Dr Reddy's Laboratories Ltd (RDY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good evening, and welcome to quarter four and full year FY25 earnings conference call of Dr. Reddy's Laboratories Limited. (Operator Instructions)

女士們、先生們，晚上好，歡迎參加雷迪博士實驗室有限公司第四季度和 2025 財年全年收益電話會議。（操作員指示）

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

現在我將會議交給 Richa Periwal 女士。謝謝您，女士，交給您了。

Thank you. Good morning and good evening to all of you. Thank you for joining us today for the Dr. Reddy's earnings conference call covering the quarter and full year ended March 31, 2025. We appreciate your time and participation.

謝謝。大家早安，晚上好。感謝您今天參加 Dr. Reddy 收益電話會議，會議涵蓋截至 2025 年 3 月 31 日的季度和全年收益。我們感謝您的時間和參與。

Joining us today is the leadership team of Dr. Reddy's Limited, comprising Mr. Erez Israeli, our CEO; Mr. M. V. Narasimham, our CFO; and the Investor Relations team. Earlier today, we released our results, which are now available on out site.

今天與我們一起參加的是 Dr. Reddy's Limited 的領導團隊，包括我們的執行長 Erez Israeli 先生； M. V. 先生我們的財務長 Narasimham；以及投資者關係團隊。今天早些時候，我們發布了我們的研究結果，現在可以在我們的網站上查閱。

We will begin today's call with MVN presenting the financial highlights for the quarter and the year. Following this, Erez will share his thoughts on the business performance. We will then open the floor for the Q&A session.

今天的電話會議將從 MVN 開始，介紹本季和本年度的財務亮點。接下來，Erez 將分享他對業務表現的看法。然後我們將進入問答環節。

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 both the playback and transcript will be available on our website soon. All discussion and analysis in this call will be based on the IFRS consolidated financial statements.

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播或引用。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。本次電話會議中的所有討論和分析都將基於國際財務報告準則合併財務報表。

Additionally, today's discussion include certain non-GAAP financial measures. For the reconciliation of GAAP to non-GAAP measures, please refer to our press release. Before we continue, I would like to remind everyone that the safe harbor provisions outlined in today's press release also applies to this conference call.

此外，今天的討論還包括某些非公認會計準則財務指標。有關 GAAP 與非 GAAP 指標的對賬，請參閱我們的新聞稿。在我們繼續之前，我想提醒大家，今天的新聞稿中概述的安全港條款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. Greetings to everyone, and I hope you are all doing well. I am pleased to present an overview of our financial performance of the fourth quarter and full year FY 2025. Fiscal year 2025 was another milestone peer for the organization, marked by strong financial performance, we achieved record high revenue exceeding USD3.8 billion and crossed the USD1 billion threshold in EBITDA for the first time. Both revenue and EBITDA registered double-digit growth for the year.

謝謝你，Richa。向大家問好，希望大家一切順利。我很高興向大家介紹我們 2025 財年第四季和全年的財務表現。2025財年是該組織的另一個里程碑，以強勁的財務業績為標誌，我們實現了創紀錄的高收入，超過38億美元，EBITDA首次突破10億美元大關。全年營收和 EBITDA 均達到兩位數成長。

Please note that all the figures in this section are translated into US dollar using convenient translation rate of INR85.43, the rate prevailing as of March 31, 2025. Revenue performance. Consolidated revenues for Q4 FY25 stood at INR8,506 crores which is equivalent to USD996 million, reflecting year-over-year growth of 20% and a sequential increase of 2%. For the full year, our revenues were at INR32,554 crores and USD3.8 billion, representing a growth of 17%.

請注意，本節的所有數字均以 85.43 印度盧比的方便匯率（截至 2025 年 3 月 31 日的匯率）換算成美元。收入表現。2025 財年第四季綜合營收為 8,506 千萬印度盧比，相當於 9.96 億美元，年成長 20%，季增 2%。全年我們的收入達到 32,554 千萬印度盧比和 38 億美元，成長 17%。

These results include contribution from the acquired consumer health care business in nicotine replacement therapy, which added INR597 crores in Q4 and INR1,202 crores for the full year. The overall revenue growth was driven by this strategic acquisition and contribution from our generic portfolio across geographies, excluding sales of the NRT business, revenue growth was at 12% on year-over-year for both the quarter and the year and 2% sequentially for the quarter.

這些業績包括收購的尼古丁替代療法消費者保健業務的貢獻，該業務在第四季度增加了 59.7 億印度盧比，全年增加了 120.2 億印度盧比。整體營收成長主要得益於此次策略性收購以及我們跨地區仿製藥產品組合的貢獻，除 NRT 業務的銷售外，本季和全年營收年增 12%，本季營收季增 2%。

Gross margin. The consolidated gross profit margin for Q4 was at 55.6%, reflecting a year-over-year decline of 300 basis points and a sequential decline of 312 basis points. The decline was mainly due to reduced manufacturing overhead leverage and higher milestone income recognized in the comparative period. Gross margin for the Global Generics and PSAI segments stood at 59.3% and 26.3% for the quarter.

毛利率。第四季綜合毛利率為55.6%，年減300個基點，季減312個基點。下降的主要原因是製造費用槓桿率降低以及同期確認的里程碑收入增加。本季全球仿製藥和 PSAI 部門的毛利率分別為 59.3% 和 26.3%。

For the full fiscal year, the consolidated gross margin remained stable at 58.5%, consistent with FY24. Gross margin for Global Generics and PSAI were at 62% and 27.1% for the full year, respectively. Selling and general administrative expenses. SG&A expenses for the quarter amounted to INR2,406 crores, which is [USD 282] million, marking a year-over-year increase of 17% and the remaining broadly flat quarter over quarter. SG&A as a percentage of the sales was 28.3%, representing a decline of 63 basis points year over year and 57 basis points on QoQ.

整個財年，綜合毛利率維持穩定在58.5%，與FY24一致。Global Generics 和 PSAI 全年毛利率分別為 62% 和 27.1%。銷售和一般管理費用。本季銷售、一般及行政費用 (SG&A) 為 2,406 千萬印度盧比，即 [2.82] 億美元，年增 17%，其餘部分與上一季基本持平。銷售、一般及行政費用佔銷售額的百分比為 28.3%，較去年同期下降 63 個基點，較上季下降 57 個基點。

For the full year, SG&A expenses amounted to INR9,382 crores, in dollars, $1.1 billion, up by 22% year-over-year. This increase is primarily driven by recently acquired NRT business in the Consumer Healthcare segment, investment in other commercial activities and higher prices impacting logistics costs. We continue to maintain disciplined cost structure while strategically allocating resources to strengthen existing business and expand into the new growth segments.

全年銷售、一般及行政費用 (SG&A) 總額達 9,382 千萬印度盧比，以美元計算，為 11 億美元，年增 22%。這一成長主要得益於消費者保健領域最近收購的 NRT 業務、對其他商業活動的投資以及影響物流成本的更高價格。我們繼續保持嚴格的成本結構，同時策略性地分配資源以加強現有業務並擴展到新的成長領域。

Research and development investment. R&D remains a key pillar for long-term growth. We continue to enhance our internal R&D efforts with strategic external collaboration for innovation assets. R&D expenditures for the quarter stood at INR726 crores, USD85 million, representing a year-over-year increase of 6% and quarter on quarter increase of 9%.

研發投入。研發仍是長期成長的重要支柱。我們持續透過創新資產的策略性外部合作來加強我們的內部研發力度。本季研發支出為 726 億印度盧比，約 8,500 萬美元，年增 6%，季增 9%。

As a percentage of revenues, R&D investment was at 8.5%, lower by 118 basis points year-over-year and higher by 57 basis points sequentially. Full year R&D investments was INR2,738 crores, USD320 million, reflecting a year-over increase of 20%, but investment largely focused on building differentiated pipeline, expanding small molecules, biosimilars, complex generics, including (inaudible) and novel oncology assets.

以收入百分比計算，研發投入為 8.5%，較去年同期下降 118 個基點，較上季上升 57 個基點。全年研發投資為 2,738 億印度盧比，即 3.2 億美元，年增 20%，但投資主要集中在建立差異化產品線、擴大小分子、生物相似藥、複雜仿製藥，包括（聽不清楚）和新型腫瘤學資產。

Other key financials. Impairment loss is INR77 crores in Q4 and INR169 crores for the full year. The impairment pertains to certain product-related intangibles from main portfolio and other product-related intangibles forming part of the company's global generic business in India and Europe due to adverse market conditions. Our operating income is INR247 crores in Q4 versus INR66 crores for the same quarter last year and INR436 crores for the full year versus INR420 crores in FY24. Q4 increases primarily on account of reclassification of foreign exchange gain related to foreign operations from FCTR, full form of FCTR is foreign currency translation reserve.

其他主要財務狀況。第四季減損損失為 7.7 億印度盧比，全年減損損失為 16.9 億印度盧比。由於市場條件不利，此減損涉及主要產品組合中的某些產品相關無形資產以及構成公司在印度和歐洲的全球仿製藥業務一部分的其他產品相關無形資產。我們的第四季營業收入為 24.7 億印度盧比，而去年同期為 6.6 億印度盧比；全年營業收入為 43.6 億印度盧比，而 2024 財年為 42.0 億印度盧比。Q4 的成長主要是由於與海外業務相關的外匯收益從 FCTR 重新分類所致，FCTR 的全名是外幣折算儲備。

Post divestment of Freeport Manufacturing Facility. The net benefit to P&L on account of FCTR reversal after addressing severance cost and other onetime costs is INR121 crores. Ending EBITDA. EBITDA for the quarter was INR2,475 crores, USD290 million, registering a year-over-year growth of 32% and quarter-over-quarter growth of 8%. EBITDA margin was at 29.1%, an increase of 267 basis points on year-on-year and 160 basis points sequentially. For FY25, EBITDA stood at INR9,213 crores, USD1.1 billion, reflecting year-over-year growth of 11%.

剝離自由港製造廠後。在解決遣散費和其他一次性成本後，FCTR 逆轉對損益的淨收益為 12.1 億印度盧比。期末息稅折舊攤提前利潤 (EBITDA)。本季 EBITDA 為 2,475 千萬印度盧比，成長 2.9 億美元，年增 32%，季增 8%。EBITDA 利潤率為 29.1%，年成長 267 個基點，較上一季成長 160 個基點。2025 財年的 EBITDA 為 9,213 千萬印度盧比，即 11 億美元，年增 11%。

The annual EBITDA margin stood at 28.3%, down from 29.7% in FY24, reflecting a decrease of 143 basis points. Finance income and profitability. Net finance income was INR235 crores in Q4 versus INR102 crores in previous year and INR 400 crores for full year as compared to INR399 crores last year. Higher year-over-year income is due to net foreign exchange gains. Profit before tax was INR2,005 crores, in USD235 million in Q4, up 25% year-over-year and 7% QoQ.

年度 EBITDA 利潤率為 28.3%，低於 24 財年的 29.7%，下降了 143 個基點。財務收入和盈利能力。第四季淨財務收入為 235 千萬印度盧比，去年同期為 102 千萬印度盧比，全年淨財務收入為 400 千萬印度盧比，去年同期為 399 千萬印度盧比。收入年增是由於淨外匯收益。第四季稅前利潤為 200.5 億印度盧比，約 2.35 億美元，年增 25%，季增 7%。

PBT for the year was INR7,678 crores and in terms of dollar, USD899 million for the full year, a year-over-year growth of 7%. PBT margin was 23.6% for Q4 as well as for FY25. PBT includes INR89 crores for the quarter and INR101 crores for the full fiscal from the NRT portfolio. The effective tax rate was 20.8% for the Q4 and 25.4% for the full year. ETR for the quarter is lower due to reversal of previously recognized tax provision pertaining to prior year and transfer to the income statement is not subject to taxation.

全年稅前利潤為 7,678 千萬印度盧比，以美元計算，全年稅前利潤為 8.99 億美元，較去年同期成長 7%。第四季和 2025 財年的稅前利潤率為 23.6%。稅前利潤包括本季的 8.9 億印度盧比和來自 NRT 投資組合的整個財政年度的 10.1 億印度盧比。第四季有效稅率為20.8%，全年有效稅率為25.4%。本季的 ETR 較低，因為先前確認的上一年度稅務準備金被沖銷，且轉入損益表無需納稅。

The full year ETR is higher than the previous year, mainly due to the reversal of previously recognized deferred tax assets related to land indexation and the recognition of previously unrecognized deferred tax asset on operating tax losses compared to the period ended March 31, 2024. We expect the ETR for FY26 to be similar to the current fiscal year.

全年 ETR 高於上年，主要由於與截至 2024 年 3 月 31 日的期間相比，沖銷了先前確認的與土地指數化相關的遞延所得稅資產，並確認了先前未確認的營業稅虧損遞延所得稅資產。我們預計 26 財年的 ETR 將與本財年相似。

Profit after tax is attributable to the equity holders was INR1,594 crores, in dollars, USD187 million in Q4, up 22% year-over-year and 13% QoQ, translating to a margin of 19%. Full year profit after tax was at INR5,655 crores, reflecting year-over-year growth of 2% and a margin of 17%. Earnings per share stood at INR19.1 for the quarter and INR68.1 for the full year. Based on the company's performance, the Board has recommended payments of dividend of INR8 per equity share of face value of INR1 each. This is equivalent to 18% of the face value for the year ended March 31, 2025, subject to approval of the member of the company.

第四季歸屬於股東的稅後利潤為 1,594 千萬印度盧比（以美元計算，為 1.87 億美元），年增 22%，季增 13%，利潤率為 19%。全年稅後利潤為 5,655 千萬印度盧比，較去年同期成長 2%，利潤率為 17%。本季每股收益為 19.1 印度盧比，全年每股收益為 68.1 印度盧比。根據公司業績，董事會建議向每股面額 1 印度盧比的普通股派發 8 印度盧比的股息。這相當於截至 2025 年 3 月 31 日止年度票面價值的 18%，但須經公司成員批准。

Cash flows and balance sheet, operating working capital as of March 31, 2025 stood at INR12,590 crores, a reduction of INR192 crores compared to December 31, 2024, primarily driven by improved receivable management. Capital expenditure was INR767 crores for the quarter and INR2,699 crores for the full year. Free cash flow for the quarter was INR1,110 crores and for the full year, INR1,332 crores for the full year before acquisition-related payouts.

現金流量和資產負債表、截至 2025 年 3 月 31 日的營運資金為 12,590 千萬印度盧比，與 2024 年 12 月 31 日相比減少了 192 千萬印度盧比，主要原因是應收帳款管理得到改善。本季資本支出為 767 千萬印度盧比，全年資本支出為 2,699 千萬印度盧比。本季自由現金流為 1,110 千萬印度盧比，全年自由現金流（不包括收購相關支出）為 1,332 千萬印度盧比。

At the year-end, the company maintained net cash surplus balance of INR2,454 crores post NRT acquisition payout in October. Foreign currency cash flow hedges executed through derivative instruments as of March 31, 2023 are as followed: an amount of USD786 million has been hedged using structured derivative contracts maturing over a course of the next financial year.

截至年底，該公司在 10 月支付 NRT 收購款後，淨現金盈餘餘額為 2,454 千萬印度盧比。截至 2023 年 3 月 31 日，透過衍生性工具執行的外幣現金流量套期如下：使用下一財政年度到期的結構化衍生合約對沖了 7.86 億美元的金額。

These contracts provide a minimum production rate of INR85.9 for US dollar while retaining the potential for outside participation in the event of US dollar appreciation. An amount of INR2,500 million has been hedged with a minimum production rate of INR0.91 for Russian Ruble. These contracts are scheduled to mature within next three months.

這些合約規定了每美元85.9印度盧比的最低生產率，同時保留了在美元升值的情況下外部參與的可能性。已對沖金額為 25 億印度盧比，最低生產率為 0.91 印度盧比兌俄羅斯盧布。這些合約預計將在未來三個月內到期。

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 a very good morning and good evening to everyone.

謝謝 MVN，祝大家早安、晚上好。

Dr. Reddy's delivered another year of robust performance marked by highest ever annual revenues and profits. Fiscal year 2025 was characterized by double-digit growth across all business segments. During the period, we continued to strengthen our core generic businesses while investing and building our 3 strategic growth areas, namely consumer health, innovation and biosimilars.

雷迪博士公司又取得了強勁的業績，年度營收和利潤創下歷史新高。2025財年的特點是所有業務部門都實現了兩位數成長。期內，我們持續強化核心仿製藥業務，同時投資建構消費者健康、創新及生物相似藥三大策略成長領域。

Our efforts remain focused on driving operational efficiencies, strengthening our pipeline and enhancing organizational capabilities. In parallel, we execute on value accretive inorganic initiatives to complement our organic growth in alignment with our stated strategic objectives.

我們的努力仍然集中在提高營運效率、加強我們的管道和增強組織能力。同時，我們執行增值無機舉措，以補充我們的有機成長，符合我們既定的策略目標。

I would like now to highlight some of the key financials for the fiscal year as well as important updates from the fourth quarter. One, we sustained momentum and delivered healthy double-digit revenue growth of 20% in Q4 and 17% for the full fiscal year. EBITDA margins remained resilient exceeding 29% for the quarter and closing the full year at over 28%. Return on capital employed ROCE reached 27.7% underscoring our continued focus on capital efficiency and value creation.

現在我想重點介紹本財年的一些關鍵財務狀況以及第四季度的重要更新。首先，我們保持了良好的發展勢頭，第四季度收入實現了 20% 的健康兩位數增長，全年收入增長 17%。EBITDA 利潤率保持強勁，本季超過 29%，全年利潤率超過 28%。資本使用報酬率 ROCE 達到 27.7%，凸顯了我們持續專注於資本效率和價值創造。

We concluded the fiscal with a net cash surplus of USD287 million, thereby enhancing our financial flexibility to support future growth initiatives. Our biosimilar strategy progressed this quarter to key strategic partnerships. We secured exclusive commercialization rights for the daratumumab, biosimilar candidate on Henlius in the United States and Europe, reinforcing our oncology portfolio. We signed an agreement with Bio-Thera for commercialize ustekinumab and golimumab biosimilar candidates with a primary focus on Southeastern Asia markets.

本財年結束時，我們的淨現金盈餘為 2.87 億美元，從而增強了我們的財務靈活性，以支持未來的成長計畫。本季度，我們的生物相似藥策略已取得進展，並建立了關鍵的策略合作夥伴關係。我們獲得了復宏漢霖生物類似藥候選藥物達雷妥尤單抗在美國和歐洲的獨家商業化權利，從而增強了我們的腫瘤學產品組合。我們與 Bio-Thera 簽署了一項協議，將 ustekinumab 和 golimumab 生物類似藥候選藥物商業化，主要關注東南亞市場。

The US FDA also accepted the filing of our partner, denosumab biosimilar, making a key milestone in our investment within regulated biosimilar markets. The phase integration of our newly acquired nicotine replacement therapy NRT business is moving forward as planned. The United Kingdom was successfully integrated at the start of the month, and we are on track to complete the integration of the Nordic in the next phase. We are demonstrating our commitment to bringing innovation to India and improving health care access through strategic partnerships.

美國FDA也接受了我們合作夥伴地舒單抗生物相似藥的申請，這是我們在受監管的生物相似藥市場投資的一個重要里程碑。我們新收購的尼古丁替代療法NRT業務的分階段整合正在按計劃推進。英國在本月初成功融入歐盟，我們也有望在下一階段完成北歐的融入。我們正在展示我們致力於透過戰略合作夥伴關係為印度帶來創新和改善醫療保健服務的承諾。

We extend our collaboration with Sanofi to introduce Beyfortus, which is nirsevimab, a noble drug hopefully preventing RSV. In partnership with ALK-Abilor, we launched (inaudible) and immunotherapy product for house dust, mite-induced allergies. We commenced participation in the government of India General Ashwani program with one of our products. We divested our Shreveport Manufacturing Facility in Louisiana, United States.

我們擴大了與賽諾菲的合作，推出了Beyfortus，即nirsevimab，一種有望預防RSV的優質藥物。我們與 ALK-Abilor 合作推出了（聽不清楚）針對屋塵、蟎蟲引起的過敏的免疫療法產品。我們開始透過我們的一款產品參與印度政府的 General Ashwani 計畫。我們剝離了位於美國路易斯安那州什里夫波特製造工廠。

On the regulatory front, the API manufacturing facility in CTO2 located Bollaram, Hyderabad received the VAI status from the US FDA following the successful GMP inspection conducted in November 2024. We continue to deliver industry-leading performance in sustainability, earning multiple recognition for environmental, social and government ESG initiatives. Our EcoVadis improved to 73%, positioning us among the top 15% of the company assessed globally. We were able -- we were also honored with Climate Action Program 2.0 Degrees award by CII in the highest resilient category within the last manufacturing sector.

在監管方面，位於海得拉巴博拉拉姆的 CTO2 的 API 製造工廠在 2024 年 11 月成功通過 GMP 檢查後，獲得了美國 FDA 的 VAI 資格。我們繼續在永續發展方面提供領先業界的表現，並在環境、社會和政府 ESG 措施方面獲得多項認可。我們的 EcoVadis 提高至 73%，使我們躋身全球受評估公司前 15% 之列。我們能夠—我們也榮獲印度工業聯合會頒發的「氣候行動計畫 2.0 度」獎，屬於上一製造業領域中最具彈性的類別。

We recognized in the leadership category or on the Indian Corporate Governance Scorecard 2024 by Institutional Investor Advisory Services.

我們在領導力類別或機構投資者諮詢服務機構的 2024 年印度公司治理記分卡中獲得了認可。

I will now walk you through the key business highlights for the quarter and the full fiscal year. Please note that all figures referenced in this sections are presented in the respective local currencies. Our North America Generic business generated revenue of $418 million for the quarter, reflecting a year-on-year growth of 7% and a sequential growth of 4%.

現在我將向您介紹本季和整個財年的主要業務亮點。請注意，本節中引用的所有數字均以各自的當地貨幣表示。我們的北美仿製藥業務本季創造了 4.18 億美元的收入，年增 7%，季增 4%。

For the full fiscal year, revenue stood at USD1,727 million representing a 10% increase over the previous year. This performance was primarily driven by increased volume in key product and successful new product launches, partially offset by price erosion. This quarter, we launched 7 new products bringing the total for the fiscal year to 18. We expect this strong momentum to continue into FY26.

全年營收達17.27億美元，較上年成長10%。這項業績主要得益於關鍵產品銷售的成長和新產品的成功推出，但價格下滑部分抵銷了這一影響。本季度，我們推出了 7 款新產品，使本財年的新產品總數達到 18 款。我們預計這一強勁勢頭將持續到26財年。

Our European Generics business reported revenues of EUR140 million for the quarter, reflecting a year-on-year growth of 142% and sequential increase of 4%. For the fiscal year, revenue stood at EUR395 million, representing a growth of 73% compared to the previous years. Our strong performance driven by contribution from the NRT business, higher base business volumes and gains from new product launches helped to offset pricing pressures. Excluding the contribution of the NRT business, European generic business recorded a year-on-year growth of 29% and a quarter-on-quarter growth of 11% in Q4 and a full year growth of 15%.

我們的歐洲仿製藥業務本季營收為 1.4 億歐元，年增 142%，季增 4%。本財年營收為 3.95 億歐元，較上年成長 73%。我們強勁的業績得益於 NRT 業務的貢獻、更高的基礎業務量以及新產品發布的收益，有助於抵消價格壓力。剔除NRT業務的貢獻，歐洲仿製藥業務第四季年增29%，較上季成長11%，全年成長15%。

This quarter, we launched 10 new generic products in Europe, bringing the total for the fiscal year to EUR39 million. Our emerging market generic business reported revenues of INR1,398 crores in Q4, reflecting a year-on-year growth of 16% and sequential decline of 20%. For the full fiscal year, revenue stood at INR5,477 crore, representing a year-on-year growth of 13%. The performance was mainly driven by higher volume and new product launches, partially impacted by unfavorable ForEx.

本季度，我們在歐洲推出了 10 種新的仿製藥，使本財年總額達到 3,900 萬歐元。我們的新興市場仿製藥業務第四季營收為 1,398 億印度盧比，年增 16%，季減 20%。整個財年的營收達到 5,477 千萬印度盧比，較去年同期成長 13%。業績表現主要得益於交易量的增加和新產品的推出，部分受到不利的外匯市場的影響。

During the quarter, we launched 26 new products across various emerging market countries, bringing the total for FY25 to 85 products. Within this segment, our Russia business posted year-on-year growth of 27% in constant currency for the quarter, although it experienced a sequential decline of 13%. On a full year basis, the Russia business recorded a growth of 24% in constant currency terms. The India business recorded revenue of INR1,305 crores in Q4, reflecting a double-digit year-on-year growth of 16% and 3% sequential decline for the quarter.

本季度，我們在各個新興市場國家推出了 26 款新產品，使 2025 財年的產品總數達到 85 款。在這一領域，我們的俄羅斯業務本季以固定匯率計算年增 27%，儘管環比下降 13%。以固定匯率計算，俄羅斯業務全年成長 24%。印度業務第四季營收為 1,305 億印度盧比，較去年同期成長 16%，季減 3%，為兩位數。

For the full fiscal, the revenues were INR5,373 crores, representing a 16% year-on-year growth. Excluding the contribution of the in-licensing vaccine portfolio, the business recorded a 6% growth in Q4 and for the full year, driven mainly by successful new product launches and favorable pricing. According to IQVIA, we have maintained our position as a 10 largest player in Indian Pharmaceutical Market, IPM, and have marginally outperformed the IPM with the moving annual total MAT growth of 8.4% compared to the IPM growth of 8%.

整個財政年度的收入為 5,373 億印度盧比，年增 16%。不計入許可疫苗組合的貢獻，該業務在第四季度和全年均實現了 6% 的增長，主要得益於成功的新產品發布和優惠的定價。根據 IQVIA 的數據，我們仍然保持著印度製藥市場 (IPM) 第十大參與者的地位，並且略微優於 IPM，年度總 MAT 增長率為 8.4%，而 IPM 增長率為 8%。

In addition to the Sanofi and Nestle portfolio, we have launched 23 brands during the fiscal. Our PSAI business recorded revenues of USD112 million in Q4 in FY24, reflecting a year-over-year growth of 13% and sequential growth of 15%. For the full fiscal year, revenue stood at USD401 million, represented growth of 12% compared to the previous year. The growth was primarily driven by increased volume contribution from new API launches and growth in our complex development and manufacturing organization CDMO business. During the quarter, we filed drug master files, DMFs, including seven for the United States, bringing the total number of filings for the year to 111.

除了賽諾菲和雀巢產品組合外，我們在本財年還推出了 23 個品牌。我們的 PSAI 業務在 2024 財年第四季營收 1.12 億美元，年增 13%，季增 15%。全年營收4.01億美元，較上年成長12%。成長主要得益於新 API 推出的銷售貢獻增加以及我們複雜開發和製造組織 CDMO 業務的成長。本季度，我們提交了藥品主文件 (DMF)，其中包括 7 份針對美國的申請，使全年的申請總數達到 111 份。

We remain committed to investing in our pipeline to drive future growth further supported by strategic collaboration focused on innovation. Our R&D investment for the quarter amounted for INR726 crores, reflecting year-over-year growth of 6% with growing emphasis on complex assets, such as GLP-1 and biosimilars.

我們將繼續致力於投資我們的產品線，以透過專注於創新的策略合作進一步推動未來成長。我們本季的研發投資達到 726 億印度盧比，年增 6%，並且越來越重視 GLP-1 和生物相似藥等複雜資產。

Additionally, we completed 95 global generic filings bringing the total for the fiscal year to 249. In FY 2026, we'll continue to expand and strengthen our core businesses, drive value to portfolio management, grow our process in consumer health care, innovative therapies and biosimilars, leveraging our commercial footprint and explore value-accretive acquisitions and partnerships, and maintain financial discipline to build the foundation for sustainable future growth.

此外，我們也完成了 95 項全球仿製藥申請，使本財年的全球仿製藥申請總數達到 249 項。在2026財年，我們將繼續擴大和加強我們的核心業務，推動投資組合管理的價值，發展我們在消費者保健、創新療法和生物仿製藥方面的流程，利用我們的商業足跡並探索增值的收購和合作夥伴關係，並保持財務紀律，為可持續的未來增長奠定基礎。

And with that, I would like to open the floor for questions and answers.

現在，我想開始提問和解答。

(Operator Instructions). Neha Manpuria, Bank of America.

（操作員指令）。美國銀行的 Neha Manpuria。

My first question is on tariffs. Given you speak to the policymakers and customers, what is your sense on the extent of tariff or to what level the tariff could be implemented on generic? Could it be in the API? Could [KSM] be included? And the second part is, given that Reddy's does not have any manufacturing in the US what are the mitigation factors that we are looking in case tariff is implemented for generics?

我的第一個問題是關於關稅的。鑑於您與政策制定者和消費者進行了交談，您對關稅幅度有何看法，或者對仿製藥徵收的關稅可以達到什麼水平？它可能在 API 中嗎？可以包含[KSM]嗎？第二部分是，鑑於雷迪在美國沒有任何製造業務，如果對仿製藥實施關稅，我們需要尋找哪些緩解因素？

Thank you. First, obviously, I wish I knew how much tariff will come. We are preparing ourselves for the scenarios, and we're obviously watching carefully the information as it will come. At this stage, the main effort is to ensure sustainability of supply.

謝謝。首先，顯然，我希望知道關稅是多少。我們正在為可能發生的情況做好準備，並且顯然正在密切關注即將出現的信息。現階段主要努力是確保供應的可持續性。

So the main activity, as we speak, is to work closely with our customers and see what is the need in terms of inventories, future inventories as well as new product demand, identify products that may have supply disruption and try to help them to address it. We are all waiting to see what will be after the new policies and accordingly, we will address.

因此，正如我們所說，主要活動是與客戶密切合作，了解庫存、未來庫存以及新產品需求的需求，確定可能出現供應中斷的產品並嘗試幫助他們解決問題。我們都在等待新政策出台後會發生什麼，並做出相應的回應。

If it's the API, if the country of origin will be based on API or pharma, I don't know. Most of the people believe that it's for API, but we need to wait and see for formal communication in that respect.

如果是 API，那麼原產國是基於 API 還是製藥，我不知道。大多數人認為它是為了API，但我們需要等待並觀察這方面的正式溝通。

As for the production footprint in the US, I don't think that at this stage, the generic industry is having a short-term issue here. As a company, we would love to have a footprint in the United States. It just has to be the right asset and we are always looking for an asset, but we are not going to do at this stage specific activities to build footprint. It is more -- if the right opportunity will come to us, we will be more than happy to engage it.

至於美國的生產足跡，我認為現階段仿製藥產業不會遇到短期問題。作為一家公司，我們很樂意在美國佔有一席之地。它必須是正確的資產，我們一直在尋找資產，但我們不會在此階段進行特定活動來建立足跡。更重要的是——如果有合適的機會來臨，我們會非常樂意抓住它。

And based on your composition with customers, would they be open to absorbing an impact of any potential tariffs depending on how much it is? What's your sense of -- bear the burden in case of the tariff?

根據您與客戶的關係，他們是否願意承受任何潛在關稅的影響（取決於關稅的金額）？如果徵收關稅，您認為該承擔什麼負擔？

My sense is nobody wants to absorb the tariff. At least, I did not find any player that yes, I would love to come. I think what will happen is there will be a certain adjustment period in which people will have to walk together to see what to do with it. So it is primarily about working together.

我的感覺是沒有人願意承擔關稅。至少，我沒有找到任何我願意來的球員。我認為將會有一個特定的調整期，人們必須共同努力，看看該如何應對。所以這主要是關乎共同努力。

What I want to emphasize is that under any scenario, we will not create shortage of supply or supply disruption to the US market. This is very, very important to us. We want to stay in the United States for many years. And that's something that was also clarified in all of our discussions with our customers.

我想強調的是，無論在何種情況下，我們都不會造成美國市場的供應短缺或供應中斷。這對我們來說非常非常重要。我們想在美國待很多年。我們在與客戶的所有討論中也明確了這一點。

Understood. My second question is on our cost base. And given that our cost base has ballooned quite a bit, even though our margins are great, as we look at Revlimid cliff 3/4 out, how much flexibility do we have to actually reduce this cost once Revlimid goes away? So just trying to get to how we get to the 25% margin. I know you have a lot of products, et cetera, which will come through. But from a cost perspective, how much flexibility do we have from an R&D and SG&A perspective to reduce cost?

明白了。我的第二個問題是關於我們的成本基礎。考慮到我們的成本基礎已經大幅膨脹，儘管我們的利潤率很高，但當我們將 Revlimid 的 3/4 懸崖放在一起時，一旦 Revlimid 停止使用，我們實際上有多少靈活性來降低成本？所以只是想了解我們如何達到 25% 的利潤率。我知道你們有很多產品等等，它們都會實現。但從成本角度來看，我們在研發和銷售、一般及行政費用方面有多少彈性來降低成本？

So even (inaudible) I think supposed Revlimid the patent cliff will happen in January 2026 based on our current modeling, we will continue to have -- suppose what we have guided is like a sales double-digit growth and that EBITDA ROCE 25% are above at this point of time.

因此，即使（聽不清楚）我認為根據我們目前的模型，Revlimid 的專利懸崖將在 2026 年 1 月發生，我們仍將繼續 - 假設我們所指導的是銷售額實現兩位數增長，並且 EBITDA ROCE 此時高於 25%。

But in terms of R&D and SG&A costs, would it still be at similar levels?

但就研發和銷售、一般及行政費用而言，它還會維持相似的水準嗎？

Yes, yes, R&D and SG&A will be in the similar zone. I think the SG&A now is like somewhere 28% of the sales, R&D 8.5% would be in the similar zone.

是的，是的，研發和銷售、一般及行政費用將處於相似的區域。我認為現在銷售、一般及行政費用約佔銷售額的 28%，研發費用佔 8.5%，也處於類似的區間。

So Neha, the main way to do is we are planning to just go faster the sales than the expenses, this is one main, and we have the levers to do that in all the relevant markets, as well as obviously using -- so if you want to just put the levers that will allow both the growth as well as the margins, first, we are planning to grow the base and we are planning to grow the base significantly faster than the expenses while using all kinds of productivity measures on the cost.

因此，Neha，我們的主要做法是，我們計劃讓銷售額的增長速度快於費用的增長速度，這是一個主要因素，而且我們在所有相關市場都有這樣做的槓桿，當然，我們也在利用這些槓桿——所以，如果你想要同時實現增長和利潤率的槓桿，首先，我們計劃擴大基礎，我們計劃讓基礎的增長速度顯著快於費用的增長速度，同時在成本上使用各種生產力。

It's not a cost cut. It's all kind of productivity measures. And of course, we are planning to have some nice products that are coming up, both semaglutide as well as the biosimilars that will come. And BD, we are planning to continue to do BD, and we are engaging with quite a few opportunities mostly likely. So the combination of all of that, I believe that will help us to grow, cover also from the potential decline because of Lenalidomide and to keep our margins.

這並不是削減成本。這都是各種生產力衡量標準。當然，我們計劃推出一些不錯的產品，包括司美格魯肽以及即將推出的生物相似藥。至於 BD，我們計劃繼續做 BD，而且我們很可能正在參與相當多的機會。所以我相信所有這些因素的結合將有助於我們實現成長，同時也能彌補來那度胺帶來的潛在下滑，並維持我們的利潤率。

Understood. And when you say double-digit growth, I assume the extra limits?

明白了。當您說兩位數成長時，我假設有額外的限制？

Yes, we believe that FY26 double-digit growth is possible as well as maintaining the markets.

是的，我們相信 26 財年達到兩位數成長是可能的，同時也能維持市場。

Kunal Dhamesha, Macquarie Group.

Kunal Dhamesha，麥格理集團。

The first question on the gross margin, which has kind of changed quite a bit dramatically on the QoQ basis, and we have highlighted the reduced operating leverage. But as far as I see, like our revenues have grown, right? So I kind of fail to understand how the operating leverage has kind of worked other way for us. So if you can provide some more color on that would be great. That's my first question.

第一個問題是關於毛利率的，毛利率與上一季相比發生了很大變化，並且我們強調了經營槓桿的降低。但就我所見，我們的收入已經成長了，對嗎？所以我有點不懂經營槓桿對我們有何其他作用。因此，如果您可以提供更多詳細信息，那就太好了。這是我的第一個問題。

Thanks, Kunal. Here, like one-off costs in this quarter, are there part of the manufacturing overheads. As per our policies, that's where it's impacted adversely. Like in the Freeport plant we divested, we have just had a severance cost. That is a onetime cost that impacts the part of the manufacturing overhead. And similarly, the second just I articulated earlier, this is -- as compared to the Q3 and the Q4, our out-licensing income is lower. That will have a direct impact on the gross margin. That's where like a 300 basis points is lower in this quarter. We believe this would be like a one-off and then we'll go back to our normal level.

謝謝，庫納爾。這裡，像是本季的一次性成本，都有一部分是製造費用。根據我們的政策，這就是受到不利影響的地方。就像我們剝離的自由港工廠一樣，我們剛剛產生了遣散費。這是影響部分製造費用的一次性成本。同樣，正如我之前所闡述的第二點，與第三季和第四季相比，我們的對外授權收入較低。這將對毛利率產生直接影響。本季利率下降了約 300 個基點。我們相信這將是一次性事件，然後我們將恢復正常水平。

Can you please quantify the severance cost onetime impact for this quarter?

您能否量化遣散費對本季的一次性影響？

That is not -- we will not give right now, but it's not a very small amount. It's not -- what I'm just saying, maybe if I have to say out of 300 basis points of manufacturing overhead, this is one plus another our accounting provisions also. Overall, it has impacted 0.8% out of 80 basis points out of 300 basis points.

這並不是說——我們現在不會捐，但金額也不是很小。這不是 - 我只是說，也許如果我必須說在 300 個基點的製造費用中，這也是一個加上另一個我們的會計準備金。總體而言，它影響了 300 個基點中的 80 個基點中的 0.8%。

That's the severance cost. And then maybe another 50 basis points --

這就是遣散費。然後可能再增加 50 個基點--

It is not the severance cost alone. There are other costs also.

這不僅是遣散費的問題。還有其他費用。

Okay. 80 basis point is one-off. And then the proprietary product milestone not coming is incremental to that 80 basis points?

好的。 80個基點是一次性的。那麼專有產品里程碑的未實現是否會增加到 80 個基點？

Yes, that is the one. And then like a little bit on the inventory also, there is an overhead. Overall put together, I think that all happened in one quarter. That's why you see there is 300 basis points.

是的，就是這個。然後就像庫存中的一點點一樣，也存在開銷。總體來說，我認為這一切都發生在一個季度內。這就是為什麼你會看到有 300 個基點。

Sure, sure. And just a related question. If I look at the NRT business, the PBT margin between the two quarters has a meaningful delta of around 500 basis points, right? So is there a seasonality? And when we look at this business on a full year basis, how should we kind of think about this business? Because based on two quarters, really difficult for us to understand.

當然，當然。這只是一個相關的問題。如果我看一下 NRT 業務，兩個季度之間的 PBT 利潤率有大約 500 個基點的顯著差異，對嗎？那麼存在季節性嗎？當我們從全年角度看待這項業務時，我們應該如何看待這項業務？因為基於兩個季度，我們確實很難理解。

So overall, for this business earlier, we've also spoken, our EBITDA margin in zone of like 25%. This -- and because I don't know why the fluctuation between the Q3 versus Q4, there are a lot of integration costs, that's where it's impacted. Otherwise, when you are modeling the EBITDA you can take it slightly at 25%.

總體而言，對於這項業務，我們之前也說過，我們的 EBITDA 利潤率在 25% 左右。這個——因為我不知道為什麼第三季和第四季之間會有波動，有很多整合成本，這就是它受到影響的地方。否則，當您對 EBITDA 進行建模時，您可以將其稍微取為 25%。

Okay, sure. And one question for Erez. If you could provide update on our or GLP-1 or let's say, generic Semaglutide product across various markets and also the abatacept product?

好的，當然。我要問埃雷茲一個問題。您能否提供有關我們的或 GLP-1 或比方說，各個市場上的通用 Semaglutide 產品以及阿巴西普產品的最新資訊？

Sure. So we are gearing up to launch it during the calendar '26 in all the markets that the IP landscape will allow us to launch. So this is still intact, and we are progressing nicely in our preparation for that. As for abatacept, so far, so good. We are close to -- we are deep into the Phase III. And so far, it looks like the time lines is -- did not change.

當然。因此，我們正準備在 2026 年在 IP 環境允許的所有市場推出該產品。所以這仍然完好無損，而且我們的準備工作進展順利。至於阿巴西普，到目前為止，一切都很好。我們已經接近──深入進入第三階段。到目前為止，時間線似乎沒有改變。

We are planning to submit the product somewhere in the end of this calendar year, end of '25 to be ready to launch the IV at us immediately after patent expiration. And the same for the subcu, which will become a year later because of patent related issue. So once the IP landscape will allow us to launch it, we will do it. So far, so good.

我們計劃在今年年底，也就是 25 年底提交該產品，以便在專利到期後立即推出 IV。對於 subcu 來說也是如此，由於專利相關問題，它將在一年後實現。因此，一旦 IP 環境允許我們推出它，我們就會這麼做。到目前為止，一切都很好。

Right now, it's Phase III, which is currently going on, right?

現在正在進行的是第三階段，對嗎？

Yes. The Phase III is going on, and we are planning to submit by the end of this calendar year. By the end of '25.

是的。第三階段正在進行中，我們計劃在今年年底前提交。到 25 年底。

Madhav Marda, Fidelity.

馬達夫‧馬爾達 (Madhav Marda)，富達。

Just a follow-up to the previous question. Could you help us maybe understand the sizing of the generic semaglutide opportunity for us in markets such as Canada, Brazil and the other larger EMs where it goes off patent next year? We obviously have invested in capacity for generic semaglutide.

這只是上一個問題的後續答案。您能否幫助我們了解在加拿大、巴西和其他較大的新興市場中仿製司美格魯肽的機會規模？這些市場的司美格魯肽專利將於明年到期。我們顯然已經對仿製索馬魯肽的產能進行了投資。

But -- and what we understand looking at penetration rates in, let's say, Canada or Brazil is severely underpenetrated because supply was short and obviously, it was very much higher price point. So as some of this product supply comes through and prices go down, how do we see the volumes expanding for this product, let's say, in Canada and Brazil? If you could give us some sense there, that will be great.

但是——從滲透率來看，我們了解到，例如加拿大或巴西，滲透率嚴重不足，因為供應短缺，而且價格顯然高得多。那麼，隨著部分產品供應到位且價格下降，我們如何看待該產品的產量擴大，例如在加拿大和巴西？如果您能給我們一些啟發，那就太好了。

Yes. So naturally, Canada is one of the markets that will open early. And what's stopping the people from launch is that exclusivity that will be finished in the beginning of January of '26. The product to the best of our knowledge based on the marketing report is growing nicely. And at least in according to IQVIA and the financial reports, the market price is around $1.8 billion, which suggests that it's around give or take, 10 million pens, of course, give or take. So the -- it's a very nice market.

是的。因此，加拿大自然是較早開放的市場之一。而阻止人們推出該產品的原因是，獨家經營權將於 2026 年 1 月初完成。根據市場報告，據我們所知，該產品發展良好。至少根據 IQVIA 和財務報告，市場價格約為 18 億美元，這意味著它的價格約為 1000 萬支筆，當然，這是差不多的。所以——這是一個非常好的市場。

The CAGR is big, somewhere between -- in some report, I saw 28%, in another report, I saw 39%. It's a very, very high level of growth naturally. And when we saw the prevalence of the disease versus the use comparing to other markets, it looks like that in Canada, there is room for growth also quantity-wise. So it's an interesting market.

CAGR 很大，介於 28% 和 39% 之間。這自然是一個非常非常高的成長水準。當我們看到與其他市場相比該疾病的流行程度與使用情況時，我們發現加拿大在數量方面也有成長空間。所以這是一個有趣的市場。

And once the IP landscape will allow us to launch it and assuming approval, we are planning to go, we are -- we see ourselves as one of the companies that have the opportunity to be first or among the first in Canada. We are planning to do the same in India, in Brazil and the other markets in accordance to, of course, to whatever the IP landscape will allow us.

一旦智慧財產權環境允許我們啟動該專案並獲得批准，我們就會開始採取行動，我們認為自己是有機會成為加拿大第一家或首批之一的公司之一。我們計劃在印度、巴西和其他市場採取同樣的行動，當然，這取決於智慧財產權環境允許的條件。

Okay. So the 10 million pens paying which you mentioned, that's the Canada market size today, right? Did I understand that right?

好的。所以，您提到的 1000 萬支筆付款就是加拿大目前的市場規模，對嗎？我理解得對嗎？

Yes. What I quoted to you, the numbers that I mentioned are the relevant reports about Canada.

是的。我向你引用的、我提到的數字都是有關加拿大的有關報道。

So that's what I was trying to understand that this is at a much higher price. So would you have any sort of sense in terms of this 10 million pens, can this -- given that if you look at the obese population or the diabetic population in Canada, the size and the potential market can be -- maybe 3, 4, 5 times. So could give us some sense of the market could grow...

所以我想了解的是，為什麼這個價格要高很多。那麼，您對這 1000 萬支筆有什麼看法嗎？考慮到加拿大的肥胖人口或糖尿病人口，其規模和潛在市場可能是這個數字的 3 倍、4 倍或 5 倍。因此可以讓我們了解市場可能會成長......

Yes. So I heard 5x, but my knowledge is not different than yours. They probably read the same report. The prevalence is still high. The use relatively to the prevalence is still low. Now if it's 3, 4 or 5x, I don't know eventually what will happen. And -- but clearly, that it is going to be an important product for Canada. And obviously, we are very keen on it.

是的。所以我聽到了 5x，但我的知識與你的知識沒有什麼不同。他們可能讀的是同一份報告。發病率仍然很高。相對於流行程度而言，使用率仍然較低。現在，如果是 3、4 或 5 倍，我不知道最終會發生什麼。但顯然，這將是加拿大的重要產品。顯然，我們對此非常熱衷。

Amey Chalke, JM Financial.

Amey Chalke，JM Financial。

The first question I have, there is a gross margin drop, but there is also reasoning given that there was a price erosion and one of the reasons for the gross margin drop. So is it possible for the management to give us some understanding what is the US business price erosion for the year? And how the US business has done for the year for FY26, excluding Revlimid?

我的第一個問題是毛利率確實下降了，但也有理由認為價格下降是毛利率下降的原因之一。那麼管理階層能否讓我們了解今年美國企業價格侵蝕的情況？除 Revlimid 外，2026 財年美國業務表現如何？

So this gross margin, the price erosion is like on year-over-year basis. And in US, I think the price erosion is very stable. That's what we have put it in the press conference. We do not see any challenges even. In fact, the price erosion is like much lower as compared -- during FY25 as compared to FY24.

因此，這個毛利率和價格下降是比去年同期而言的。在美國，我認為價格侵蝕非常穩定。我們在記者會上就是這麼說的。我們甚至沒有看到任何挑戰。事實上，與 24 財年相比，25 財年的價格下降幅度要低得多。

Sure. And the US business, how it has done for the year? It has grown, it has -- like how it has performed?

當然。那麼美國業務今年表現如何？它已經成長了，它的表現如何？

The US business grew. It grew very, very nicely. And it's primarily due to the usual new launches, market share gains. And just to make sure that in addition to what MVN said, the price erosion that was in the US was relatively low, primarily as most of the product kind of I believe, exhausted the potential of the price erosion. So it's normally when there is no price erosion in United States, it's not always a good sign. But in our case, it was a very low single-digit price erosion within the fiscal.

美國業務成長。它長得非常非常好。這主要歸功於新產品的推出和市場佔有率的成長。除了 MVN 所說的之外，還要確保美國的價格下降幅度相對較低，主要是因為我認為大多數產品都已經耗盡了價格下降的潛力。因此，通常情況下，當美國沒有出現價格下跌時，這並不總是一個好兆頭。但就我們的情況而言，財政年度內的價格侵蝕率非常低，僅為個位數。

Sure. Second question I have on the Revlimid. In FY26, I understand that Jan would be when the exclusivity is ending. But if we consider the quota-related quantities which we would be booking before the Jan, how the distribution we should expect to happen over the next few quarters? Is it evenly distributed? Or do you think that first half of the FY26, we should expect Revlimid sales to be booked?

當然。我對 Revlimid 有第二個疑問。在 26 財年，我了解到 1 月將是排他性結束的時間。但是，如果我們考慮一月份之前預訂的與配額相關的數量，那麼我們預計未來幾季的分配情況會如何？分佈均勻嗎？或者您認為在 26 財年上半年，我們應該期待 Revlimid 的銷售能順利完成？

So obviously, it's in accordance to the demand of the customers, but likely that we will finish what we can sell a few months before the January in order to make sure that our customers will not be with the goods on the shelf in order to avoid the price shelf adjustments. So likely that we will stop a few months before that.

所以很明顯，這是根據客戶的需求而定的，但很可能我們會在一月份之前的幾個月就賣完我們能賣出的數量，以確保我們的客戶不會因為貨架上商品而囤積商品，從而避免價格上架調整。因此我們很可能會在那之前幾個月就停止。

Sure. Just last question, if I can squeeze in. We spoke on Canada market related to semaglutide. However, traditionally, we have seen generic capturing the branded market where the prescription is typically marketed by the innovators. However, here, the market is severely underpenetrated. Do you think there would be any need for you to market the product even despite being a generic?

當然。最後一個問題，我是否可以擠進去。我們談到了與司美格魯肽相關的加拿大市場。然而，傳統上，我們看到仿製藥佔領了品牌藥市場，而處方藥通常由創新藥來銷售。然而，這裡的市場滲透率嚴重不足。您是否認為即使該產品是通用產品，您仍有必要行銷它？

We believe that the demand from the customers will be strong enough that we don't need to market the product or introduce it to the market. What I believe can happen is that as the product will be much more affordable and some of the use is without reimbursement. So I believe that it will create an additional demand. But no, we are not planning to actively market the product as a brand.

我們相信，客戶的需求足夠強勁，我們不需要行銷該產品或將其引入市場。我相信會發生的情況是，產品會更便宜，而且部分使用無需報銷。所以我相信它會產生額外的需求。但不，我們並不打算積極地將該產品作為品牌進行行銷。

Bino, Elara Capital.

比諾，Elara Capital。

Just following up on Revlimid, Erez, are you seeing any price erosion -- significant price erosion in Revlimid as of now compared to six months back?

埃雷茲，請問您關於 Revlimid 的後續情況，您是否發現任何價格下滑——與六個月前相比，Revlimid 現在的價格是否出現顯著下滑？

So there is a price erosion. There is also increase in quantity. So it's a combination of both. I will not be able to tell you exactly the amount, as you know. But yes, there is a certain level of price erosion.

因此價格就會下降。數量也有所增加。所以這是兩者的結合。如您所知，我無法告訴您確切的金額。但確實存在一定程度的價格下跌。

Okay. And just to reconfirm what I heard earlier. You -- I believe you said that for financial year '26, you can do with double-digit growth and maintain the EBITDA margin at the same level of FY25. Did I hear that correct?

好的。只是想再次確認我之前聽到的內容。您——我相信您說過，對於 26 財年，您可以實現兩位數的成長，並將 EBITDA 利潤率保持在與 25 財年相同的水平。我聽得對嗎？

Yes, that's what I said.

是的，我就是這麼說的。

Okay. Okay. And once the Revlimid cliff happens, which maybe FY27, the margins may settle down back to your long-term target range of around 25% or so. Is that how we look at it?

好的。好的。一旦 Revlimid 懸崖發生，可能是 2027 財年，利潤率可能會回落到 25% 左右的長期目標範圍。我們是這樣看待這件事的嗎？

Yes. So we always said the 25% is indication for the place that we feel comfortable to be, giving enough total shareholder return, but also allowing us to invest in the future. So we will continue to aim for that amount. It may fluctuate from quarter-to-quarter, sometimes it will be above, sometimes below. But yes, we are planning to be in this neighborhood also in the future and post the lenalidomide era.

是的。因此，我們總是說 25% 代表了我們感到舒適的水平，既能為股東帶來足夠的總回報，又能讓我們投資未來。因此我們將繼續努力實現這一目標。它可能每個季度都會波動，有時會高於，有時會低於。但是的，我們計劃在未來並來那度胺時代之後也繼續留在這個社區。

Understood. And one last question on CapEx. So this year's CapEx was, I think, more than double the previous year's level. Where has it mainly gone through? And for next year, what's the level we should look at?

明白了。最後一個問題是關於資本支出的。因此，我認為今年的資本支出是去年的兩倍多。主要經過了哪些地方？那麼對於明年，我們該關注什麼水準呢？

So largely, the major CapEx are going in two fronts. One is for the peptides, both for to create infrastructure for both APA and formulations and also to create the biosimilar facilities. Largely, these 2 are major investment driving factors. Apart from that, certainly, since like we are in the complex molecule journey, then there is a product-specific investments as well. So that's where I think it is overall CapEx. And then you're asking for FY '26. We believe at this point of time would be in the similar range for FY '26 as well.

因此，主要的資本支出主要集中在兩個方面。一個是針對勝肽類藥物，既用於創建APA和製劑的基礎設施，也用於創建生物相似藥設施。整體來說，這兩個是主要的投資驅動因素。除此之外，當然，因為我們正處於複雜的分子旅程中，所以也有針對特定產品的投資。所以我認為這就是整體資本支出。然後你要求的是 26 財年。我們相信，此時的水準與 26 財年水準也處於類似的範圍。

(Operator Instructions).

（操作員指令）。

(inaudible), Quantum Mutual Fund.

（聽不清楚），量子共同基金。

Could you talk about the India bit --

能談談印度的情況嗎--

Sorry to interrupt you, but you're losing your audio. Line from the participant have been dropped. We will go on to the next participant.

抱歉打擾您，但您的音訊正在遺失。參與者的線路已斷開。我們將繼續討論下一位參與者。

Tushar Manudhane, Motilal Oswal.

圖沙爾·馬努丹、莫蒂拉爾·奧斯瓦爾。

Sir, for the Europe market, the FY25, was a great year. If you could sort of elaborate on the growth prospects for this region ex NRP as well for '26-'27 maybe?

先生，對歐洲市場來說，25 財年是偉大的一年。您能否詳細說明一下該地區（不包括 NRP）以及 26-27 年的成長前景？

I agree with you. Europe is a growing area for us. We are planning to grow by -- first of all, we are expanding to more countries. We are launching more products, primarily leveraging the pipeline for the United States. We are going to launch biosimilars in Europe, both rituximab, bevacizumab and after (inaudible) and we are planning obviously to grow the NRP business. So indeed, Europe is going to be an important growth area for us.

我同意你的看法。歐洲對我們來說是一個正在成長的地區。我們計劃透過以下方式實現成長——首先，我們將擴展到更多國家。我們正在推出更多產品，主要利用針對美國的管道。我們將在歐洲推出生物相似藥，包括利妥昔單抗、貝伐單抗及之後的（聽不清楚），我們顯然計劃擴大 NRP 業務。因此，歐洲確實將成為我們一個重要的成長地區。

Noted, sir. Sir, as far as semaglutide is concerned, like because it can be manufactured using biological route as well as synthetic route. Any color if you could share in terms of at least the initial countries like India, Canada, would they be okay to approve the synthetic route and the competitive dynamics would be different if that happens? Or do you think the competitive dynamics would be similar even if it is approved either through a synthetic route or a biological route?

知道了，先生。先生，就司馬魯肽而言，因為它可以透過生物途徑或合成途徑製造。如果您可以分享至少印度、加拿大等初始國家的情況，他們是否願意批准合成路線？如果批准，競爭態勢會有所不同嗎？或者您認為，即使透過合成途徑或生物途徑獲得批准，競爭動態也會相似？

Yes. So we believe that the synthetic route can be approved for the injectable, for the pens. And the semisynthetic route is going to be used for the oral product. And that's what we are planning to do, synthetic for the injectables and semisynthetic for the oral.

是的。因此，我們相信，合成路線可以被批准用於注射劑和注射筆。口服產品將採用半合成路線。這就是我們計劃要做的，注射劑採用合成方法，口服劑採用半合成方法。

So likewise, the price erosion basis competition would be higher for synthetic route?

那麼，同樣地，合成路線的價格侵蝕基礎競爭會更高嗎？

It, of course, depends on how many people we launch the product in each one of the markets. So it's not so much because of the synthetic versus non-synthetic, it depends who has access to capacity at least at the beginning and who is going to obtain approval.

當然，這取決於我們在每個市場上向多少人推出該產品。因此，這並不是因為合成與非合成，而取決於誰至少在開始時擁有產能以及誰將獲得批准。

So in terms of competition, I believe that in some of the markets, they may have some advantage for those that will have at least for a short period of time or a longer period of time, depends on the scenario, less competitive, maybe less players that will play in the market.

因此，就競爭而言，我相信在某些市場中，他們可能至少在短時間內或較長時間內擁有優勢，這取決於具體情況，競爭不那麼激烈，市場上的參與者可能更少。

And thereafter, it will be very competitive because many companies are having this product and they will compete the market share. At the same time, the product will grow. So we are preparing ourselves for the scenario in which we believe that we have a chance for relatively limited competition, but as well as prepare ourselves for the scenario of high volume, low price, very competitive landscape, and we are gearing for both.

此後，競爭將會非常激烈，因為許多公司都擁有該產品，他們將爭奪市場份額。同時，產品也會成長。因此，我們正在為這樣的情況做準備：我們相信我們有機會面對相對有限的競爭，但同時也為高產量、低價格、競爭非常激烈的情況做準備，我們正在為這兩種情況做好準備。

(Operator Instructions) Abdulkader Puranwala, ICICI Securities.

（操作員指示） Abdulkader Puranwala，ICICI 證券。

So my first question is on your India business, where you talked about 6% growth, excluding the vaccine business. So how should we see this portfolio ramp-up happening next year? Any areas where you think the growth was a little lower this year and then next year, how should we model this business for?

所以我的第一個問題是關於你們的印度業務，你們談到了 6% 的成長，不包括疫苗業務。那我們該如何看待明年投資組合的成長呢？您認為今年和明年哪些領域的成長會略低，我們該如何為這些領域制定商業模式？

So you're going to see similar growth overall for India also next year. So we are planning to grow. This year, we grew 16%. This kind of range of growth you're going to see also in FY '26. Indeed, we highlighted -- I want to emphasize that although we highlighted the inorganic versus organic, but I want to highlight that most of our growth in India will be inorganic.

因此，明年印度整體也將出現類似的成長。所以我們計劃發展。今年，我們的成長了16%。您還將在 26 財年看到這種成長幅度。事實上，我們強調了——我想強調的是，雖然我們強調了無機與有機，但我想強調的是，我們在印度的大部分成長將是無機的。

We are licensing products. We are acquiring products. We are introducing innovation to that. So it will not be by (inaudible) necessarily only the big brands, although -- and I will refer to it in a second, but primarily by introducing products that have better standard of care. Having said that, most of our big brands from the past grew actually double digits.

我們正在授權產品。我們正在收購產品。我們正在對此進行創新。因此，它不一定只透過（聽不清楚）大品牌來實現，儘管——我稍後會提到這一點，但主要是透過推出具有更好護理標準的產品來實現。話雖如此，我們過去的大多數大品牌實際上都實現了兩位數的成長。

There are two areas in which we did not do as well. This is in cardiovascular as well as in GI. And we have mitigation also plans for those primarily by adding more marketing resources as well as addressing the product and introduction of life cycle management. So overall, between new products, innovation, big brands, dealing with those big brands that do not do well, we are -- we believe that we'll have a high level -- high double-digit growth in India next year.

有兩個方面我們做得不夠好。這不僅存在於心血管系統，也存在於胃腸道中。我們也針對這些問題制定了緩解計劃，主要包括增加行銷資源以及解決產品和引入生命週期管理。因此總體而言，在新產品、創新、大品牌以及應對那些表現不佳的大品牌之間，我們相信明年我們在印度將實現高水準的兩位數成長。

Got it. And sir, my next question is with regards to the recent updates coming from the US in terms of a certain concession on the regulatory front being offered by the US agencies as well as they talking about increasing the intensity of surprise inspections for plants phased out in India and China. So would love to hear your take on the development coming from the US market?

知道了。先生，我的下一個問題是關於美國最近發布的消息，美國機構在監管方面做出了一定的讓步，並且他們還談到要加大對印度和中國已淘汰工廠的突擊檢查力度。那麼，我很想聽聽您對美國市場發展的看法嗎？

Yes. So it's not new. Just this year, the inspection that we had in CTO 3 and CTO 6 were unannounced inspection. Our facilities are ready for it. This was always the guidelines in the United States for years, and it's unannounced. So all of our facilities are ready for that. That's actually is the guidelines for a while. And it will require people that are not ready for that maybe to upgrade the systems, but we are ready for it.

是的。所以這並不是什麼新鮮事。就在今年，我們在 CTO 3 和 CTO 6 進行的檢查是突擊檢查。我們的設施已為此做好準備。這一直是美國多年來的指導方針，而且是未經宣布的。因此，我們的所有設施都已為此做好準備。這其實就是一段時間內的指導方針。這可能需要那些尚未做好準備的人來升級系統，但我們已經準備好了。

(Operator Instructions) Surya Patra, Philip Capital.

（操作員指示）Surya Patra，Philip Capital。

My first question is on the R&D spend front. What we have seen in the last two-year period, sir, there is a kind of a back-to-back around 20% kind of growth annually on the R&D spend front that we have witnessed. So could you give some visibility about the kind of work that we would have done on the pipeline buildup front and the likely investment on those front on the R&D side going ahead? And what buildup that we would have created so far as the future pipeline or the growth pipeline for us?

我的第一個問題是關於研發支出方面的。先生，我們在過去兩年中看到，研發支出每年連續成長約 20%。那麼，您能否介紹一下我們在管道建設方面將要做的工作以及未來在研發方面可能進行的投資？那麼，就未來的管道或成長管道而言，我們將創造什麼樣的累積呢？

So here, of course, the R&D investments have been increasing in biosimilars, like let us say, abatacept is in Phase III. Certainly, the investments are high. And then in case of our generics, we are continuously focusing on all the GLP-1s. I think these are all the complex molecules and requires a lot of investment and it is also earlier spoken with abatacept once we file it, the revenues start in calendar 2027 somewhere. So you will just see the revenues from all the efforts what we are doing now certainly a little later. It is not very far off, I think, but definitely in the near term, I think you will see some of the products will start showing up the revenues.

因此，當然，生物相似藥的研發投資一直在增加，比如說，阿巴西普正處於第三階段。當然，投資很高。就我們的仿製藥而言，我們持續關注所有 GLP-1。我認為這些都是複雜的分子，需要大量的投資，而且我們之前也說過，一旦我們提交了阿巴西普，收入就會在 2027 年左右開始。因此，稍後您將看到我們現在所做的所有努力所帶來的收入。我認為這並不是太遙遠，但肯定在短期內，我認為你會看到一些產品將開始顯示收入。

(Operator Instructions) Shashank KrishnaKumar, Emkay Global.

（操作員說明）Shashank KrishnaKumar，Emkay Global。

I just wanted to check with respect to REVLIMID, given the import alert that has been issued to Viatris facility. So could you see any meaningful benefit, particularly in the first half this year? Or is that largely a nonevent given that there are volume restrictions in place?

我只是想檢查一下 REVLIMID 的情況，因為已經向 Viatris 工廠發出了進口警報。那麼您能看到任何有意義的好處嗎，特別是在今年上半年？或者，由於存在數量限制，這基本上不會發生？

I don't think there will be any impact on us.

我認為這不會對我們造成任何影響。

Shrikant, Nuvama Wealth.

Shrikant，Nuvama Wealth。

In the Canadian Semaglutide market, there are 4 players who are filed. If you can talk about our approval time lines? And do you think that all the 4 players would be there in the Canadian market when the opportunity opens up?

在加拿大索馬魯肽市場，共有4家廠商提交了申請。您能談談我們的批准時間表嗎？您認為，當機會出現時，這四家公司都會進入加拿大市場嗎？

I obviously don't know who would come or who would not, but we are planning to be there at the date that the market will be open.

我顯然不知道誰會來或誰不會來，但我們計劃在市場開放當天到達那裡。

And the approval time line for us?

我們的批准時間表是怎樣的？

Approval time lines will likely to be a little bit before the date. So somewhere in the end of this calendar.

批准時間可能會稍早。所以在這個日曆的末尾的某個地方。

(inaudible), Quantum Mutual Fund.

（聽不清楚），量子共同基金。

Yes. Just quickly, when I look at the European revenue for us, it sounds like UK has grown very faster. Is it because we started selling NTR out there and the NTR number which you give out INR 1,200 crores, can I double that just to get the whole revenue for the full year? And the last question on Revlimid. When we speak to NACO, they say that June, September could be a better quarter for us in FY '26. Is it -- does it hold true for us also? That's it.

是的。當我快速查看我們的歐洲收入時，聽起來英國的成長速度非常快。是因為我們開始在那裡銷售 NTR，而您給出的 NTR 數字是 1,200 億印度盧比，我可以將其翻倍以獲得全年的收入嗎？最後一個問題是關於 Revlimid 的。當我們與 NACO 交談時，他們表示 2026 財年 6 月和 9 月可能是我們業績較好的一個季度。對我們來說也是這樣嗎？就是這樣。

So I cannot share numbers or guidance on the Revlimid. And so I can only say like we always do that it's going to stay meaningful product for us. As for the UK, I'm not sure I got the question. It is primarily due to relatively high level of launch of new products, plus we launched the bevacizumab also in United States -- sorry, in United Kingdom. So the combination of both allowed us to grow in the UK.

所以我無法分享有關 Revlimid 的數字或指導。因此我只能說，就像我們一直在做的那樣，它對我們來說仍然是一個有意義的產品。至於英國，我不確定我是否明白這個問題。這主要是因為新產品的推出水準相對較高，而且我們也在美國——抱歉，是在英國——推出了貝伐單抗。因此，兩者的結合使我們在英國得以發展。

And the NTR, the run rate of INR1,200 crores, is it that we simply double that is what the number we get for the full year for FY25, '26?

NTR，即 120 億印度盧比的運行率，是否簡單地將 2025 財年和 2026 財年的全年數字翻一番？

Could you just repeat your question?

您能重複一下您的問題嗎？

If I -- the number of NTR, which we -- nicotine, which we have for the H2 is around INR1,200 crores. So if I double that, is it the number which I get for the full year or...

如果我——我們的 NTR 數量——尼古丁，H2 的數量約為 1,200 億印度盧比。因此，如果我將其翻倍，這是我全年得到的數字還是...

Yes. Certainly, give or take,that would be the range.

是的。當然，或多或少，這就是一個範圍。

And when we start selling in the UK all by ourself, it will be next year, is it?

當我們開始在英國自行銷售時，是明年，是嗎？

Yes, yes. Currently also, we are selling in UK and then going forward also, we'll continue to sell in the UK. But when -- what the numbers we are reporting for UK without...

是的，是的。目前我們也在英國銷售，未來也會繼續在英國銷售。但是當——我們報告的英國數字是多少時......

Right. And if I just can squeeze the last thing. On the GLP last launch like which happened in the US after (inaudible) players have come in. Do you think the scenario could be the same when it happens for (inaudible) when it launches in the US? I think the (inaudible) just got an approval or they launched. So is it possible that the market will still be -- there are a lot of filers, but could be like 2, 3 players like Victoza or it will be what, large players, number of players out there?

正確的。如果我能夠擠掉最後一件事。在 GLP 上次發布會上，就像在美國發生的那樣，在（聽不清楚）玩家加入之後。您認為當它在美國推出時，情況會發生同樣的事情嗎？我認為（聽不清楚）剛剛獲得批准或他們已經啟動。那麼，市場是否可能仍然會是——有很多申請人，但可能是像 Victoza 這樣的 2、3 個參與者，或者會是大型參與者，有多少參與者？

Which product you are talking about? Semaglutide in the US will be in 2033. Sorry? Liraglutide, the Victoza and Saxenda.

您談論的是哪種產品？索馬魯肽將於 2033 年在美國上市。對不起？利拉魯肽、Victoza 和 Saxenda。

I'm trying to understand the number of players in Victoza are very less even after Teva has come in and Noise has gone. Do you think the same amount of players -- because a large number of filers for sema in Canada and India and all, do you think everybody will get an approval and there will be large number of players or like with the GLP in the US right now, or Victoza, there are only 3, 4 players. How do you think the landscape will be on the competition part? That's what I'm trying to understand.

我試圖理解為什麼即使在 Teva 進入、Noise 消失之後，Victoza 的玩家數量仍然很少。您是否認為參與者數量相同 - 因為加拿大和印度等地有大量的 sema 申請人，您是否認為每個人都會獲得批准並且會有大量參與者，或者像現在美國的 GLP 或 Victoza 一樣，只有 3、4 個參與者。您認為比賽的情況會如何？這就是我想要理解的。

We believe that the landscape of semaglutide will be very competitive. It could be a situation at the time of launch or around the time of launch, there will be people that may get later the approval or have later access to the supply chain. And so it will evolve. And those players that may come before and be there on day 1 may gain kind of first launch advantage. But overall, it's going to be, we believe, a very competitive market, and we are preparing ourselves in terms of cost, supply to high-volume, low-cost type of a product over time.

我們相信，司美格魯肽的市場競爭將會非常激烈。這可能是在發佈時或發布前後的情況，有些人可能會稍後獲得批准或稍後進入供應鏈。它將如此進化。而那些可能提前到來並在第一天就到達的玩家可能會獲得先發優勢。但總體而言，我們相信這將是一個競爭非常激烈的市場，我們正在成本方面做好準備，逐步提供大量、低成本的產品。

Saion Mukherjee, Nomura.

野村證券的 Saion Mukherjee。

Am I audible?

我聽得見嗎？

Sir, the line for the participant dropped. With this, I now hand the conference over to Ms. Richa Periwal for closing comments.

先生，與會者的線路斷了。現在，我將會議交給 Richa Periwal 女士做最後總結發言。

We appreciate you joining us for this evening call. If you have any further questions or require clarifications, please feel free to reach out to the Investor Relations team. Once again, thank you on behalf of Dr. Reddy's Laboratories Limited.

感謝您參加我們今晚的電話會議。如果您有任何其他問題或需要澄清，請隨時聯絡投資者關係團隊。我再次代表雷迪博士實驗室有限公司向您表示感謝。

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

非常感謝。我代表雷迪博士實驗室有限公司結束本次會議。感謝您的加入，現在您可以斷開您的線路了。謝謝。