Dr Reddy's Laboratories Ltd (RDY) 2023 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Dr. Reddy's Laboratories Limited Q3 FY '23 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

女士們，先生們，美好的一天，歡迎來到 Dr. Reddy's Laboratories Limited Q3 FY '23 收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I now hand the conference over to Ms. Richa Periwal. Thank you, and over to you, ma'am.

我現在將會議交給 Richa Periwal 女士。謝謝，交給你了，女士。

Thank you. A very good morning, and good evening to all of you, and thank you for joining us today for the Dr. Reddy's Earnings Conference Call for the quarter ended December 31, 2022. Earlier during the day, we have released our results and the same are also posted on our website. This call is being recorded, and the playback and transcript shall be made available on our website soon. All the discussion and analysis of this call will be based on the IFRS consolidated financial statements.

謝謝。大家早上好，晚上好，感謝你們今天加入我們，參加 Dr. Reddy 截至 2022 年 12 月 31 日止季度的收益電話會議。當天早些時候，我們發布了我們的結果和相同的結果也發佈在我們的網站上。此通話正在錄音中，回放和文字記錄將很快在我們的網站上提供。本次電話會議的所有討論和分析都將基於 IFRS 合併財務報表。

To discuss the business performance and outlook, we have the leadership team of Dr. Reddy's comprising Mr. Erez Israeli, our CEO; Mr. Parag Agarwal, our CFO; and the Investor Relations team. Please note that today's call is a copyrighted material of Dr. Reddy's and cannot be rebroadcasted or attributed in press or media outlets without the company's expressed written consent. Before I proceed with the call, I would like to remind everyone that the safe harbor contained in today's press release also pertains to this conference call.

為了討論業務績效和前景，我們有 Dr. Reddy's 的領導團隊，其中包括我們的首席執行官 Erez Israeli 先生；我們的首席財務官 Parag Agarwal 先生；和投資者關係團隊。請注意，今天的電話會議是 Dr. Reddy 的版權材料，未經公司明確書面同意，不得轉播或在新聞或媒體機構中註明出處。在我繼續通話之前，我想提醒大家，今天新聞稿中包含的安全港也適用於本次電話會議。

Now, I hand over the call to Mr. Parag Agarwal. Over to you, Parag.

現在，我將電話轉交給 Parag Agarwal 先生。交給你了，Parag。

Thank you, Richa, and greetings to all, and wishing you all a very happy New Year. I'm pleased to take you through our financial performance for the quarter. For this section, all the amounts are translated into U.S. dollars at a convenient translation rate of INR82.72, which is the rate as of December 30, 2022. This is yet another quarter with a strong all-round financial performance expected in highest ever sales and profits and strong free cash flow.

謝謝你，Richa，向大家問好，祝大家新年快樂。我很高興向您介紹我們本季度的財務業績。對於本節，所有金額均以 82.72 印度盧比的方便換算匯率換算為美元，這是截至 2022 年 12 月 30 日的匯率。這是另一個全面強勁的財務業績預期有史以來最高的季度銷售額和利潤以及強勁的自由現金流。

Consolidated revenue for the quarter stood at INR6,770 crores, that is USD818 million and grew by 27% year-on-year basis and by 7% on a sequential quarter basis. The performance was supported by healthy growth across our businesses with contributions from both base business and new product launches. Consolidated gross profit margin for this quarter stood at 59.2%, an increase of 545 basis points over previous year and 15 basis points sequentially. On a year-on-year basis, the gross margins were mainly aided by an increase in contribution from new products and favorable product mix.

本季度的綜合收入為 677 億印度盧比，即 8.18 億美元，同比增長 27%，環比增長 7%。基礎業務和新產品發布都為我們的業務健康增長提供了支持。本季度綜合毛利率為59.2%，比去年同期提高545個基點，環比提高15個基點。與去年同期相比，毛利率主要得益於新產品貢獻的增加和有利的產品組合。

Gross margin for the global generics and the PSAI business were at 64.6% and 18.2%, respectively for the quarter. In line with our expectations, PSAI gross margins have rebounded compared to the last quarter. The SG&A spend for the quarter is INR1,798 crores, that is USD217 million, an increase of 17% year-on-year and 9% quarter-on-quarter. The expense in the 10 quarters reflect an increase in investments, certain one-off expenses and an impact of the ForEx rate. As a percentage to sales, our SG&A has been at 26.6%, which is lower by 240 basis points year-on-year and marginally higher by 30 basis points sequentially.

本季度全球仿製藥和 PSAI 業務的毛利率分別為 64.6% 和 18.2%。與我們的預期相符，PSAI 的毛利率較上一季度有所反彈。本季度的 SG&A 支出為 179.8 億印度盧比，即 2.17 億美元，同比增長 17%，環比增長 9%。 10 個季度的費用反映了投資的增加、某些一次性費用以及外匯匯率的影響。作為佔銷售額的百分比，我們的 SG&A 為 26.6%，同比下降 240 個基點，環比微升 30 個基點。

The R&D spend for the quarter is INR482 crores, that is USD58 million and is at 7.1% of sales. We have been making good progress on our R&D pipeline in line with our business strategy. We continue to drive productivity across our businesses while also making investments to strengthen the product pipeline and capability development in marketing, digitalization and people, including for the Horizon 2 initiatives. The net finance expense for the quarter is INR14 crores, that is USD2 million.

本季度的研發支出為 48.2 億印度盧比，即 5800 萬美元，佔銷售額的 7.1%。根據我們的業務戰略，我們的研發渠道一直在取得良好進展。我們繼續提高我們業務的生產力，同時也進行投資以加強營銷、數字化和人員方面的產品管道和能力開發，包括 Horizon 2 計劃。本季度的淨財務費用為 1.4 億印度盧比，即 200 萬美元。

The EBITDA for the quarter is INR1,966 crores, that is USD238 million, and the EBITDA margin is strong at 29%. Our profit before tax stood at INR1,635 crores, that is USD198 million, which is a growth of 68% year-on-year and a growth of 1% quarter-on-quarter. Effective tax rate for the quarter has been at 23.7%. We expect our normal ETR to be in the range of 25% to 26%. Profit after tax for the quarter stood at INR1,247 crores, that is USD151 million. Reported EPS for the quarter is INR74.95.

本季度的 EBITDA 為 196.6 億印度盧比，即 2.38 億美元，EBITDA 利潤率高達 29%。我們的稅前利潤為 163.5 億印度盧比，即 1.98 億美元，同比增長 68%，環比增長 1%。本季度的有效稅率為 23.7%。我們預計我們的正常 ETR 將在 25% 至 26% 的範圍內。本季度稅後利潤為 124.7 億印度盧比，即 1.51 億美元。本季度報告的每股收益為 74.95 盧比。

Operating working capital decreased by INR490 crores, which is USD59 million, against that on September 30, 2022. The decrease is majorly due to higher collection of receivables and some increase in sales. Our capital investment during the quarter stood at INR292 crores, which is USD35 million. We generated healthy free cash flow during the quarter of INR1,975 crores, which is USD239 million. Consequently, we had a net cash surplus of INR3,401 crores, that is USD411 million as of the end of the quarter.

與 2022 年 9 月 30 日相比，運營營運資金減少了 49 億印度盧比，即 5900 萬美元。減少的主要原因是應收賬款的收取增加以及銷售額有所增加。我們在本季度的資本投資為 29.2 億印度盧比，即 3500 萬美元。我們在本季度產生了 197.5 億盧比的健康自由現金流，即 2.39 億美元。因此，截至本季度末，我們的淨現金盈餘為 340.1 億印度盧比，即 4.11 億美元。

As of 31st December 2022, foreign currency cash flow hedges in the form of derivatives for the U.S. dollar are approximately [USD355 million], largely held around the range of INR80.3 to INR83.3 to the dollar, [Ruble 2,975] million at the rate of INR0.9661 to the Ruble, AUD1.8 million at the rate of INR56.20 to Australian dollar, and South African rand 34 million at the rate of INR4.81 to South African rand maturing in the next 12 months.

截至 2022 年 12 月 31 日，以美元衍生品形式進行的外幣現金流量對沖約為 [3.55 億美元]，主要在 80.3 至 83.3 盧比兌美元的範圍內，[2,975] 萬盧布0.9661 盧布兌盧布，180 萬澳元兌 56.20 印度盧比兌澳元，3400 萬南非蘭特兌 4.81 印度蘭特兌南非蘭特，將在未來 12 個月內到期。

With this, I now request Erez to take us through the key business highlights.

有了這個，我現在請 Erez 向我們介紹主要的業務亮點。

Thank you, Parag. Good morning, and good evening to everyone. I hope you and your loved ones are keeping well. I'm glad to report that we continued the strong financial performance in the current quarter as well as with record sales, profit and cash flow generation. We made good progress in our productivity journey, which allow us to remain competitive and grow in our markets. We have been able to identify several new business opportunities, which refer to our Horizon 2 business and have started building this. We have also made good progress against most of our ESG goals.

謝謝你，帕拉格。大家早上好，晚上好。我希望您和您所愛的人一切安好。我很高興地報告，我們在本季度繼續保持強勁的財務業績，並創造了創紀錄的銷售額、利潤和現金流量。我們在生產力之旅中取得了良好進展，這使我們能夠保持競爭力並在我們的市場中成長。我們已經能夠確定幾個新的商機，這些商機涉及我們的 Horizon 2 業務，並已開始構建它。我們在大多數 ESG 目標方面也取得了良好進展。

Let me share with you some of the key highlights of the current quarter. One, strong revenue growth driven by continued production in U.S. and Russia markets; second, high cash generation leading to net cash surplus of more than $400 million at the end of the quarter; three, significant progress made for biosimilars, completion Phase III clinical study for rituximab and completion of Phase I clinical studies for tocilizumab.

讓我與您分享本季度的一些主要亮點。第一，美國和俄羅斯市場的持續生產推動了強勁的收入增長；第二，高現金生成導致本季度末淨現金盈餘超過4億美元；三、生物仿製藥取得重大進展，完成利妥昔單抗III期臨床研究，完成托珠單抗I期臨床研究。

Let me cover a business-wise key highlights in a bit more details. Please note that all the references to the number in these sections are in representative local currencies. Our North America generics business recorded sales of $375 million for the quarter, with a strong growth of 51% year-over-year and 7% on sequential basis. Sequentially the sales continued to grow in the U.S. market with a positive traction seen in both base business and recent launches, including Sorafenib, [a support within hydrochloride] and lenalidomide capsules. While contribution from lenalidomide capsules may fluctuate from quarter-to-quarter, we expect it to remain meaningful over the next few quarters. In this quarter, we launched 5 new products and expect the launch momentum to continue during balance of the year.

讓我更詳細地介紹一個商業方面的關鍵亮點。請注意，這些部分中對數字的所有引用均以具有代表性的當地貨幣表示。我們的北美仿製藥業務在本季度錄得 3.75 億美元的銷售額，同比強勁增長 51%，環比增長 7%。隨後，美國市場的銷售額繼續增長，在基礎業務和最近推出的產品中都表現出積極的吸引力，包括索拉非尼、[鹽酸鹽中的一種支持]和來那度胺膠囊。雖然來那度胺膠囊的貢獻可能會隨季度波動，但我們預計它在未來幾個季度仍將有意義。本季度，我們推出了 5 款新產品，預計推出勢頭將在今年餘下時間繼續。

Our Europe business recorded sales of EUR51 million this quarter with a year-on-year growth of 8% and sequential quarter decline of 2%. During the quarter, we launched 11 new products across various countries within Europe. We expect to continue with the growth momentum in the rest of FY'23. Our emerging market business recorded sales of INR1,310 crores with a year-on-year growth of 14% and sequential growth of 7%. Within the emerging market segment, the Russia business grew by 29% on a year-to-year basis and [8%] of quarter-to-quarter basis in constant currency. This strong growth was supported by higher sales of biosimilar products in Russia.

我們的歐洲業務本季度錄得 5100 萬歐元的銷售額，同比增長 8%，環比下降 2%。本季度，我們在歐洲各國推出了 11 款新產品。我們預計將在 23 財年的剩餘時間內繼續保持增長勢頭。我們的新興市場業務錄得 131 億印度盧比的銷售額，同比增長 14%，環比增長 7%。在新興市場部分，俄羅斯業務同比增長 29%，按固定匯率計算環比增長 [8%]。這一強勁增長得益於俄羅斯生物類似藥產品銷售額的增加。

During the quarter, we launched 29 products across various countries of the emerging markets. We expect this business to continue the growth momentum during the balance of the year. Our India business recorded sales of INR1,127 crores with a year-over-year growth of 10% and sequential decline of 2%. During the quarter, we launched 2 new products in the Indian markets. We are creating several growth engine for India business for Horizon 1 and Horizon 2, which includes ramping up internal portfolio, collaborations, innovation and inorganic opportunities.

本季度，我們在新興市場的各個國家/地區推出了 29 種產品。我們預計該業務將在今年餘下時間繼續保持增長勢頭。我們的印度業務錄得 112.7 億印度盧比的銷售額，同比增長 10%，環比下降 2%。本季度，我們在印度市場推出了 2 款新產品。我們正在為 Horizon 1 和 Horizon 2 的印度業務創造多個增長引擎，其中包括增加內部投資組合、合作、創新和無機機會。

Our PCAI business recorded sales of $95 million with a year-over-year decline of 2%, however, a strong growth of 18% on a sequential quarter basis, contributed by an improvement of the volume pickup. This business started to show signs of recovery, and we expect this momentum to continue in the coming quarters as well. We are progressing well on our pipeline products. The number of filings in several of our key markets have been improving.

我們的 PCAI 業務錄得 9500 萬美元的銷售額，同比下降 2%，但由於銷量回升的改善，環比強勁增長 18%。該業務開始出現復甦跡象，我們預計這種勢頭也將在未來幾個季度持續下去。我們的管道產品進展順利。我們幾個主要市場的申請數量一直在增加。

The ANDA and drug master filings are expected to significantly improve during Q4. We are evaluating several inorganic opportunities across businesses in line with our strategy. We believe all of this will lead to several growth opportunity for us, both in the short-term as well as in the long-term. I am confident that we'll be able to continue the growth momentum supported by our stronger cash position, focused management team and robust governance and processes.

預計 ANDA 和藥品主文件在第四季度將顯著改善。我們正在根據我們的戰略評估跨業務的幾個無機機會。我們相信，所有這些都將為我們帶來短期和長期的增長機會。我相信，在我們更強大的現金狀況、專注的管理團隊以及穩健的治理和流程的支持下，我們將能夠繼續保持增長勢頭。

Within this, I would like to open the floor for questions-and-answers.

在這方面，我想打開提問和回答的機會。

(Operator Instructions) The first question is from the line of Kunal Dhamesha from Macquarie Group.

（操作員說明）第一個問題來自 Macquarie Group 的 Kunal Dhamesha。

Congratulations for the great set of numbers. So the first question on Revlimid. I think I missed your comment where you said the Revlimid revenue could kind of fluctuate on a quarter-to-quarter basis. But is there any kind of outlook that you are providing for, let's say, quarter 4 and FY '24 -- in terms of the quantum, relative quantum vis-a-vis quarter 2 and quarter 3 what we have seen.

祝賀一組偉大的數字。所以關於 Revlimid 的第一個問題。我想我錯過了你的評論，你說 Revlimid 收入可能會按季度波動。但是，您是否提供了任何一種前景，比方說，第 4 季度和 24 財年——就我們所看到的第 2 季度和第 3 季度的量子、相對量子而言。

So we cannot share as it's part of the agreements that we have. But that's what I said, it's [water] will determine the size of the opportunities, of course, the timing of the orders that will come from the customers. That may vary from a month-to-month or quarter-to-quarter. But overall, it's -- the product will continue to be meaningfully contributing to our business. And we are very confident about.

所以我們不能分享，因為這是我們達成的協議的一部分。但這就是我所說的，[水] 將決定機會的大小，當然，還有來自客戶的訂單的時間。這可能因月度或季度而異。但總的來說，它是——該產品將繼續為我們的業務做出有意義的貢獻。而且我們很有信心。

Okay. And is it kind of fair enough to assume that the contribution is expected to increase next year?

好的。假設明年捐款預計會增加是否足夠公平？

We cannot share guidance in this respect, because it's part of the agreement. That's why I'm sharing what I'm able to share at this stage.

我們不能分享這方面的指導，因為它是協議的一部分。這就是為什麼我要分享我在這個階段能夠分享的內容。

Sure. And second question on -- while we have shared that our capital deployment priority is kind of India followed by the branded markets and likewise. But I think we are generating significant cash flow and we have not seen any activity on that front. So is there a basic time line which you are looking at to deploy this cash or else we are considering any other option to about returning this well to shareholders?

當然。第二個問題 - 雖然我們已經分享了我們的資本部署優先級是印度，其次是品牌市場等。但我認為我們正在產生大量現金流，而且我們還沒有看到這方面的任何活動。那麼，您是否正在考慮部署這筆現金的基本時間表，或者我們正在考慮將這口井返還給股東的任何其他選擇？

We are engaging in the multiple business opportunities and naturally we'll be able to share that when we'll sign the deals. Like we discussed in the past, we knew that this is coming, and we knew the type of capital that we are going to create. So for us, it's well within our plans and our strategic plans. The priorities will continue to be similar to what we have discussed in the past. We want to engage it in this development, which is not a shopping spree of big deals, but rather complementary deals that will enable our strategy and create capability of rents that we don't have or areas in which we can create more meaningful contribution to our both all stakeholders, customers, shareholders, et cetera. The second is to continue to invest in both Horizon 1 and Horizon 2 in CapEx and R&D. That's the use of the money. We believe that we will have a good use for it.

我們正在參與多種商業機會，自然我們將能夠在簽署交易時分享這些機會。就像我們過去討論的那樣，我們知道這即將到來，我們知道我們將要創造的資本類型。所以對我們來說，這完全在我們的計劃和戰略計劃之內。優先事項將繼續與我們過去討論的內容相似。我們希望它參與這一發展，這不是大宗交易的瘋狂購物，而是互補性交易，這些交易將使我們的戰略成為可能，並創造我們沒有的租金能力，或者我們可以在哪些領域創造更有意義的貢獻我們的所有利益相關者、客戶、股東等。第二是繼續在資本支出和研發方面對地平線 1 和地平線 2 進行投資。這就是錢的用途。我們相信我們會很好地利用它。

Sure. I'll join back the queue.

當然。我會重新加入隊列。

Next question is from the line of Damayanti Kerai from HSBC.

下一個問題來自匯豐銀行的 Damayanti Kerai。

My question is on India business. So although on a year-on basis, you have seen good growth, healthy growth, but sequentially, it has declined. And what we have seen in some market database is that properties growth has been lagging against the broader market growth. So how should we see growth outlook for your India fees given it's the most important segment for you? And what will be key growth drivers from here on?

我的問題是關於印度業務的。因此，儘管與去年同期相比，你看到了良好的增長、健康的增長，但環比下降了。我們在一些市場數據庫中看到的是，房地產增長一直落後於更廣泛的市場增長。那麼，鑑於它是您最重要的部分，我們應該如何看待您的印度費用的增長前景？從現在開始，主要的增長動力是什麼？

The main growth will come from investment in differentiated products and the specialty products and collaborations that we are working. So we are planning to introduce a lot of innovation in India, and we are building it. In addition to that, we will continue to focus on the brands that we believe can contribute in short terms but much more in the long term. And we will continue also to invest in the capabilities to market it in the most productive manner using all the relevant digital tools and the ability to maximize the return on the investment. We are going to see also in India continued divestitures of the brands that we are not planning to invest behind. If we believe that the returns that will come from those divestitures will be more than what we will get if we continue to market it. So in that respect, we are well within our strategy. And maybe the results here and there will fluctuate, (inaudible) I'm very confident that will be top 5 as per the target that we shared with you long back.

主要增長將來自對差異化產品以及我們正在開展的專業產品和合作的投資。所以我們計劃在印度引進很多創新，我們正在建設它。除此之外，我們將繼續專注於我們認為可以在短期內做出貢獻但在長期內做出更大貢獻的品牌。我們還將繼續投資於使用所有相關數字工具以最高效的方式營銷它的能力，以及最大化投資回報的能力。我們還將在印度看到我們不打算投資的品牌繼續剝離。如果我們相信這些資產剝離帶來的回報將超過我們繼續推銷它所獲得的回報。因此，在這方面，我們完全符合我們的戰略。也許這里和那裡的結果會有所波動，（聽不清）我非常有信心，根據我們很久以前與您分享的目標，這將是前 5 名。

Sure. And in the acquired Wockhardt portfolio, which you have done some time back, are the regions in line with your initial expectations? Or do you think you have further headroom to see better sales for some of the top brands.

當然。在您前段時間收購的 Wockhardt 投資組合中，這些地區是否符合您最初的預期？或者你認為你有更多的空間來看到一些頂級品牌更好的銷售。

The Wockhardt products sales are now serving us very well. I'm very happy with these acquisitions. It's already exceed our expectations.

Wockhardt 產品銷售現在為我們提供了很好的服務。我對這些收購感到非常高興。它已經超出了我們的預期。

And my last question is on Russia business. So this has been very strong quarter, which you mentioned there were biosimilars, which contributed. So should we assume this to be sustainable sales? Or the sales driven by some onetime pickup and we might see moderation from here on?

我的最後一個問題是關於俄羅斯的業務。所以這是一個非常強勁的季度，你提到有生物仿製藥，這做出了貢獻。那麼我們應該假設這是可持續的銷售嗎？還是由一次性提貨推動的銷售，我們可能會從現在開始看到節制？

Russia will continue to do -- to be strong for us. Quarter-wise, it will fluctuate. This quarter, it's a timing of the bids with the government on biosimilars, for example. So unlikely that we will see that in the other quarter. So it will fluctuate, but overall, we are going to see in the local currency growth. And as related to the [protection ruble], but I think we have a very -- like we proved this year, we have a very good protection on the ruble itself. So we are -- I'm optimistic from -- even with the scenarios that there will be a significant devaluation of ruble.

俄羅斯將繼續做——為我們而強大。四分之一，它會波動。例如，本季度是與政府競標生物仿製藥的時機。我們不太可能在另一個季度看到這種情況。所以它會波動，但總的來說，我們將看到本幣增長。關於[保護盧布]，但我認為我們有一個非常——就像我們今年證明的那樣，我們對盧布本身有很好的保護。所以我們 - 我很樂觀 - 即使盧布會大幅貶值。

Next question is from the line of Surya Patra from PhillipCapital.

下一個問題來自 PhillipCapital 的 Surya Patra。

Yes. Thanks for the greater of numbers. Just on the Revlimid side, if you could share something more on the kind of a visibility in terms of like it seems that first 2 quarters -- in the last 2 quarters, whatever number that we would have generated, it seems that we have already achieved around 5% or mid-single-digit kind of volume hit in the product opportunity. So considering that, is it fair to think that fourth quarter and first quarter possibly could be a relatively lower number that we could see from Revlimid.

是的。感謝更大的數字。就 Revlimid 而言，如果你能分享更多關於前兩個季度的可見性的信息 - 在過去的兩個季度中，無論我們產生什麼數字，似乎我們已經在產品機會中實現了大約 5% 或中個位數的銷量。因此，考慮到這一點，認為第四季度和第一季度可能是我們從 Revlimid 看到的相對較低的數字是否公平。

I cannot share any numbers about the quarter. So --

我不能分享有關該季度的任何數字。所以 -

Okay. But sir, could you give some sense about, let's say, in terms of the volumes, whatever that is fixed for the first year, how different the volume share number would be for second year? Was indicated --

好的。但是先生，你能不能說說，就銷量而言，無論第一年是固定的，第二年的銷量份額數字會有多大差異？被指出——

Again, it's not because I would love to share but I can't. We have an agreement, and I have to honor the agreement. So please bear with me on that.

再一次，這不是因為我想分享但我不能。我們有協議，我必須遵守協議。所以請多多包涵。

Okay. Sure, sir. Then sir, the extended question relating to this that, see the cash flow generation, what we are witnessing. So considering that, so the new term priorities, could you share the near-term priorities that you would be having? Because what I have seen that you have already indicated that you are likely to be -- or you are likely to remain active in terms of inorganic growth, as well as the R&D spend also, right, if I see, it has just moved on along with the kind of a ramp up in the revenues. So considering these 2 things, what priorities that would be there for us in the next 12 to 15 months or 18 months period going ahead?

好的。當然，先生。那麼先生，與此相關的擴展問題是，看到現金流的產生，我們正在目睹什麼。所以考慮到這一點，所以新的任期優先事項，你能分享你將擁有的近期優先事項嗎？因為我所看到的，你已經表明你可能會——或者你可能會在無機增長以及研發支出方面保持活躍，對吧，如果我看到的話，它剛剛開始隨著收入的增加。因此，考慮到這兩件事，在接下來的 12 到 15 個月或 18 個月內，我們的優先事項是什麼？

So as we discussed in the past, our priority is a productivity in the short term. So it needs to grow what we call Horizon 1, which is meaning the [colon] business that we have as including investment in those productivity investment in our portfolio, in the ability to get some of those complex generic faster to the market, some of those biosimilars faster to the market as well in Horizon 2, building those new businesses that will give us the growth in the future. As we shared in the past, we assumed that we will be able to generate enough cash and enough profit to finance for those activities. And so far, it is going well for us. The extra cash that we will have, we will use for business development and for investment in capabilities in the business, especially digital organization, automation and artificial intelligence.

因此，正如我們過去討論的那樣，我們的首要任務是短期內的生產力。因此，它需要發展我們所說的地平線 1，這意味著我們擁有的 [冒號] 業務，包括對我們投資組合中的那些生產力投資的投資，能夠更快地將一些複雜的仿製藥推向市場，一些那些生物仿製藥在地平線 2 中也能更快地進入市場，建立那些將為我們帶來未來增長的新業務。正如我們過去分享的那樣，我們假設我們將能夠產生足夠的現金和足夠的利潤來為這些活動提供資金。到目前為止，我們進展順利。我們將擁有的額外現金將用於業務發展和業務能力投資，尤其是數字組織、自動化和人工智能。

And in line of what we have discussed, so I'd say the [growth] guidance remain the same. We are comfortable on a long-term basis with the 25% EBITDA and 25%, I will see double-digit growth and no debt. This continues to be the guidance that from time to time, we'll be above it like this year. From time to time, we'll be below it, like some couple of quarters ago. But overall, I think it allow us to both to be very healthy company and to grow very, very well. And we have a potential upside even to exceed these numbers. But so far, we are very much into that. That makes us a [proposal] quarter, but if you see a record for the last few years, we are very much where we said we are going to be.

根據我們所討論的內容，我想說 [增長] 指導保持不變。我們對 25% 的 EBITDA 和 25% 的長期基礎感到滿意，我將看到兩位數的增長並且沒有債務。這仍然是不時的指導，我們會像今年一樣超越它。有時，我們會低於它，就像幾個季度前一樣。但總的來說，我認為它讓我們既能成為非常健康的公司，又能發展得非常非常好。我們甚至有可能超過這些數字。但到目前為止，我們對此非常感興趣。這使我們成為一個 [提案] 季度，但如果你看到過去幾年的記錄，我們非常符合我們所說的目標。

Sure, sir. So then the revenue -- U.S. revenue, excluding Revlimid, if you consider, we have seen this year as a kind of a -- we, although we maintained the revenue run rate, excluding Revlimid. But there were challenges and a couple of our key products also replaced competition from others, largely from Indian players only. So for this revenue, please, could you give some sense that, okay, next year, what is the visibility that you are having? Are you likely to see the sustained competition and all that impacting the business or some sense about growth that if you can indicate for the U.S. business, excluding Revlimid?

當然，先生。那麼收入——美國收入，不包括 Revlimid，如果你考慮的話，我們將今年視為一種——我們，儘管我們保持了收入運行率，但不包括 Revlimid。但也存在挑戰，我們的一些主要產品也取代了來自其他產品的競爭，主要來自印度玩家。那麼對於這個收入，請你能說明一下，好吧，明年，你的知名度是多少？您是否可能會看到持續的競爭和所有影響業務的因素，或者如果您能為美國業務（不包括 Revlimid）指明增長的某種感覺？

Next, in FY '24, we are planning to launch at least 30 products, give or take. And we are planning to continue the growth that we saw in the last couple of years. So we indicated that we believe that a baseline of 6%, not 6%, single-digit growth, 6% was the past, single-digit growth will likely to happen and maybe more than that. And from time-to-time, we'll have a product or products that will create much better growth than that like happened to us in the last couple of months. And those products at a certain point time also will go down with erosion (inaudible). So overall, the trend is growth. In addition to that, we believe that once Horizon 2 will kick in, also the U.S. will grow in double-digit, but this is in the later stage towards 5, 6, 7 years from now. So now it may fluctuate because of price erosion, it comes to predict that market share it has to predict. So unfortunately, I cannot -- I don't know what will be quarter-on-quarter, but absolutely, we are planning to grow in the United states.

接下來，在 24 財年，我們計劃推出至少 30 種產品，或多或少。我們計劃繼續保持過去幾年的增長勢頭。所以我們表示我們相信 6% 的基線，而不是 6%，個位數增長，6% 是過去，個位數增長很可能會發生，甚至可能更多。有時，我們會有一個或多個產品創造比過去幾個月更好的增長。而那些產品在某個時間點也會隨著侵蝕而下降（聽不清）。所以總的來說，趨勢是增長。除此之外，我們相信一旦 Horizon 2 啟動，美國也將以兩位數的速度增長，但這處於後期階段，即 5、6、7 年後。所以現在它可能會因為價格侵蝕而波動，它來預測它必須預測的市場份額。所以不幸的是，我不能——我不知道季度環比會是多少，但絕對是，我們計劃在美國實現增長。

Okay. And is it fair to believe sir, the next year we will see a kind of a meaningful ramp-up in the kind of a spend towards Horizon 2 plans, growth plans versus current year?

好的。相信先生，明年我們會看到 Horizon 2 計劃、增長計劃與今年相比的支出出現有意義的增長嗎？

We don't like to ramp up spend. We are planning to spend in accordance -- in a very disciplined manner in accordance to our growth. At the time, we indicated that we are going to have more expenses both in the SG&A as well as the R&D. But within the rates of profitability that I mentioned in the past, so we will be able with our growth and our cash to finance the investment. It will not be extra and decrease of the (inaudible).

我們不喜歡增加支出。我們計劃根據我們的增長以非常有紀律的方式支出。當時，我們表示我們將在 SG&A 和研發方面增加支出。但在我過去提到的盈利率範圍內，我們將能夠用我們的增長和我們的現金來為投資提供資金。它不會增加和減少（聽不清）。

(Operator Instructions) Next question is from the line of Prakash Agarwal from Axis Capital.

（操作員說明）下一個問題來自 Axis Capital 的 Prakash Agarwal。

Just wanted to understand what is the industry level question. So we've been seeing a lot of U.S. FDA issues going to the next level. And we've been hearing that there is a volume distribution that is happening to the large Indian and global players in the U.S. generic side. Are we seeing that happening to us also? We are getting some volumes for our base business. Would that be correct understanding?

只是想了解什麼是行業級別的問題。因此，我們已經看到許多美國 FDA 問題進入了一個新的水平。我們一直聽說美國仿製藥方面的大型印度和全球參與者正在發生數量分佈。我們是否也看到這種情況發生在我們身上？我們正在為我們的基礎業務獲得一些數量。這樣理解正確嗎？

We do have growth in volumes. I cannot attribute necessarily for that. The growth at the case we are facing is from activities that we initiated primarily. Naturally, we are watching carefully, all the results of all the inspections that are happening in India and outside of India. So far, for us, knock on wood, all of our banks are operating and in full compliance.

我們確實有銷量增長。我不能歸因於這一點。我們面臨的案例的增長來自我們最初發起的活動。自然地，我們正在仔細觀察在印度和印度以外發生的所有檢查的所有結果。到目前為止，對我們來說，敲木頭，我們所有的銀行都在運營並完全合規。

Okay. And with that kind of volume gain, et cetera, do you think there is some improvement in pricing on base business? Or it still remains mid- to high single digit for the base portfolio?

好的。有了這種銷量增長等等，您認為基礎業務的定價是否有所改善？還是基本投資組合仍保持中高個位數？

I'm not aware of any, let's say, special phenomenon. I can indicate both on price (inaudible) as related to that.

我不知道有什麼特殊現象。我可以在與此相關的價格（聽不清）上註明。

It means similar range of --

這意味著類似的範圍——

Maybe marginal, maybe.

也許邊緣，也許。

Okay. Fair enough. So would it be fair to say that the incremental growth, you had some approvals and launches for sure. But with the price erosion, it nets off and the incremental sales momentum is coming from this product itself?

好的。很公平。那麼可以公平地說增量增長，你肯定有一些批准和啟動。但是隨著價格的下跌，它抵消了，增加的銷售勢頭來自該產品本身嗎？

I believe that [erosion is] coming because we are giving better service to our customers and they appreciate it.

我相信 [侵蝕] 即將到來，因為我們正在為客戶提供更好的服務，他們對此表示讚賞。

Okay. And last one on the capital allocation. We have seen some companies being successful in late stage innovator led programs. Are we thinking about it? Or in the past, we had done 505(b)(2), and then we move to self-sustaining and selling those assets. So what is the plan for both these? I mean if there is any plan on both these strategies?

好的。最後一個是關於資本配置的。我們已經看到一些公司在後期創新者主導的項目中取得了成功。我們在考慮嗎？或者在過去，我們已經完成了 505(b)(2)，然後我們開始自我維持並出售這些資產。那麼這兩者的計劃是什麼？我的意思是這兩種策略是否有任何計劃？

We are not planning to [come back to the price in Horizon 2]. We worked hard to get out. Horizon 2 contains activities that are differentiated by design. So we are talking about 11 spaces in India and a couple of spaces outside of India and large market Europe, as well as the United States. We do have NCE as part of our origin discovery, especially in the area of cancer. We do have activities in Celgene therapy in therapeutic management, in OTC, in nutraceuticals as well as in the other innovation of go-to-market. This is part of the Horizon 2 that we shared. But not (inaudible).

我們不打算 [回到 Horizon 2 中的價格]。我們努力工作才能出去。地平線 2 包含按設計區分的活動。所以我們談論的是印度的 11 個空間以及印度和歐洲大市場以及美國以外的幾個空間。我們確實將 NCE 作為我們起源發現的一部分，尤其是在癌症領域。我們確實在 Celgene 療法、治療管理、非處方藥、營養保健品以及上市的其他創新方面開展活動。這是我們共享的 Horizon 2 的一部分。但不是（聽不清）。

Next question is from the line of Sameer Baisiwala from Morgan Stanley.

下一個問題來自摩根士丹利的 Sameer Baisiwala。

First question is on government grant. It looks like in 3Q, you did INR43 crores in first half, some INR240 crores odd. So I guess your product mix is not changing that much. So what's driving this?

第一個問題是關於政府補助的。看起來在第三季度，你上半年的收入為 4.3 億印度盧比，還有 24 億印度盧比。所以我猜你們的產品組合變化不大。那麼是什麼推動了這一點？

So the grant, this -- obviously, we filed the applications as per the government scheme, Sameer, and it depends on the eligibility of the products and the sales that we are making. So depending on the underlying numbers, the grant is recognized. So it's obviously something that will continue, but we'll fluctuate from one quarter to another.

所以補助金，這 - 顯然，我們根據政府計劃 Sameer 提交了申請，這取決於產品的資格和我們正在進行的銷售。因此，根據基礎數字，確認贈款。所以這顯然會持續下去，但我們會從一個季度到另一個季度波動。

Okay. So, fair enough. I get that. But is the product mix changed so much? The products which were eligible, you didn't do those sales in 3 --

好的。所以，很公平。我明白了。但是產品結構變化這麼大嗎？符合條件的產品，你沒有在 3 年內進行銷售——

Yes, product mix changes. And the sales level of various products also changes. So that return is the incentive.

是的，產品組合發生了變化。而各種產品的銷售水平也在發生變化。所以回報就是激勵。

Okay. Cool. And the second question is on biosimilars. You clearly have focused on that. But if I look at your pipeline, I mean, first of all, good job on Rituxan for Phase III. But to succeed in this market, you need good 5, 10 products, a fairly vibrant pipeline, 7 products in Phase III type of a situation. So can you talk a bit about it, how will you make a mark in this space?

好的。涼爽的。第二個問題是關於生物仿製藥。您顯然已經專注於此。但如果我看一下你的管道，我的意思是，首先，第三階段的 Rituxan 做得很好。但要在這個市場上取得成功，你需要 5、10 個產品，一個相當活躍的管道，7 個產品處於 III 期類型的情況。那麼你能談談嗎，你將如何在這個領域留下印記？

If you recall, we decided the time to skip the products that will be with the patent expiration until 2027, because we felt that will be late to the market. And we have a pretty robust portfolio for the patent if that is after the even larger number of what you just said. We kept rituximab as it was already there, we are already selling it in 27 countries. And by having the (inaudible), it will allow us to sell it in many more countries, and we have also an agreement with a third party on the U.S. market. Rituximab also will bring the U.S. FDA, and we will be able to approve the relevant side from a [G&P] point of view. So to your question, we are committed. We are committed to even larger number of molecules than that. And over time, we are going to see it. And in accordance to the relevant net that we need to launch the product and -- but we're absolutely going to play biosimilars to be a significant player, especially in emerging markets.

如果您還記得的話，我們決定在 2027 年之前跳過專利到期的產品的時間，因為我們認為這些產品上市時間會較晚。如果你剛才說的數量更多的話，我們有一個非常強大的專利組合。我們保留了利妥昔單抗，因為它已經存在，我們已經在 27 個國家/地區銷售它。通過（聽不清），我們可以在更多國家/地區銷售它，並且我們還與美國市場上的第三方達成了協議。利妥昔單抗也會帶來美國FDA，我們會從[G&P]的角度來批准相關方。所以對於你的問題，我們承諾。我們致力於比這更多的分子。隨著時間的推移，我們將會看到它。根據我們需要推出產品的相關網絡，我們絕對會玩生物仿製藥，成為重要的參與者，尤其是在新興市場。

Okay. Got it. And one final one is on (inaudible) been sometime that we are stable at 14%, 15% market share. So what's the outlook on this?

好的。知道了。最後一個是（聽不清）某個時候我們穩定在 14%、15% 的市場份額。那麼對此有何看法？

We'll continue to try this to gain as much market share as possible. It fluctuate according to decisions of customers.

我們將繼續嘗試這一點，以獲得盡可能多的市場份額。它根據客戶的決定而波動。

It's not about supply chain or raw material issue?

不是供應鍊或原材料問題？

No, no, no issues. This was sold, I think a year ago.

不，不，沒問題。這是賣掉的，我想是一年前。

(Operator Instructions) Next question is from the line of Kunal Dhamesha from Macquarie Group.

（操作員說明）下一個問題來自 Macquarie Group 的 Kunal Dhamesha。

So I think on the biosimilar products that we are -- we have got a good trial data, et cetera. Do we have the existing capacity, which can support, let's say, clear market share in this product? Or would we need to invest more? And if yes, would it be the same facility where you would seek expansion, or it would be a greenfield facility?

所以我認為我們的生物仿製藥產品——我們有很好的試驗數據，等等。我們是否有現有能力支持，比方說，該產品的明確市場份額？還是我們需要投入更多？如果是，它會是您尋求擴張的同一設施，還是新建設施？

We are investing in capacity for the last [5 years] and continue to invest (inaudible) growing on every year. Yes, we have enough capacity to capture market share globally.

我們在過去 [5 年] 中投資於產能，並繼續投資（聽不清）每年都在增長。是的，我們有足夠的能力在全球範圍內佔領市場份額。

And what would be our current biologics capacity, reacted capacity in total in terms of kiloliters? And the gross block related to it?

我們目前的生物製劑產能是多少，以千升計的總反應產能是多少？和它相關的毛塊？

I don't remember the kiloliters, but we can produce let's say, many, many hundreds of kilos we can --

我不記得是多少千升了，但我們可以生產，比方說，我們可以生產很多很多——

And in terms of our cost structure, would you have benchmarked our cost of production versus, let's say, Korean and Chinese player? And where we stand versus them?

就我們的成本結構而言，您是否將我們的生產成本與韓國和中國玩家進行了基準比較？我們對他們的立場是什麼？

We believe that we are well competitive in terms of cost structure and part of it is because the technology we are using, part of it is the accretion that we have on the product and part of it is the fact that we are in India and leveraging the economy of India.

我們相信我們在成本結構方面具有很好的競爭力，部分原因是因為我們正在使用的技術，部分原因是我們在產品上的積累，部分原因是我們在印度並利用印度的經濟。

Next question is from the line of Prashant Nair from AMBIT Capital.

下一個問題來自 AMBIT Capital 的 Prashant Nair。

My question is on the PSAI business. So we've seen the recoveries here. I mean is it fair to assume that the disruption in this business is behind us and there is -- this will continue to normalize as we go forward. And the second question is on the gross margin side again. This used to be the mid-20, mid-20% gross margin business in the past. Can you still get to those levels? Or would it settle a bit lower?

我的問題是關於 PSAI 業務的。所以我們在這裡看到了復甦。我的意思是，可以公平地假設這項業務的中斷已經過去，而且隨著我們的前進，這將繼續正常化。第二個問題又是在毛利率方面。這曾經是過去20%、20%的毛利率業務。你還能達到那些水平嗎？還是會穩定一點？

I believe that we should go there. And we are in the right direction to be there. And I also believe that the challenges that we faced in the last 18 months or so are behind us. And like I mentioned, we do see a very good signs of recovery. There is still room for improvement also on that side, which I believe that we will achieve.

我相信我們應該去那裡。我們正朝著正確的方向前進。而且我還相信，我們在過去 18 個月左右面臨的挑戰已經過去。就像我提到的，我們確實看到了非常好的複蘇跡象。在這方面也還有改進的餘地，我相信我們會實現的。

Next question is from the line of Saion Mukherjee from Nomura.

下一個問題來自野村證券的 Saion Mukherjee。

Erez, can you update us on China filing and how the business is doing? And when do you expect meaningful traction in revenues?

埃雷茲，你能向我們介紹中國備案情況以及業務進展情況嗎？您預計何時會出現有意義的收入增長？

So we continue with the process. It's going well. Amit, can help me, but I think we also bought [14 or 15] products.

所以我們繼續這個過程。進行得順利。 Amit，可以幫助我，但我想我們還購買了 [14 或 15] 種產品。

Yes, every year now and we have started buying more than double-digit -- double-digit filings have started. As we speak, we have about 20 filings pending approval. And in the next few years, so going by this run rate obviously, there will be 40, 55 being over the next 3, 4 years. So typically, after filing, it takes 18 to 24 months for a product to get approved. So last year, we got like approval for 4 products. This year, we expect similar run rate and going forward, even it to become better and better. So all I think statistics are working as we have expected, and the sales also should start picking up faster. So we are already growing in double-digits, but [at times] start growing faster, maybe somewhere second half of '24, '25 onwards.

是的，現在每年我們都開始購買超過兩位數的——兩位數的申請已經開始。就在我們說話的時候，我們有大約 20 份申請正在等待批准。在接下來的幾年裡，很明顯按照這個運行速度，在接下來的 3、4 年裡會有 40、55 個。因此，通常情況下，在提交申請後，產品需要 18 到 24 個月才能獲得批准。所以去年，我們獲得了 4 種產品的批准。今年，我們預計類似的運行率和未來，甚至會變得越來越好。所以我認為所有統計數據都如我們預期的那樣起作用，銷售也應該開始更快地回升。所以我們已經以兩位數的速度增長，但 [有時] 開始增長得更快，可能是在 24 世紀下半年、25 世紀之後。

Second half FY '24, okay.

24 財年下半年，好的。

FY '24, we should see growth, FY '25 even more.

24 財年，我們應該看到增長，25 財年甚至更多。

Okay. And it is also on Russia, I mean, how -- I mean, I know this quarter is good. You had biosimilar contract. But in general, the market dynamics, are you seeing more traction for Indian companies in terms of procurement by the government or market demand in general? I'm just looking at how should we think about constant currency growth in Russia from a slightly longer-term perspective, maybe over the next couple of years?

好的。它也在俄羅斯，我的意思是，我的意思是，我知道這個季度很好。你有生物仿製藥合同。但總的來說，市場動態，你是否看到印度公司在政府採購或總體市場需求方面更具吸引力？我只是看看我們應該如何從更長期的角度（也許是未來幾年）考慮俄羅斯的貨幣持續增長？

I don't see anything special as related to company or country. And everybody with respect to my opinion, are waiting to see how [eventually fold] in the country. And to the best of my analysis, people did not give the market as of here. And so it's not a growth that's coming because others are leaving. It's a real growth that's coming from the consumption of [people]. So the way we are looking at it as part of our products are OTC, which have seasonality to them. The biologics have a different seasonality that are related to the timing that the government is procuring it. And the Rx product are very much the same demand over deal. So, so far, it's behaving very normal to what we see and the growth is attributed primarily to our productivity and not (inaudible)

我沒有看到任何與公司或國家相關的特別之處。就我的觀點而言，每個人都在等著看這個國家如何 [最終折疊]。根據我的最佳分析，人們並沒有給出這裡的市場。因此，增長的到來並不是因為其他人正在離開。這是來自 [人] 消費的真正增長。因此，我們將其視為我們產品的一部分的方式是 OTC，它們具有季節性。生物製劑具有不同的季節性，這與政府採購它的時間有關。與 Rx 產品的需求非常相似。所以，到目前為止，我們看到的情況非常正常，增長主要歸因於我們的生產力，而不是（聽不清）

Okay. And sir, one last question, if I can. For India, adjusted for the acquisitions, [sirolimus], et cetera. Can you share how the organic growth has been? And I think a couple of quarters back, you indicated sirolimus to be a big drag on your gross margins. Now with the patent of how should we think about the situation on that product.

好的。先生，最後一個問題，如果可以的話。對於印度，根據收購、[西羅莫司]等進行調整。您能分享一下有機增長的情況嗎？我認為幾個季度前，您表示西羅莫司會嚴重拖累您的毛利率。現在有了我們應該如何考慮該產品情況的專利。

So this product will be profitable for us. The cost structure will be better in the future. And the brand is well accepted by the community. It's actually #1 in [CHF] as we speak. And we are going to continue to see growth in India in all the places, which we are focusing. So the -- like we indicate, I'm expecting here to continue to be double-digit growth also in the future. And on top of it, we will see both inorganic move investment in collaborations and divestitures. So all of these movements will happen in India also in the near future as well as the longer term.

所以這個產品對我們來說是有利可圖的。未來成本結構會更好。該品牌深受社區歡迎。正如我們所說，它實際上是 [CHF] 中的第一名。我們將繼續看到印度在我們關注的所有地方的增長。所以——就像我們指出的那樣，我預計未來也將繼續保持兩位數的增長。最重要的是，我們將看到無機物在合作和資產剝離方面的投資。因此，所有這些運動都將在不久的將來和長期內發生在印度。

Okay. And can you share the growth number adjusted for acquisition and divestments, just to understand the organic growth in India this quarter?

好的。您能否分享根據收購和撤資調整後的增長數字，以了解本季度印度的有機增長？

And we look at the entire business as a portfolio. So we don't analyze including and excluding acquisitions. I think overall, we have reported a growth of 10%. As Erez said, we are confident that we will be able to continue to drive growth in India, given the various growth levers.

我們將整個業務視為一個投資組合。所以我們不分析包括和排除收購。我認為總體而言，我們報告了 10% 的增長。正如 Erez 所說，鑑於各種增長槓桿，我們有信心能夠繼續推動印度的增長。

(Operator Instructions) Next question is from the line of [Smith from RDA].

（操作員說明）下一個問題來自 [來自 RDA 的史密斯]。

Is Amitiza still make an opportunity for us as sales are declining and few companies have already discontinued the product.

Amitiza 是否仍然為我們提供機會，因為銷售額正在下降，而且很少有公司已經停產該產品。

Sorry, voice is not clear. Can you repeat that question?

抱歉，語音不清楚。你能重複這個問題嗎？

Is Amitiza still meaningful product for us? As sales are declining --? Hello?

Amitiza 對我們來說仍然是有意義的產品嗎？隨著銷售額下降——？你好？

Which product sales are declining?

哪些產品銷量下降？

Amitiza.

阿米蒂扎。

He is lacking, so we cannot get the question. Can you look at this?

他是缺的，所以我們不能得到這個問題。你能看看這個嗎？

Is Amitiza, still meaningful opportunity for us as sales are declining and few companies have already discontinued the product.

Amitiza 對我們來說仍然是一個有意義的機會，因為銷售額正在下降，而且很少有公司已經停產該產品。

Yes. So we have launched this product in U.S., I think in quarter 1. I think there are a significant number of players, if I'm not wrong, about 8 to 10 players at launch. And this price erosion, I think, has been fairly decent. So we are having a decent pace, but it's not a very large product for us. In sale, we are doing good.

是的。所以我們在美國推出了這款產品，我認為是在第一季度。我認為有相當多的玩家，如果我沒記錯的話，在發佈時大約有 8 到 10 名玩家。我認為，這種價格下跌相當可觀。所以我們的步伐不錯，但對我們來說這不是一個非常大的產品。在銷售方面，我們做得很好。

Okay. So my other question is on [Celdilda]?

好的。所以我的另一個問題是關於 [Celdilda]？

Celevida?

塞維達？

Yes.

是的。

Is it Celevida?

是塞維達嗎？

[Celdilda]

[塞爾達]

Sorry to interrupt you. Smith may I request you to speak through the handset, please? Your voice is not coming clear.

抱歉打擾你了。史密斯，我可以請你通過聽筒發言嗎？你的聲音不清晰。

Okay. I will turn back to you.

好的。我會回頭給你。

Next question is from the line of Prakash Agarwal from Axis Capital.

下一個問題來自 Axis Capital 的 Prakash Agarwal。

Yes. I just quickly follow-up. Just trying to understand the smaller trends where we had exclusivity, when is the competition expected to come for Eblimit?

是的。我趕緊跟進。只是想了解我們擁有獨家經營權的較小趨勢，預計 Eblimit 的競爭何時到來？

The voice is breaking up. Something is wrong to the line. We can't hear you well.

聲音正在破裂。線路有問題。我們聽不清楚。

Can you repeat the question, please?

請你重複這個問題好嗎？

Sure, sir. Am I audible now?

當然，先生。我現在可以聽了嗎？

Yes, please.

是的，請。

Yes, I'm just trying to understand when are we expecting competition on the smaller trends for Revlimid, where we have exclusivity?

是的，我只是想了解我們什麼時候期待在 Revlimid 的較小趨勢上競爭，我們有排他性？

We had exclusivity for 180 days. So therefore, you say 1 in Q1, probably people would come.

我們擁有 180 天的獨家經營權。因此，您在第一季度說 1，可能會有人來。

Okay. And would that be a recent meaningful contributor to the run rate or whatever run rate we are doing on the Eblimit sales or these are the small shares?

好的。那會不會是最近對運行率或我們在 Eblimit 銷售中所做的任何運行率的有意義的貢獻，或者這些是小份額？

Your voice is breaking. Could you just repeat the question again, please?

你的聲音在顫抖。請你再重複一遍這個問題好嗎？

I'm asking, would there be a meaningful contribution in the overall sales Revlimid or U.S. sales? Or is it a small share?

我在問， Revlimid 或美國的整體銷售額會有有意義的貢獻嗎？還是份額很小？

I cannot share the information per SKU. Like I mentioned before, indeed, exclusivity will go in this period of time and the process will continue to be meaningful to us. Sorry that I cannot share. I understand.

我無法按 SKU 共享信息。就像我之前提到的，確實，排他性將在這段時間內消失，這個過程將繼續對我們有意義。對不起，我不能分享。我明白。

Sure. No. If you can repeat what you said, it will continue to grow.

當然。不會。如果你能重複你說過的話，它會繼續增長。

It will continue to be meaningful for (inaudible). That's what I say.

它將繼續對（聽不清）有意義。這就是我說的。

Next question is from the line of Rahul from IIFL Securities.

下一個問題來自 IIFL Securities 的 Rahul。

Sir, can you provide an update with respect to some of these complex U.S. generic assets, which you had disclosed during your analyst meet last year. So when do you expect launches for these complex assets to begin for us in the U.S. market, given one of your peers recently indicated that market formation has begun for a product, [the guiding also on].

先生，您能否提供有關這些複雜的美國通用資產的最新信息，這些資產是您在去年的分析師會議上披露的。因此，考慮到您的一位同行最近表示產品的市場形成已經開始，您預計這些複雜資產什麼時候開始在美國市場推出，[指南也在]。

Yes. And also, we also have approval of this product. So I think it is linked to the IP. So as it allows us, we have a settlement also with the innovator. So as per the settlement comes, we will be able to [know]. And for your broader questions, we are very much on track of what we shared. And also, we are planning to launch complex products that was not shared in that meeting. So the pipeline of complex product is a robust and getting better.

是的。而且，我們也獲得了該產品的批准。所以我認為它與IP掛鉤。因此，在允許的情況下，我們也與創新者達成了和解。因此，隨著和解的到來，我們將能夠[知道]。對於更廣泛的問題，我們非常關注我們分享的內容。此外，我們還計劃推出在那次會議上未共享的複雜產品。因此，複雜產品的管道是穩健的，並且會越來越好。

Sure, sir. So any time lines which you can share in terms of products like octreotide or liraglutide or teriparatide. When do you expect these launches to begin? So would these launches be over the next 12- to 18-month period or beyond that?

當然，先生。因此，您可以就奧曲肽、利拉魯肽或特立帕肽等產品分享任何時間線。您預計這些發布何時開始？那麼這些發布會在接下來的 12 到 18 個月內或更長時間內進行嗎？

No. So for specific time lines, we're not sharing, Rahul. So some of these products, we have filed some of these products are under development. And obviously, the launch is linked to both IT scenario as well as we being able to secure the approval. So while some of these should start coming to the market maybe FY '25, FY '26 onwards. But that is what we believe, we do not have any firm time lines because all these are linked to both approval and IT.

不，所以對於特定的時間線，我們不會分享，Rahul。所以其中一些產品，我們已經提交了其中一些產品正在開發中。顯然，發布與 IT 場景以及我們能夠獲得批准相關聯。因此，雖然其中一些應該開始進入市場，但可能從 25 財年、26 財年開始。但這就是我們所相信的，我們沒有任何確定的時間表，因為所有這些都與審批和 IT 相關。

Okay, sir. And this mid-single-digit growth, which you are talking about the U.S. portfolio on an extra limit basis. So that essentially will be driven by these 25, 30 launches which you are talking about?

好的，先生。而這個中等個位數的增長，你在額外限制的基礎上談論美國投資組合。那麼這基本上將由您正在談論的這 25 次、30 次發射驅動？

Again, I know you are working with and without the product. We are not looking at it in this way. And by the time that the price erosion will come to this product it will be naturally out of the base. So we are not looking at the markets with and without. And absolutely, these products that we mentioned will be part of the journey of the growth in the United States. And from time-to-time, because of the special product, we will see blips that will be much more than the single digit that we discussed. So we are reiterating that we will see a growth on the continuous basis. And from time-to-time, we will see upside.

同樣，我知道您正在使用和不使用該產品。我們不是這樣看的。到該產品價格下跌時，它自然會脫離基數。所以我們不是在看市場有沒有。當然，我們提到的這些產品將成為美國增長之旅的一部分。有時，由於特殊產品，我們會看到比我們討論的個位數多得多的光點。因此，我們重申，我們將看到持續的增長。時不時地，我們會看到上行空間。

Next question is from the line of Shyam Srinivasan from Goldman Sachs.

下一個問題來自高盛的 Shyam Srinivasan。

Just the first one is on this recent launch by Amazon in the U.S. for this Rx part, right? So they have started a subscription-based $5 per month for the most common like 60-odd generic medicines. I know it was launched only yesterday across the entire United States. But Erez and team, any early thoughts on how the supply chain could potentially change given that if they start making meaningful progress. Is that -- is the uninsured or the out-of-pocket population? Is it significant, you think? Because it seem -- it doesn't seem to include Medicaid and Medicare. So just want your initial thoughts just on the industry development.

第一個是亞馬遜最近在美國推出的這個 Rx 部分，對吧？因此，他們已經開始以每月 5 美元的價格訂閱最常見的 60 多種仿製藥。我知道它是昨天才在整個美國推出的。但是 Erez 和團隊，如果他們開始取得有意義的進展，那麼任何關於供應鏈可能如何改變的早期想法。那是——沒有保險的人還是自掏腰包的人？你覺得重要嗎？因為它似乎——它似乎不包括醫療補助和醫療保險。所以只希望您對行業發展有初步的想法。

So initial, so it's definitely as a channel that was not there before. And there will be -- and it will be impactful, I believe. And over time, whatever is not covered, I believe, will be covered. So it's a process that's likely to have. It will make the retail more competitive, and it will be -- there are both opportunities as well as the (inaudible) for the industry. And so we also saw this kind of stuff which is happening in other countries. But let's say, as initial thought, it's primarily, I see it has another channel that we can use.

如此初始，所以它絕對是一個以前不存在的頻道。並且會有 - 我相信它會產生影響。隨著時間的推移，我相信任何未涵蓋的內容都會被涵蓋。所以這是一個可能有的過程。這將使零售業更具競爭力，而且它會 - 行業既有機會也有（聽不清）。所以我們也看到了在其他國家發生的這種事情。但是讓我們說，作為最初的想法，它主要是，我看到它有另一個我們可以使用的渠道。

Got it. So I now know that -- we now know that at least Amazon doesn't directly deal with manufacturers. They probably go through the existing supply chain. But we foresee or have you seen examples globally where somebody like that directly deals with manufacturers? Or you think those kind of business models can't evolve.

知道了。所以我現在知道了——我們現在知道至少亞馬遜不直接與製造商打交道。他們可能會通過現有的供應鏈。但是我們預見到或者您是否在全球範圍內看到過這樣的人直接與製造商打交道的例子？或者你認為那些商業模式無法發展。

I believe that there will be also direct interactions with the manufacturer of this.

我相信也將與製造商直接互動。

Got it, sir. And my second question just on some of the commentary around the SG&A. In your press release, you've talked about one-off expenses in the SG&A, both, I think, sequentially and Y-o-Y. So what are these? And is it -- if you could quantify or qualify, please?

知道了，先生。我的第二個問題只是關於 SG&A 的一些評論。在你的新聞稿中，你談到了 SG&A 中的一次性費用，我認為是按順序和 Y-o-Y。那麼這些是什麼？是嗎——如果你能量化或限定，好嗎？

The SG&A is used for either supporting our brands or supporting our capabilities, especially in the -- as related to technology, digital, et cetera, as well as the ability to launch new products. The SG&A will grow as related to both Horizon 1 and Horizon 2, but there will be more growth that will come from the sales that will support it. So I see that's what I kind of said that it's all about the margins. And we -- that's why I reiterate that we are still committed to the same margins that we committed in the past.

SG&A 用於支持我們的品牌或支持我們的能力，尤其是與技術、數字等相關的領域，以及推出新產品的能力。 SG&A 將隨著地平線 1 和地平線 2 的增長而增長，但更多的增長將來自支持它的銷售。所以我明白這就是我所說的一切都與利潤有關。而我們——這就是為什麼我重申我們仍然致力於與過去承諾的利潤率相同的原因。

And I'm just referring to just the one-off expenses, just the one-off expenses is what I'm wondering what it is?

我只是指一次性費用，一次性費用就是我想知道的是什麼？

Yes. Approximately, it would be less than 100 basis points of sales, approximately.

是的。大約，大約不到 100 個銷售基點。

And what it is, Parag, what is it for?

它是什麼，Parag，它有什麼用？

I don't think we can disclose the nature of this. This is something in the normal course of the business, but it's not likely to recur.

我認為我們不能透露這件事的性質。這是正常業務過程中的事情，但不太可能再次發生。

(Operator Instructions) The next question is from the line of Saion Mukherjee from Nomura.

（操作員說明）下一個問題來自野村證券的 Saion Mukherjee。

Just one clarification that is on the commentary on the U.S. business when you talked about single-digit growth. What I understand is you have been talking about this even without Revlimid before. So let's say, before Revlimid kicked in, you were doing, let's say, $250 million a quarter or $1 billion a year. So is that the base we should take for next 3, 4 years to see single-digit growth and there would be volatility around that due to Revlimid? Is that what you meant? Or you are saying that on this larger base that you have, you can grow single-digit in the U.S.?

當你談到個位數增長時，只是對美國企業評論的一個澄清。我的理解是你之前一直在談論這個，即使沒有 Revlimid。所以比方說，在 Revlimid 開始之前，你做的是，比方說，每季度 2.5 億美元或每年 10 億美元。那麼，我們是否應該在未來 3 年、4 年內看到個位數增長的基礎，並且由於 Revlimid 的存在，圍繞這個基礎會有波動嗎？這是你的意思嗎？或者你是說在你擁有的這個更大的基礎上，你可以在美國增長個位數？

I believe that we can grow [even on the colon] base.

我相信我們可以 [甚至在結腸] 基礎上成長。

Okay. And just a follow-up on, you talking about 30-odd products launches. How many of them you think would be complex? And is there any improved visibility over the past year or so based on your FDA interaction that you have more clarity on these launches next year. And basically, if you can give some color on the quality of launches versus this year? Is it going to improve, remain the same. If you can give some color on that?

好的。只是跟進，你談論的是 30 多種產品的發布。你認為其中有多少是複雜的？根據您與 FDA 的互動，在過去一年左右的時間裡，是否有任何提高的知名度，您對明年的這些發布有更多的了解。基本上，與今年相比，您是否可以對發布的質量給出一些顏色？會不會好轉，保持不變。如果你能給它一些顏色？

If I'm not taking into account in lenalidomide, the quality of the launches will be better, I would say. Some of them will be bigger, some of them smaller. In terms of pipeline of complex products or products that can be very big, this pipeline is going up as we speak. And we are working very hard on it. I believe that we'll have a very, very interesting pipeline in the next 3 years of complex. I don't know exactly what will be the rate of each one of them, but it's a very interesting portfolio.

如果我不考慮來那度胺，我會說發射的質量會更好。其中一些會更大，有些會更小。就複雜產品或可能非常大的產品的管道而言，這條管道在我們說話時正在上升。我們正在為此努力工作。我相信在未來 3 年的複雜過程中，我們將擁有一條非常非常有趣的管道。我不知道他們每個人的利率是多少，但這是一個非常有趣的投資組合。

Thank you. I now hand the conference over to Ms. Richa Periwal for closing comments.

謝謝。我現在將會議移交給 Richa Periwal 女士以發表閉幕評論。

Thank you, everyone for joining us today. If you have any follow-up questions, please reach out to the Investor Relations team. Thank you.

謝謝大家今天加入我們。如果您有任何後續問題，請聯繫投資者關係團隊。謝謝。

Thank you very much. On behalf of Dr. Reddy's Laboratories Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.

非常感謝。我代表 Dr. Reddy's Laboratories Limited 結束本次會議。感謝您加入我們。您現在可以斷開線路。謝謝。