Overview

• Analysts say Indian drug makers face limited immediate impact because exports to the US are predominantly generic medicines, which remain outside the tariff’s scope.
• HSBC identifies Sun Pharma as the main Indian company exposed, with FY25 patented-product sales of about $1.217 billion globally, roughly $1.1 billion from the US.
• Those patented sales equated to about 17% of Sun Pharma’s FY25 revenue and 8–10% of consolidated EPS, creating headline risk even if earnings effects are contained.
• Sun’s patented portfolio is largely manufactured by overseas CDMOs, including Ilumya with drug substance from South Korea and finished dose in Europe, making supply-chain location crucial to tariff exposure.
• Potential mitigations include shifting to US-based CDMOs, using Sun’s three US plants, or investing in new capacity or acquisitions, though analysts estimate such moves could take 6–24 months and require significant resources.