Dr Reddy's Laboratories Ltd (RDY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Quarter 3 FY25 Earnings Conference Call of Dr. Reddy's Laboratories Limited. (Operator Instructions)

女士們、先生們，大家好，歡迎參加雷迪博士實驗室有限公司 2025 財年第三季財報電話會議。（操作員指令）

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

現在，我將會議移交給 Richa Periwal 女士。謝謝您，女士，就交給您了。

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 Q3 FY25 Earnings Conference Call. We have with us the leadership team of Dr. Reddy's, comprising Mr. Erez Israeli, our CEO; Mr. M.V. Narasimham, our CFO; and the Investor Relations team.

謝謝。大家早安，晚上好，感謝大家今天參加雷迪博士 2025 財年第三季財報電話會議。我們擁有雷迪博士的領導團隊，包括我們的執行長埃雷茲以色列先生； M.V. 先生我們的財務長 Narasimham；以及投資人關係團隊。

Earlier today, we have released our results, and the same is also posted on our website. We will kick off today's call with MVN taking us through the financial highlights of the quarter. This will be followed by Erez sharing his thoughts on business performance, post which we'll open the forum for Q&A.

今天早些時候，我們已經公佈了我們的結果，並且也發佈在我們的網站上。今天的電話會議將由 MVN 向我們介紹本季的財務亮點。接下來，Erez 將分享他對業務績效的看法，之後我們將開放問答論壇。

Please note that today's call is a copyrighted material of Dr. Reddy's and cannot be rebroadcasted or attributed in press or media outlet without the company's expressed written consent. This call is being recorded, and the playback and the transcript shall be made available on our website soon.

請注意，今天的電話會議是雷迪博士的版權資料，未經公司明確書面同意，不得在報紙或媒體上轉載或引用。本次通話正在錄音，回放和文字記錄很快就會發佈在我們的網站上。

All the discussions and analysis of this call will be based on the IFRS consolidated financial statements. The discussion today contains certain non-GAAP financial measures. For a reconciliation of GAAP to non-GAAP measures, please refer to our press release.

本次電話會議的所有討論和分析將基於國際財務報告準則 (IFRS) 合併財務報表。今天的討論包含某些非 GAAP 財務指標。有關 GAAP 與非 GAAP 指標的對照表，請參閱我們的新聞稿。

Before I proceed with the call, I'd like to remind everyone that the safe harbor contained in today's press release also pertains to this conference call.

在繼續通話之前，我想提醒大家，今天的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 MVN.

現在我將通話轉交給MVN。

Thank you, Richa. A warm welcome to all. We continued our growth trajectory and delivered consistent results with a double-digit top line growth and steady margins, while continue to -- continuing to invest in our R&D, innovation and commercial capabilities. This is the first quarter of consolidation of the acquired Nicotine Replacement Therapy business, and this resulted in delivering at again highest ever quarterly revenues and EBITDA in Q3 FY25 for the company.

謝謝你，Richa。熱烈歡迎大家。我們持續保持成長軌跡，取得了兩位數的營收成長和穩定的利潤率，同時繼續對研發、創新和商業能力進行投資。這是收購的尼古丁替代療法業務合併的第一季度，這使得該公司在 2025 財年第三季度再次實現了歷史最高的季度收入和 EBITDA。

Let's look at the financial performance of the quarter. For this section, all amounts have been translated into US dollar at a convenience translation rate of INR85.55, which is the rate as of December 31, 2024. Consolidated revenue for the quarter stood at INR8,359 crores, which is USD977 million, a growth of 16% on year-on-year and 4% QoQ. This includes revenues from the acquired NRT business of INR605 crores. Excluding NRT revenues, the underlying growth is at 7.5% on a year-on-year basis and a decline of 3% on QoQ.

讓我們來看看本季的財務表現。本節，所有金額均已以便利換算匯率 85.55 印度盧比（即 2024 年 12 月 31 日的匯率）換算為美元。本季綜合營收為 8,359 億印度盧比，即 9.77 億美元，年增 16%，季增 4%。其中包括來自收購 NRT 業務的 60.5 億印度盧比收入。若不包括NRT收入，基礎成長率為年比7.5%，季減3%。

Consolidated gross profit margin stood at approximately 59% for the quarter, an increase of 19 basis points over the same quarter of the previous year and a decrease of 91 basis points sequentially. The year-over-year increase was primarily on account of improvement in product mix and manufacturing overhead leverage, partially offset by price erosion. Gross margin for Global Generics and PSAI were at 61.3% and 28.6%, respectively.

本季綜合毛利率約59%，較去年同期增加19個基點，較上一季減少91個基點。年成長主要由於產品結構和製造費用槓桿的改善，但部分被價格下滑所抵消。Global Generics 和 PSAI 的毛利率分別為 61.3% 和 28.6%。

The SG&A spend for the quarter was INR2,412 crores, which is USD282 million, an increase of 19% year-over-year and 5% on a QoQ basis. The year-over-year increase was primarily on account of recently acquired NRT business, investment in the new business initiatives, building the capabilities and higher logistics costs due to increased freight rates. The SG&A spend as a percentage to the sales was 28.9% and was higher by 82 basis points on year-over-year and 15 basis points QoQ basis.

本季的銷售、一般及行政費用為 2,412 千萬印度盧比，即 2.82 億美元，年增 19%，季增 5%。年比成長主要由於最近收購的NRT業務、對新業務計劃的投資、能力建設以及運費上漲導致的物流成本上升。銷售、一般及行政費用佔銷售額的百分比為 28.9%，比去年同期高出 82 個基點，比上一季高出 15 個基點。

The R&D spend for the quarter was INR666 crores, which is USD78 million, an increase of 20% on year-over-year and a decrease of 8% on QoQ. The continued investment in R&D was primarily towards development of complex generics and biosimilars. The R&D spend was at 8% of sales and was higher by 25 basis points on year-over-year and lower by 110 basis points on a QoQ basis.

本季研發支出為 666 億印度盧比，即 7,800 萬美元，年增 20%，季減 8%。對研發的持續投資主要用於開發複雜的仿製藥和生物相似藥。研發支出佔銷售額的 8%，比去年同期高出 25 個基點，比上一季低 110 個基點。

We expect the investment to be in the range of 8.5% to 9% for the full fiscal. The EBITDA for the quarter, including other income was INR2,298 crores, which is USD269 million, an increase of 9% on a year-over-year basis and flat QoQ. The EBITDA margin stood at 27.5% and was lower by 176 basis points on year-year and 95 basis points QoQ basis.

我們預計整個財政年度的投資額將在 8.5% 至 9% 之間。本季的 EBITDA（包括其他收入）為 2,298 千萬印度盧比，即 2.69 億美元，年增 9%，與上一季持平。EBITDA 利潤率為 27.5%，年減 176 個基點，較上季下降 95 個基點。

The net finance expense for the quarter is around INR2 crores as compared to net income of INR96 crores for the same quarter last year, primarily on account of unfavorable forex impact and lower interest income post NRT acquisition consideration payout. As a result, profit before tax for the quarter stood at INR1,874 crores that is USD219 million.

本季淨財務支出約為 2 千萬印度盧比，而去年同期的淨收入為 96 千萬印度盧比，主要原因是外匯影響不利，以及 NRT 收購對價支付後利息收入降低。結果，本季稅前利潤達到 1,874 億印度盧比，即 2.19 億美元。

EBITDA as a percentage of revenues was at 22.4%. This includes profit before tax from the acquired NRT business of INR124 crores. Effective tax rate for the quarter was 25.1% versus 24.5% in the base quarter. We expect our normalized ETR to around 25%. Profit after tax attributable to equity holders of the parent for the quarter stood at INR1,413 crores, which is USD165 million a growth of 2% on YoY and 13% QoQ. This is at 17% of revenue.

EBITDA 佔收入的百分比為 22.4%。其中包括收購 NRT 業務所獲得的 12.4 億印度盧比的稅前利潤。本季有效稅率為 25.1%，而基季為 24.5%。我們預計標準化 ETR 約為 25%。本季歸屬於母公司股東的稅後利潤為 1,413 億印度盧比，即 1.65 億美元，較去年同期成長 2%，較上季成長 13%。這佔收入的17%。

Reported EPS is INR16.94. But EPS has been derived on the increased number of shares post the stock split and after noncontrolling interest. Operating working capital as of December 31, 2024, was INR12,782 crores, which is yearly USD1.49 billion, an increase of INR716 crores, which is USD84 million over September 30, 2024.

報告的每股收益為16.94印度盧比。但每股盈餘是在股票分割後和非控制權益扣除後增加的股份數量得出的。截至 2024 年 12 月 31 日的營運資本為 12,782 億印度盧比，相當於 14.9 億美元，比 2024 年 9 月 30 日增加 716 億印度盧比，相當於 8,400 萬美元。

CapEx cash outflow for the quarter stood at INR709 crores, which is USD83 million. Negative cash flow for this quarter was INR209 crores, which is USD24 million. We have a net cash surplus INR1,603 crores, which is USD187 million as of December 31, 2024. Foreign currency cash flow hedges in the form of delivered core as follows: US dollar is hedged through structured delivered USD285 million for the next quarter at INR83.9 and USD681 million maturing over the next financial year with the minimum production rate of INR85.7 to the dollar, which also allows participation when USD strengthens. RUB1,903 million with a minimum production rate of INR0.9 to the ruble maturing in the next three months.

本季資本支出現金流出為 70.9 億印度盧比，即 8,300 萬美元。本季負現金流為20.9億印度盧比，約2,400萬美元。截至 2024 年 12 月 31 日，我們的淨現金盈餘為 1,603 億印度盧比，相當於 1.87 億美元。以交付核心形式進行的外幣現金流對沖如下：透過結構化美元對沖，下一季交付 2.85 億美元，金額為 8,390 億印度盧比，下一財年到期的 6.81 億美元，最低生產率為 857 至美元，當美元走強時也可以參與。19.03 億盧布，最低生產率為 0.9 印度盧比兌 1 盧布，未來三個月到期。

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

現在，我請埃雷茲向我們介紹主要的業務亮點。

Thank you, MVN, and very good morning and good evening to everyone. We have delivered another steady quarter with a double-digit top line growth and EBITDA margins of 27.5% and a return on capital employed of 28%. We remain committed to our stated strategy of strengthening our core generics business while also investing in our future growth drivers, primarily in three areas: consumer health care, access to innovative products and biosimilars.

謝謝 MVN，祝大家早安、晚上好。我們又度過了一個穩定的季度，營收達到兩位數成長，EBITDA 利潤率達到 27.5%，資本回報率達到 28%。我們將繼續致力於既定策略，即加強我們的核心仿製藥業務，同時投資於我們未來的成長動力，主要在三個領域：消費者保健、創新產品的取得和生物相似藥。

We are focused on driving productivity in research and development, scaling our manufacturing and commercial capabilities and leveraging our market access to capture opportunities while operating efficiently.

我們專注於提高研發效率、擴大製造和商業能力，並利用我們的市場准入來抓住機遇，同時高效運作。

Following the completion of acquisition of the Nicotine Replacement Therapy business in September, we are now focusing on its seamless integration, which will happen in phased manner starting April 2025. During the transition period, the seller, Haleon, will provide distribution and related services across all markets. In Q3 FY25 is the first quarter of consolidation of NRT business -- financials.

繼 9 月完成對尼古丁替代療法業務的收購後，我們目前專注於其無縫整合，這項工作將於 2025 年 4 月開始分階段進行。在過渡期間，賣方 Haleon 將在所有市場提供分銷和相關服務。2025 財年第三季是 NRT 業務－財務合併的第一個季度。

Let me take you through the other key highlights for the quarter. One, double-digit growth in revenue at 16%, with EBITDA margins at 27.5%, ROCE at 28%, USD188 million of net cash surplus. We launched toripalimab, the first and only immuno-oncology drug approved for the treatment of nasopharyngeal carcinoma. And elobixibat, a first-in-class drug to treat chronic constipation under the brand name BixiBat in India.

讓我帶您了解本季的其他主要亮點。一、營收實現雙位數成長16%，EBITDA利潤率27.5%，ROCE28%，淨現金盈餘1.88億美元。我們推出了特瑞普利單抗，這是第一個也是唯一一個獲準用於治療鼻咽癌的免疫腫瘤藥物。另外還有elobixibat，這是印度首創的治療慢性便秘的藥物，品牌名為BixiBat。

These launches are in line with our strategy to address issue of availability and accessibility of affordable innovation in India through an in-house and collaborative efforts. We also made progress on our biosimilars journey. We secured the marketing authorization for rituximab in the UK and denosumab has been filed in both US and Europe.

這些產品的發布符合我們的策略，即透過內部和協作努力解決印度可負擔得起的創新產品的可用性和可及性問題。我們的生物相似藥研究也取得了進展。我們在英國獲得了利妥昔單抗的營銷授權，地諾單抗已在美國和歐洲提交了申請。

On the regulatory front, in November, the US FDA completed GMP inspection at our facility CTO-2 in Bollaram, Hyderabad and issued a Form 483 with seven observations. We have responded to the observation within the stipulated timelines.

在監管方面，11月，美國 FDA 完成了我們位於海得拉巴博拉拉姆 CTO-2 工廠的 GMP 檢查，並發布了包含七項觀察結果的 483 表格。我們已在規定的時間內對該意見作出了回應。

We have integrated sustainability in our business operation and continue to recognize for our focused efforts in ESG. We have placed five globally among pharma companies assessed in the 2024 S&P Global CSA with ESG score of 79 out of 100. We continue to be members of the DJSI World Index for the second year in a row, along with DJSI Emerging Markets Index for the ninth year in a row. MSCI ESG rating has been upgraded to A in December. We continue to feature among NIFTY 100 ESG Sector Leaders. Further, Science Magazine named Dr. Reddy's in the top 20 global pharma and biotech employers for the third consecutive year.

我們已將永續性融入我們的業務營運中，並繼續認可我們在 ESG 方面的專注努力。在 2024 年標準普爾全球 CSA 評估的製藥公司中，我們排名全球第五，ESG 評分為 79 分（滿分為 100 分）。我們連續第二年成為道瓊永續指數 (DJSI) 全球指數成員，並連續第九年成為道瓊永續指數 (DJSI) 新興市場指數成員。MSCI ESG 評級於 12 月已升至 A 級。我們繼續名列 NIFTY 100 ESG 業界領導者之列。此外，《科學》雜誌連續第三年將雷迪博士公司評選為全球 20 大製藥和生技雇主之一。

Now let me take you through the key business highlights for the quarter. Please note that all reference to these numbers in these sections are in respective local currencies. Our North America generics business recorded revenue of USD401 million for the quarter, which was flat on a year-to-year basis with sequential decline of 10%. The benefit from volume growth and new launches was offset by price erosion, resulting in the year-on-year growth. Sequential decline was on account of lower sales from products, including lenalidomide. We launched four new products during the quarters, and we closed the full year within 15 to 20 launches.

現在讓我帶您了解本季的主要業務亮點。請注意，這些部分中對這些數字的引用均以相應的當地貨幣為單位。北美仿製藥業務本季營收為4.01億美元，較去年同期持平，季減10%。銷售成長和新產品推出帶來的好處被價格下滑所抵消，導致年成長。連續下滑是由於來那度胺等產品銷售下降。我們在各季度推出了四款新產品，全年共推出了 15 至 20 款新產品。

Our European Generics business segment, including -- includes NRT financials from the quarter. Europe recorded revenues of USD134 million this quarter, a strong year-over-year growth of 142% and sequential growth of 14%. Excluding the NRT, the segment recorded a year-on-year growth of 22% and a QoQ growth of 5%. We gained from the growth in our existing products and new product launches, which more than offset price erosion. During the quarter, we launched a total of nine products across markets.

我們的歐洲仿製藥業務部門，包括本季的 NRT 財務數據。本季歐洲營收達 1.34 億美元，較去年同期強勁成長 142%，季增 14%。若不包括NRT，該部門年增22%，季增5%。我們從現有產品和新產品的推出中獲得的收益足以抵銷價格下滑的影響。本季度，我們在各個市場共推出了 9 種產品。

Our emerging market business recorded revenue of INR1,436 crores in the quarter with year-on-year growth of 12% and decline of 1% on a sequential basis. Year-on-year growth was on account of new products launches in Russia and the rest of the world markets and was further aided by higher base business volumes. We launched 20 new products during the quarter across various countries of the emerging markets. Within this segment, the Russia business grew by 20% year-on-year basis in constant currency.

我們的新興市場業務本季錄得 1,436 千萬印度盧比收入，年增 12%，季減 1%。同比增長是由於在俄羅斯和世界其他市場推出了新產品，而基礎業務量的增加也進一步促進了成長。本季度，我們在新興市場的各個國家推出了 20 款新產品。該部門中，俄羅斯業務以固定匯率計算年增了 20%。

India business recorded revenue of INR1,346 crores in Q3 with a double-digit year-on-year growth of 14% and sequential decline of 4%. We benefited from the growth in our broad portfolio, including in-licensed vaccine portfolio and new launches. We launched six brands this quarter.

印度業務第三季營收為 1,346 億印度盧比，年增 14%，季減 4%。我們受益於廣泛產品組合的成長，包括許可疫苗組合和新產品的推出。本季我們推出了六個品牌。

As per IQVIA, our IPM rank continued to be at 10 and we outperform the IPM with [SQC] growth of 10.3%, while IPM growth was at 7.4%. However, excluding the in-licensed vaccines portfolio, our growth was at 5%. While many of our brands outperformed their respective categories, selected brands in cardiac, intestinal therapy areas witnessed a slower pace of growth. We are poised to return to the market-leading growth in these therapy areas in the coming quarters.

根據 IQVIA 的數據，我們的 IPM 排名繼續保持在 10，且我們的表現優於 IPM，[SQC] 成長率為 10.3%，而 IPM 成長率為 7.4%。然而，不包括許可疫苗組合，我們的成長率為 5%。雖然我們的許多品牌的表現都優於各自的類別，但心臟、腸道治療領域的部分品牌的成長速度有所放緩。我們準備在未來幾季重返這些治療領域的市場領先地位。

Our PSAI business recorded revenue of USD97 million in Q3 of FY25, a year-over-year growth of 3% and sequential decline of 3%. The year-over-year growth was primarily on account of new product launches and improved volumes. We filed 23 drug master files globally this quarter.

我們的PSAI業務在25財年第三季營收9,700萬美元，年增3%，季減3%。年成長主要得益於新產品的推出和銷售量的提高。本季我們在全球提交了 23 份藥品主文件。

We invested 8% of our revenues to strengthen our R&D capabilities. Our R&D investment this quarter stood at INR666 crores, and we are increasingly focusing on developing of our complex generic pipeline, including promising GLP-1 assets and biosimilars. We are also building commercial capacities, enhancing our manufacturing and commercial capabilities and investing in new technologies to capitalize on growth opportunities. We have made 53 global generic filings during Q3 of FY25.

我們投資了8%的收入來加強我們的研發能力。我們本季的研發投資為 666 億印度盧比，我們越來越專注於開發複雜的仿製藥管線，包括有前景的 GLP-1 資產和生物相似藥。我們也正在建立商業能力，增強我們的製造和商業能力，並投資新技術以利用成長機會。我們在25財年第三季提交了53份全球仿製藥申請。

We remain committed to sustainability, quality and operational excellence. We continue to invest in the three areas of strategic focus, which are consumer health care, innovative products and biosimilars to build a solid foundation for future growth. Our strategic investment in R&D, recent acquisition and CapEx putting us in a position of strength in this journey. We are excited about the opportunities ahead and remain steadfast to drive sustainable growth.

我們始終致力於永續發展、品質和卓越營運。我們持續投資消費者保健、創新產品和生物相似藥三大戰略重點領域，為未來成長奠定堅實的基礎。我們對研發、最近的收購和資本支出的策略投資使我們在這段旅程中處於優勢地位。我們對未來的機會感到興奮，並堅定不移地推動永續成長。

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

現在，我想開始提問和解答。

(Operator Instructions) Kunal Dhamesha, Macquarie.

(操作員指示) 麥格理的 Kunal Dhamesha。

The first one on the India business. So we have grown at around 16% year-on-year. But if we just look at the core business, how that performance has shaped up. And we have also mentioned that there is some weakness in cardiac and gastrointestinal segment, lower volume pickup. So is it transitory in nature? Or is there something more to be taken into account there?

第一個是關於印度業務的。因此我們的同比增長率約為16％。但如果我們只看核心業務，其業績表現如何。我們也提到，心臟和胃腸道部分存在一些弱點，拾取量較低。那麼它的本質是暫時的嗎？或是有其他需要考慮的事情嗎？

Yes. So indeed, if you take out -- so all the other categories will outperform the market and actually all of them grew double digit beside these two segments. As for both of them, there are solutions for -- in terms of, let's call it, the actual execution of the way we do sales and marketing as well as the product performance per se.

是的。所以事實上，如果你拿出來——那麼所有其他類別的表現都將優於市場，而且實際上除了這兩個部分之外，其他所有類別都實現了兩位數的成長。對於這兩者，都有解決方案——就我們所說的銷售和行銷方式的實際執行以及產品性能本身而言。

Specifically to gastro, I have no doubt that it will come relatively soon. Cardiovascular may take additional quarter as we need some more adjustments to do. In both cases, we are investing more in both businesses in order to grow them faster. So we are very much focused on that. Other than that, the business in India did pretty well.

具體到胃腸道，我毫不懷疑它會很快到來。心血管可能需要額外的時間，因為我們需要做更多的調整。在這兩種情況下，我們都會對兩項業務投入更多資金，使其更快發展。因此我們非常關注這一點。除此之外，印度的業務表現相當不錯。

Sure, sure. There is one more question on our biosimilar [a foray now]. We have already filed rituximab now with denosumab also filed, but with partner. So if you could throw some light on the economics here for denosumab. And in terms of, let's say, eventual launch, can we assume that this would be the second product after rituximab and then followed by another one abatacept is the way we should look at?

當然，當然。關於我們的生物相似藥還有一個問題[現在開始嘗試]。我們已經提交了利妥昔單抗的申請，目前地諾單抗也已提交申請，但是是與合作夥伴一起。因此，能否介紹一下地舒單抗的經濟效益？就最終上市而言，我們是否可以假設這將是繼利妥昔單抗之後的第二個產品，然後是另一個阿巴西普，這是我們應該關注的方式？

Yes, that's how we should look at it. So denosumab is actually supposed to facilitate abatacept launch because the two products are going for the same segments and give or take to the same type of doctors. So it was also the strategic rationale of why to license the product. We wanted to create the team and the capability in the marketplace to be able to then gain more or faster market share on abatacept. So this was also the rationale.

是的，我們應該這樣看待它。因此，地諾單抗實際上應該促進阿巴西普的推出，因為這兩種產品針對的是相同的細分市場，並且針對的是同一類型的醫生。所以這也是對產品進行授權的策略理由。我們希望在市場上建立團隊和能力，以便能夠更快地獲得阿巴西普的市場份額。這也是其合理之處。

In terms of timelines, normally in the US, it takes about 12 months, give or take for approval. So as we submitted in December, give or take, this is where we should expect the launch. In Europe, it's a bit slower. We submitted in October. So likely we normally takes around 14, 15 months to get all the approvals. So that's also where the time that we are supposed to launch denosumab. And yes, it will be after rituximab in Europe.

就時間安排而言，在美國，通常需要大約 12 個月的時間才能獲得批准。因此，正如我們在 12 月提交的那樣，我們應該期待它的發布。在歐洲，速度稍微慢一點。我們是在十月提交的。因此我們通常需要大約 14 到 15 個月才能獲得所有批准。所以這也是我們應該推出地諾單抗的時間。是的，它將在歐洲利妥昔單抗之後出現。

Sure, sure. And with your permission, last one for MVN. The INR1,240 million of NRT PBT that we have suggested, would it include any allocation of interest expense or just the amortization?

當然，當然。如果你允許的話，這是 MVN 的最後一個。我們建議的 12.4 億印度盧比的 NRT PBT 是否包括利息費用的分配或僅包括攤銷？

Only amortization. No interest.

僅攤銷。沒有興趣。

Neha Manpuria, Bank of America.

美國銀行的 Neha Manpuria。

Erez, on the US business, you mentioned that a few products have seen moderation quarter-on-quarter, including Revlimid. While Revlimid, we understand there's lumpiness, but what was the reason for the decline in the base business, excluding Revlimid? Because have we lost market share? Is the pricing erosion higher than we were expecting? Any color there?

Erez，關於美國業務，您提到包括 Revlimid 在內的一些產品的銷量環比有所放緩。我們知道，雖然 Revlimid 存在一些問題，但不包括 Revlimid 在內的基礎業務下滑的原因是什麼？因為我們失去了市場佔有率？價格下滑幅度是否超出我們的預期？有顏色嗎？

So nothing major happened. The products that were declined were the famous product that we got is the competition like the [costepan] and the Suboxone, stuff that the competition entered some of them nine months ago, some of them six months ago. So there was certain continuation. This happened also before. Nothing major happened in per se. Against that, most of the growth that compensate for it was primarily market share less about new products and more about market share.

所以沒有發生什麼大事。被拒絕的產品都是我們獲得的著名產品，例如 [costepan] 和 Suboxone，競爭對手的一些產品在九個月前就進入了市場，有些在六個月前就進入了市場。因此有一定的延續性。以前也發生過這種情況。本質上沒有發生什麼重大的事情。與此相反，彌補這一缺陷的大部分增長主要是市場份額，而不是新產品的增長，而更多的是市場份額。

So just to get this correctly, we have lost market share in some of these products and hence, the decline. So that's -- this is the new base we need to work with. Is that understanding, right?

正確理解這一點，我們已經失去了部分產品的市場份額，因此導致了下滑。所以這就是我們需要合作的新基礎。這樣理解對嗎？

Yes, it's a combination of market share and prices.

是的，這是市場佔有率和價格的結合。

Understood. Okay. Got it. And my second question is on the Consumer Healthcare business on the NRT transaction. Given that Haleon is still running the business for us till the time the integration happens, how should we look at investments in the business and the ramp-up in the NRT? Would that happen only after the integration is done? Is that fair to assume that in the next 12 months, the focus would be in actually integrating and then probably the business would go into investment stage?

明白了。好的。知道了。我的第二個問題是關於 NRT 交易中的消費者保健業務。鑑於在整合完成之前 Haleon 仍在為我們經營業務，我們應該如何看待對該業務的投資和 NRT 的成長？只有在整合完成後才會發生這種情況嗎？是否可以合理地假設，在未來 12 個月內，重點將放在實際整合上，然後業務可能會進入投資階段？

No, we do have an agreement with them on investment and increase of even investment in certain areas in -- this is a business that actually is now gaining momentum. It is growing actually for the second year in a row, and we want to continue that momentum. So there is a certain agreement of gross to net, how much marketing expenses we should put at a time. Once, of course, the market will come to us -- we don't need to pay that fee anymore to Haleon. So it will save that amount of money that we are paying a certain amount of money for the service that they are giving us as we speak. And it will allow us, of course, to accelerate this process.

不，我們確實與他們就某些領域的投資甚至增加投資達成了協議——這項業務實際上目前正在獲得發展勢頭。實際上，這已經是連續第二年增長，我們希望繼續保持這一勢頭。所以，毛利和淨利之間有一個確定的協議，就是我們一次應該投入多少行銷費用。當然，一旦市場向我們靠攏，我們就不再需要向 Haleon 付費了。因此，這將節省我們為他們提供的服務支付的一定數量的錢。當然，這將使我們能夠加速這一進程。

In terms of priority, absolute integration is a priority, but also to grow the business. So to grow the business, to build the capabilities to -- there is a lot of innovation that was not done there and to introduce it. The real growth will come post this integration, but it -- but we are going to invest more also in this 12 to 14 months that we are going to get -- the time that we get those markets. We are not waiting for them.

從優先級上講，絕對整合是優先事項，同時也是為了發展業務。因此，為了發展業務，為了建立能力——有許多創新尚未完成，我們需要將其引入。真正的成長將在此次整合之後實現，但我們也將在這 12 到 14 個月內投入更多資金，以便進入這些市場。我們沒在等他們。

Okay. And that investment will flow through our P&L in the SG&A cost. That's a fair assumption?

好的。此項投資將計入我們的銷售、一般及行政費用（SG&A）損益表。這是一個合理的假設嗎？

Yes.

是的。

Absolutely. Absolutely.

絕對地。絕對地。

Amey Chalke, JM Financial.

Amey Chalke，JM Financial。

Congrats to the management on good set of numbers. So first question I have is on semaglutide. We understand that Reddy is one of the players who have filed for the Canada market when the patent expiry is expected somewhere early next year. At present, there are two to three players for this market. By the time we would be launching this product in this market, do you expect the players to increase? Or what would be the competitive scenario at that point of time?

恭喜管理層取得如此出色的成績。我的第一個問題是關於司馬魯肽的。我們了解到，雷迪是已申請進入加拿大市場的參與者之一，預計該專利將於明年年初到期。目前，該市場有兩到三家參與者。當我們將這款產品推向這個市場時，您預期玩家數量會增加嗎？還是那時的競爭情勢是怎麼樣的？

Also, if you can also explain Canada market, how similar is it with respect to US when it comes to price realization, market share gains, et cetera, how easy or difficult it is to gain market share in Canada, particularly because we have seen in case of Revlimid, there were a lot of -- there were a few players who had filed for this product even for Canada, but ramp-up had not been very encouraging. So if you can give some color on the Canada market with respect to semaglutide opportunity.

另外，如果你能解釋一下加拿大市場，那麼在價格實現、市場份額增長等方面，它與美國有多相似，在加拿大獲得市場份額有多容易或困難，特別是因為我們已經看到就Revlimid 而言，有很多——甚至在加拿大也有一些參與者申請了該產品，但增長情況並不十分令人鼓舞。因此，如果您可以就加拿大市場中司馬魯肽的機會提供一些資訊的話。

Sure. I'll do my best. First, the product, if I recall correctly, in January '26 is where the patent expiration will happen for Ozempic, and this is the product that generic version of it is expected to be launched if we will get approval. We -- I believe we are positioned well to get approval for that period of time. And internationally, it is a very important market for us.

當然。我會盡力。首先，如果我沒記錯的話，該產品的 Ozempic 專利將於 26 年 1 月到期，如果我們獲得批准，預計將推出該產品的仿製藥版本。我相信我們有能力在這段時間內獲得批准。從國際上看，這對我們來說是一個非常重要的市場。

Normally, between the time that you submit the product to the Canadian authorities until you get approval is 12 to 14 months, so people will have to -- if they want to be in January of '26, they have to already file it to be on time. Anyone that filed after the date likely to get approval only after that. So what you're going to see is probably sequence in which people will get approval, and we hope to be the first one in the pack. And of course, but for that, we need to get the approval.

通常情況下，從向加拿大當局提交產品到獲得批准需要 12 到 14 個月的時間，所以人們必須——如果他們想在 26 年 1 月獲得批准，他們必須已經提交了申請。在此日期之後提交申請的任何人都有可能只有在那之後才有可能獲得批准。因此，您將看到的可能是人們獲得批准的順序，我們希望成為第一個。當然，但為此，我們需要獲得批准。

Second, it's a product that, although possible, but it's not easy to make the APIs not easy and it's -- as you know, you need to make the autoinjector, the pen, and it requires capacity to align for that. The way you take market share in Canada is in that respect, similar to what you are familiar in the United States or in the UK in which you are collaborating with the main distributors and the retailers who -- and to gain market share, they normally share this product. In this respect, you should look at it like it's a retail product, and that's probably what you do.

其次，這是一個產品，雖然可能，但製作 API 並不容易，而且——如你所知，你需要製作自動注射器、筆，並且需要能力來實現這一點。你們在加拿大搶佔市場份額的方式與你們在美國或英國所熟悉的方式類似，你們與主要分銷商和零售商合作——為了獲得市場份額，他們通常分享此產品。從這個方面來說，你應該把它看作是一個零售產品，而這可能就是你所做的。

The reimbursement mechanism in Canada is different. Every product that is coming is taking by law the reimbursement price down. So in terms of the pricing versus the reimbursement pricing, naturally, the more competition, the price will go down accordingly. This is very normal in Canada.

加拿大的報銷機制不同。凡是即將上市的產品，都依法降低報銷價格。因此，就定價與報銷定價而言，競爭越激烈，價格自然就會下降。這在加拿大很正常。

So potentially, it could be that in the earlier time, it will be more of a limited competition. And of course, it will intensify over time as more people will join and the reimbursement price will go down. But to put a scenario, time will tell who will get approval, who will not get approval. At least we are -- we believe that we have a good chance, let's see.

因此，潛在的情況是，在早期，這將是一場更有限的競爭。當然，隨著越來越多的人加入，報銷價格會下降，這種趨勢會隨著時間的推移而加劇。但具體來說，時間將告訴我們誰將獲得批准，誰將不會獲得批准。至少我們相信我們有很大的機會，讓我們拭目以待。

Sure. And one more question related to semaglutide. Considering there is too much demand, which is expected to be there when the generic player enter this market all over the world. I believe there is still -- from the supply point of view, there would be a constraint in terms of both API as well as the pain assembly lines. So how are we going to ensure that our execution would be better there? Are we blocking some of the capacity, both in the pen as well as API side? How are we going to keep that thing in check?

當然。還有一個與司美魯肽相關的問題。考慮到需求過多，預計當全球仿製藥企業進入該市場時就會出現這種需求。我認為從供應的角度來看，API 以及痛苦裝配線方面都會受到限制。那麼我們如何確保我們的執行力在那裡更好呢？我們是否阻止了筆和 API 方面的一些容量？我們要怎麼樣才能控制住這個事呢？

We are working on this project, including capacity for the last 10 years. It's not that 10 years ago, we knew that the product will be that big. This is obviously information that came over time. But if you see the level of R&D and CapEx, you can assume that a big portion of it went for this activity. By the way, it's not just the API. It's the API for both the synthetic as well as the semi-synthetic. It's about both internal as well as external options for manufacturing. It is about having access to the relevant devices. We are working it for quite some time. And indeed, not everybody will have to be able to cater with this magnitude. I agree with it.

我們正在致力於這個項目，包括過去 10 年的產能。並不是說 10 年前我們就知道這個產品會這麼大。這顯然是隨著時間的推移而獲得的資訊。但如果你看看研發和資本支出的水平，你就可以假設其中很大一部分是用於這項活動。順便說一句，它不僅僅是 API。它是合成和半合成的 API。它涉及製造的內部和外部選擇。這是關於存取相關設備的權利。我們已經研究這個問題很久了。確實，並不是每個人都有能力應付如此規模的挑戰。我同意。

But I'm assuming that the product is so attractive that eventually it will be very competitive marketplace. But at least in the initial days, people will have to build a certain level of capacity and market access to make things to make it happen. I just want to make sure that the full transparency, it's not just about specific markets like Canada. There are about 80 markets that can be open for 2026 because the product is in demand in all the markets in the world, but there are certain markets in which the innovative product will not even come to it. We believe that it's also a nice opportunity in its own.

但我認為該產品非常有吸引力，最終將會形成一個競爭非常激烈的市場。但至少在最初的日子裡，人們必須建立一定程度的能力和市場准入來實現這一目標。我只是想確保完全透明，而不只是涉及加拿大這樣的特定市場。大約有 80 個市場可以在 2026 年開放，因為該產品在全球所有市場都有需求，但在某些市場，創新產品甚至不會進入。我們相信這本身也是一個很好的機會。

Sure. Just last question on the SG&A spend. I believe because we have Revlimid opportunity at present, which is giving us good cushion to spend more, there is a good amount of discretionary spend, which is happening at present. So is it possible for the management to give some visibility on how much this spend is discretionary at present, which could reduce post Revlimid? Or you think because these semaglutide kind of opportunities are there, it might continue?

當然。最後一個問題是關於銷售、一般及行政開支。我相信，因為我們目前有 Revlimid 的機會，這為我們增加支出提供了良好的緩衝，因此目前有大量的可自由支配支出。那麼管理階層能否說明目前這些支出有多少是可自由支配的，從而可以減少 Revlimid 之後的支出？或者您認為因為存在這些司馬魯肽類機會，它可能會持續下去？

Let me take it. The -- we -- I mentioned to you in the past, we feel very, very comfortable with 25% EBITDA, which allow us and we mentioned it in the past, allow us to give a greater return to the shareholders as well as allow us to invest in the system. Absolutely, we took an advantage of the fact that we had a few years of generic Revlimid, and we absolutely took it to invest more.

讓我來拿著吧。我之前提到過，我們對 25% 的 EBITDA 非常滿意，這讓我們能夠為股東帶來更高的回報，同時也讓我們對系統進行投資。當然，我們利用了我們擁有幾年仿製 Revlimid 的事實，並且我們絕對會利用它進行更多投資。

With this money, we use to buy the NRT business. With this money, we put more CapEx, we have much more CapEx. The investment that we mentioned before on semaglutide, it was part of it. And that now -- in the case that -- which I believe will be that the activities that we mentioned of growing the base as well as the productivity as well as the big products like semaglutide, abatacept, as well as [BD] will allow us to grow, which I believe that this is what will happen.

我們用這筆錢來收購 NRT 業務。有了這些錢，我們就會投入更多的資本支出，我們的資本支出就會更多。我們之前提到的對司馬魯肽的投資是其中的一部分。現在，我認為，我們提到的擴大基礎、提高生產力以及像索馬魯肽、阿巴西普和 [BD] 這樣的大產品的活動將允許我們會成長，我相信這就是將要發生的事情。

We will continue to invest also further into the future because we're also building growth engines not just for the immediate future like '26 and '27, but also for '28 or '29. We are planning to be in the neighborhood for quite some time. If we will not have this money, absolutely, we have the ability because a lot of our expenses are discretionary, especially SG&A and R&D, we will absolutely adjust our expenses closely. So that level of the philosophy that we want to stay profitable is important to us.

我們將繼續對未來進行投資，因為我們不僅在為2026年和2027年等短期未來打造成長引擎，也為2028年或2029年打造成長引擎。我們計劃在這個地區居住相當長的一段時間。如果我們沒有這筆錢，當然，我們有能力，因為我們的許多費用都是可自由支配的，特別是銷售、一般及行政費用和研發費用，我們絕對會密切調整我們的費用。因此，我們希望保持獲利的理念對我們來說很重要。

Bino Pathiparampil, Elara Capital.

Bino Pathiparampil，Elara Capital。

A couple of questions from my side. Would you give some color on iron sucrose filing that you have done? Or do you expect approval in time soon?

我有幾個問題。您能介紹一下您做過的蔗糖鐵填充嗎？或者您希望很快就能獲得批准？

So we filed it actually a long time ago. We recently got a CR on the API side, which we are planning to address. So we thought that it's a good opportunity to launch it in these coming months. This is right now will be delayed because we need to answer this, yes.

因此我們實際上很久以前就提交了該申請。我們最近在 API 方面收到了一個 CR，我們正計劃解決這個問題。因此我們認為在接下來的幾個月內推出它是一個很好的機會。是的，現在這個問題將會被推遲，因為我們需要回答這個問題。

Got it. Second on abatacept, some of your competitors have tried in the past, but it seems it's a difficult product and some of them seem to have given up. What gives you the confidence that your product can see through the FDA approval process?

知道了。第二，關於阿巴西普，你們的一些競爭對手過去也曾嘗試過，但這似乎是一個很難推廣的產品，他們中的一些人似乎已經放棄了。您如何有信心您的產品能夠通過 FDA 審批流程？

We had a very successful Phase 1. And so far -- and normally, when you pass Phase 1, you have a good chance to -- of course, to be very successful in Phase 3. Also so far, the rollout and the fact that we even finished the rollout all the patients is very encouraging. We did it in actually very, very good timing. We have a very -- we believe in our clinic and -- and I hope that we will be able to submit sometime next year.

我們的第一階段非常成功。到目前為止——通常，當您通過第一階段時，您就有很大的機會——當然，在第三階段取得巨大成功。到目前為止，我們甚至已經為所有患者完成了推廣，這是非常令人鼓舞的。我們確實在非常非常好的時機下完成了這件事。我們非常 — — 我們對我們的診所有信心 — — 我希望我們能夠在明年某個時候提交。

Got it. And last one question, if I can, on lenalidomide. Going into FY26 in 4Q, that is in Jan '26, the kind of settlement with lower volume restrictions are coming to an end. So how should we look at lenalidomide? Will it continue a rough quarterly estimate smoothly until 3Q of next year and then drop off? Or do you think it will get front entered in the next year?

知道了。如果可以的話，最後一個問題是關於來那度胺的。進入 2026 財年第四季度，也就是 2026 年 1 月，較低數量限制的解決方案即將結束。那我們該如何看待來那度胺呢？會不會一直平穩的延續季度粗略估計到明年三季然後才下降呢？或者您認為它會在明年進入前列？

I don't know exactly how the quarters will be because this is a decision normally by the customers. It's not that we are planning this way. We have serving the customer in the way they want to be served. But yes, we likely that we will not sell in this level of pricing, let's say, post somewhere September, maybe October of calendar '25.

我不知道具體季度情況會如何，因為這通常由客戶做出決定。我們並不是這樣計劃的。我們以顧客希望的方式為他們提供服務。但是的，我們很可能不會以這種價格水平出售，比如說，在2025年9月或10月的某個時候發布。

Now what exactly how it will work, I don't know. But post that period of time, unlikely that it will come because of the normal what we call shelf adjustment, shelf adjustment stuff like that. So give or take, until that period of time, you should see similar behavior of the product as you saw in the last say couple of years.

現在它究竟如何運作，我不知道。但在那段時間之後，它不太可能會到來，因為我們所謂的正常的貨架調整，諸如此類的貨架調整。因此，或多或少，在那段時間之前，你應該會看到與過去幾年類似的產品行為。

(Operator Instructions) Surya Narayan Patra, PhillipCapital.

(操作員指示) Surya Narayan Patra，PhillipCapital。

First question is on the NRT portfolio acquisition. See, while we have indicated that the SG&A cost this quarter has seen a kind of uptick post this acquisition and integration. And even after that, the PBT percentage of NRT portfolio, around 21% looks interesting.

第一個問題是關於 NRT 投資組合收購。雖然我們已經指出，本季的銷售、一般及行政費用在此次收購和整合後有所上升。即使在此之後，NRT 投資組合的 PBT 百分比（約為 21%）看起來仍然很有趣。

So how to think about the profitability of this acquired asset going ahead because current quarter is anyway is seeing the support of Haleon. And simultaneously, we have also thinking about spending more on building the portfolio and franchise. So while it looks interesting in terms of the profitability compared to our base business. So going ahead, how should we think in terms of the synergy benefit at the margin and profitability level for this acquired asset?

那麼，如何看待這項收購資產的獲利能力，因為無論如何，當季都得到了 Haleon 的支持。同時，我們也考慮投入更多資金來建立投資組合和特許經營權。因此，與我們的基礎業務相比，從盈利能力來看它看起來很有趣。那麼展望未來，我們該如何考慮這項收購資產的邊際協同效益和獲利水準呢？

It should continue to be profitable. So we're absolutely going to finance the additional investment growth, and we are planning to keep it profitable. There is no plan now to go for, let's say, two, three years of investment and then take it from there. The idea is to indeed spend more, but to keep it in the -- for sure, the 20-plus digit on EBITDA should continue on this asset.

它應該會繼續盈利。因此，我們絕對會為額外的投資成長提供資金，並且我們計劃保持其盈利。目前還沒有計劃進行兩三年的投資，然後再開始實施。我們的想法確實是花更多的錢，但要保持——可以肯定的是，這項資產的 EBITDA 應該繼續保持在 20 多位數。

Okay. My second point is on the Nestle JV and the domestic business put together, I'm asking this question. So how long that we will take for the Nestle JV to really contribute meaningfully to the growth of the domestic business? That is one.

好的。我的第二點是關於雀巢合資企業和國內業務結合起來，我問這個問題。那麼，雀巢合資公司需要多長時間才能真正為國內業務的成長做出有意義的貢獻？那是一個。

And the second part of the domestic business question is while we do anticipate this is the business segment which should be growing the fastest among all other business segments for Dr. Reddy over the next few years. But right now, it is not even matching the industry growth momentum. So how should one think and what will start contributing incrementally to the anticipated so that it can reach the anticipated growth rate?

關於國內業務問題的第二部分，我們確實預計，未來幾年，這個業務部門將成為雷迪博士所有業務部門中成長最快的業務部門。但目前，它甚至還沒有跟上產業的成長動能。那麼應該如何思考，什麼將開始逐步地對預期做出貢獻，以便達到預期的成長率？

So the question on Nestle, this will absolutely go to take time. The reason for that is that we need to bring the products to India. We need to invest behind brands that are not today recognized in India. So it's not that you're investing behind something that is already known. And I'm sure you know well, it takes time to build brands that both Nestle and us are very much aligned to that. By the way, so far, the business is doing even ahead of our expectations. So I'm very happy about it. But in terms of significant contribution to the growth, it will take a couple of years.

因此，關於雀巢的問題絕對需要時間。原因是我們需要將產品帶到印度。我們需要投資那些目前在印度尚未被認可的品牌。所以，你投資的並不是某個已知的事。我相信您很清楚，打造品牌需要時間，雀巢和我們都非常重視這一點。順便說一句，到目前為止，業務表現甚至超出了我們的預期。所以我對此感到非常高興。但從對成長的顯著貢獻來看，還需要幾年時間。

As for the -- what your comment about the India business, I mentioned it with the previous questions. Actually, the business is doing well. We do have two segments that underperformed. We mentioned it also the GI and the cardiovascular, we have a plan to bring on track, but the business is actually doing well. What we believe really will drive the business, I'm saying it for quite some time, actually for quite some years.

至於——您對印度業務的評論，我在之前的問題中提到過。事實上，生意還不錯。我們確實有兩個部分錶現不佳。我們也提到了胃腸道和心血管，我們有一個計劃要付諸實施，但業務實際上進展良好。我們相信什麼才能真正推動業務發展，我已經說了很久了，實際上已經說了好幾年了。

We believe very much in introducing innovation to India rather than branded generics. I strongly believe I'm emphasizing also today that the branded generics growth will decline over time because of various reasons that we discussed in the past. And I believe that the right products to bring to India are technologies that are addressing unmet need that with patent protection, and that's what we are building on. I'm very, very -- I believe in what we praise and very committed to what we discussed in the past. We are going to grow and the [cap profile] in India.

我們堅信在印度引進創新產品，而不是品牌仿製藥。我堅信，我今天也強調的是，由於我們過去討論過的各種原因，品牌仿製藥的成長將隨著時間的推移而下降。我相信，適合引進印度的產品是那些能夠滿足尚未滿足的需求的技術，並且擁有專利保護，而這正是我們正在建造的。我非常非常——相信我們所讚揚的事物並非常致力於我們過去所討論的事物。我們將在印度發展並提高其（資本狀況）。

Okay. So the momentum accelerated growth will be seen in the domestic side starting next year onwards, sir, or it is '27 onwards?

好的。那麼，從明年開始，國內方面將會出現加速成長的勢頭，先生，還是從 27 年開始呢？

No, we are growing also today. We are doing it both organic and inorganic. We are growing in 15%, 16%. [If only] growth is everything. And we are growing faster than the market. The market is growing 7%, and we are going to grow about 15%. This will continue. This will continue.

不，今天我們也在成長。我們既進行有機研究，也進行無機研究。我們的成長率為15%、16%。 [但願]增長就是一切。而且我們的成長速度快於市場。市場正在成長7%，我們的成長幅度將達到15%左右。這一趨勢將會持續下去。這一趨勢將會持續下去。

What we do not take into account at this stage because of valuation is, of course, major acquisition that we discussed in the past. Right now, this -- at least the multiples of India were too high for us, and we are trying to do organically, this is why it's taking more time. But we are very bullish and India is a very, very important focus market for us.

由於估值的原因，我們現階段沒有考慮的當然是我們過去討論過的重大收購。現在，這個——至少印度的倍數對我們來說太高了，而且我們正嘗試有機地進行，這就是為什麼它需要更多時間。但我們非常樂觀，印度是我們非常非常重要的重點市場。

Okay. Even the vaccine portfolio --

好的。甚至疫苗組合--

Maybe we request to return to the queue for the following questions.

也許我們請求返回隊列來回答以下問題。

Sure. Okay.

當然。好的。

(Operator Instructions) Damayanti Kerai, HSBC.

(操作員指示) Damayanti Kerai、匯豐銀行。

Erez, my question is again on semaglutide. So what kind of addressable market you are looking at outside of the US. You mentioned a lot of markets will open up starting 2026. And with the kind of capabilities which we have built on API or on the device front, what kind of market share you are looking for yourself?

Erez，我的問題再次是關於司馬魯肽的。那麼您在美國以外關注的是什麼樣的潛在市場？您提到許多市場將從 2026 年開始開放。憑藉我們在 API 或裝置端建置的功能，您希望獲得什麼樣的市場佔有率？

So the markets will happen -- will open in a certain sequence in '26. The most notable markets will be Canada, India, Brazil markets that we are discussing are primarily markets in which there was no patent protection -- these are markets in primarily emerging markets like in Asia, Africa, Latin America, much smaller markets in nature, but accumulate-wise and demand-wise, it can add a very nice growth to that.

因此市場將會在 26 年按照一定的順序開放。最值得關注的市場是加拿大、印度、巴西市場，我們討論的這些市場主要是沒有專利保護的市場——這些市場主要是新興市場，如亞洲、非洲、拉丁美洲，以及自然界中規模小得多的市場，但從累積和需求來看，它可以帶來非常好的成長。

We are working both B2B and B2C. We have global partners in which they are licensing our product that have great presence in those markets and some of them, we are going to do it by ourselves. So it's a combination of selling API, selling finished dose, and of course, marketing the product. And we are going for all the products, Ozempic, Wegovy and the oral products. So overall, it's something that will come in multi-markets. This specific product, as you know, US and Europe will come later into the year.

我們同時開展 B2B 和 B2C 業務。我們擁有全球合作夥伴，他們正在授權我們的產品在這些市場上佔有重要地位，其中一些我們將自己做。因此，它是銷售 API、銷售成品劑量以及行銷產品的結合。我們將推出所有產品，包括 Ozempic、Wegovy 和口服產品。總的來說，它將會進入多個市場。如您所知，這種特定產品將在美國和歐洲上市，預計在今年稍後。

Okay. But any size indication, which you are targeting, say, for the bigger addressable markets?

好的。但是，您所針對的任何規模指標，例如更大的可目標市場是什麼？

It's hard to tell market share because we don't know yet who is going to compete in which one of these markets, et cetera. But naturally, in all the markets that we will be sourced, we have a high expectation of performance, obviously, from the market. But any number that I will indicate to you will be wrong. Time will tell. It's not the flaring. We really don't know.

很難說出市場份額，因為我們還不知道誰會在哪個市場中競爭，等等。但自然而然地，在我們將要開拓的所有市場中，我們顯然對市場的表現抱有很高的期望。但我向您指出的任何數字都是錯誤的。時間會證明一切。這不是火焰爆發。我們確實不知道。

Tushar Manudhane, Motilal Oswal Financial Services.

Tushar Manudhane，Motilal Oswal 金融服務公司。

Sir, just on abatacept, the timeline to file the product I missed in the comments, if you could repeat?

先生，僅就阿巴西普而言，我在評論中遺漏了提交產品的時間表，您能重複嗎？

Timelines to file, sorry?

歸檔時間表，抱歉？

Abatacept biosimilar?

阿巴西普生物相似藥？

So if everything will go right, we should submit it in December of '25.

所以如果一切順利的話，我們應該在 25 年 12 月提交。

December of this year?

今年十二月？

December 2025. Yes.

2025 年 12 月。是的。

Got it. So -- and then assuming 12 to 15 months' timeline to the regulatory review cycle, right?

知道了。那麼 —— 然後假設監管審查週期的時間表為 12 到 15 個月，對嗎？

Like the Muslims say, inshallah. We hope for the best. Normally, it's about 12 months. So let's hope. But let's say, from point of view, January of '27 will be a great timeline if we can achieve it.

就像穆斯林所說的那樣，若不是真主保佑，我們希望一切順利。通常大約是12個月。所以讓我們抱持希望。但是，從某個角度來看，如果我們能夠實現這一目標，那麼 27 年 1 月將是一個偉大的時間表。

Understood. And will this product be manufactured completely in-house as in drug product as well as drug substance?

明白了。該產品是否會像藥品和藥物成分一樣完全在內部生產？

Correct. We will make both DS as well as DP.

正確的。我們將製作 DS 和 DP。

Sorry, I didn't get your comment? We will manufacture?

抱歉，我沒有收到您的評論？我們將製造嗎？

You are correct. We will make both drug substance as well as drug product.

你是對的。我們將生產藥物成分和藥物產品。

Understood. And just one more, if I may squeeze in, with respect to semaglutide, while the addressable market size seems to be difficult to highlight. But broadly, given that ex North America market, let's say, Canada, India, Brazil market, can this product do as much as Revlimid has done for us in North America?

明白了。如果可以的話，我再說一個關於司馬魯肽的問題，因為其可尋址市場規模似乎很難突出。但從廣泛的角度來看，考慮到北美以外的市場，例如加拿大、印度、巴西市場，該產品能否在北美為我們帶來與 Revlimid 一樣多的功效？

I wish. It's -- I don't see -- first of all, the product has the potential to be big, but let's see. We need to see what will be the prices, what will be the market share, et cetera. But there is a potential for something significant. We -- like I mentioned before, we are not -- it's not product replacing one product.

我希望。首先，我看不出來，該產品有做大的潛力，但讓我們拭目以待吧。我們需要了解價格是多少、市場佔有率是多少等等。但這可能會帶來一些重大的影響。正如我之前提到的，我們不是——這不是產品替代一種產品。

The growth post Revlimid will come from four elements that I mentioned. First of all, the growth of the base products. We have about INR30,000 crores sales that is growing double digit of base business, including, of course, the new products that will be launched that are not big. Second one, we discussed, we are aligning our expenses to the relevant revenues that we have. And we are creating that level of productivity as well. Number three, we have those special products like semaglutide and abatacept. And number four, we have DP. We are all the time doing DP.

Revlimid 之後的成長將來自於我所提到的四個要素。首先，基礎產品的成長。我們的銷售額約為3000億印度盧比，基礎業務呈兩位數增長，當然其中包括即將推出的規模不大的新產品。第二，我們討論過，我們正在將我們的支出與我們擁有的相關收入相一致。我們也正在創造這種程度的生產力。第三，我們有像司馬魯肽和阿巴西普這樣的特殊產品。第四，我們有 DP。我們一直在做 DP。

So all four elements will grow. It's not one silver bullet. We highlighted specifically the sema at the time because of the timing in which this product is going to affect, and I'm happy that you guys picked it up. But it's not that sema will replace lenalidomide. It's all the business leaders will have to grow, and this should allow us to continue to grow the company also post the arrangement of Revlimid.

因此所有四個元素都會增長。這並非萬靈藥。由於產品將會產生影響的時間，我們當時特別強調了 sema，我很高興你們注意到了它。但這並不意味著sema會取代來那度胺。所有業務領導者都必須成長，這將使我們能夠在 Revlimid 安排後繼續發展公司。

Saion Mukherjee, Nomura.

野村證券的 Saion Mukherjee。

Just one question on semaglutide. Is the oral formulation available for launch in 2026 in India and the other emerging markets? Or it would just be injectable and oral would come sometime later? If you can highlight the timelines for different formulation?

關於司馬魯肽，我只有一個問題。該口服製劑是否會於 2026 年在印度和其他新興市場上市？還是它只是注射劑，稍後再口服？您能否重點介紹不同表述的時間表？

Oral will come later. In some places, there are also patents on the oral and the formulations. So in most of the markets, it will come between 12 to 18 months after the Ozempic. But we are planning to be day 1 in all the places that we can with spot.

口語稍後會講。有些地方也對口服劑和製劑設有專利。因此在大多數市場中，它將在 Ozempic 推出後 12 到 18 個月內推出。但我們計劃在所有可以使用 Spot 的地方開展第一天的活動。

So in calendar 2027, even see oral launches?

那麼在 2027 年，還會看到口頭發佈嗎？

In some markets, it can be '27 and some of it will be '28.

在某些市場，可能是‘27’，而在某些市場，可能是‘28’。

Foram Parekh, Bank of Baroda Capital Markets.

巴羅達銀行資本市場部 Foram Parekh。

My question is on the European market. So ex of NRT, the European market has grown at 22%. So how sustainable is this growth rate going forward? And if you could explain the reason for this kind of growth.

我的問題是關於歐洲市場的。除 NRT 外，歐洲市場成長了 22%。那麼未來這一成長率能持續多久？如果你能解釋一下這種成長的原因的話。

First of all, it is sustainable. We are launching products. So the main, of course, [isn't yunoma]. We are -- the various leaders in primarily in five countries that we are operating in. So today, we are working in really top five, but we are expanding to five more. And so it's a combination of new products, volume growth in the product that we launch and new markets. So it's absolutely sustainable.

首先，它是可持續的。我們正在推出產品。當然，最主要的是，[不是yunoma]我們主要是在開展業務的五個國家的各位領導人。所以今天，我們確實在努力達到前五名，但我們正在擴展到另外五名。所以它是新產品、我們推出的產品銷售成長和新市場的結合。所以它絕對是可持續的。

Anubhav Agarwal, UBS.

瑞銀的 Anubhav Agarwal。

Two questions. One is for MVN sir. Just trying to understand the selling expenses in this quarter. So do they include any selling expense for NRT or they don't?

兩個問題。一個是給MVN的，先生。只是想了解本季的銷售費用。那麼他們是否包含了 NRT 的銷售費用？

Yes, it includes the NRT business SG&A.

是的，它包括 NRT 業務銷售、一般及行政費用。

So just trying to understand the SG&A sequentially, December over the September quarter, selling expenses excluding amortization is up like INR50 crores, INR60 crores, whereas NRT itself should have selling expenses of INR150 crores plus. So what else has gone down that net increase is only [INR50 crores] for us?

因此，只是試圖按順序了解銷售、一般及行政開支，12 月與9 月季度相比，不包括攤銷的銷售費用增加了5 億印度盧比、6 億印度盧比，而NRT 本身的銷售費用應該在15 億印度盧比以上。那麼還有哪些因素導致我們的淨增額僅為 [50 千萬印度盧比]？

So if you look at just maybe recap our last quarter discussions, I think there was one exceptional expenses of stamp duty was amount INR52 crores was there in the previous quarter. And this quarter, we have full NRT expenses. So if you look at then you'll get the right match.

因此，如果您回顧我們上個季度的討論，我認為上一季有一項特殊的印花稅支出，金額為 5.2 億印度盧比。本季度，我們有全部 NRT 支出。所以如果你看一下，你就會找到正確的匹配。

Okay. Sure. Second question is on -- you guys have earlier mentioned that you have two good products in the US. You talked about iron sucrose as on API. What about the other? Is there any query or inspection or anything pending for it? Or do you still expect the approval for the other products now?

好的。當然。第二個問題是──你們之前提到你們在美國有兩款好產品。您談到了 API 中的蔗糖鐵。那其他的呢？有任何疑問或檢查或任何待辦事項嗎？還是您現在仍期待其他產品的核准？

So there were no other queries that came recently. As for inspections, yes, we do expect inspections in all the sites that were not inspected for quite some time. So we do have about five or six sites to count that we should see inspections. Of course, those inspections will come at the time that the FDA will choose to do. But there is no pending activities. So all the rest is business as normal.

所以最近沒有其他查詢。至於檢查，是的，我們確實希望對很長時間未檢查過的所有站點進行檢查。因此，我們確實有大約五到六個站點需要檢查。當然，這些檢查將在 FDA 選擇的時間進行。但沒有待處理的活動。其餘一切正常。

Sorry, my question was very specific to the product. So you guys have mentioned two approvals, one, you talked about iron sucrose, second is for another product. Do you still expect approval of the other product anytime now? Or is that pending some query or anything else?

抱歉，我的問題過於具體，只針對產品。你們提到了兩項批准，第一，你們談到了蔗糖鐵，第二是另一種產品。現在您還期待其他產品隨時獲得批准嗎？或是還有待解決的一些疑問或其他問題？

I don't know which other products you are referring to, but I'm expecting approvals of 15 to 20 products in the US in addition to iron sucrose.

我不知道您指的是哪些其他產品，但我預計除了蔗糖鐵之外，美國還會批准15到20種產品。

Sorry, Erez, you mentioned in last quarter.

抱歉，Erez，您在上個季度提到過。

Iron sucrose, we just mentioned, because answering your question, we got examples.

蔗糖鐵，我們剛才提到了，因為回答你的問題，我們得到了例子。

Vishal Manchanda, Systematix.

Vishal Manchanda，Systematix。

So on abatacept filing, whether you'll be filing both the IV and the subcutaneous -- in December 2025?

那麼在阿巴西普申請方面，您是否會在 2025 年 12 月同時提交靜脈注射和皮下注射申請？

The answer is yes, we do. But the time of launch is not the same because there is additional patents on this up to 10 years, which takes us, if I remember correctly to beginning of '28.

答案是肯定的，我們有。但推出的時間並不相同，因為還有長達 10 年的額外專利，如果我沒有記錯的話，這需要到 1928 年初。

So subcutaneous is the beginning of '28.

所以皮下是’28年的開始。

This is what we believe is the time to enter the market as per the [RI PP]

我們認為現在是進入市場的時機[願你安息]

Okay. And second, on the semaglutide filing in Canada. Are there any device patents that can block your version as a substitutable version to the innovator copy?

好的。第二，關於索馬魯肽在加拿大的申請。是否有任何設備專利可以阻止您的版本成為創新者副本的替代版本？

We don't think so.

我們不這麼認為。

And is your device identical to the innovator device or you have a different device?

您的設備是否與創新者設備相同或您有不同的設備？

We have a great device.

我們有一個很棒的設備。

Sorry?

對不起？

We have an amazing device.

我們有一個神奇的設備。

And just one final one, whether we should expect your SG&A expenses to stay at current levels, 28% of sales going forward?

最後一個問題，我們是否應該預期您的銷售、一般及行政費用將保持在當前水平，即未來銷售額的 28%？

Yes, around this level.

是的，大概是這個水平。

28%.

28%。

Yes.

是的。

Shashank Krishnakumar, Emkay Global.

Shashank Krishnakumar，Emkay Global。

First one was just wanted to get your sense on the broader US biosimilar landscape given that our incremental investments are being directed towards biosims. We're increasingly seeing PBMs launching their own private labels. I think starting this year, several Humira biosimilars will also face formulary exclusions. So how do you see the overall US biosimilar landscape shaping up given that there are several products in the pipeline?

首先，鑑於我們的增量投資正朝著生物相似藥方向發展，我只是想讓您了解美國生物相似藥的整體情況。我們越來越常看到 PBM 推出自己的自有品牌。我認為從今年開始，有幾種Humira生物相似藥也將面臨處方排除。那麼，鑑於目前有多種產品正在研發中，您如何看待美國生物相似藥的整體格局？

So it's -- I'm assuming it's more of a strategic question. So first of all, lots of products, if you go, it should come gradually, but for the next decade will be the off-patent, many products and many bispecific as well. So in that respect, it creates an opportunity. Second will be there will be absolutely products will be more crowded and the very high level of competition and you will have a product that will be less crowded in that respect. Absolutely we're going to see -- [bit level] we want to see all kinds of phenomenon related to pay for the products. So we are preparing for a very competitive landscape.

所以—我認為這更像是一個戰略問題。首先，如果你去發展的話，很多產品應該是逐步推出的，但未來十年將會是非專利產品，許多產品和雙特異性產品也是如此。因此從這個方面來說，這創造了一個機會。第二，產品肯定會更加擁擠，競爭水平也會非常高，而你的產品在這方面的擁擠程度會低一些。當然，我們會看到—[位元層級] 我們希望看到與產品付費相關的各種現象。因此，我們正在為非常激烈的競爭環境做準備。

And like I mentioned in the past, we are not going that we select certain products that we believe that we can make the difference and add value to the respective markets. We are trying to grow for limited number but with hopefully less competition type of a product. And hopefully, we will be right in the way we select it. So far, I believe that the product starting from abatacept are meeting this criteria.

正如我過去提到的那樣，我們不會選擇某些我們認為能夠帶來變化並為相應市場增加價值的產品。我們正在嘗試在有限數量的情況下實現成長，但希望產品競爭較少。希望我們所做的選擇是正確的。到目前為止，我相信從阿巴西普開始的產品都符合這項標準。

That's helpful. And secondly, I just had a question on DFD-29. Are we also eligible for sales-based royalties here given that the product has not been approved?

這很有幫助。其次，我剛剛對 DFD-29 有一個疑問。鑑於產品尚未獲得批准，我們是否也有資格獲得基於銷售的版稅？

Yes. Yes, we do.

是的。是的，我們知道。

Bino Pathiparampil, Elara Capital.

Bino Pathiparampil，Elara Capital。

Just quick housekeeping questions. One, the depreciation and amortization rate this quarter, is this quarter a good benchmark to project it forward?

只是一些簡單的常規問題。第一，本季的折舊和攤銷率，這個季度是否是一個很好的基準來預測未來？

No. This quarter's amortization includes NRT's business amortization. It will continue.

不。本季的攤銷包括 NRT 的業務攤銷。它將會繼續。

So this rate is a stable rate to look forward to? Okay. Second question, the Russian currency has depreciated. Do you -- have you hedged the currency and for how long?

那麼這個利率是一個值得期待的穩定利率嗎？好的。第二個問題，俄羅斯貨幣貶值。您是否對貨幣進行過對沖，對沖了多久？

So we have both. I think we do cash flow and balance sheet hedges. This quarter, we have a little bit impact, I think, because of the ruble volatility in the balance sheet on the cash flow hedges, I think as per our policy, we don't cover 100%. We cover some extent and then there, we are not losing any value.

因此我們兩者皆有。我認為我們確實進行現金流和資產負債表對沖。本季度，我們受到了一點影響，我認為，由於資產負債表中盧布的波動對現金流套期保值產生了影響，我認為根據我們的政策，我們沒有 100% 覆蓋。我們涵蓋了一定範圍，並且沒有損失任何價值。

Okay. So this quarter, Russia reported revenue in INRwill be roughly at the current market rate of rubles, right?

好的。那麼本季俄羅斯報告的印度盧比收入將大致與盧布當前的市場匯率一致，對嗎？

Yes. This quarter, I think if you see constant currency and INRboth 19% and 20%, not much difference, both INRand ruble terms.

是的。本季度，我認為如果你看到恆定貨幣和印度盧比分別為 19％ 和 20％，無論以印度盧比還是盧布計算，都沒有太大區別。

Surya Narayan Patra, PhillipCapital.

Surya Narayan Patra，PhillipCapital。

Yes. Just a clarification. In case of the semaglutide opportunity, what is the level of integration that we are having in terms of our manufacturing capability to the level of advanced, intermediate, intermediate levels or it is API and formulation?

是的。只是澄清一下。就索馬魯肽的機會而言，我們的製造能力達到了什麼水平，是高級、中級、中級水平，還是 API 和配方的整合水平？

So we are fully integrated for all the stages of the API. We are making the peptides from the basic building blocks as well as the formulation. We are buying the device.

因此，我們對 API 的所有階段都進行了完全整合。我們正在根據基本構件和配方來製作勝肽。我們正在購買該設備。

And it is for both solid state as well as liquid state, as you mentioned, the entire value chain that you said.

正如您所說，它既適用於固態，也適用於液態，涵蓋整個價值鏈。

The entire value chain, yes.

是的，整個價值鏈。

Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to Ms. Richa Periwal for closing comments.

女士們、先生們，我們將把這當作今天的最後一個問題。現在，我將會議移交給 Richa Periwal 女士，請她發表結束語。

Thank you all for joining us for today's evening call. In case of any further queries or clarifications, please get in touch with Aishwarya or myself. Thank you once again.

感謝大家參加今天的晚間電話會議。如果有任何疑問或需要澄清，請聯絡 Aishwarya 或我本人。再次感謝您。

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

我代表雷迪博士實驗室有限公司結束本次會議。感謝您加入我們。現在您可以斷開線路了。