sun Pharma at its meeting held on 23 June 2016 approved buyback of fully paid up equity shares of the company through the tender offer route at Rs 900 per share. The purpose of the buyback is to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders.
On 18 July 2016, Sun Pharma and Sun Pharma Advanced Research Company Ltd. (SPARC) announced a licensing arrangement for SPARC's ELEPSIA XR (Levetiracetam Extended Release tablets). As per the agreement, SPARC will license ELEPSIA to a wholly-owned subsidiary of Sun Pharma for the US market. SPARC will receive an up-front payment of US$10 million from Sun Pharma. It is also eligible for certain additional milestone payments and defined royalties linked to any future sales of ELEPSIA XR.
On 27 July 2016, Sun Pharma and Almirall announced a licensing agreement on the development and commercialization of tildrakizumab for psoriasis in Europe. Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of US $50 million. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales. Almirall will be able to lead European studies, and participate in larger global clinical studies for psoriasis indication subject to the terms of the Sun Pharma - Merck agreements, as well as certain cost sharing agreements. Sun Pharma will continue to lead development of tildrakizumab for other indications, where Almirall will have right of first negotiation for certain indications in Europe.
On 6 September 2016, Sun Pharma announced that it has signed a strategic distribution alliance with Mitsubishi Tanabe Pharma Corporation, Japan for 14 prescription brands. Under this alliance, Mitsubishi Tanabe Pharma Corporation will market and distribute all the 14 brands as well as provide information on their proper use to healthcare professionals.
On 19 October 2016, Sun Pharma and International Centre for Genetic Engineering and Biotechnology (ICGEB) announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans. According to the agreement, Sun Pharma will fund and support further development of the vaccine candidate and existing ICGEB Know-How and Patents. ICGEB will grant Sun Pharma exclusive rights and licenses for development and commercialization of this vaccine globally. ICGEB will receive pre-defined royalty and milestone payments.
On 26 October 2016, Sun Pharmaceutical Industries announced the execution of definitive agreements by its wholly owned subsidiary for the acquisition of 100% of Ocular Technologies, Sarl (OTS), a portfolio company of Auven Therapeutics (Auven), an international private equity company focused on accelerated development of breakthrough therapeutic drugs. OTS owns exclusive, worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). Sun Pharma will pay Auven US$ 40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.On 23 November 2016, Sun Pharma announced the execution of definitive agreements by its wholly owned subsidiary for the acquisition of 85.1% ofJSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region. The equity consideration for the 85.1% stake is US$ 24 million. Sun Pharma would also assume a debt of approximately US$ 36 million as part of this transaction. Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately US$ 52 million for 2015. It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories, APIs, etc.
On 28 November 2016, Sun Pharma announced the launch of a branded ophthalmic product BromSite 0.075% in the US market. It was the first branded product launched by the company in the USA following its focus on Specialty Business.
On 12 December 2016, Sun Pharma and Israel-based Moebius Medical announced that they have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. According to the agreement, Sun Pharma will fund further development of Moebius Medical's lead product, MM-II, and undertake its global commercialization. Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.
On 22 December 2016, Sun Pharma announced its plans to acquire a branded oncology product Odomzo from Novartis. The agreement was signed for an upfront payment of US$ 175 million and additional milestone payments. Odomzo (Sonidegib) was approved by the USFDA in July 2015. Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.
On 4 January 2017, Sun Pharma announced successful Phase 3 confirmatory clinical trial results for Seciera for the treatment of dry eye disease. Seciera is being developed by Ocular Technologies, a company acquired by Sun Pharma. Following this acquisition, Sun Pharma owns exclusive, worldwide rights to Seciera and is developing it to commercialize for global markets including US, Europe, and Japan, as well as several emerging markets.
On 14 March 2017, Sun Pharmaceutical Industries announced that USFDA will lift the Import Alert imposed on the company's Mohali, Punjab manufacturing facility and remove the facility from the Official Action Initiated (OAI) status. This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements. The Mohali facility was inherited by Sun Pharma as part of its acquisition of Ranbaxy Laboratories in 2015. The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy's Consent Decree of Permanent Injunction. Certain conditions of the consent decree will continue to be applicable to the Mohali facility.
On 27 June 2017, Sun Pharmaceutical Industries and National Institute of Virology (NIV), Pune, an institution of the Indian Council of Medical Research, Department of Health Research, Ministry of Health and Family Welfare, New Delhi announced that they have signed an agreement for testing phytopharmaceutical, biologic and chemical entities developed by Sun Pharma against Zika, Chikungunya and Dengue viruses. Sun Pharma will provide drug molecules to NIV for testing against Zika, Chikungunya and Dengue in model systems. Candidate molecules with encouraging data will then be taken forward for commercial development.
On 4 July 2017, Sun Pharmaceutical Industries and Samsung BioLogics announced a strategic long-term manufacturing agreement for Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis. According to the agreement, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab. The approximate value of the contract will be US$ 55.5 million. The regulatory filings associated with tildrakizumab have been accepted for review by the U.S. Food and Drug Administration and the European Medicines Agency (EMA).
On 16 January 2018, Sun Pharmaceutical Industries announced that its wholly owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US. Pursuant to the terms of the settlement, Ironwood Pharmaceuticals and Allergan will grant, the wholly owned subsidiaries of Sun Pharma, a license to market a generic version of Linzess in the United States beginning 01 February 2031 (subject to USFDA approval) or earlier under certain circumstances.
During the FY2019, Sun Pharma has received USFDA approval for its New Drug Application (NDA) of XELPROSTM (latanoprost ophthalmic emulsion 0.005%) used for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension. XELPROSTM is the first and only form of latanoprost that is not formulated with benzalkonium chloride (BAK), a commonly used preservative in topical ocular preparations. XELPROSTM was launched in the US in January 2019.
The company has launched ILUMYATM (tildrakizumab-asmn) 100 mg/mL in the US for treating moderate-to-severe psoriasis in October 2018. The company has received a good initial response for the product and we expect ramp-up in ILUMYATM sales in the US over the next few years. The company also commenced a direct-to-consumer advertising initiative for ILUMYATM in the US.
Sun Pharma also received approval from the Australian Therapeutic Goods Administration (TGA) for ILUMYATM during the year. The product has already been commercialised in Australia.
During the year 2018-19 the company received USFDA approvals for CEQUATM (cyclosporine ophthalmic solution 0.09%). CEQUATM increases tear production in patients with dry eyes. It is the first and only approved dry eye treatment to combine cyclosporine A with nanomicellar technology. CEQUATM will be commercialised in the US in FY20.
In July 2018, Sun Pharma announced the USFDA approval for INFUGEMT (gemcitabine in 0.9% sodium chloride injection), for intravenous use in a ready-to-administer (RTA) bag. INFUGEMT uses a proprietary technology, which allows cytotoxic oncology products to be pre-mixed in a sterile environment and supplied to the prescribers in RTA infusion bags. These RTA bags will provide greater safety, by preventing problems of over-dosing or under-dosing and eliminating contamination risk. INFUGEMT was commercialised in the US in April 2019.
During the fiscal 2020, Sun Pharma announced licensing agreements with a subsidiary of China Medical System Holdings Ltd. (CMS) for the development and commercialisation of two of its specialty products - Tildrakizumab (for psoriasis and psoriatic arthritis) and Cyclosporine A 0.09% (CsA) eye drops (for dry eye disease) in Greater China.
In July 2019, Sun Pharma announced the US launch of EZALLOR SPRINKLET (Rosuvastatin) capsules for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing, a problem that is estimated to affect approximately 30-35% of long-term care residents. With the introduction of EZALLOR SPRINKLE, Sun Pharma continued its commitment of providing a portfolio of innovative formulation products to address the needs of a specific patient segment.
In August 2019, Sun Pharma announced the filing of an application in Japan for manufacturing and marketing authorisation of ILUMYA (Tildrakizumab) for moderate-to-severe psoriasis with the Pharmaceuticals and Medical Devices Agency (PMDA), Japan. Sun Pharma is committed to growing its global dermatology franchise, with ILUMYATM as its lead product.
Further in August 2019, Sun Pharma entered into a global licensing agreement with the CSIR - Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT), for patents related to certain compounds with potential therapeutic activity across multiple indications in Sun Pharma's specialty focus areas. Under the terms of the license agreement, Sun Pharma gets exclusive global license for the said patents and any other future patents covered in the agreement. Sun Pharma paid CSIR-IICT an upfront payment and will also pay for potential development, regulatory and sales milestone payments totalling up to Rs 2.40 Billion, plus royalties on net sales from commercialisation of the products developed using these patents.
In August 2019, Sun Pharma granted an exclusive license to a subsidiary of China Medical System Holdings Ltd. (CMS) to develop and commercialise seven generic products in Mainland China. Till date, Sun Pharma and the CMS collaboration covers a total of eight generic products, with an addressable market size of about USD 1 Billion (as per IQVIA data) in Mainland China. This collaboration gives Sun Pharma an entry into the Chinese generic pharmaceutical market.
In November 2019, Sun Pharma entered into a licensing agreement with AstraZeneca UK Ltd. (AstraZeneca) to introduce certain novel ready to use (RTU) infusion oncology products in China.
In January 2020, Sun Pharma entered into exclusive licensing and supply agreements with Rockwell Medical Inc. (Rockwell), to commercialise Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India.
In February 2020, Sun Pharma launched ABSORICA LDT (isotretinoin) capsules in the US for the management of severe recalcitrant nodular acne in patients 12 years of age and older. ABSORICA LD is the only isotretinoin formulation to feature Sun Pharma's micronisation technology, which utilises micronised particles to optimise absorption at a 20% lower dose.
In March 2020, Sun Pharma committed to donate Hydroxychloroquine (HCQS), Azithromycin, and other related drugs and hand sanitisers to support India's COVID-19 response. It also donated HCQS in the US market.
In March 2020, Sun Pharma launched a buyback offer in India to buy back 40 Million shares at a price up to Rs 425 per equity share, totalling to about Rs 17 billion.
The Board of Directors of the Company at its meeting held on 31 July 2020, approved the Scheme of Amalgamation and Merger of Sun Pharma Global FZE (wholly owned subsidiary of the Company) with Sun Pharmaceutical Industries Limited, and their respective members and creditors which inter-alia, envisages merger of Sun Pharma Global FZE into the Company. The approval of the only secured creditor has been received during the quarter under review. The Company is convening separate meetings of shareholders and unsecured creditors of the Company on 16 March 2021 to seek the approval of the Scheme as directed by National Company Law Tribunal. The Scheme shall be effective post completion of all necessary formalities and procedures and accordingly, the above unaudited standalone financial results do not reflect the impact on account of the Scheme.
Sun Pharmaceuticals Industries Ltd
Chairman Speech
Managing Directors Message
Dear Shareholders,
Health first - that is the underlying message that the COVID-19 pandemic has
reasserted. The pandemic is a health as well as an economic crisis and hence the role of
the pharmaceutical industry has become very critical. The pandemic has shaken the global
economy, but has given the world an opportunity to correct decades of under investment in
healthcare.
While the pharmaceutical industry has taken significant strides in developing
cutting-edge products in immunology, biologics, gene and cell therapy, etc., it has,
barring certain exceptions, neglected developing new innovative products in the
anti-infective segments.
A growing incidence of chronic ailments like diabetes, cardiovascular, cancer etc.,
coupled with better pricing for products in these segments has resulted in very few new
products being developed for infectious diseases. Over the past few decades,
anti-infectives have become less attractive as potential areas for R&D due to
relatively inferior pricing for such products compared to chronic products. Global
innovator companies have reorganised their R&D pipelines to focus more on developing
high-end chronic products. The global manufacturing infrastructure for anti-infectives has
followed this trend, resulting in very few new capacities being set up for such products.
The COVID-19 global pandemic may force both, the industry and governments, to revisit the
importance of focusing on infectious disease research.
Over the past many years, governments across the world have given more importance to
controlling healthcare costs to balance their overall budgets. The COVID-19 pandemic and
the economic costs that it has extracted, may force governments to revisit this
presumption and try to strike a balance between providing adequate healthcare and the
ability to fund it.
While the pandemic obviously highlighted the importance of having an optimum healthcare
infrastructure, it has also ignited a fresh debate on globalisation versus localisation.
Supply chain network strategy is evolving as the pandemic has also highlighted the risks
associated with vendor and/or location concentration. There is a higher sense of urgency
now to achieve a pragmatic balance between outsourcing and self-sufficiency. Achieving
higher resilience for supply chain is likely to prompt companies to evaluate
diversification of their vendor base. However, in case of the pharmaceutical industry, new
vendor identification and qualification will be a time-consuming process.
There is also a gradual realisation that the COVID-19 virus is here to stay and that
all of us will have to learn to coexist with the virus till an effective treatment or
vaccine becomes available. The industry is trying to develop a potential vaccine at a
frantic pace while simultaneously putting in efforts to test existing drugs which can
potentially aid COVID-19 treatment.
There will be far-reaching changes in the way in which organisations are likely to
operate going forward.
Consumer behaviour and consumption patterns are also likely to change due to the global
pandemic. Social distancing and maintaining individual hygiene (like using masks and hand
sanitisers) have become imperative. Work-from-home (WFH) option has been exercised by most
organisations for certain functions and there is a likelihood that it will continue for
some more time till the viral infection comes under control. There is a possibility that
WFH may become the new-normal for certain categories of corporate work force even after
COVID-19 comes under control.
COVID-19 risk response
In these critical and uncertain times, Sun Pharma has responded quickly and efficiently
to meet the challenges at hand. We promptly evolved a COVID-19 Risk Management Plan and
formed multiple COVID-19 Risk Response Teams under the guidance of the senior management
to tackle the challenges resulting from the global pandemic.
Sun Pharma ensured adequate supplies of medicines to its customers across the world
despite the supply chain disruptions and the lockdown restrictions in various countries.
In a situation where there were multiple disruptions in manufacturing because of various
challenges in terms of availability of intermediates, availability of packaging material,
etc., we have ensured uninterrupted supply of our products across markets. Sun Pharma has
also supplied some of the medicines used for treating COVID-19 symptoms.
There is now a higher focus on automation, digitalisation as well as increased
dependence on analytical tools for decision making. We are leveraging IT technology tools
to ensure business continuity as well as to facilitate WFH for many functions in the
organisation. Changes at manufacturing facilities have been made to ensure productivity as
well adherence to all safety and hygiene protocols.
We are also evaluating the potential of some existing products which can be useful in
COVID-19 treatment. These include Nafamostat Mesilate and the phytopharmaceutical, AQCH.
Both these products are currently undergoing Phase-2 trials in India.
As part of our corporate social responsibility, we donated certain medicines useful in
managing COVID-19 symptoms and hand sanitisers worth about 250 Million to support the
Indian governments COVID-19 pandemic response.
Sun Pharma has also arranged personal protective equipment (PPE) kits, disinfectants,
gloves etc. to help fight the pandemic.
FY20 highlights
We continued our growth trajectory in FY20 with our overall revenues growing by about
13% to 323 Billion.
Key growth drivers include India, our global specialty business, coupled with growth in
the rest of the world and API business.
Operational performance
For FY20, India formulation sales were at 97 Billion, accounting for about 30% of
overall revenues. Adjusted for one-offs of last year, the India business has recorded a
Y-o-Y growth of 15%. Our India business has done well, and we have started witnessing an
increase in our market share. Our leading presence in chronic segments coupled with our
strong brand equity with doctors is helping us increase our market share in an intensely
competitive market. We have also initiated an expansion of sales force for the India
business in order to expand our geographical footprint in India and to ensure that all our
brands get the attention they deserve.
Revenues in the US remained almost flat at 105 Billion and accounted for approximately
33% of our consolidated revenues for FY20. While we witnessed a ramp-up in sales of our
specialty products, the generics business continued to face price erosion, driven by
competitive intensity amongst manufacturers, buying consortium pressures and a higher pace
of generic approvals from the USFDA. Our subsidiary, Taro, recorded a 4% decline in
overall revenues to US$645 Million for the year.
We grew by 3% in emerging markets for the year. We are witnessing a reduction in tender
revenues in our South Africa business. Excluding the impact of the tender sales, we have
recorded a low double-digit growth year-on-year for our emerging market portfolio. The
depreciation of some emerging market currencies has also reduced our reported growth
despite good underlying growth in local currency.
Our sales in the rest of world (RoW) markets grew by 31% for the year, driven by
increased sales in some key Western European markets and the full year consolidation of
the Pola Pharma acquisition in Japan.
Research & Development (R&D)
R&D is imperative for any pharmaceutical Company's future. Our focus is to continue
investing in R&D to develop differentiated generics and innovative specialty products.
Our global generic business requires a constant flow of new products and hence R&D
capabilities to develop such products and meet the individual requirements of each market
are very important. At Sun Pharma, we have multiple R&D centres and a strong R&D
team to cater to these requirements.
R&D is also absolutely vital for strengthening our global specialty pipeline. It is
a key determinant of the future growth and profitability of the specialty initiative. We
expect to continue to invest in specialty R&D in the coming years as we progress
further in building the specialty business.
Our R&D investments for the year were approximately ^20 Billion. We continue to be
disciplined in identifying future R&D projects for the US generics market and the
focus is on developing differentiated generics. Investments for developing the long-term
specialty pipeline are expected to continue.
Progress on specialty initiatives
As we gain traction in the specialty business, it is becoming an additional growth
engine for us. Our global specialty revenues for FY20 were about US$430 Million and
accounted for approximately 9% of our consolidated revenues.
We undertook multiple initiatives during the year as part of our efforts to build the
specialty business. These include:
1. New specialty product launches in the US
2. Targeting new markets like Japan and China for our specialty products
3. Evaluating new indications for ILUMYA
4. Reiteration of ILUMYAS potential through longterm clinical data
5. Enhancing the specialty R&D pipeline by adding preclinical candidates
New specialty launches
During the year, we launched four specialty products in the US market viz., CEQUA,
ABSORICA LD, EZALLOR SPRINKLE and DRIZALMA SPRINKLE.
a) CEQUA: In October 2019, Sun Pharma commercialised CEQUA (cyclosporine ophthalmic
solution) 0.09% in the US. It is indicated for increasing tear production
in patients with keratoconjunctivitis sicca (dry eye), an inflammatory disease that
affects more than 16 Million people in the US. CEQUA is the first and only USFDA-approved
cyclosporine treatment delivered with nanomicellar (NCELL™) technology, which helps
to improve the bioavailability and physicochemical stability of cyclosporine, resulting in
improved ocular tissue penetration. CEQUAs launch significantly enhances Sun Pharmas
specialty ophthalmology portfolio in the US.
b) ABSORICA LD: In February 2020, Sun Pharma launched ABSORICA LD™ (isotretinoin)
capsules in the US for the management of severe recalcitrant nodular acne in patients 12
years of age and older. ABSORICA LD is the only isotretinoin formulation to feature Sun
Pharmas micronisation technology, which utilises micronised particles to optimise
absorption at a 20% lower dose and can be taken with or without food.
c) EZALLOR SPRINKLE: In July 2019, Sun Pharma launched EZALLOR SPRINKLE™
(rosuvastatin) capsules in the US for the treatment of three types of elevated lipid
disorders in people who have difficulty swallowing, a problem that is estimated to affect
approximately 30-35% of long-term care patients.
d) DRIZALMA SPRINKLE: In October 2019, Sun Pharma launched DRIZALMA SPRINKLE™
(duloxetine delayed-release capsules) in the US for oral use. It is
a serotonin and norepinephrine reuptake inhibitor (SNRI) designed for the treatment of
various neuro-psychiatric and pain disorders in patients who have difficulty swallowing.
The availability of DRIZALMA SPRINKLE expands Sun Pharmas portfolio of innovative
formulation products designed for individuals with swallowing difficulties, the risk of
which increases with age and exposure to age-related diseases and conditions, including
depression, anxiety, and pain disorders.
Targeting new markets for specialty products
During FY20, we took steps to target two important markets for our specialty products
viz., Japan and Greater China. In June 2019, we announced licensing agreements with a
subsidiary of China Medical System Holdings Ltd. (CMS) for the development and
commercialisation of two of our specialty products - Tildrakizumab (for psoriasis and
psoriatic arthritis) and Cyclosporine A 0.09% (CsA) eye drops (for dry eye disease) for
Greater China market. These licensing agreements will facilitate Sun Pharmas entry into
the Greater China market, which is the second largest pharmaceutical market globally.
In August 2019, Sun Pharma announced the filing of an application in Japan for
manufacturing and marketing authorisation of ILUMYA for moderate-to-severe psoriasis with
the Pharmaceuticals and Medical Devices Agency (PMDA), Japan. The PMDA has recently
approved this application and launch preparations have been initiated. This launch in
Japan will be a step forward for Sun Pharma in expanding the global franchise for ILUMYA.
We have also recently entered into an exclusive licensing and distribution agreement
with Hikma Pharmaceuticals PLC for commercialisation of ILUMYA™ in the Middle East
and North Africa (MENA) region.
Evaluating new indications for ILUMYA
In June 2019, we announced interim results from a Phase-2 study of ILUMYA in patients
with active psoriatic arthritis (PsA). The interim analysis revealed that over 71% of
patients treated with ILUMYA experienced a 20% improvement in joint and skin symptoms
(ACR20 response), meeting the primary endpoint of the study.
The interim results showed that ILUMYA was well tolerated with a low rate of serious
treatment-emergent adverse events. The Phase-2 study interim results also showed that
across all patients receiving ILUMYA, 75.3% experienced a 20% improvement in symptoms of
PsA (ACR20 response) at week 24 compared to 50.6% of patients on placebo.
The findings were similar in patients receiving 100 mg or 200 mg of ILUMYA on a
quarterly dosing schedule. For some patients on 100 mg ILUMYA, results were seen as early
as 8 weeks. Furthermore, an average of 47.1% of all patients receiving ILUMYA achieved an
ACR50 response, with some results seen as early as 12 weeks, compared to 24.1% of patients
on placebo.
Given the encouraging Phase-2 study interim results, Sun Pharma is in the process of
initiating the Phase-3 trials for PsA. ILUMYA is already approved in the US for the
treatment of adults with moderate-to-severe plaque psoriasis who are candidates for
systemic therapy or phototherapy, and is being investigated for PsA, which affects up to
42% of people with plaque psoriasis.
Reiteration of ILUMYAS potential through long-term clinical data
In October 2019, Sun Pharma presented long-term follow-up data from ILUMYA Phase-3
reSURFACE 1 and resurface 2 trials. The data showed that the significant response rates
seen in the initial 52 and 64 weeks, respectively, were maintained over four years for
people with moderate-to-severe plaque psoriasis, with more than half the participants
achieving at least 90% skin clearance [Psoriasis Area Sensitivity Index (PASI) 90] with no
new safety concerns recorded.
Additional study analyses showed that the 75-100% skin clearance achieved with ILUMYA
treatment over three years was sustained equally in people with and without metabolic
syndrome, a common condition in people with psoriasis. This positive data reiterates the
potential of ILUMYA and also indicates that the product provides a sustained response
against moderate-to-severe plaque psoriasis, thus giving long-term benefit to the patient.
Enhancing the specialty R&D pipeline
Developing/adding new innovative specialty products is imperative to ensure a strong
R&D pipeline. We have taken multiple steps to strengthen the specialty pipeline.
In August 2019, Sun Pharma entered into a global licensing agreement with the CSIR
Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT), for patents related to
certain compounds with potential therapeutic activity across multiple indications in Sun
Pharmas specialty focus areas. Under the terms of the license agreement, Sun Pharma gets
exclusive global license for the said patents and any other future patents covered in the
agreement.
This collaboration for developing new drugs is part of Sun Pharmas broader strategy for
enhancing its global specialty pipeline. This agreement will facilitate the addition of
pre-clinical candidates to Sun Pharmas global specialty pipeline. A successful clinical
development of these potential compounds may enable Sun Pharma to commercialise
pharmaceutical products for various therapeutic indications over the long term.
We recently presented pre-clinical data for GL0034, a long-acting GLP-1R (Glucagon-Like
Peptide-1 Receptor) agonist at the American Diabetes Association Virtual 80th Scientific
Sessions. GLP-1R agonists are used to treat patients with type 2 diabetes.
The data demonstrated significant outcomes on various diabetic parameters evaluated,
viz. glucose reduction, decrease in HbA1c (an important marker for clinical efficacy),
augmented insulin secretion, lowering of glucagon level and a marked and meaningful
reduction in triglyceride levels. All these outcomes with GL0034 were found to be higher
or significant to the currently marketed once a week GLP-1R agonists compared in the
study. GL0034 also induced a larger body weight reduction, 1.9x and 3.8x times higher than
the two different standard once a week GLP-1R agonist drugs compared in the study, with
similar food consumption. We look forward to validating this data in human clinical trials
with the Phase-1 trials likely to commence by Q3FY21.
In May 2020, Sun Pharma in-licensed SCD-044, a new chemical entity targeted as a
potential oral treatment for atopic dermatitis, psoriasis and other auto-immune disorders.
SCD-044 is entering Phase-2 clinical trials.
CGMP compliance
With global CGMP standards undergoing constant upgradation over the past many years,
the pharmaceutical industry needs to be constantly on its toes with an unwavering focus on
24x7 compliance, which, in turn, raises compliance costs. Adherence to these quality
standards and ensuring that each manufacturing facility remains compliant has become a key
priority for pharmaceutical companies worldwide.
During the year, many of our facilities underwent successful audits by multiple
regulatory agencies, including the USFDA. Our Halol facility was inspected by the USFDA in
December 2019, which resulted in 8 deviations. The facility was subsequently classified as
"Official Action Indicated (OAI)", which implies that all new approvals for the
US market from this facility will be put on hold till it is cleared by the USFDA. We have
already initiated the corrective actions required to get the facility back into
compliance.
Focus on improving productivity
We are continuing with our efforts to reduce expenses to achieve an optimum cost
structure relevant to todays business and market realities. These efforts are being
implemented in multiple areas of the business with greater involvement of people in order
to make the Company more efficient. Further enhancement of manufacturing efficiencies,
optimising manufacturing footprint, rationalising generics R&D investments, reducing
fixed costs and interest cost are some of the areas targeted for efficiency improvement.
Overall outlook
We will continue to focus on growing each of our businesses faster than the market in
which we operate. R&D investments in developing a differentiated generic pipeline as
well as in building our specialty pipeline will continue in the coming years.
Our strategy of developing the specialty business as an additional growth engine has
started delivering, with a gradual ramp up in specialty revenues. We expect this momentum
to continue over the next few years although the COVID-19 pandemic and lockdowns may throw
up some uncertainties in the near-term. The specialty business is also helping us to move
up the pharmaceutical value chain and bring in more innovation to our business. We have
invested significant resources over the past few years in building this business and are
now focusing on commercial execution to ensure that future cash flows justify these
significant investments.
Generics will continue to be an important part of the overall healthcare management
globally. Focus on healthcare may increase in the post-COVID period and hence generics are
likely to retain their importance as an effective and economical health solution. Sun
Pharmas strong positioning in the global generics industry and continued investments for
the future will ensure that it remains a prominent player in this space.
Despite our proactive COVID risk response initiative, we do estimate some softening of
sales in the near term due to the lockdowns and economic slowdown across various
countries, although it is difficult to quantify the impact as of now. Our endeavour will
be to ensure that we are the least impacted.
Key focus areas for us will be:
1. Employee protection and keeping workplace COVID-19 free
2. Digital engagement with doctors and patients
3. Supply chain protection, ensuring optimum utilisation of our factories and working
closely with vendors to ensure continuity of supply
4. Enabling work from home for employees wherever and whenever it is necessary
5. Focus on cash collection and cash conservation in the business to ensure adequate
liquidity
6. Continuing our focus on improving R&D productivity and throughput
7. Focus on cost optimisation and target higher efficiencies
8. Continue to invest in developing new technologies and innovative products
Our talented employees have done a remarkable job of ensuring business continuity
despite the multiple disruptions resulting from the COVID-19 pandemic and lockdowns. All
our teams, including Supply Chain, HR, IT, Finance, Manufacturing have worked tirelessly
to:
1. Maintain adequate supply of our products in various markets
2. Enabling WFH for a large number of employees in a very short time
3. Ensuring overall productivity without compromising on safety protocols
We are also grateful to our Board of Directors for their guidance and support in these
uncertain times.
We are thankful for your support as a shareholder and we hope that you will continue to
repose your confidence in us in future as well.
Warm regards,
Dilip Shanghvi
Managing Director
Sun Pharmaceutical Industries Ltd.
Sun Pharmaceuticals Industries Ltd
Company History
Sun Pharmaceutical Industries Limited including its subsidiaries and associates (Sun Pharma) is the fourth largest global specialty generic company that is ranked No. 1 in India and No. 8 in the US. It is the largest Indian pharmaceutical company in the US and among the leading Indian pharmaceutical companies in emerging markets. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, complex or difficult to make technology intensive products, over-the-counter (OTC) products, anti-retrovirals (ARVs), Active Pharmaceutical Ingredients (APIs) and intermediates. The product portfolio of over 2000 high quality molecules covers multiple dosage forms, including tablets, capsules, injectables, inhalers, ointments, creams and liquids. The products cater to a vast range of therapeutic segments covering psychiatry, anti-infectives, neurology, cardiology, orthopaedic, diabetology, gastroenterology, ophthalmology, nephrology, urology, dermatology, gynaecology, respiratory, oncology, dental and nutritionals.
The company has global presence with 43 manufacturing facilities across the world. India and the US are two predominant markets, accounting for nearly 70% of the company's revenue. The company has a robust product pipeline and established presence in Europe and high-growth emerging markets like Russia, Romania, South Africa, Brazil and Mexico. The company has entered into a joint-venture agreement with MSD (Merck) to develop and bring differentiated branded generics to emerging markets. Sun Pharmaceutical Industries invests around 7-8% of its global revenue each year in R&D. The R&D capabilities span the development of differentiated products such as liposomal products, inhalers, lyophilized injections and nasal sprays, besides controlled release dosage forms.
Sun Pharmaceutical Industries Ltd was incorporated in the year 1983. The company began operations in Kolkata with just 5 products to treat psychiatry ailments. They set up a compact manufacturing facility for tablets/capsules at Vapi. Sales were initially limited to two states in Eastern India. In the year 1986, the company set up an administrative office in Mumbai. They extended the customer coverage to select cities in Western India. In the year 1987, they rolled out their marketing operations nation-wide.
In the year 1988, the company launched Monotrate and Angizem products. In the year 1989, they introduced Products used in gastroenterology. They moved their corporate office to Baroda. Also, they began exporting their products to neighboring countries. In the year 1998, the company established their first research center, SPARC and this created the base for strong product and process development that enabled growth in the subsequent years. Also, they began office in Moscow.
In the year 1994, the company was listed on the main stock exchanges in India. They started production in a dosage form plant at Silvassa. Also, they completed the major expansion at Vapi plant. In the year 1995, the company's first API plant at Panoli started production. Also, a new division, Azura, was begun for cardiology products. Inca, a new division to market critical care medication to intensive care units began operations. They strengthened the international marketing with offices in Ukraine and Belarus.
In the year 1996, the company acquired an API plant at Ahmednagar from the multinational Knoll Pharmaceutical, and expanded and substantially upgraded for regulated markets, with capacity addition over the years across differentiated API lines such as anticancers and peptides. Also, the company acquired equity stake in Gujarat Lyka Organics Ltd., a manufacturer of Cephalexin Active with a USFDA approval for the intermediate, 7ADCA.
In the year 1997, the company's headquarters was shifted to Mumbai, India's commercial capital. Also, they began the first of their international acquisitions with an initial $7.5 million investment in Caraco, Detroit. Also, they took equity stake in MJ Pharma, a manufacturer of several dosage form lines with UK MHRA approval for Cephalexin capsules. The company acquired TDPL with an extensive product offering and its portfolio streamlined.
In the year 1998, the company acquired a basket of products, including several respiratory/asthma brands acquired from Natco Pharma. Their new formulation plant at Silvassa commenced operations. In the year 2001, the company built a new formulation plant in Dadra. Also, the erstwhile TDPL division was renamed Spectra. A new division, Arian, targeting cardiologists/physicians and diabetologists, was launched.
In the year 2004, the company acquired common stock and options from 2 large shareholders of Caraco, increasing stake to over 60% from 44% at a total outlay of about $42 million. The upgraded and expanded formulation site in Halol, India (the erstwhile MJ Pharma site) received approval from USFDA, UK MHRA, South African MCC, Brazilian ANVISA and Columbian INVIMA.
During the year, the company completed the construction at a formulation manufacturing site at Jammu. They commissioned their first joint venture manufacturing unit, in Dhaka, Bangladesh. Also, two of their API factories received USFDA approval, taking the total number of US FDA approved sites to three. The company acquired a Cephalosporin Active manufacturer, Phlox Pharma, with European approval for cefuroxime axetil amorphous. In December 2004, a research centre spread over 16 acres was inaugurated by the President of India, with special lab space for drug discovery and innovation.
In the year 2005, the company bought a plant in Bryan, Ohio, US and the business of ICN, Hungary from Valeant Pharma. In December 2005, they acquired the intellectual property and assets of Able Labs from the US District Bankruptcy court in New Jersey. In the year 2007, the company de-merged the innovative research and business into a new company, SPARC Ltd. SPARC Ltd was listed on the stock exchanges in India, the first pure research company to be so listed.
In May 2007, the company along with their subsidiaries, signed definitive agreements to acquire Taro Pharmaceutical Industries Ltd., a multinational generic manufacturer with established subsidiaries, manufacturing and products across the US, Israel, Canada for $454 million.
In November 2008, the company along with their subsidiaries acquired 100% ownership of Chattem Chemicals, Inc., a narcotic raw material importer and manufacturer of controlled substances with an approved API facility in Tennessee. This offers vertical integration for its controlled substance dosage form business in the US.
In September 2010, the company acquired Taro Pharmaceuticals. This acquisition doubled the size of their US business and brought them a range of generics including a strong line of dermatologicals.
In April 2011, MSD in India and Sun Pharmaceutical Industries Ltd announced formation of an India-specific strategic partnership agreement under which Sun Pharma will have the right to market, promote and distribute MSD's diabetes products, sitagliptin and sitagliptin plus metformin, under different brand names in India. In June 14, 2011, Caraco Pharmaceutical Laboratories Ltd (Caroco) merged with a subsidiary of the company. Thus, Caraco became a wholly owned subsidiary of the company.
In 2012, Sun Pharma bagged USFDA approval for its AND Application for generic Zyprexa. The company also acquired URL generic business from Takeda during the year under review.
In 2013, the company announced US FDA approval for generic Cymbalta. The company and Intrexon formed Joint Venture to Develop New Class of Therapeutics for Ocular Diseases. The Company announces USFDA approval for generic Prevacid, generic DoxilAr and generic DepoAr-Testosterone Injection. The company also Announces 1:1 Bonus during the year. The company also announces Tentative USFDA approval for generic Januvia & Glumetza.
In 2014, the company announced US FDA approval for generic Temodar. The company acquires Pharmalucence during the year. The company and Merck & Co. Inc. enter into Licensing Agreement for Tildrakizumab during the year under review. The Board of Directors of the Company at its Meeting held on April 06, 2014 has approved the scheme of arrangement between Ranbaxy Laboratories Limited and the Company under the provisions of the sections 391 to 394 and other applicable provisions of the Companies Act, 1956 and corresponding provisions of the Companies Act, 2013 subject to receipt of necessary approvals, consents and filings.
In 2015, the company receives US FTC clearance for Ranbaxy acquisition. The company and AstraZeneca enter into distribution agreement for ticagrelor in India during the year. SPARC Licenses Xelpros (Latanoprost BAK-free) to Sun Pharma. During the year, Hon'ble High Court of Gujarat, at Ahmedabad has approved the Scheme of Amalgamation of Sun Pharma Global Inc. (SPGI), wholly-owned subsidiary of the Company. The company also announces US FDA Approval for Ximino TM. The company also announces another successful completion of Opiates business acquisition in Australia and also acquires InSite Vision Incorporated. The company announces Absorica patent litigation settlement during the year under review.
On 10 December 2015, Sun Pharmaceutical Industries announced that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke as well as glioblastoma, a lethal brain cancer.
On 14 December 2015, Sun Pharmaceutical Industries announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. As a part of the agreement, the Sun Pharma subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum.
On 19 December 2015, Sun Pharmaceutical Industries announced that it has received a Warning Letter from the USFDA as a result of the September 2014 inspection for its facility located at Halol, Gujarat in India. Post the September 2014 inspection, the US FDA has withheld future product approvals from the Halol facility. Sun Pharma said that the company expects to request a re-inspection by USFDA upon completion of its remediation commitments. Sun Pharma also said at that time that the Halol facility will continue to supply important drug products to meet its obligations to its customers and the patients who use the drugs in the United States and around the world.
On 23 March 2016, Sun Pharma and AstraZeneca Pharma India Limited announced a partnership for the distribution of dapagliflozin, an innovative Type 2 diabetes medicine, in India. Dapagliflozin is AstraZeneca India's leading diabetes medicine. Under the agreement, Sun Pharma will promote and distribute dapagliflozin under the brand name Oxra. AstraZeneca India markets dapagliflozin under the brand name Forxiga and under the terms of the agreement, both companies will promote, market and distribute dapagliflozin in India under different brand names. AstraZeneca will retain the intellectual property rights to dapagliflozin. Sun Pharma will also gain the rights to promote and distribute the combination of dapagliflozin with metformin under the brand name Oxramet after requisite regulatory approval.
On 29 March 2016, Sun Pharma announced the acquisition of 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan. According to the agreements entered into between the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of US$ 293 million. These brands have combined annualized revenues of approximately US$ 160 million and address medical conditions across several therapeutic areas. Under the terms of the agreements, Novartis will continue to distribute these brands, for a certain period, pending transfer of all marketing authorizations to Sun Pharma's subsidiary. The acquired brands will be marketed by a reliable and established local marketing partner under the Sun Pharma label. The local marketing partner will also be responsible for distribution of the brands.
On 4 May 2016, Sun Pharma and International Centre for Genetic Engineering and Biotechnology (ICGEB) signed an agreement to develop a novel botanical drug for treatment of dengue. Through this agreement Sun Pharma will follow up on earlier pre-clinical collaboration between ICGEB and erstwhile Ranbaxy Laboratories. Sun Pharma will develop Cipa, a botanical drug following a drug registration process similar to a new chemical entity, consisting of all required in-vitro, in-vivo, pre-clinical and clinical studies meeting all regulatory standards of India and other regulatory agencies worldwide. A botanical drug is a plant-derived medicinal product that is intended for use in the diagnosis, cure, mitigation, treatment or prevention of disease in humans. On 4 June 2016, Sun Pharma announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharm, Inc. (Frontida) for divestment of its two oral solid dosage manufacturing facilities located at Philadelphia, PA, and Aurora, IL, both in the US, along with 15 related pharmaceutical products. In connection with the transaction, Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period.
The Board of Directors of Sun Pharma at its meeting held on 23 June 2016 approved buyback of fully paid up equity shares of the company through the tender offer route at Rs 900 per share. The purpose of the buyback is to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders.
On 18 July 2016, Sun Pharma and Sun Pharma Advanced Research Company Ltd. (SPARC) announced a licensing arrangement for SPARC's ELEPSIA XR (Levetiracetam Extended Release tablets). As per the agreement, SPARC will license ELEPSIA to a wholly-owned subsidiary of Sun Pharma for the US market. SPARC will receive an up-front payment of US$10 million from Sun Pharma. It is also eligible for certain additional milestone payments and defined royalties linked to any future sales of ELEPSIA XR.
On 27 July 2016, Sun Pharma and Almirall announced a licensing agreement on the development and commercialization of tildrakizumab for psoriasis in Europe. Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of US $50 million. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales. Almirall will be able to lead European studies, and participate in larger global clinical studies for psoriasis indication subject to the terms of the Sun Pharma - Merck agreements, as well as certain cost sharing agreements. Sun Pharma will continue to lead development of tildrakizumab for other indications, where Almirall will have right of first negotiation for certain indications in Europe.
On 6 September 2016, Sun Pharma announced that it has signed a strategic distribution alliance with Mitsubishi Tanabe Pharma Corporation, Japan for 14 prescription brands. Under this alliance, Mitsubishi Tanabe Pharma Corporation will market and distribute all the 14 brands as well as provide information on their proper use to healthcare professionals.
On 19 October 2016, Sun Pharma and International Centre for Genetic Engineering and Biotechnology (ICGEB) announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans. According to the agreement, Sun Pharma will fund and support further development of the vaccine candidate and existing ICGEB Know-How and Patents. ICGEB will grant Sun Pharma exclusive rights and licenses for development and commercialization of this vaccine globally. ICGEB will receive pre-defined royalty and milestone payments.
On 26 October 2016, Sun Pharmaceutical Industries announced the execution of definitive agreements by its wholly owned subsidiary for the acquisition of 100% of Ocular Technologies, Sarl (OTS), a portfolio company of Auven Therapeutics (Auven), an international private equity company focused on accelerated development of breakthrough therapeutic drugs. OTS owns exclusive, worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). Sun Pharma will pay Auven US$ 40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.On 23 November 2016, Sun Pharma announced the execution of definitive agreements by its wholly owned subsidiary for the acquisition of 85.1% ofJSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region. The equity consideration for the 85.1% stake is US$ 24 million. Sun Pharma would also assume a debt of approximately US$ 36 million as part of this transaction. Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately US$ 52 million for 2015. It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories, APIs, etc.
On 28 November 2016, Sun Pharma announced the launch of a branded ophthalmic product BromSite 0.075% in the US market. It was the first branded product launched by the company in the USA following its focus on Specialty Business.
On 12 December 2016, Sun Pharma and Israel-based Moebius Medical announced that they have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. According to the agreement, Sun Pharma will fund further development of Moebius Medical's lead product, MM-II, and undertake its global commercialization. Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.
On 22 December 2016, Sun Pharma announced its plans to acquire a branded oncology product Odomzo from Novartis. The agreement was signed for an upfront payment of US$ 175 million and additional milestone payments. Odomzo (Sonidegib) was approved by the USFDA in July 2015. Odomzo is a hedgehog pathway inhibitor indicated for the treatment of adult patients with locally advanced basal cell carcinoma (laBCC) that has recurred following surgery or radiation therapy, or those who are not candidates for surgery or radiation therapy.
On 4 January 2017, Sun Pharma announced successful Phase 3 confirmatory clinical trial results for Seciera for the treatment of dry eye disease. Seciera is being developed by Ocular Technologies, a company acquired by Sun Pharma. Following this acquisition, Sun Pharma owns exclusive, worldwide rights to Seciera and is developing it to commercialize for global markets including US, Europe, and Japan, as well as several emerging markets.
On 14 March 2017, Sun Pharmaceutical Industries announced that USFDA will lift the Import Alert imposed on the company's Mohali, Punjab manufacturing facility and remove the facility from the Official Action Initiated (OAI) status. This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements. The Mohali facility was inherited by Sun Pharma as part of its acquisition of Ranbaxy Laboratories in 2015. The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy's Consent Decree of Permanent Injunction. Certain conditions of the consent decree will continue to be applicable to the Mohali facility.
On 27 June 2017, Sun Pharmaceutical Industries and National Institute of Virology (NIV), Pune, an institution of the Indian Council of Medical Research, Department of Health Research, Ministry of Health and Family Welfare, New Delhi announced that they have signed an agreement for testing phytopharmaceutical, biologic and chemical entities developed by Sun Pharma against Zika, Chikungunya and Dengue viruses. Sun Pharma will provide drug molecules to NIV for testing against Zika, Chikungunya and Dengue in model systems. Candidate molecules with encouraging data will then be taken forward for commercial development.
On 4 July 2017, Sun Pharmaceutical Industries and Samsung BioLogics announced a strategic long-term manufacturing agreement for Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis. According to the agreement, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab. The approximate value of the contract will be US$ 55.5 million. The regulatory filings associated with tildrakizumab have been accepted for review by the U.S. Food and Drug Administration and the European Medicines Agency (EMA).
On 16 January 2018, Sun Pharmaceutical Industries announced that its wholly owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US. Pursuant to the terms of the settlement, Ironwood Pharmaceuticals and Allergan will grant, the wholly owned subsidiaries of Sun Pharma, a license to market a generic version of Linzess in the United States beginning 01 February 2031 (subject to USFDA approval) or earlier under certain circumstances.
During the FY2019, Sun Pharma has received USFDA approval for its New Drug Application (NDA) of XELPROSTM (latanoprost ophthalmic emulsion 0.005%) used for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension. XELPROSTM is the first and only form of latanoprost that is not formulated with benzalkonium chloride (BAK), a commonly used preservative in topical ocular preparations. XELPROSTM was launched in the US in January 2019.
The company has launched ILUMYATM (tildrakizumab-asmn) 100 mg/mL in the US for treating moderate-to-severe psoriasis in October 2018. The company has received a good initial response for the product and we expect ramp-up in ILUMYATM sales in the US over the next few years. The company also commenced a direct-to-consumer advertising initiative for ILUMYATM in the US.
Sun Pharma also received approval from the Australian Therapeutic Goods Administration (TGA) for ILUMYATM during the year. The product has already been commercialised in Australia.
During the year 2018-19 the company received USFDA approvals for CEQUATM (cyclosporine ophthalmic solution 0.09%). CEQUATM increases tear production in patients with dry eyes. It is the first and only approved dry eye treatment to combine cyclosporine A with nanomicellar technology. CEQUATM will be commercialised in the US in FY20.
In July 2018, Sun Pharma announced the USFDA approval for INFUGEMT (gemcitabine in 0.9% sodium chloride injection), for intravenous use in a ready-to-administer (RTA) bag. INFUGEMT uses a proprietary technology, which allows cytotoxic oncology products to be pre-mixed in a sterile environment and supplied to the prescribers in RTA infusion bags. These RTA bags will provide greater safety, by preventing problems of over-dosing or under-dosing and eliminating contamination risk. INFUGEMT was commercialised in the US in April 2019.
During the fiscal 2020, Sun Pharma announced licensing agreements with a subsidiary of China Medical System Holdings Ltd. (CMS) for the development and commercialisation of two of its specialty products - Tildrakizumab (for psoriasis and psoriatic arthritis) and Cyclosporine A 0.09% (CsA) eye drops (for dry eye disease) in Greater China.
In July 2019, Sun Pharma announced the US launch of EZALLOR SPRINKLET (Rosuvastatin) capsules for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing, a problem that is estimated to affect approximately 30-35% of long-term care residents. With the introduction of EZALLOR SPRINKLE, Sun Pharma continued its commitment of providing a portfolio of innovative formulation products to address the needs of a specific patient segment.
In August 2019, Sun Pharma announced the filing of an application in Japan for manufacturing and marketing authorisation of ILUMYA (Tildrakizumab) for moderate-to-severe psoriasis with the Pharmaceuticals and Medical Devices Agency (PMDA), Japan. Sun Pharma is committed to growing its global dermatology franchise, with ILUMYATM as its lead product.
Further in August 2019, Sun Pharma entered into a global licensing agreement with the CSIR - Indian Institute of Chemical Technology, Hyderabad (CSIR-IICT), for patents related to certain compounds with potential therapeutic activity across multiple indications in Sun Pharma's specialty focus areas. Under the terms of the license agreement, Sun Pharma gets exclusive global license for the said patents and any other future patents covered in the agreement. Sun Pharma paid CSIR-IICT an upfront payment and will also pay for potential development, regulatory and sales milestone payments totalling up to Rs 2.40 Billion, plus royalties on net sales from commercialisation of the products developed using these patents.
In August 2019, Sun Pharma granted an exclusive license to a subsidiary of China Medical System Holdings Ltd. (CMS) to develop and commercialise seven generic products in Mainland China. Till date, Sun Pharma and the CMS collaboration covers a total of eight generic products, with an addressable market size of about USD 1 Billion (as per IQVIA data) in Mainland China. This collaboration gives Sun Pharma an entry into the Chinese generic pharmaceutical market.
In November 2019, Sun Pharma entered into a licensing agreement with AstraZeneca UK Ltd. (AstraZeneca) to introduce certain novel ready to use (RTU) infusion oncology products in China.
In January 2020, Sun Pharma entered into exclusive licensing and supply agreements with Rockwell Medical Inc. (Rockwell), to commercialise Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India.
In February 2020, Sun Pharma launched ABSORICA LDT (isotretinoin) capsules in the US for the management of severe recalcitrant nodular acne in patients 12 years of age and older. ABSORICA LD is the only isotretinoin formulation to feature Sun Pharma's micronisation technology, which utilises micronised particles to optimise absorption at a 20% lower dose.
In March 2020, Sun Pharma committed to donate Hydroxychloroquine (HCQS), Azithromycin, and other related drugs and hand sanitisers to support India's COVID-19 response. It also donated HCQS in the US market.
In March 2020, Sun Pharma launched a buyback offer in India to buy back 40 Million shares at a price up to Rs 425 per equity share, totalling to about Rs 17 billion.
The Board of Directors of the Company at its meeting held on 31 July 2020, approved the Scheme of Amalgamation and Merger of Sun Pharma Global FZE (wholly owned subsidiary of the Company) with Sun Pharmaceutical Industries Limited, and their respective members and creditors which inter-alia, envisages merger of Sun Pharma Global FZE into the Company. The approval of the only secured creditor has been received during the quarter under review. The Company is convening separate meetings of shareholders and unsecured creditors of the Company on 16 March 2021 to seek the approval of the Scheme as directed by National Company Law Tribunal. The Scheme shall be effective post completion of all necessary formalities and procedures and accordingly, the above unaudited standalone financial results do not reflect the impact on account of the Scheme.
Sun Pharmaceuticals Industries Ltd
Directors Reports
Your Directors take pleasure in presenting the Twenty-Eighth Annual Report and
Company's Audited Financial Statements for the financial year ended March 31, 2020.
FINANCIAL RESULTS
( in Million)
|
Standalone |
Consolidated |
| 1 |
Year ended March 31, 2020 |
Year ended 1 March 31, 2019 |
|
Year ended March 31, 2020 |
| Year ended March 31, 2019 |
|
|
|
|
| Revenue from operations |
125,319.3 |
103,032.1 |
328,375.0 |
290,659.1 |
| Profit before exceptional item and tax |
32,530.0 |
19,338.3 |
52,702.3 |
50,245.8 |
| Exceptional Item |
- |
12,143.8 |
2,606.4 |
12,143.8 |
| Profit before tax but after exceptional item |
32,530.0 |
7,194.5 |
50,095.9 |
38,102.0 |
| Tax expense: |
|
|
|
|
| -Current Tax |
3,864.6 |
15.5 |
13,201.4 |
8,039.6 |
| -Deferred Tax Charge / (Credit) |
(3,446.0) |
(987.0) |
(4,973.4) |
(2,030.8) |
| Profit after tax |
32,111.4 |
8,166.0 |
41,867.9 |
32,093.2 |
| Profit after Tax but before Share in profit / (loss) of associates and joint venture |
- |
- |
41,867.9 |
32,093.2 |
| Share of profit/(loss) of associates and joint venture [Net] |
- |
- |
(148.3) |
(14.6) |
| Profit for the year before non-controlling interests |
- |
- |
41,719.6 |
32,078.6 |
| Non-controlling interests |
- |
- |
4,070.3 |
5,424.4 |
| Profit for the year attributable to owners of the Company |
- |
- |
37,649.3 |
26,654.2 |
| Total other Comprehensive Income |
(808.0) |
1,837.4 |
21,208.3 |
16,799.9 |
| Total Comprehensive Income for the year attributable to: |
31,303.4 |
10,003.4 |
62,927.9 |
48,878.5 |
| -Owners of the Company |
31,303.4 |
10,003.4 |
56,068.4 |
42,054.1 |
| -Non-Controlling Interest |
- |
- |
6,859.5 |
6,824.4 |
| Opening balance in Retained Earnings |
123,846.1 |
120,370.0 |
333,301.9 |
319,777.0 |
| Additions: |
|
|
|
|
| Amount available for appropriation |
31,925.1 |
8,273.3 |
37,377.3 |
26,804.4 |
| Less: |
|
|
|
|
| Dividend on Equity Shares |
13,789.6 |
4,791.6 |
13,789.6 |
4,791.6 |
| Dividend Distribution Tax |
1,928.9 |
5.6 |
2,834.5 |
984.9 |
| Buy-back of equity shares by overseas subsidiaries |
- |
- |
831.6 |
2,013.1 |
| Adjustment on account of Ind AS 115 |
- |
- |
- |
6,493.0 |
| Transfer to/from various Reserves: |
|
|
|
|
| -Debenture redemption Reserve |
- |
- |
- |
(1,250.0) |
| -Legal reserve |
- |
- |
23.0 |
203.9 |
| -General reserve |
- |
- |
- |
43.0 |
| Closing balance in Retained Earnings |
140,052.7 |
123,846.1 |
353,200.5 |
333,301.9 |
DIVIDEND
During the year under review, your Directors at their meeting held on February 06, 2020
had declared an interim dividend of 3.00 (Rupees Three only) per equity share of 1/- each
for the year ended March 31, 2020. The interim dividend was paid on February 24, 2020 to
those shareholders who held shares as on February 18, 2020, being the record date for
payment.
In addition to above, your Directors have recommended a final dividend of 1/-(Rupee One
only) per equity share of 1/- each [previous year 2.75/- per equity share of 1/- each] for
the year ended March 31, 2020, subject to the approval of the equity shareholders at the
ensuing 28th Annual General Meeting of the Company. Pursuant to the recent amendments
introduced by the Finance Act, 2020, the said final dividend will be liable for deduction
of income tax at source.
Therefore, the total dividend payout for the FY20 is 4/- (Rupees Four only) per equity
share of 1/- each.
The dividend payout is in accordance with the Company's Dividend Distribution Policy.
The Dividend Distribution Policy of the Company is provided as Annexure - A to this
Report. The policy is also available on the website of the
Company and can be accessed through the web link: http://www.sunpharma.com/policies .
BUY-BACK OF SHARES
During the year under review, the Board of Directors of the Company at its meeting held
on March 17, 2020, approved buy-back of Company's equity shares of face value of 1/- each
("Equity Shares") from the Open Market through stock exchange mechanism as
prescribed under the Securities and Exchange Board of India (Buy-Back of Securities)
Regulations, 2018, at a maximum price of 425/- (Rupees Four Hundred Twenty Five Only), per
Equity Share payable in cash, for an aggregate maximum amount of up to 1700,00,00,000/-
(Rupees One Thousand Seven Hundred Crores Only) ("Maximum Buy-back Size").
The Buy-back period opened on and from March 26, 2020 and last date for the completion
of the Buy-back shall be earlier of: a) Friday, September 25, 2020 i.e., within 6 months
from the date of the opening of Buy-back; or b) When the Company completes the Buy-back by
deploying the amount equivalent to the Maximum Buy-back Size; or
c) At such earlier date as may be determined by the Board or the persons authorised by
the Board, subject to the Company having deployed an amount equivalent to the Minimum
Buy-back Size i.e. 850,00,00,000/- (Rupees Eighi Hundred Fifty Crores Only) (even if the
Maximum Buy-back Size has not been reached).
No shares have been bought back by the Company, till the date of this report i.e. May
27, 2020, mainly due to the market price per Equity Share remaining higher, on most of the
days, than the maximum price per Equity Share approved for the Buy-back.
CHANGES IN CAPITAL STRUCTURE
During the year under review, there was no change in the paid-up share capital of the
Company.
SCHEME OF ARRANGEMENT
During the year, the Honble National Company Law Tribunal, Ahmedabad Bench
("NCLT"), vide its Order dated December 19, 2019, on interpretation ground that
an outbound Demerger is not envisaged under Section 234 of Companies Act, 2013, did not
allow the Company's petition for the proposed Composite Scheme of Arrangement amongst Sun
Pharmaceutical Industries Limited and Sun Pharma (Netherlands) B.V. ("Transferee
Company-1") and Sun Pharmaceutical Holdings USA Inc. ("Transferee
Company-2") and their respective members and creditors ("Composite Scheme of
Arrangement") for transfer of the Specified Investment Undertaking-1 (as defined in
the Composite Scheme of Arrangement) and Specified Investment Undertaking-2 (as defined in
Composite Scheme of Arrangement) of the Company into Transferee Company-1 and Transferee
Company-2 respectively.
The Composite Scheme of Arrangement being an internal restructuring exercise, the above
referred Order of Honble
NCLT does not impact the consolidated financial statements of the Company.
The aforesaid Composite Scheme of Arrangement was approved by the Board of Directors at
its meeting held on May 25, 2018 and was approved by the shareholders of the Company and
unsecured creditors at their respective NCLT convened meetings held on June 04, 2019.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return as required under sub-section (3) of Section 92 of the
Companies Act, 2013 (the Act) in form MGT-9 is provided as Annexure - B to this Report and
is also made available on the website of the Company at
https://www.sunpharma.com/investors/annualreports .
SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES
The statement containing the salient features of the Financial Statements of the
Company's subsidiaries/ joint ventures/ associates is given in Form AOC - 1, provided in
Notes to the Consolidated Financial Statements, forming part of the Annual Report.
The highlights of performance of subsidiaries, joint ventures and associates and their
contribution to the overall performance of the Company during the financial year under
review is given under Annexure A to the Consolidated Financial Statements forming part of
the Annual Report.
Details pertaining to entities that became subsidiaries/ joint ventures/associates and
those that ceased to be the subsidiaries / joint ventures/associates of the Company during
the year under review are provided in Note : 38 of the notes to the Consolidated Financial
Statements, forming part of the Annual Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year, Mr. Sudhir V. Valia had stepped down from the position of Whole-time
Director of the Company w.e.f. May 29, 2019. However, he continues to be a NonExecutive
and Non-Independent Director of the Company.
Mr. Israel Makov, Chairman and Mr. Sudhir V. Valia, Director of the Company retire by
rotation at the ensuing 28th Annual General Meeting of the Company and being eligible
offer themselves for reappointment.
Mr. Kalyanasundaram Subramanian was re-appointed as Whole-time Director for a period of
two years with effect from February 14, 2019, without any remuneration from the Company,
since he was receiving remuneration from wholly owned subsidiary company as the CEO &
Wholetime Director of the subsidiary. During the year, due to change in his role and
responsibilities, the Board, on the recommendation of the Nomination and Remuneration
Committee, had approved the payment of remuneration to Mr. Kalyanasundaram Subramanian
with effect from July 04, 2019 till the remaining term of his appointment upto February
13, 2021. The maximum remuneration which can be paid to Mr. Kalyandasundaram Subramanian
was also approved by the members at 27th Annual General Meeting of the Company held on
August 28, 2019. He no longer receives remuneration from the wholly owned subsidiary
company with effect from July 04, 2019.
Mr. Dilip S. Shanghvi was re-appointed as the Managing Director at the 25th Annual
General Meeting of the Company held on September 26, 2017 for a period of 5(five) years
effective from April 1, 2018 upto March 31, 2023. However, due to inadequacy of profits,
the approval for remuneration to be paid to Mr. Dilip S. Shanghvi was sought from the
members for a period of 3 years with effect from April 1, 2018 to March 31, 2021,
including the minimum remuneration to be paid to him in event of loss or inadequacy of
profits in any financial year during the aforesaid period of 3 years.
On the recommendation by the Nomination and Remuneration Committee, the Board of
Directors at its meeting held on May 27, 2020, have considered, approved and recommended
to the members, the maximum remuneration to be paid to Mr. Dilip S. Shanghvi for further
period of two years i.e. for the remaining term of his present appointment, from April 01,
2021 till March 31, 2023.
Appropriate resolutions for the re-appointment and remuneration of the Directors are
being placed for your approval at the ensuing 28th Annual General Meeting.
Your Directors recommend the same for approval by the members at the ensuing 28th
Annual General Meeting of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent Directors of the Company
confirming that they meet with the criteria of independence as prescribed under Section
149(6) of the Act and under Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
In the opinion of the Board, the Independent Directors of the Company fulfil the
conditions specified under the Act and Listing Regulations and are independent of the
management.
REMUNERATION POLICY FOR DIRECTORS, EY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
AND CRITERIA FOR APPOINTMENT OF DIRECTORS
For the purpose of selection of any Director, the Nomination and Remuneration Committee
identifies persons of integrity who possess relevant expertise, experience and leadership
qualities required for the position. The Committee also ensures that the incumbent fulfils
such criteria with regard to qualifications, positive attributes, independence, age and
other criteria as laid down under the Act, Listing Regulations or other applicable laws.
The Board has, on the recommendation of the Nomination and Remuneration Committee framed a
Policy on remuneration of Directors, Key Managerial Personnel and other Employees.
The salient features of the Remuneration Policy of the Company are as under:
A. Guiding Principles for remuneration: The Company shall remunerate all its personnel
reasonably and sufficiently as per industry benchmarks and standards. The remuneration
shall be commensurate to retain and motivate the human resources of the Company. The
compensation package will, inter alia, take into account the experience of the personnel,
the knowledge & skill required including complexity of his job, work duration and
risks associated with the work, and attitude of the employee like positive outlook, team
work, loyalty etc.
B. Components of Remuneration: The following will be the various remuneration
components which may be paid to the personnel of the Company based on the designation and
class of the personnel.
a) Fixed compensation: The fixed salaries of the Company's personnel shall be
competitive and based on the individual personnels responsibilities and performance.
b) Variable compensation: The personnel of the Company may be paid remuneration by way
of variable salaries based on their performance evaluation. Such variable salaries should
be based on the performance of the individual against his short and long term performance
objectives and the performance of the Company.
c) Share based payments: The Board may, on the recommendation of the Nomination and
Remuneration Committee, issue to certain class of personnel a share and share price
related incentive program.
d) Non-monetary benefits: Senior management personnel of the Company may, on a case to
case basis, be awarded customary non-monetary benefits such as discounted salary advance /
credit facility, rent free accommodation, Company cars with or without chauffeur, share
and share price related incentive, reimbursement of electricity and telephone bills etc.
e) Gratuity/group insurance: Personnel may also be awarded to group insurance and other
key man insurance protection. Further as required by the law necessary gratuity shall be
paidto the personnel.
f) Commission: The directors may be paid ommission if approved by the shareholders. The
shareholders may authorise the Board to declare commission to be paid to any director of
the Board.
C) Entitlement: The authority to determine the entitlement to various components as
aforesaid for each class and designation of personnel shall be as follows:
| Designation / Class |
To be determined by |
| Director |
Board of Directors on the recommendation of the Nomination and Remuneration Committee
within the limits approved by the shareholders |
| Key Managerial Personnel and Senior Management |
Board of Directors on recommendation of the Nomination and Remuneration Committee |
| Other employees |
Human Resources Head |
Note: For the purpose of this Policy, the term Senior Management shall have the same
meaning as defined under the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015
The complete Policy as approved by the Board is available on the website of the Company
and can be accessed through the web link: http://www.sunpharma.com/policies .
FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS
In compliance with the requirements of Regulation 25(7) of the Listing Regulations, the
Company has put in place a Familiarisation Programme for the Independent Directors to
familiarise them with the Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model etc.
The details of the Familiarisation Programme conducted are available on the website of
the Company: www.sunpharma.com and can be accessed through the web link:
http://www.sunpharma.com/policies .
NUMBER OF MEETINGS OF THE BOARD
The Board of Directors of the Company met 6 (Six) times during the year under review on
May 28, 2019; August 13, 2019; August 28, 2019; November 07, 2019; February 06, 2020 and
March 17, 2020. The particulars of attendance of the Directors at the said meetings are
provided in detail in the Corporate Governance Report, which forms a part of this Report.
The intervening gap between the meetings was within the period prescribed under the Act
and Listing Regulations.
EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
During the year, the evaluation of the annual performance of individual Directors
including the Chairman of the Company and Independent Directors, Board and Committees of
the Board was carried out under the provisions of the Act, relevant Rules, and the
Corporate Governance requirements as prescribed under Regulation 17 of Listing Regulations
and based on the circular issued by SEBI dated January 5, 2017 with respect to Guidance
Note on Board Evaluation. The Nomination and Remuneration Committee had approved the
criteria for the performance evaluation of the Board, its Committees and individual
Directors as per the SEBI Guidance Note on Board Evaluation.
The Chairman of the Company interacted with each Director individually, for evaluation
of performance of the individual Directors. The evaluation for the performance of the
Board as a whole and of the Committees were conducted by way of questionnaires.
In a separate meeting of Independent Directors, performance of Non Independent
Directors and performance of the Board as a whole was evaluated. Further, they also
evaluated the performance of the Chairman of the Company, taking into account the views of
the Executive Directors and Non-executive Directors.
The performance of the Board was evaluated by the Board after seeking inputs from all
the Directors on the basis of various criteria such as structure and diversity of the
Board, competency of Directors, experience of Director, strategy and performance
evaluation, secretarial support, evaluation of risk, evaluation of performance of the
management and feedback, independence of the management from the Board etc. The
performance of the Committees was evaluated by the Board after seeking inputs from the
Committee members on the basis of criteria such as mandate and composition, effectiveness
of the committee, structure of the committee and meetings, independence of the committee
from the Board and contribution to decisions of the Board.
The Nomination and Remuneration Committee reviewed the performance of the individual
Directors on the basis of the criteria such as qualification, experience, knowledge and
competency, fulfilment of functions, availability and attendance, initiative, integrity,
contribution and commitment etc., and the Independent Directors were additionally
evaluated on the basis of independence, independent views and judgement etc. Further the
evaluation of Chairman of the Board, in addition to the above criteria for individual
Directors, also included evaluation based on effectiveness of leadership and ability to
steer the meetings, impartiality, etc.
The Chairman and other members of the Board discussed upon the performance evaluation
of every Director of the Company and concluded that they were satisfied with the overall
performance of the Directors individually and that the Directors generally met their
expectations of performance.
The summary of the feedback from the members were thereafter discussed in detail by the
members. The respective Director, who was being evaluated, did not participate in the
discussion on his/her performance evaluation and had exited the meeting for the said
discussion. During the discussion in respect of performance of Mr. Dilip Shanghvi and Mr.
Sudhir Valia, both Mr. Dilip Shanghvi and Mr. Sudhir Valia had exited the meeting.
The Chairman additionally interacted with each Director individually, for evaluation of
performance of all Individual Directors and Mr. Dilip Shanghvi, along with other Directors
had evaluated the performance of Mr. Israel Makov as the Chairman and as an Individual
Director. They were satisfied with the overall performance of the Directors individually
and that the Directors generally met their expectations of performance.
The Board also assessed the fulfillment of the independence criteria as specified in
Listing Regulations, by the Independent Directors of the Company and their independence
from the management.
HUMAN RESOURCES
Sun Pharmas skilled, talented and multicultural workforce is pivotal to all the
initiatives that drive us to realise our future plans. We have 36000+ employees globally
spread across multiple geographies in various sales offices, R&D centers, 43
manufacturing locations, regional offices and Corporate office. Human Resource agenda
encourages high performance culture with focus on Employee health, safety & welfare,
Employee engagement, development & Productivity. Your Directors would like to take
this opportunity to express their appreciation for the passion, dedication and commitment
of the employees of the Company and look forward to their continued contribution.
Information as per Section 197 (12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in Annexure
- C to this Report. Further, the information pertaining to Rule 5(2) & 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, pertaining
to the names and other particulars of employees is available for inspection at the
Registered office of the Company during business hours and pursuant to the second proviso
to Section 136(1) of the Act, the Report and the accounts are being sent to the members
excluding this. Any shareholder interested in obtaining a copy of the same may write to
the Company Secretary/ Compliance Officer.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
Your Company strongly believes in providing a safe and harassment free workplace for
each and every individual working for the Company through various interventions and
practices. It is the continuous endeavour of the Management of the Company to create and
provide an environment to all its employees that is free from discrimination and
harassment including sexual harassment. The Company has adopted a policy on prevention,
prohibition and redressal of sexual harassment at workplace in line with the provisions of
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the Rules made thereunder. The Company has arranged various interactive awareness
s workshops in this regard for the employees at the manufacturing sites, R
& D set ups & corporate office during the year under review. The Company has
submitted the Annual Returns to the local authorities, as required under the above
mentioned Act.
During the financial year ended March 31, 2020, one complaint pertaining to sexual
harassment was received and the same was resolved by the Company. There are no complaints
pending as at the end of the financial year.
Your Company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
AUDITORS
Statutory Auditors
S R B C & Co LLP, Chartered Accountants, (Firms Regn.
No. 324982E/ E300003), were appointed as the Statutory Auditors of the Company for a
period of 5 (five) years at the 25th Annual General Meeting of the Company to hold office
till the conclusion of the 30th Annual General Meeting of the Company.
The Auditors Report for the financial year ended March 31, 2020, has been issued with
an unmodified opinion, by the Statutory Auditors.
Secretarial Auditor
The Board had appointed KJB & Co. LLP, Practicing Company Secretaries, Mumbai to
undertake the Secretarial Audit of the Company for the financial year ended March 31,
2020. The Secretarial Audit Report in the Form No. MR - 3 for the year is provided as
Annexure - D to this Report.
The Secretarial Audit Report for the year does not contain any qualification,
reservation or adverse remark.
Cost Auditor
The Board has appointed Messrs B. M. Sharma & Associates, Cost Accountants, Pune
(Firms Registration No. 100537) as Cost Auditor of the Company for conducting Cost Audit
in respect of Bulk Drugs & Formulations of your Company for the financial year
2020-21.
The Company is required to maintain Cost Records as specified by the Central Government
under Section 148(1) of the Act and accordingly, such accounts and records are made and
maintained by the Company.
SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards as amended from time
to time.
LOANS, GUARANTEES & INVESTMENTS
The particulars of loans, guarantees and investments have been disclosed in the
Financial Statements.
RELATED PARTY TRANSACTIONS
The policy on Related Party Transactions as approved by the Board is available on the
website of the Company and can be accessed through the web link:
http://www.sunpharma.com/policies . All contracts/ arrangements/transactions entered by
the Company during the year under review with the related parties were in the ordinary
course of business and on an arms length basis.
As required under Section 134(3)(h) of the Act, details of transactions entered with
related parties under the Act exceeding ten percent of the annual consolidated turnover as
per the last audited financial statements are given in Form AOC-2 provided as Annexure - E
to this Report.
AUDIT COMMITTEE COMPOSITION
The details pertaining to composition of Audit Committee are included in the Corporate
Governance Report, which forms part of this Report.
RISK MANAGEMENT
The Board of Directors has constituted a Risk Management Committee which is entrusted
with the responsibility of overseeing various strategic, operational and financial risks
that the organisation faces, along with the adequacy of mitigation plans to address such
risks. The Corporate Governance Report, which forms part of this report, contains the
details of Risk Management Committee of the Company. There is an overarching Risk
Management Policy in place has been reviewed and approved by the Board.
The Company has developed & implemented an integrated Enterprise Risk Management
Framework through which it identifies monitors, mitigates & reports key risks that
impacts its ability to meet the strategic objectives. The Company's ERM framework is based
on the recommendations by the Committee of Sponsoring Organisations (COSO) to further the
organisations endeavor to strengthen ERM framework and processes using best practices. The
ERM team engages with all Function heads to identify internal and external events that may
have an adverse impact on the achievement of Company's objectives and periodically
monitors changes in both internal and external environment leading to emergence of a new
threat/risk. These risks are captured in the form of a risk register with all the relevant
information such as risk description, root cause and any existing mitigation plans. The
risk register is refreshed annually. Risks are categorised into Strategic, Financial,
Operational, Compliance & Reputational. ERM risk assessments covering Company's
various businesses and functions are a key input for the annual internal audit program.
During FY20, the ERM team focused on reviewing effectiveness of actions taken to mitigate
certain business, cyber security and other operational risks.
INTERNAL FINANCIAL CONTROLS
Sun Pharma believes that internal control is a prerequisite of governance and that
action emanating out of agreed business plans should be exercised within a framework of
checks and balances. The Company has a well- established internal control framework, which
is designed to continuously assess the adequacy, effectiveness and efficiency of financial
and operational controls. The management is committed to ensuring an effective internal
control environment, commensurate with the size and complexity of the business, which
provides an assurance on compliance with internal policies, applicable laws, regulations
and protection of resources and assets.
Global Internal Audit
An independent and empowered Global Internal Audit Function (GIA) at the corporate
level with support from a Big 4 / equally reputed audit firm, wherever required, carries
out risk-focused audits and reviews across all businesses (both in India and overseas), to
ensure that business process controls are adequate and are functioning effectively. These
reviews include financial, operational and compliance controls and risk mitigation plans.
The Company's operating management closely monitors the internal control environment and
ensures that the recommendations are effectively implemented. The Audit Committee of the
Board monitors performance of the Internal Audit Function, periodically reviews key
findings and provides strategic guidance.
GIAs functioning is governed by the Audit Charter, duly approved by the Audit Committee
of the Board, which stipulates matters contributing to the proper and effective conduct of
the audit. The audit processes are fully automated on a SunScience tool which integrates
Internal Audits, Automated follow-ups for closure of observations, Internal Financial
Controls (IFC) and Enterprise Risk Management (ERM) modules.
CORPORATE SOCIAL RESPONSIBILITY
In compliance with the requirements of Section 135 of the Act read with the Companies
(Corporate Social Responsibility Policy) Rules, 2014, the Board of Directors have
constituted a Corporate Social Responsibility (CSR) Committee. The details of membership
of the Committee and the meetings held are detailed in the Corporate Governance Report,
forming part of this Report. The contents of the CSR Policy of the Company as approved by
the Board on the recommendation of the CSR Committee are available on the website of the
Company and can be accessed through the web link: http://www.sunpharma.com/policies .
During the year, the Company has spent 43.71 Million which amounts to about 3.24% of
the average net profits of the Company in the three preceding financial years.
The annual report on CSR activities containing details of expenditure incurred by the
Company and brief details on the CSR activities are provided in Annexure - F to this
Report.
PUBLIC DEPOSITS
The Company has not accepted any deposit from the Public during the year under review,
under the provisions of the Act and the rules framed thereunder.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis as prescribed under Part B of Schedule V read
with Regulation 34(3) of the Listing Regulations is provided in a separate section and
forms part of this Report.
CORPORATE GOVERNANCE REPORT
Report on Corporate Governance and Certificate of the Auditors of the Company regarding
compliance of the conditions of Corporate Governance as stipulated in Part C of Schedule V
of the Listing Regulations, are provided in a separate section and forms part of this
Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo as stipulated under Section 134(3)(m) of the Act read with Rule 8 of
the Companies (Accounts) Rules, 2014, is provided as Annexure - G to this Report.
EMPLOYEES STOCK OPTION SCHEMES
The Company had an Employees Stock Option Scheme, which was inherited from erstwhile
Ranbaxy Laboratories Limited ("Ranbaxy"). The scheme was through Direct Route
and had been named as Sun Pharma Employee Stock Option
Scheme - 2015. The said scheme has been completed in February 2020.
The Scheme was in compliance with Securities and Exchange Board of India (Share Based
Employee Benefits) Regulations, 2014.
Disclosure with respect to the Employees Stock Option Scheme in compliance with
Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 is available on the Company's website and can be accessed through the
web link: http://www.sunpharma.com/pdfiist/all-documents .
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
There are no significant and material orders passed by the regulators or courts or
tribunals which impact the going concern status and Company's operations in future.
WHISTLE BLOWER POLICY / VIGIL MECHANISM
To create enduring value for all stakeholders and ensure the highest level of honesty,
integrity and ethical behaviour in all its operations, the Company has adopted a Global
Whistle Blower Policy for Sun Pharmaceutical Industries Limited and all its subsidiaries,
in addition to the existing Global Code of Conduct that governs the actions of its
employees. Further details on vigil mechanism of the Company are provided in the Corporate
Governance Report, forming part of this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(5) read with Section 134(3)(c) of the
Act, with respect to Directors Responsibility Statement, it is hereby confirmed that:
a) in the preparation of the annual accounts for the financial year ended March 31,
2020, the applicable accounting standards have been followed and there are no material
departures from the same;
b) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at March 31, 2020 and of the profit of
the Company for the year ended on that date;
c) the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a going concern basis;
e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
CONSOLIDATED ACCOUNTS
The consolidated financial statements for the year ended March 31, 2020 have been
prepared in accordance with Indian Accounting Standards (Ind AS) notified under the
Companies (Indian Accounting Standards) Rules, 2015.
CREDIT RATING
ICRA Ltd. has reaffirmed the highest credit rating of [ICRA] A1+/[ICRA] AAA(Stable) for
the bank facilities, long term/ short term borrowings and commercial paper programs of the
Company.
Further, CRISIL Ltd. has also reaffirmed the highest credit rating of CRISIL A1+ and
CRISIL AAA/Stable for short term & long term bank facilities and commercial paper
programs of the Company.
BUSINESS RESPONSIBILITY REPORTING
The Business Responsibility Report of the Company for the year ended March 31, 2020,
forms part of the Annual Report and is also made available on the website of the Company
at: http://www.sunpharma.com/pdfiist/all-documents .
ACKNOWLEDGEMENTS
Your Directors wish to thank all stakeholders, employees and business partners,
Company's bankers, medical professionals and business associates for their continued
support and valuable cooperation.
The Directors also wish to express their gratitude to investors for the faith that they
continue to repose in the Company.
| For and on behalf of the Board of Directors |
|
|
Israel Makov |
| Place: Israel |
Chairman |
| Date: May 27, 2020 |
(DIN: 05299764) |
Sun Pharmaceuticals Industries Ltd
Company Background
| Incorporation Year | 1993 |
| Registered Office | Sun Pharma Advanced Res.Centre,Tandalja
Vadodara,Gujarat-390020 |
| Telephone | 91-265-6615500,Managing Director |
| Fax | 91-265-2354897 |
Israel MakovDilip S Shanghvi| Company Secretary | Sunil R Ajmera |
| Auditor | S R B C & Co LLP |
| Face Value | 1 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083 |
Sun Pharmaceuticals Industries Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Dilip S Shanghvi | Managing Director | 2020 |
| Sudhir V Valia | Non-Exec & Non-Independent Dir | 2020 |
| Sailesh T Desai | Whole-time Director | 2020 |
| Sunil R Ajmera | Company Secretary | 2020 |
| Israel Makov | Chairman (Non-Executive) | 2020 |
| Rekha Sethi | Non-Exec. & Independent Dir. | 2020 |
| Kalyanasundaram Subramanian | Whole-time Director | 2020 |
| Vivek Chaand Sehgal | Non-Exec. & Independent Dir. | 2020 |
| Gautam Doshi | Non-Exec. & Independent Dir. | 2020 |
Sun Pharmaceuticals Industries Ltd
Listing Information
| Listing Information |
|---|
| BSE_SENSEX |
| NIFTY |
| BSE_500 |
| BSE_HC |
| BSE_100 |
| BSE_200 |
| BSEDOLLEX |
| CNX500 |
| CNXPHARMA |
| CNX100 |
| CNX200 |
| BSEGREENEX |
| BSECARBONE |
| NFT100LQ15 |
| NIFTY50V20 |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| BSEMANUFAC |
| SENSEX50 |
| ESG100 |
| LMI250 |
| BSEDSI |
| NFT50EQWT |
| BSE100LTMC |
Sun Pharmaceuticals Industries Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Sale of Products | NA | 0 | 0 | 0 | 11906.74 |
| Other Operating Revenue | NA | 0 | 0 | 0 | 625.19 |
| Others | NA | 0 | 0 | 0 | 0 |
| Conversion/Analytical Charges | NA | 0 | 0 | 0 | 0 |
| Income from Partnership Firm | NA | 0 | 0 | 0 | 0 |
| Lease Rental/Hire Charges | NA | 0 | 0 | 0 | 0 |
| Interest | NA | 0 | 0 | 0 | 0 |
| Bulk Drugs & Chemicals | Kg | 0 | 0 | 0 | 0 |
| Bulk Drugs & Chemicals | KL | 0 | 0 | 0 | 0 |
| Formulation | No | 0 | 0 | 0 | 0 |
| Tablets & Capsules | No | 0 | 0 | 0 | 0 |