NEW DELHI (India CSR): Sun Pharmaceutical Industries Limited, India’s largest pharmaceutical company, has reported a robust financial performance for the fiscal year 2025, demonstrating significant growth across its global operations. The company’s annual report highlights a year of strategic achievements, marked by expanding market presence, substantial revenue increases, and a steadfast commitment to innovation and sustainability. This impressive trajectory solidifies Sun Pharma’s position as a leading global specialty generics company, impacting millions of lives daily through enhanced access to high-quality medicines.
The company’s journey has consistently been guided by a clear purpose: to elevate global healthcare standards by making high-quality medicines more accessible, thereby improving patient care and health outcomes worldwide. Every new market entered and every breakthrough pursued reflects this enduring commitment, supported by disciplined execution and purposeful action. Sun Pharma’s continued inclusion in the S&P Global Sustainability Yearbook 2025, recognizing it among the top 5% of pharmaceutical companies globally for corporate sustainability, underscores its integrated approach to business and responsibility.
Sun Pharma – Overall Financial Triumph in FY25: Overview
| Category | Details |
|---|---|
| Total Revenue (Consolidated) | Rs 54,543.5 Cr (↑9% YoY) |
| Revenue from Operations | Rs 52,578.44 Cr |
| EBITDA | Rs 15,300 Cr (↑17.3% YoY) |
| Adjusted Net Profit | Rs 12,000 Cr (↑19% YoY) |
| Net Profit After MI | Rs 10,929 Cr |
| EPS (FY25) | Rs 45.6 (vs Rs 39.9 in FY24) |
| Dividend (Total for FY25) | Rs 16 per share (Rs 10.5 interim + Rs 5.5 final) |
| Net Cash Position | Approx. Rs 25,792 Cr (~US$ 3.1 Billion) |
Fiscal year 2024-25 proved to be a period of significant financial strength for Sun Pharmaceutical Industries Limited. The company delivered a consolidated topline growth of 9.0% over FY24, showcasing a robust performance across its global operations. This growth was a testament to its sustained momentum and effective strategies across diverse markets.
The total consolidated income for FY25 reached an impressive Rs 54,543.5 crores (Rs 545,435 million), a notable increase from Rs 49,851 crores (Rs 498,510 million) in FY24. Revenue from operations also saw a significant rise, hitting Rs 52,578.44 crores (Rs 525,784.4 million) compared to Rs 48,496.85 crores (Rs 484,968.5 million) in the previous fiscal year.
Beyond top-line growth, Sun Pharma demonstrated its commitment to profitable expansion. The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by 17.3% to Rs 15,300 crores (Rs 153 billion), indicating improved operating leverage. Adjusted net profit for the year also saw a substantial increase, rising by 19% year-on-year to Rs 12,000 crores (Rs 120 billion). The net profit after minority interest reached Rs 10,929 crores (Rs 109,290 million), up from Rs 9,576.4 crores (Rs 95,764 million) in FY24. This robust profitability translated into an Earnings Per Share (EPS) of Rs 45.6 per share in FY25, up from Rs 39.9 in FY24.
The company’s strong financial position is further underscored by its net cash position of approximately US$ 3.1 Billion as of March 31, 2025, which is equivalent to approximately Rs 25,792 crores (calculated using the implicit conversion rate of Rs 83.20 per USD from source document examples). This robust liquidity positions Sun Pharma well to explore inorganic growth opportunities, particularly in strengthening its Global Specialty portfolio.
Shareholders also benefited from this strong performance, with the total dividend payout for FY25 increasing to Rs 16 per equity share (Rs 10.50 interim + Rs 5.50 final), compared to Rs 13.50 per equity share in the previous year.
Also Read | Sun Pharma CSR Spending Report of Rs 50.83 Crore for FY25
Driving Growth Across Key Geographies
Sun Pharma’s broad portfolio and extensive field strength enabled it to maintain growth momentum across India and other key global markets, supporting healthcare providers and widening healthcare reach where it matters most.
| Market | Revenue (Rs Cr) | % of Total Revenue | Growth YoY |
|---|---|---|---|
| India | Rs 16,900 Cr | 33% | ↑13.7% (Volume-led) |
| United States | Rs 16,240.3 Cr | 31% | ↑5.8% (Specialty-driven) |
| Emerging Markets | Rs 9,416 Cr | 18% | ↑9.2% |
| Rest of the World | Rs 7,162.6 Cr | 14% | ↑6.7% |
India Business
The India business continued to be a cornerstone of Sun Pharma’s success, contributing 33% of its overall revenues in FY25. Sales in the India Formulation segment reached Rs 16,900 crores (Rs 169 Billion), marking a 13.7% year-on-year increase. Sun Pharma proudly holds the #1 position in the Indian pharmaceutical market by both value and prescription volumes, with an impressive 8.3% market share on a Moving Annual Total (MAT) basis ending March 2025. The company’s growth in India is predominantly volume-led, distinguishing it from an industry that often relies on price increases. Sun Pharma sustained its momentum in India with 42 new product launches during FY25 and undertook a significant 8% expansion of its field force, which has been a consistent strategy over the last five years to enhance geographical reach and doctor coverage, especially in Tier II and Tier III towns.
The company also ranks #1 by prescriptions across 13 different classes of doctors. Recent initiatives include the launch of Vonoprazan tablets (Voltapraz) for acid peptic disorders, Tedizolid Phosphate tablets (Starizo) for skin infections, and Fexuprazan tablets (Fexuclue®) for Erosive Esophagitis, all obtained through licensing agreements. The corporate brand campaign, “touching 1,000 lives every minute,” further underscores its widespread impact in India and globally.
US Business
The US market remained a significant contributor, accounting for approximately 31% of Sun Pharma’s consolidated revenues in FY25. Revenue from the US business grew by 5.8% to Rs 16,240.3 crores (Rs 162,403 million). This growth was primarily driven by specialty sales, with key products like Ilumya, Winlevi, Cequa, and Odomzo gaining sustained traction globally. However, the Generics business in the US faced challenges, being adversely affected by ongoing compliance issues at manufacturing facilities and increased competition in certain products. Despite this, Sun Pharma remains a significant player, ranked as the 12th largest generic pharmaceutical company in the US and holding the 2nd position by prescriptions in the US dermatology market. The company’s integrated manufacturing capabilities, both onshore and offshore, support its broad portfolio of specialty, generics, and OTC products.
Emerging Markets
Emerging Markets contributed 18% to the consolidated revenues. Sales in these markets grew by 9.2% to Rs 9,416 crores (Rs 94,160 million). Core markets such as Romania and Brazil delivered strong double-digit growth in local currency terms, reinforcing Sun Pharma’s position as a leading Indian company in these regions. The company has a strong presence in over 80 countries in emerging markets, with a focus on profitable growth and enhancing its specialty product basket.
Rest of the World (RoW)
The RoW markets, encompassing Western Europe, Canada, Israel, Japan, Australia, and New Zealand, contributed approximately 14% to the consolidated revenues. Sales in these markets increased by 6.7% to Rs 7,162.6 crores (Rs 71,626 million). While the performance was somewhat impacted by price cuts in Japan earlier in the year, the growth in the Specialty business successfully compensated for pricing pressures experienced in the Generics segment. Sun Pharma operates a distribution-led model for its generic portfolio and a dedicated sales force for specialty products in these regions, leveraging its global expertise and strategic partnerships. A notable development includes the European Medicines Agency (EMA) validating the Marketing Authorisation Application (MAA) for Nidlegy™, a partnered treatment for skin cancers.
Specialty Business: A Strategic Leap
| Specialty Revenue | US$ 1,216 Million (Rs 10,119.52 Cr), ↑17.1% YoY |
|---|---|
| Specialty Revenue Share | 20% of total (vs 18% in FY24) |
| Specialty Products Portfolio | 26 global products (incl. Ilumya, Winlevi, etc.) |
| R&D Spend (FY25) | Rs 3,248.4 Cr (6.2% of sales) |
| % of R&D for Specialty | 40% |
| Formulation Dossiers Filed Globally | 280 |
| R&D Professionals | 2,900+ |
Sun Pharma’s Global Specialty or Innovative Therapies business continued its impressive growth trajectory, with its contribution to the consolidated revenue increasing from 18% in FY24 to 20% in FY25. Global Specialty revenue recorded a strong 17.1% growth, reaching US$ 1,216 million (approximately Rs 10,119.52 crores) during FY25. The company’s strategic investments in this segment have significantly enhanced its capabilities, including senior-level hires and strengthening in-house clinical development. Key products like Ilumya, Winlevi, Cequa, and Odomzo continued to perform well globally. Sun Pharma expanded its Global Specialty pipeline with new product introductions, bringing the total number of innovative products in its portfolio to 26. A significant portion of the investment in the Specialty business has not yet yielded revenues, particularly investments in the acquisition of Concert Pharmaceuticals and Checkpoint Therapeutics, which are expected to provide commensurate returns over a longer time-frame.
In May 2025, Sun Pharma announced the completion of the acquisition of Checkpoint Therapeutics, Inc., adding Unloxcyt™ (cosibelimab-ipdl), an FDA-approved anti-PD-L1 treatment for cutaneous squamous cell carcinoma (cSCC), to its global onco-dermatology franchise. Furthermore, in October 2024, Sun Pharma entered a globally exclusive agreement with Philogen for the commercialisation of Fibromun (L19TNF), an innovative anti-cancer immunotherapy. These long-term bets are seen as having the potential to transform the business at scale.
Innovation at the Core: R&D Prowess
Sun Pharma consistently invests in research and development to drive scientific advancement and develop complex, differentiated products. For FY25, the company’s R&D investment stood at Rs 3,248.4 crores (Rs 32,484 million), representing 6.2% of its overall sales. This is within the anticipated range of 6%-8% of sales for FY26, with increased spending expected on Specialty products. During the year, Sun Pharma filed approximately 280 formulation dossiers globally. Notably, 40% of the total R&D spend was allocated to Specialty or Innovative R&D. The Specialty R&D pipeline includes seven candidates in various stages of clinical trials, with advanced clinical or post-approval stage products such as LEQSELVI for severe alopecia areata. The company’s innovation ecosystem comprises a network of formulation scientists, chemists, and analysts across six global R&D centres, supported by a team of over 2,900 R&D professionals. The company’s cumulative R&D expenditure to date is over Rs 30,000 crores (Rs 300 billion).
Expanding Global Footprint and Workforce
| Employees | 43,000+ from 50+ nationalities |
|---|---|
| Manufacturing Sites | 40 across 6 continents |
| Countries Served | 100+ |
| API Business Revenue (FY25) | Rs 2,129.2 Cr (↑11.0%) |
| Global Consumer Healthcare (CHC) | Operates in 25+ countries |
Sun Pharma’s expansive global footprint covers over 100 countries and is supported by 40 global manufacturing sites across six continents. These facilities, approved by leading global regulatory authorities, are complemented by integrated R&D and clinical development capabilities. The company’s Active Pharmaceutical Ingredient (API) business, which contributed 4% to the total revenue, saw its revenue increase by 11.0% to Rs 2,129.2 crores (Rs 21,292 million) in FY25. The API division serves a wide clientele with a diverse portfolio of approximately 400 APIs, and scales up 10-20 APIs annually. Sun Pharma’s Global Consumer Healthcare (CHC) division operates in over 25 countries and is recognized among the top 10 consumer healthcare companies in India, Romania, Nigeria, and Myanmar.
The global CHC market is experiencing significant growth, with projections indicating it could reach US$ 1,476.45 Billion by 2028. The company’s dedicated workforce is integral to its success. In FY25, Sun Pharma employed more than 43,000 people worldwide, from over 50 nationalities. The company prioritizes cultivating an inclusive workplace, investing in learning and development, and promoting equality and non-discrimination, with a diversity target to achieve 30% women representation across its global workforce by 2040.
Navigating Regulatory and Competitive Landscapes
While achieving significant growth, Sun Pharma continues to navigate a dynamic regulatory and competitive landscape. The Generics business in the US was adversely affected by ongoing compliance issues at manufacturing facilities and increased competition. Regulatory observations from the USFDA at various facilities have been a persistent challenge. The Halol facility was classified as Official Action Indicated (OAI) in August 2022, followed by an Import Alert and Warning Letter in December 2022. Sun Pharma is actively implementing corrective measures to return the facility to fully compliant status. Similarly, the Mohali facility, which had its Import Alert removed in 2017 after a merger with Ranbaxy Laboratories Ltd., was also classified as OAI in August 2022. In April 2023, the USFDA issued a Non-Compliance letter, directing corrective actions, including retaining an independent cGMP expert for batch certifications for US shipments. Most recently, the Dadra facility was classified as OAI in December 2023, leading to a Warning Letter in June 2024.
The company is taking necessary corrective measures here as well. Sun Pharma is also involved in various legal proceedings globally. Noteworthy are the Zantac/Ranitidine Multi-District Litigation (MDL) in the US, where a motion to dismiss generic defendants was granted but is on appeal, and state court actions. The company was also served with a “follow-on” claim in the UK by the National Health Service (NHS) related to delayed generic citalopram entry, arising from a past anticompetitive ruling. While a preliminary issue was dismissed in June 2024, the company has filed an appeal and believes it has favorable legal arguments. A settlement of US$ 36 million (approximately Rs 299.52 crores) was reached in the Speakes v. Taro Pharmaceutical Industries Ltd. shareholder class action litigation, which was fully covered by insurance. Additionally, the company is involved in opioid-related class actions in Canada.
Shareholder Value and Future Outlook
Sun Pharma’s robust performance in FY25 is set to continue. The company anticipates mid to high single-digit consolidated topline growth in FY26, with the Global Specialty business expected to remain on its growth path. R&D spending in FY26 is projected to be in the 6%-8% range of sales, with an increased focus on Specialty products. The company remains focused on enhancing its share of specialty products, developing differentiated and difficult-to-manufacture products, maintaining market leadership in India, gaining critical mass in key international markets, and improving return ratios. With a strong net cash position, Sun Pharma is well-equipped to pursue inorganic growth opportunities that align with its strategic goals.
In a significant leadership transition, Kirti Ganorkar, currently heading India Business, has been identified to succeed Dilip Shanghvi as the Managing Director for a five-year term starting September 1, 2025. Dilip Shanghvi, the company’s founder, will transition to the role of Executive Director for a five-year term from the same date, continuing to provide invaluable expertise and guidance. Vidhi Shanghvi has also been appointed as a Whole-time Director for a five-year term effective May 22, 2025, leading Sun Pharma’s Consumer Healthcare Business and India Distribution.
You Learn
Sun Pharmaceutical Industries Limited’s Annual Report for FY25 paints a picture of strong financial health, strategic expansion, and a relentless pursuit of its purpose to enhance global healthcare. Despite facing regulatory hurdles and competitive pressures in certain segments, the company’s diversified portfolio, robust R&D capabilities, and expanding global presence have enabled it to deliver exceptional growth. As Sun Pharma looks to FY26, its clear strategy for continued growth, coupled with a focus on innovation, operational efficiency, and sustainable practices, positions it strongly to continue touching lives globally and driving better health outcomes for millions.
FAQs: Sun Pharma FY25
1. What was Sun Pharma’s total consolidated revenue in FY25?
Sun Pharma reported ₹54,543.5 crores, a 9% increase over FY24.
2. How much did Sun Pharma invest in R\&D during FY25?
The company spent ₹3,248.4 crores (6.2% of sales) on R\&D, with 40% allocated to Specialty research.
3. What share of revenue did the Specialty business contribute?
Global Specialty accounted for 20% of total revenue, growing 17.1% to US\$ 1,216 million.
4. Who will lead Sun Pharma as Managing Director from September 2025?
Kirti Ganorkar will succeed Dilip Shanghvi as MD, with the latter moving to Executive Director.
5. What regulatory challenges did Sun Pharma face in FY25?
Three Indian facilities (Halol, Mohali, Dadra) had USFDA OAI classifications; corrective actions are underway.
(India CSR)
