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Key Conference Call Highlights

US Business

* Filed 3 ANDAs, received 9 approvals and launched 6 products in the quarter, maintaining its top-3 position in the US generic space.

* The management highlighted that its US specialty strategy is increasingly focussed on 505(b)(2), oncology supportive care and rare disease therapies.

* The proposed acquisition of Assertio Holdings is expected to create a differentiated, high-margin oncology specialty platform in the US.

* FY27E outlook: Single-digit growth anticipated despite a high base, with Mirabegron competition factored in; specialty scale-up meaningful from FY28E.

India Formulations

* Launched the world's first biosimilar of Nivolumab (Tishtha) and India's first indigenous biosimilar of Aflibercept (Anyra) in the quarter.

* Growth is being driven by innovative portfolio, strong execution in growth booster brands and increasing contribution from chronic therapies.

* It is the largest Indian oncology player and continues gaining share through differentiated launches and patient support programs.

* Achieved the number two position in terms of market share in the Semaglutide market, supported by its differentiated reusable pen device.

* The company adopted a co-marketing strategy for Semaglutide with Lupin and Torrent Pharma so as to increase its reach and market penetration in a highly competitive market.

* The management projects the India business to continue outperforming the IPM by 200–400 bps in FY27E.

International Markets Formulations

* The management stated that strong momentum is being supported by focussed execution, branded strategy, therapy-led expansion and a strong pipeline.

* Europe has improved meaningfully in the last two years, while launches in new countries have scaled up faster than expected.

Consumer Wellness

* The Comfort Click acquisition has integrated well and is already EPSaccretive.

* FY27 outlook: Double-digit growth expected, with the business continuing to benefit from premiumisation, digital-first strategy and the Comfort Click platform.

MedTech

* Established three strategic focus areas: Cardiology, Nephrology and Orthopaedics.

* The management indicated that MedTech is currently in a platformbuilding phase and meaningful scale-up could take 3–4 years.

Outlook

* FY27E consolidated revenue growth is guided at high-teens, with EBITDA margin expected to remain above 24% despite higher competition and launch investments.

* FY27E capex guidance stands at around INR 15 Bn, driven by multiple expansion initiatives.

* R&D spend for FY27E guided at 8% of revenue.

* Future M&A focus will be on bolt-on specialty and 505(b)(2) acquisitions, as well as international market opportunities.

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