Sun Pharma chairman to retire on completion of term

The drug major announced that its chairman and member of the board, Israel Makov, will retire from the company on 29 August 2022.

Makov led the organisation for 10 years. He was appointed a board member and the chairman in 2012.

Under his leadership, Sun Pharma transformed from a $1.7 billion organisation focusing on India and the US into the world's fourth largest specialty generic pharmaceutical company operating across 100+ markets with a turnover of over $5 billion. Leading the company's global expansion, he guided the acquisition of Ranbaxy in 2014, making Sun Pharma the leader in the Indian pharmaceutical market and a strong player globally. Makov helped steer the company to pursue its strategy of building a global pipeline of specialty products.

Israel Makov said "I was fortunate to be part of the thrilling journey of Sun Pharma becoming a major global player in the pharmaceutical industry. I especially enjoyed working with the talented executives of Sun Pharma who participated in the company's transformation and successfully led the process of change. I am proud of what this incredible company has accomplished and am grateful to my colleagues and all the members of the Board for their trust and support."

Sun Pharma managing director, Dilip Shanghvi said, "We thank Mr Makov for his visionary leadership and his contribution towards making Sun Pharma a global pharmaceutical company. I have always admired his business acumen and strategic orientation. Mr Makov has played a significant role in Sun Pharma's global expansion in the last decade. He guided the company into its next phase of growth with focus on innovation and adoption of newer technologies. The Board is sincerely grateful to Mr Makov for his dedication and wishes him all the best for the future."

Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company. Its global presence is supported by manufacturing facilities spread across six continents and approved by multiple regulatory agencies, coupled with a multi-cultural workforce comprising over 50 nationalities.

Sun Pharmaceutical Industries' consolidated net profit surged 42.7% to Rs 2,060.88 crore on 10.08% increase in revenue from operations to Rs 10,643.97 crore in Q1 FY23 over Q1 FY22. The drug maker said that excluding covid products sales for Q1 last year, overall sales are up about 14%.

Shares of Sun Pharma fell 0.20% to Rs 916.75 on Tuesday, 2 August 2022.

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