Sun Pharma: India’s Prescription for the World

Did you know that nearly 50% of all generic drugs consumed in the U.S. come from India?

In FY25, India shipped $10.5 billion worth of medicines to the U.S., accounting for almost a third of India’s total pharma exports.

Add to that the fact that manufacturing some drugs in India can be up to six times cheaper than in the U.S., and it’s clear why India has earned the title of the “pharmacy of the world.”

However, new tariff talks in the U.S. have put the spotlight on Indian exports.

Importantly, the proposed 100% tariffs target branded drugs, not generics, which means India’s near-term risk remains limited.

For Sun Pharma, this reinforces how indispensable its supply remains, since generics still dominate its U.S. portfolio, which contributes 31% of the company’s revenue.

In 1983, Sun Pharma launched with just a few products.

Four decades later, its portfolio covers almost every need: tablets, injections, ointments, inhalers, creams, and more.

Basically, it is involved in the manufacturing, development, and marketing of various branded and generic formulations and Active Pharmaceutical Ingredients (APIs).

Sun Pharma is India’s largest pharmaceutical company with an 8.3% market share. Its formulation sales as of March 2025 stand at ₹186,570 million.

Second on the list is Abbott + Abbott HC + Novo with a market share of 5.9% and sales of ₹133,060 million.

Mankind is third on the list with a market share of 5.7% and sales of ₹128,800 million.

The fourth largest pharma company in India is Cipla, with a market share of 5.2% and sales of ₹117,080 million.

Alkem + Cachet + Indchemie stand at fifth position with a market share of 4.1% and sales of ₹91,960 million.

Not just India, Sun Pharma is the 12th largest generics company in the U.S. and ranks 2nd in U.S. dermatology generics, measured by prescriptions.

With over 40 manufacturing facilities, 1,000 prescriptions every minute worldwide, its medicines reach over 100+ countries, trusted by both doctors and patients.

Sun Pharma reported total sales of ₹520 billion in FY25, with India formulations contributing the largest share at 33% (₹169,230 million).

The U.S. formulations business accounted for 31% (₹162,403 million), while emerging markets contributed 18% (₹94,160 million).

The Rest of the World (RoW) segment added 14% (₹71,626 million), and APIs, along with other segments, made up the remaining 4%.

Sun Pharma also invests heavily in the future of healthcare.

Every year, it channels 6-8% of its global revenues into research and development (R&D).

With a 3,000+ strong R&D team, the company is working on advanced formulations, process chemistry, analytical development and complex generics and speciality drugs.

Looking ahead, Sun Pharma is strategically positioning itself for sustained growth.

With $3.1 billion in net cash available for future investments, the company is focused on strengthening its portfolios in Ophthalmology, Dermatology, and Oncology.

Launch investments for products like Leqselvi and Unloxcyt are expected to result in a $100 million cost impact in FY26, while its Abbreviated New Drug Application (ANDA) pipeline of 119 pending approvals highlights the depth of its innovation efforts.

While near-term tariff risks appear limited (India accounts for 5% of U.S. pharma imports and mostly supplies generics), long-term pricing pressures in the U.S. market could test margins.

Still, Sun Pharma’s global diversification, strong cash reserves, and pipeline investments suggest resilience in navigating policy headwinds.