Dr Reddy's Laboratories Ltd (RDY) 2026 Q1 法說會逐字稿

Hey, good day everyone, and welcome to the Q1 FI26 earnings call of Dr Reddy's Laboratories Limited. I'm Awaraithaam and I'm part of the Dr. Reddy's Investor Relations team. (Operator Instructrions) Please note that the chat will not be monitored for any questions to the management. I now hand the conference over to Richard Perrial.

大家好，歡迎參加 Dr Reddy's Laboratories Limited 的 Q1 FI26 收益電話會議。我是 Awaraithaam，也是 Dr. Reddy 投資者關係團隊的一員。（操作員指示）請注意，聊天不會受到監控，以詢問管理層的任何問題。現在我將會議交給理查德·佩里亞爾。

Thank you.

謝謝。

Thank you, Aishwarya. Good morning, good evening, and a warm welcome to all. Thank you for joining us for Dr. Reddy's Q1 FY '26 earnings conference call. We truly appreciate your time and participation. Joining us today are members of the leadership team, Mr. Erez Israeli, our CEO; Mr. MV Narasimham, our CFO; and the IR team.

謝謝你，艾西瓦婭。早安，晚上好，熱烈歡迎大家。感謝您參加雷迪博士的 2026 財年第一季財報電話會議。我們非常感謝您的時間和參與。今天與我們一起參加的是領導團隊的成員，我們的執行長 Erez Israeli 先生、我們的財務長 MV Narasimham 先生以及 IR 團隊。

Earlier today, we released our quarterly financial results. These are now available on our website for your reference. We'll begin the session with MVN presenting an overview of the financial performance for the quarter. Following that, Erez will provide his perspective on the business highlights and the strategic outlook. We will then move to the Q&A segment as mentioned by Aishwarya.

今天早些時候，我們發布了季度財務業績。這些內容現已發佈在我們的網站上，供您參考。會議開始時，MVN 將概述本季的財務表現。隨後，Erez 將闡述他對業務亮點和策略展望的看法。然後我們將進入艾西瓦婭提到的問答環節。

Before we proceed, please note that today's call is the proprietary material of Dr. Reddy's Laboratories and cannot be rebroadcasted or attributed in any media or press outlet without prior written consent from the company. This session is being recorded, and both the replay and the transcript will be made available on our website shortly. All commentary and analysis during this call are based on our IFRS consolidated financial statements.

在我們繼續之前，請注意，今天的電話會議是雷迪博士實驗室的專有資料，未經公司事先書面同意，不得在任何媒體或新聞機構轉播或歸屬。本次會議正在錄製中，重播和文字記錄很快就會在我們的網站上發布。本次電話會議中的所有評論和分析均基於我們的 IFRS 合併財務報表。

In addition, the discussion may refer to certain non-GAAP financial measures. A reconciliation to the GAAP measures is provided in our press release. We would also like to remind you that the safe harbor provisions as detailed in today's press release apply to all forward-looking statements made during this conference call. With that, let me now hand it over to MVN to present the financial highlights for the quarter

此外，討論可能涉及某些非公認會計準則財務指標。我們的新聞稿中提供了與 GAAP 指標的對帳。我們也想提醒您，今天的新聞稿中詳述的安全港條款適用於本次電話會議期間所做的所有前瞻性陳述。現在，請容許我把時間交給 MVN，介紹本季的財務亮點

Thank you, Richa. A very warm welcome to all. Thank you for taking the time to join us today. I'm pleased to walk you through our financial results for the first quarter of FY '26. The quarter began on a positive note, marked by a steady double-digit revenue growth.

謝謝你，Richa。熱烈歡迎大家。感謝您今天抽出時間來參加我們的活動。我很高興向您介紹我們 26 財年第一季的財務表現。本季開局良好，營收穩定實現兩位數成長。

We delivered an EBITDA margin of 26.7%, modestly ahead of our aspiration of 25%. The inclusion of our consumer health care business contributed positively to top line momentum. All financial figures in this section are translated into US dollars using a convenience translation of INR85.74, the exchange rate prevailing as of June 30, 2025.

我們的 EBITDA 利潤率為 26.7%，略高於我們 25% 的預期。我們的消費者保健業務的納入對營收成長動能做出了積極貢獻。本節的所有財務數據均採用 2025 年 6 月 30 日的現行匯率 85.74 印度盧比的便捷換算方法轉換為美元。

Consolidated revenues for the quarter stood at INR8,545 crores, which is USD997 million, a growth of 11% on a year-over-year basis and remaining flat on a sequential basis. This performance was driven by sturdy performance across most markets with the exception of the -- of our US generics business. Consolidated gross profit margin for the quarter was 56.9%, a decrease of 350 basis points year-on-year and an improvement of 134 basis points sequentially. The year-over-year decrease in margins was largely attributable to price erosion in generic segment, particularly in lenalidomide and lower operating leverage, partly balanced by a better product mix.

本季綜合營收為 8,545 千萬印度盧比，即 9.97 億美元，年增 11%，與上一季持平。除美國仿製藥業務外，大多數市場的強勁表現推動了這一業績。本季綜合毛利率為56.9%，較去年同期下降350個基點，較上季提高134個基點。利潤率同比下降主要歸因於仿製藥領域價格下跌，尤其是來那度胺價格下跌，以及經營槓桿降低，但產品組合改善在一定程度上抵消了這一影響。

Gross margin for Global Generics and PSA were at 60.9% and 13.2%, respectively. Lower business margins in PSA reflect seasonal weakness and under-recovery of overheads. The SG&A spend for the quarter was INR2,565 crores, which is USD299 million, an increase of 13% year-over-year and 7% on a sequential basis. The year-over-year increase was primarily driven by strategic growth-oriented investments in consumer health care business of and the Nestle, a JV for nutraceuticals portfolio. Both businesses represent strategic growth drivers, necessitating focused investment to unlock and sustain their long-term potential.

Global Generics 和 PSA 的毛利率分別為 60.9% 和 13.2%。PSA 業務利潤率較低反映了季節性疲軟和管理費用回收不足。本季銷售、一般及行政費用 (SG&A) 支出為 2,565 千萬印度盧比，即 2.99 億美元，年增 13%，季增 7%。年比成長主要得益於雀巢和營養保健品合資公司對消費者保健業務的策略性成長型投資。這兩項業務都代表著策略性成長動力，需要集中投資來釋放和維持其長期潛力。

Other SG&A expenses remain well managed and broadly flat on a year-on-year basis, reflecting discipline in cost control across core operations. Consequently, SG&A expense accounted for 30% of the sales during the quarter, was higher by 44 basis points on year-over-year and 173 basis points on quarter-on-quarter. The R&D spend for the quarter was INR624 crores, which is USD73 million, remaining broadly flat on a year-over-year basis and declined by 14% sequentially.

其他銷售、一般及行政費用仍得到良好管理，與去年同期相比基本持平，反映出核心業務的成本控制紀律。因此，銷售、一般及行政費用佔本季銷售額的 30%，比去年同期高出 44 個基點，比上一季高出 173 個基點。本季研發支出為 62.4 億印度盧比，即 7,300 萬美元，與去年同期基本持平，比上一季下降 14%。

We continue to make targeted investments in our complex generics, API and biosimilars pipeline to support long-term growth. The R&D spend was at 7.3% of the sales for the quarter, lower by 76 basis points on year-over-year and 123 basis points quarter-over-quarter.

我們繼續對複雜的仿製藥、API 和生物仿製藥管道進行有針對性的投資，以支持長期成長。本季研發支出佔銷售額的 7.3%，較去年同期下降 76 個基點，較上季下降 123 個基點。

For the full fiscal, we expect the R&D investments to be in the range of 7% to 7.5% of the sales. EBITDA for the quarter, inclusive of other income stood at INR2,278 crores, which is USD266 million, an increase of 5% on year-over-year and a decline of 8% on a Q-o-Q basis. The Q-o-Q decline was primarily driven by higher and lower other income on relatively flat revenue base.

就整個財年而言，我們預計研發投資將佔銷售額的 7% 至 7.5%。本季的 EBITDA（包括其他收入）為 2,278 千萬印度盧比，即 2.66 億美元，年增 5%，環比下降 8%。環比下降主要是由於收入基數相對平穩的情況下其他收入的增加和減少所致。

EBITDA margin stood at 26.7%, was lower by 149 basis points on year-over-year and 243 basis points on a Q-o-Q basis. The net finance income for the quarter is around INR157 crores as compared to INR84 crores for the same quarter last year.

EBITDA 利潤率為 26.7%，年減 149 個基點，較上季下降 243 個基點。本季淨財務收入約為 15.7 億印度盧比，去年同期為 8.4 億印度盧比。

As a result, the profit before tax for the quarter stood at INR1,905 crores, that is USD222 million. PBT as a percentage of revenue was at 22.3%. Effective tax rate for the quarter was at 25.9% compared to 26.04% in the corresponding period last year. We expect the normalized ETR to remain around [ 25% ] for the full fiscal year.

因此，本季稅前利潤達到190.5億印度盧比，即2.22億美元。稅前利潤佔收入的百分比為22.3%。本季有效稅率為 25.9%，而去年同期為 26.04%。我們預計整個財年的標準化 ETR 將保持在 [ 25% ] 左右。

Profit after tax attributable to equity holders of the parent for the quarter stood at INR1,419 crores, which is USD166 million, a growth of 2% on year-over-year and a decline of 11% on a Q-o-Q basis. This is at 16.6% of revenues. Diluted EPS for the quarter is INR17.04. Operating working capital as of 30th June 2025 was INR13,320 crores, which is USD1.55 billion, an increase of INR722 crores, which is $84 million over 31st March 2025. CapEx cash outflow for the quarter stood at INR683 crores, which is $18 million.

本季歸屬於母公司股東的稅後利潤為 1,419 千萬印度盧比，即 1.66 億美元，年增 2%，季減 11%。這佔收入的16.6%。本季稀釋每股收益為17.04印度盧比。截至2025年6月30日，營運資本為1,332億印度盧比，即15.5億美元，較2025年3月31日增加72.2億印度盧比，即8,400萬美元。本季資本支出現金流出為 683 億印度盧比，即 1,800 萬美元。

Free cash flow generated during the quarter was INR433 crores, which is $51 million. As of June 30, 2025, we have a net cash surplus of INR2,922 crores, which is USD341 million. Foreign currency cash flow hedges executed through delivered instruments during the period are as follows: USD648 million has been hedged using structured derivative contracts scheduled to mature over the next financial year.

本季產生的自由現金流為 433 億印度盧比，即 5,100 萬美元。截至 2025 年 6 月 30 日，我們的淨現金盈餘為 2,922 千萬印度盧比，即 3.41 億美元。本期間透過交付工具執行的外幣現金流量對沖如下：使用計劃於下一財政年度到期的結構化衍生合約對沖了 6.48 億美元。

These contracts provide a minimum production rate of INR86.13 per dollar while also allowing participation in the event of dollar appreciation. RUB3.7 billion hedged at FX rate of INR1 per Russian ruble with maturity falling within the next 4 months. With this, now I request Erez Israeli to take us through the key business highlights.

這些合約規定了每美元 86.13 印度盧比的最低生產率，同時也允許在美元升值的情況下參與。37 億盧布以 1 印度盧比兌 1 俄羅斯盧布的匯率對沖，到期日為未來 4 個月內。現在，我請 Erez Israel 向我們介紹主要的業務亮點。

Thank you, MVN. A very good morning and good evening to everyone joining us today. We appreciate your time and interest. Our performance in Q1 highlights consistent performance and steady progress of our strategic agenda. We delivered double-digit growth in our base business, advanced critical pipeline programs, including semaglutide and abatacept. We remain focused on optimizing structural costs and driving operational efficiencies. We are also consistent with our strategic priority as we scale our presence in consumer health, innovative therapies and biosimilars.

謝謝你，MVN。向今天參加我們會議的各位朋友，大家早安，晚上好。我們感謝您的時間和關注。我們第一季的表現凸顯了我們策略議程的持續表現和穩定進展。我們的基礎業務和先進的關鍵管道項目（包括司美格魯肽和阿巴西普）實現了兩位數的成長。我們仍然專注於優化結構成本和提高營運效率。在擴大我們在消費者健康、創新療法和生物相似藥領域的影響力時，我們也始終堅持我們的策略重點。

Overall, our results were broad-based except some softness in the US generic market. Let me now walk you through some of the key highlights from the first quarter. Revenue grew by 11%, reflecting a sustained business momentum and consistent execution. We delivered EBITDA margin of 27%. The ROCE for the quarter was 22%. We closed the quarter with a net cash surplus of $341 million, reinforce our strong balance sheet position.

整體而言，除了美國仿製藥市場有些疲軟外，我們的業績基礎廣泛。現在讓我向您介紹第一季的一些主要亮點。收入成長了 11%，反映出持續的業務發展動能和一致的執行力。我們的 EBITDA 利潤率達到 27%。本季的 ROCE 為 22%。本季結束時，我們的淨現金盈餘為 3.41 億美元，鞏固了我們強勁的資產負債表地位。

Our biosimilar business gained momentum this quarter to a strategic collaboration with Albotech for the co-development, manufacturing and commercialization of pembrolizumab, a biosimilar. The phased integration of the acquired Nicotine Replacement Therapy, the NRT business is progressing as planned. Following the successful integration in the UK and Nordics, we are now preparing on board additional markets including Canada, Australia and other selected countries across Western Europe in the next phase.

本季度，我們的生物相似藥業務取得了進展，與 Albotech 達成策略合作，共同開發、生產和商業化生物相似藥 pembrolizumab。收購的尼古丁替代療法業務的分階段整合，NRT業務正在按計劃進行。繼成功融入英國和北歐市場之後，我們正準備在下一階段進軍其他市場，包括加拿大、澳洲和西歐其他選定國家。

During the quarter, the US FDA inspected our Middleburg API facility in New York and issued a Form 483 with observations. Following our response, the site has been classified as The agency also conducted the GMP inspection of (inaudible), our API facility in (inaudible) Telangana and issued a Form 483 with observation. We have submitted timely response in line with our regulatory requirements.

本季度，美國 FDA 檢查了我們位於紐約 Middleburg 的 API 工廠，並發布了 483 號表格並發表了意見。在我們做出回應之後，該地點已被歸類為該機構還對我們位於（聽不清）特倫甘納邦的 API 設施（聽不清楚）進行了 GMP 檢查，並出具了一份附有觀察結果的 483 號表格。我們已根據監管要求及時提交回應。

Last week, US FDA conducted a GMP and preapproval inspection at our FTO 11 formulation facility (inaudible) Pradesh, resulting in Form 483 with 7 observations. We will respond with it the required time lines. In recognition of our sustained commitment to sustainability, our Carbon Disclosure Project, CDP rating for 2024 was elevated to an A in the climate category, making us the only Indian pharmaceutical company with this score and placing us among the top 2% of any companies globally. We also retained our leadership status in the water and supplier engagement categories, reflecting our consistent performance across key environmental dimensions.

上週，美國 FDA 對我們位於 Pradesh 的 FTO 11 配方工廠（聽不清楚）進行了 GMP 和預先批准檢查，並產生了 483 號表格，其中包含 7 項觀察結果。我們將在規定的時間內做出答覆。為了表彰我們對永續發展的持續承諾，我們的 2024 年碳排放揭露項目 CDP 評級在氣候類別中提升至 A，這使我們成為唯一一家獲得此分數的印度製藥公司，並躋身全球前 2% 的公司之列。我們也維持了水資源和供應商參與類別的領導地位，反映了我們在關鍵環境方面的一致表現。

Let me take you through the key business highlights for the quarter. Please note that all financial figures mentioned are reported in their respective local currencies. Our North American business generated revenue of $400 million for the quarter, a 17% year-on-year decline and 4% decrease sequentially. The softness in the market was primarily due to price erosion in selected products, primarily lenalidomide as well as timing of procurement of this product by certain customers. During the quarter, we launched 5 new products and expect a pickup in the lost momentum in the remainder of the fiscal year, which is expected to support recovery and drive growth in this segment.

讓我帶您了解本季的主要業務亮點。請注意，所有提及的財務數據均以各自的當地貨幣報告。本季度，我們的北美業務實現了 4 億美元的收入，年減 17%，季減 4%。市場疲軟主要是由於部分產品（主要是來那度胺）價格下跌以及某些客戶購買該產品的時機問題。在本季度，我們推出了 5 款新產品，並預計在本財年剩餘時間內失去的勢頭將有所回升，這有望支持復甦並推動該部門的成長。

Our European generic business delivered revenue of [ 131 million ] for the quarter, making it a 124% year-on-year, post a 6% sequential decline. The year-on-year performance was primarily fueled by the contribution from the acquired Nicotine Replacement Therapy portfolio and the new product launches, which provided an offset to some pricing erosion. During the quarter, we produced 13 new generic products across European markets, further strengthening our portfolio and reinforcing our growth trajectory.

我們的歐洲仿製藥業務本季實現營收 [ 1.31 億 ]，年成長 124%，季減 6%。年比業績成長主要得益於收購的尼古丁替代療法產品組合和新產品的推出，這抵消了部分價格下跌的影響。本季度，我們在歐洲市場生產了 13 種新的仿製藥，進一步加強了我們的產品組合併鞏固了我們的成長軌跡。

Our emerging market business reported revenue of INR1,404 crores in Q1, reflecting a 10% year-on-year growth and flat sequentially. Growth was primarily driven by higher volumes and further supported by new product launches. During the quarter, we introduced 26 new products across multiple countries, reinforcing our commitment to expanding access and market prices. With this segment, our Russia business delivered a 17% year-on-year growth and 2% sequential increase in constant currency terms, underscoring its continued momentum despite macroeconomic challenges.

我們的新興市場業務第一季營收為 1,404 億印度盧比，年成長 10%，與上一季持平。成長主要得益於銷售量的增加，並受到新產品發布的進一步支持。本季度，我們在多個國家推出了 26 種新產品，強化了我們擴大通路和市場價格的承諾。憑藉這項業務，我們的俄羅斯業務實現了同比增長 17%，按固定匯率計算環比增長 2%，彰顯出儘管面臨宏觀經濟挑戰，該業務仍保持強勁增長勢頭。

Our India business reported revenue of INR1,471 crore in Q1, delivered a double-digit year-on-year growth of 11% and 13% in sequential increase. This performance was primarily driven by contributions from new product and pricing. According to IQVIA, we continue to hold our position as the 10th largest player in India pharmaceutical market and have outpaced market growth with moving annual total growth of 9.2% compared to IPM of 8% growth and the MQT growth of 11.2% versus IPM growth of 8.6%.

我們的印度業務第一季營收為 147.1 億印度盧比，年增 11%，季增 13%，達到兩位數成長。這一業績主要得益於新產品和定價的貢獻。根據 IQVIA 的數據，我們繼續保持印度醫藥市場第十大參與者的地位，並且超過了市場成長速度，年總成長率為 9.2%，而 IPM 成長率為 8%，MQT 成長率為 11.2%，而 IPM 成長率為 8.6%。

During the quarter, we launched 5 new brands, including two innovative assets. (inaudible) which is an RCV vaccine and the (inaudible) in Q1, further strengthening our domestic portfolio and reinforcing our growth momentum. Our PSAI business reported revenue of $95 million in Q1 FY '26, registering a [ 4% ] year-on-year growth while experiencing a 14% sequential decline. The business momentum is expected to pick up in the coming quarters, positioning us to return to a double-digit growth trajectory for the fiscal year.

在本季度，我們推出了 5 個新品牌，其中包括兩個創新資產。 （聽不清楚）是一種 RCV 疫苗，而（聽不清楚）在第一季進一步加強了我們的國內產品組合併增強了我們的成長勢頭。我們的 PSAI 業務在 2026 財年第一季報告營收為 9,500 萬美元，較去年同期成長 [ 4% ]，但較上季下降 14%。預計未來幾季業務動能將會回升，使我們在本財年重回兩位數的成長軌跡。

During the quarter, we filed 12 drug master files. We remain committed to strengthening our pipeline as a key driver for future growth while actively pursuing a strategic collaboration to accelerate innovation and expand our capabilities. Our R&D efforts remain concentrated on complex generic high impact like GLP-1 group and biosimilars, which are central to our long-term value cation strategy. During the quarter, we completed 11 global generic filing.

本季度，我們提交了 12 份藥品主文件。我們將繼續致力於加強我們的產品線，將其作為未來成長的關鍵驅動力，同時積極尋求策略合作，以加速創新並擴大我們的能力。我們的研發工作仍集中在 GLP-1 組和生物相似藥等複雜且影響深遠的仿製藥上，這些是我們長期價值陽離子策略的核心。本季度，我們完成了 11 項全球仿製藥申請。

As we move to the fiscal year, our focus remains on strengthening our base business, advancing key pipeline assets like semaglutide and abatacept, building commercial strength in regulated market and improving efficiency and cost structure. We are actively exploring strategic partnerships and acquisitions to diversify and strengthen our portfolio. These efforts reflect our commitment to agility and disciplined execution in a very dynamic market environment aimed at delivering sustainable value for our stakeholders. With that, I will welcome your thoughts and questions as we move into the QA session.

隨著財政年度的到來，我們的重點仍然是加強基礎業務、推進索馬魯肽和阿巴西普等關鍵管道資產、在受監管的市場中建立商業實力以及提高效率和成本結構。我們正在積極探索策略合作夥伴關係和收購，以實現投資組合多元化並加強投資組合。這些努力體現了我們在高度動態的市場環境中對敏捷性和嚴謹執行的承諾，旨在為我們的利害關係人提供可持續的價值。有了這些，當我們進入 QA 環節時，我將歡迎您提出想法和問題。

Thank you, Erez. We will now begin the question-and-answer session. (Operator Instructions) I would like to reiterate that the chat will not be monitored for any questions to the management. However, in case of any technical concerns, please do feel free to use the chat option to reach out to us.

謝謝你，埃雷茲。我們現在開始問答環節。（操作員指示）我想重申，聊天不會受到監控，以向管理層提出任何問題。但是，如果有任何技術問題，請隨時使用聊天選項與我們聯絡。

Amey Chalke from JM Financial.

Amey Chalke 的 JM Financial。

Thank you for the opportunity. I hope I'm audible. So the first question I have is on the US-based business. Is it possible to give some guidance on how it has performed quarter-on-quarter, whether it has improved or gone out directionally? And how the base business is expected for the FY '26 for the US?

感謝您提供的機會。我希望我能聽見。我的第一個問題是關於美國業務的。能否給予一些關於其季度環比表現的指導，是否有所改善或有方向性？預計美國 26 財年的基礎業務如何？

Amey, there was maybe something with the mute button or something. Can you just repeat your question, please?

Amey，也許靜音按鈕或別的東西出了問題。您能重複一下您的問題嗎？

Yes, I wanted -- I was asking the US-based business, how it has performed Q-on-Q basis, whether it has increased or decreased directionally? And for FY '26, what is our outlook for the US-based business?

是的，我想問一下──我問的是這家美國公司，它的環比表現如何，是成長還是下降？對於 26 財年，我們對美國業務的展望如何？

Yes, so the base business in the US was -- yes, the base business in the US decreased. It's primarily timing so I will say I don't see anything relative special. There were some key products, especially Suboxone in which there were kind of orders that moved from a quarter-to-quarter. I would not give too much importance to it.

是的，美國的基礎業務——是的，美國的基礎業務減少了。這主要是時間問題，所以我說我沒有看到任何相對特別的東西。有一些關鍵產品，尤其是 Suboxone，其訂單量逐季變化。我不會太重視它。

Overall, the base business, the way I see it going to be flat to single-digit growth that we normally are discussing, so of course, depends on the success in some product launches that we are going to be. Most of the decline that you see Q-on-Q was attributed to lenalidomide.

整體而言，我認為基礎業務將會持平至個位數成長，這當然取決於我們即將推出的一些產品的成功。您所看到的季度環比下降大部分歸因於來那度胺。

Sure. And the second question I have is on the REVLIMID. So going ahead, do you expect some pickup in coming quarters before going down from Q3? Or you expect the similar trajectory for REVLIMID for upcoming quarters as well?

當然。我的第二個問題是關於 REVLIMID 的。那麼展望未來，您是否預計未來幾季會有所回升，然後從第三季開始下降？或者您預計 REVLIMID 在未來幾季也會呈現類似的走勢？

So we are not discussing specific number on this product but it is important people we know. Naturally, we are trying to avoid shelf price adjustments. So what you should anticipate is 1 more quarter, give or take, in the range of what you have today and relatively much less in Q3. And after that, some left over, that's it.

因此，我們不會討論該產品的具體數字，但我們知道它很重要。當然，我們盡量避免調整貨架價格。因此，您應該預計接下來的一個季度的銷售額將與現在持平，而第三季的銷售額將相對少得多。之後，還剩下一些，就這樣了。

Sure. Just last question if I can squeeze in. On semaglutide launches in the ROW nonregulated market, when should we expect that to happen?

當然。最後一個問題，我是否可以擠進去。關於司美格魯肽在世界其他地區非管制市場的上市，我們預期什麼時候會發生？

So in the what you call ROW, most of these launches so we are prioritizing the capacity that we have to launch in Canada. So assuming that this will happen, the launch in the rest of the countries during calendar '26, 87 markets overall, most of them are small. The key will be India, Brazil, Turkey and products like that will be after March of '26. Canada has an opportunity like we discussed many, many times to be before that.

因此，在所謂的 ROW 中，大多數此類發射都優先考慮在加拿大發射的容量。因此，假設這種情況會發生，那麼在 26、87 年曆期間在其他國家推出的產品總體而言大多數都是小型的。關鍵在於印度、巴西、土耳其，類似的產品將在 26 年 3 月後推出。正如我們多次討論過的，加拿大有機會實現這一目標。

Neha Manpuria from Bank of America

美國銀行的 Neha Manpuria

Yeah, thanks for taking my question. My first question on the US pipeline, North America, obviously, we have sema that we'll probably get to know in the near term. One, if you could tell us what time lines we need to watch for sema and for Canada, particularly? And second, other than that, the single-digit growth that you're talking about, does that include any high-value launches in the second half that we should watch out for? And I'm asking this because we also saw a PAI inspection for the Srikakulam facility recently.

是的，感謝您回答我的問題。我的第一個問題是關於美國管道、北美的，顯然，我們有訊號，我們可能會在短期內了解。首先，您能否告訴我們，我們需要特別關注 sema 和加拿大的時間表？其次，除此之外，您提到的個位數成長是否包括下半年我們應該關注的高價值產品發布？我之所以問這個問題，是因為我們最近也看到了 PAI 對 Srikakulam 工廠的檢查。

Yes. So we -- I'll start with the last part, Neha. I believe that we will get a VI. The observation that we got, to my opinion, are addressable and we should expect a VI from that. On the timing of semaglutide, we are still planning and gearing to get approval of the product somewhere between end of October to beginning of November. And if this will happen, we can launch the product at the time of the loss of exclusivity in the beginning of January 2026, and that's what we are gearing ourselves to do.

是的。所以我們——我將從最後一部分開始，Neha。我相信我們會得到一個 VI。在我看來，我們得到的觀察結果是可解決的，我們應該從中期待一個 VI。關於司美格魯肽的上市時間，我們仍在計劃並準備在 10 月底至 11 月初之間獲得該產品的批准。如果發生這種情況，我們可以在 2026 年 1 月初失去獨家經營權時推出產品，這就是我們正在做的事情。

As for the rest of the -- as to the rest of the products, with this analysis that we made, meaning that I tried to give you how I see the trajectory of the year, we did not take into account a very significant, let's say, out of the order relaunch. We are planning to launch about 20 products in the United States. But none of the, let's call it, the sophisticated product. We learned from experience, and I'm trying not to give -- I look at them as an upside. So it could be upside to that the trajectory that we see.

至於其餘產品，根據我們所做的分析，也就是我試圖告訴您我對今年發展軌蹟的看法，我們沒有考慮到非常重要的，比如說，訂單之外的重新啟動。我們計劃在美國推出約20種產品。但我們稱之為精緻產品。我們從經驗中學習，我盡量不放棄──我把它們看成是一種好處。因此，我們看到的軌跡可能會有好處。

Another thing on sema, just to make sure that people have the complete picture, we are having 2 assumptions as related to Canada, 1 that from an IP perspective, we'll be able to make and ship the product to Canada, which is a country without a patent; and second, that we will get approval in that period of time. Obviously, if these 2 assumptions will not happen, it may change the trajectory of semaglutide.

關於 sema 的另一件事，只是為了確保人們了解完整的情況，我們對加拿大有兩個假設，1，從 IP 角度來看，我們將能夠製造並將產品運送到加拿大，加拿大是一個沒有專利的國家；其次，我們將在那段時間內獲得批准。顯然，如果這兩個假設不會發生，它可能會改變索馬魯肽的軌跡。

Okay. Another question for you. Just looking at the gross margin trend for this quarter, given a quarter where we've seen a fair bit of erosion in REVLIMID, they still managed to improve gross margins. If I were to think about the full year, how should we think about gross margins particularly going into fiscal '27? And historically, you've also mentioned that SG&A cost will be in the 28% of sales range, but obviously, it's tracking higher. So is it fair to assume that this is the new range for the SG&A cost, the closer to 30% mark that we have reported in this quarter?

好的。還有另一個問題想問你。僅從本季的毛利率趨勢來看，儘管我們看到 REVLIMID 本季的毛利率出現相當大的下滑，但他們仍然設法提高了毛利率。如果我要考慮全年情況，我們應該如何考慮毛利率，特別是進入 27 財年？從歷史上看，您也提到銷售、一般及行政費用將佔銷售額的 28% 左右，但顯然，這一比例還在不斷上升。那麼，是否可以公平地假設這是銷售、一般和行政費用的新範圍，接近我們在本季度報告的 30% 大關？

So let me first, thanks, Neha and as far as gross margin is concerned, I think at least for this year, it would be in the similar levels and because there could be a higher sales from the base business as in the branded markets and other BUs. And that's where I think for this year and next year is like clearly, we just don't want to give you any number at this point of time range also like -- this definitely, once we launch in the semaglutide, we can model it. That's where it is, I think, we can see. As far as SG&A is concerned, I think we, even for the full year basis, it should be in the zone of like 28% to 29%, not like at 30%.

首先，謝謝 Neha，就毛利率而言，我認為至少就今年而言，它將處於相似的水平，因為基礎業務的銷售額可能會更高，例如品牌市場和其他業務部門。這就是我認為今年和明年的情況，很明顯，我們只是不想在這個時間範圍內給你任何數字——當然，一旦我們推出 semaglutide，我們就可以對其進行建模。我想，我們可以看到，情況就是這樣的。就銷售、一般及行政費用而言，我認為即使是全年，它也應該在 28% 到 29% 之間，而不是 30% 左右。

I just want to make sure, Neha, if we successfully launch in semaglutide, we should be absolutely good in all the parameters that we are familiar with, meaning the EBITDA as well. So we are aiming that the base business will be always north of 50%. And in semaglutide, it should be even more than that on the gross margins and EBITDA, obviously, like always, 25% or north of it. In the time in which we don't have lena and we don't have sema, likely that these parameters will lower than that.

我只是想確保，Neha，如果我們成功推出 semaglutide，我們在所有我們熟悉的參數方面都應該表現得非常好，這也意味著 EBITDA 也是如此。因此，我們的目標是基礎業務始終保持在 50% 以上。而對於司美格魯肽來說，其毛利率和 EBITDA 顯然應該更高，一如既往，達到 25% 或更高。在我們沒有 lena 和 sema 的時候，這些參數可能會低於這個水平。

Understood, yeah. Got it. Thank you so much, it is.

明白了，是的。知道了。非常感謝，確實如此。

Damayanti Kerai from HSBC

匯豐銀行的 Damayanti Kerai

My first question is again on lenalidomide. So Erez, for 2Q as well also, you have mentioned the level should be similar to what you booked in the June quarter? Or there is still like some room to book higher sales, given I think you want to book most of the sales intended for FY '26 in first half itself?

我的第一個問題再次是關於來那度胺的。那麼 Erez，對於第二季度，您也提到過水平應該與 6 月季度的水平相似嗎？或者說，考慮到您想在上半年就完成 26 財年的大部分銷售額，是否還有一定的空間來實現更高的銷售額？

Not too much because there is also moving parts on prices. The price went down in this fiscal versus last fiscal. But overall, let's call it similar magnitude. I will not say the same but similar magnitudes.

不會太多，因為價格也有變動。與上一財年相比，本財年的價格有所下降。但總體而言，我們稱之為相似量級。我不會說相同，但程度相似。

Okay. So on the pricing pressure part, is there a possibility you will be facing a higher magnitude compared to the current level? Because I understand your competitors are also trying to pass on maximum volume, which is possible in first half itself. So in view of that, will price erosion intensify possibly from here?

好的。那麼在定價壓力方面，與當前水準相比，您是否有可能面臨更大的壓力？因為我知道你們的競爭對手也在試圖傳遞最大銷量，這在上半年就有可能實現。那麼從這個角度來看，價格下滑是否會進一步加劇？

We hope not. I believe not because most of the booking was done already. In general, naturally, when more companies came this year, they had bigger quotas and they try to sell in last quarters. So by design, it creates certain density versus the year before. It is all well anticipated. So honestly, I don't see any surprise. And in my discussions, especially in the last couple of weeks, and I met quite a few people during this period of time, we cannot explain it. So I believe that what you should see from us, it's, give or take, similar magnitude of pricing as well as quantities. And after that, it will be a sharp decline in the other quarter.

我們希望不會。我認為不會，因為大部分預訂已經完成。總體而言，今年來的公司越多，自然配額就越大，而且他們試圖在最後幾季銷售。因此，根據設計，它與前一年相比產生了一定的密度。這一切都是預料之中的。所以說實話，我並不覺得有什麼意外。在我的討論中，特別是在過去幾週，而且我在這段時間裡遇到了不少人，我們無法解釋這一點。因此我相信，您從我們這裡看到的是，或多或少類似的定價幅度和數量。此後，另一個季度將出現急劇下降。

Sure. My second question is on semaglutide regarding your preparation. So can you update us on your capacity expansion at Vizag and when do you expect that capacity to come on board?

當然。我的第二個問題是關於您的準備情況的司美格魯肽。那麼，您能否向我們介紹一下 Vizag 的產能擴張情況？您預計什麼時候能夠實現這項產能？

Yes. So we are -- the launches that will happen in FY '26 and FY '27 will not be out of . It will be with our partner and using our API but with a partner and which means that the capacity of FY '27 will come from FY '28 onward. We will likely to have, in the beginning with our partner, about 12 million pens in FY '27. And if you look at calendar '26, because it's very relevant for the potential Canadian launch, it's about 10 million pens. This is what we are planning to have.

是的。因此，我們將在 26 財年和 27 財年推出。它將與我們的合作夥伴合作並使用我們的 API，但與合作夥伴一起，這意味著 27 財年的容量將從 28 財年開始。在 2027 財年，我們與合作夥伴的合作初期可能會有約 1,200 萬支鋼筆。如果你看一下 26 年的日曆，因為它與潛在的加拿大上市非常相關，所以它的產量約為 1000 萬支筆。這就是我們計劃的。

Okay. So for '26 and '27 fiscal year, you are good to go with 12 million pen capacity from your partners. Do you think that, that will be sufficient to gain meaningful market share in the market which you are targeting?

好的。因此，對於 26 和 27 財年，您可以從合作夥伴那裡獲得 1,200 萬支筆的產能。您認為這足以在您所瞄準的市場中獲得有意義的市場份額嗎？

We believe so. We believe so that -- naturally, we would love to have more, but we feel very confident about this magnitude. There is maybe potential upside to it, but this amount, I feel very confident about. Now it's a matter of what mix of market we will get overall and then what will be the average price for those. That, of course, is unknown. But yes, I feel very comfortable about this magnitude.

我們相信如此。我們相信——當然，我們希望擁有更多，但我們對這個規模非常有信心。也許還有潛在的上升空間，但對於這個金額，我非常有信心。現在的問題是，我們將獲得什麼樣的整體市場組合，以及這些市場的平均價格是多少。當然，這是未知的。但是是的，我對這個規模感到非常舒適。

Madhav Marda from Fidelity International

富達國際的 Madhav Marda

Hi, good evening. Thank you so much for your time. First question was if you could just give us an update on the biosimilar, abatacept Phase III trials, how that is progressing? And by when do we expect outcome for the Phase III trial? That's my first question.

嗨，晚上好。非常感謝您抽出時間。第一個問題是，您能否向我們介紹一下生物相似藥阿巴西普 III 期試驗的最新進展？我們什麼時候可以預期得到第三階段試驗的結果？這是我的第一個問題。

So, so far, so good. The readout is November '25, which is as expected in accordance to the time lines. Following the readout, which I hope will be open believe that it will be positive, we are planning to submit a BLA in order to be on time for the market formation, which is December '26 or January '27, let's say, if we look for the realistic launch because there are some registration post approval. Just to make sure that you have the full picture, the launch at the beginning of calendar '27 can be of the IV formula, the formulation, the subcutaneous formulation because of IP will be a year later.

所以，到目前為止，一切都很好。讀數是 11 月 25 日，根據時間軸預期。根據這份報告，我希望它是公開的，相信它是積極的，我們計劃提交一份 BLA，以便按時形成市場，也就是 26 年 12 月或 27 年 1 月，如果我們尋求現實的發布，因為有一些註冊後批准。為了確保您有完整的了解，27 年初推出的可能是 IV 配方，IP 配方，皮下配方將在一年後推出。

Understood. Yes, that's quite clear. And the second question is on the cost saving measures. So would you give us some sense in terms of the extent of cost savings that we can drive? And if you could give us some sense in terms of in the R&D spend, given we do have a Phase III trial of biosimilar abatacept ongoing, what's the quantum of that spending? And I'm assuming that spending should not recur next year. So the extent of cost savings that we can drive for the organization next year?

明白了。是的，很清楚。第二個問題是關於節約成本的措施。那麼，您能否告訴我們，我們可以節省多少成本？鑑於我們正在進行生物相似藥阿巴西普的 III 期試驗，您能否告訴我們研發支出方面的情況，這些支出的金額是多少？我認為明年不會再出現這樣的支出。那麼明年我們可以為組織節省多少成本呢？

Thank you.

謝謝。

Absolutely, you got it right. We used the time in which we enjoyed the backing the tailwind that came with lenalidomide. And we boost some investment in the future, including abatacept, including the creation of the franchise of the GLP-1, including the buildup of the facility for that, including the acquisition of the NRT business. So all of that was done because we had access to more financial capacity and we used it.

絕對正確，您說對了。我們利用享受來那度胺帶來的順風時間。我們將增加一些未來的投資，包括阿巴西普、GLP-1 特許經營權的建立、相關設施的建設以及對 NRT 業務的收購。所以我們之所以能做到這一切，是因為我們擁有更多的財務能力，我們也利用了它。

As you said rightly, some of that investment, we don't need anymore. Post, for example, November '25, we'll not have to pay for the clinical trial of abatacept. We also kind of feel that there are discretionary cost between R&D, SG&A that can be 500 basis points, 600 basis points that we are planning to adjust in accordance to the motion. We need to remember that we have also some question mark of how the future will hold with and the semaglutide, the magnitude. So accordingly, we are preparing a scenario. So the idea is between growing the base semaglutide and the expenses as well as a success, we will kind of manage to make sure that the growth is coming in the right way.

正如您所說，有些投資我們不再需要了。例如，25 年 11 月之後，我們將不再需要支付阿巴西普的臨床試驗費用。我們也覺得，研發、銷售、一般及行政費用之間存在可自由支配的成本，這些成本可能是 500 個基點、600 個基點，我們計劃根據動議進行調整。我們需要記住，我們對未來以及索馬魯肽的規模將如何發展也存在一些問號。因此，我們正在準備一個場景。因此，我們的想法是在基礎司美格魯肽的增長和費用以及成功之間，我們將設法確保增長以正確的方式進行。

Sir, just to clarify, when you say 500 to 600 basis points, Dr. Reddy sale, it's at about, let's say, INR30,000 crore plus top line. So 500 to 600 basis points, are you saying that potentially to save INR1,500 crores to INR1,800 crores on cost? Is that the right way to think? Of course, like you said, it depends on how the business shapes up, but is that the potential?

先生，我只是想澄清一下，當您說 500 到 600 個基點時，雷迪博士的銷售額大約是 3000 億印度盧比以上的收入。那麼 500 到 600 個基點，您是說有可能節省 1,500 億印度盧比到 1,800 億印度盧比的成本嗎？這是正確的思考方式嗎？當然，就像你說的，這取決於業務如何發展，但這有潛力嗎？

The potential is like that but it doesn't mean that we are going to save all of this. I'm not recommending you to put in the model that much. But absolutely, that's the game that we play. So we prepared it in advanced naturally. The lenalidomide was a known factor. We are preparing for it for -- actually, since we signed the deal. And that's part of the idea.

潛力是這樣的，但這並不意味著我們要挽救這一切。我並不建議你投入太多的模型。但毫無疑問，這就是我們玩的遊戲。所以我們自然是提前做好了準備。來那度胺是一個已知因素。事實上，自從我們簽署協議以來，我們就一直在為此做準備。這就是想法的一部分。

Hopefully, we don't need it because if the growth will allow us to invest more, eventually, we want to invest because we want to create additional future and we want to be a growing company for many, many years. So we are trying to manage the famous 25%, 25% double-digit growth also into the future. It's not going to be necessarily every quarter because of this timing of some big products, as you can appreciate. But I'm confident that on the big scheme, we will be there.

希望我們不需要它，因為如果成長使我們能夠投入更多，最終，我們願意投資，因為我們想要創造更多的未來，我們希望成為一家在未來很多年內不斷發展的公司。因此，我們正努力在未來實現著名的 25%、25% 的兩位數成長。正如您所了解的，由於一些重要產品的上市時間，並不一定每季都會出現這種情況。但我堅信，從長遠來看，我們能夠實現目標。

And if I can ask 1 last question. When you said that we have 12 million pens available in FY '27, I guess you're right that the mix of markets will be important for the profitability. But are we confident, given we plan to launch in more than 80 countries, potentially some of which can be small as well, but that we can sell the entire 12 million pens with or without Canadian approval, like we can sell the entire volume at least?

我可以問最後一個問題。當您說我們在 27 財年有 1200 萬支鋼筆可供銷售時，我想您說得對，市場組合對於盈利能力至關重要。但是，考慮到我們計劃在 80 多個國家推出產品，其中一些國家可能規模較小，我們是否有信心，無論是否獲得加拿大的批准，我們都可以銷售全部 1200 萬支筆，至少可以銷售全部銷量？

I believe so for 2 reasons. One, in all of these markets, we are aiming to be first or among the first. Second, the demand for this product looks crazy. And so far, the indication in the places that we started to speak to people can confirm this, that the demand is there. Yes, so I believe that it's absolutely possible.

我這樣認為有兩個原因。第一，在所有這些市場中，我們都力爭成為第一或躋身第一之列。其次，該產品的需求看起來很瘋狂。到目前為止，我們開始與人們交談的地方的跡象可以證實這一點，即存在需求。是的，所以我相信這絕對是可能的。

Dr. Harith Ahamed from Avendus Spark

Avendus Spark 的 Harith Ahamed 博士

Good evening. Thanks for the opportunity.So a couple of questions related to your US pipeline. The first one is on generic liraglutide, which you had filed sometime in 2023, and I see that there are quite a few generics already in the market. And it's a fairly decent opportunity. So what are the status of our filing and what are the time lines you are looking at?

晚安.感謝您提供這個機會。我有幾個問題與您的美國管道有關。第一個是關於仿製藥利拉魯肽的，你們在 2023 年的某個時候提交了申請，我發現市場上已經有不少仿製藥了。這是一個相當不錯的機會。那我們的備案狀態如何？您正在查看的時間表是怎樣的？

Yes. So it's a product that we obviously have and we are planning to launch it also in the next coming quarters. And in some markets, we will be late. In some markets, we will be first to market. It's also, as you know, liraglutide is VICTOZA and SAXENDA. We believe that with SAXENDA, we are going to be first to market or some of the first to market in

是的。所以這顯然是我們擁有的產品，我們計劃在接下來的幾季推出它。在某些市場，我們可能會遲到。在某些市場，我們將率先進入市場。另外，正如您所知，利拉魯肽是 VICTOZA 和 SAXENDA。我們相信，憑藉 SAXENDA，我們將成為市場上首批或首批進入該市場的

So it's a product in the mix. It's not as big as semaglutide, that's why we're not talking about it. But if you recall, we have about 25 products, as we call them, peptides or how to make or with bigger potential, ask me about it before. I'm not guiding on those products before they are coming, but liraglutide is definitely one of them and we are planning to launch it.

所以它是一種混合產品。它沒有司美格魯肽那麼大，這就是我們不談論它的原因。但如果您還記得的話，我們有大約 25 種產品，我們稱之為勝肽或如何製造或具有更大的潛力，請先詢問我。在這些產品上市之前我不會對其進行指導，但利拉魯肽肯定是其中之一，我們正計劃推出它。

Okay. And on semaglutide in Canada, you said earlier that you're making 2 assumptions. One of them is that there won't be any patent protection for the brand in Canada. So is there a risk to that assumption? Or is there any scenario where there could be a patent-related hurdle to your launch?

好的。關於加拿大的司美格魯肽，您之前說過您做了兩個假設。其中之一就是該品牌在加拿大不會受到任何專利保護。那麼這個假設有風險嗎？或者是否存在與專利相關的障礙阻礙您的產品發布？

So just to correct, there is no patent in Canada. What keep the product from being launched is that exclusivity that will expire in January '26. There is a patent in India that we are now litigating in the Delhi High Court. And of course, so far, we are following the instruction of the court and we are preparing for that. And the second is that we need to get approval. If both will happen, we will be good. I don't see IP situation in Canada that will stop us.

需要糾正的是，加拿大沒有專利。導致該產品無法上市的原因是其獨家經營權將於 2026 年 1 月到期。印度有一項專利，我們目前正在德里高等法院進行訴訟。當然，到目前為止，我們一直在遵循法院的指示並為此做好準備。第二，我們需要獲得批准。如果兩者都發生，那就很好了。我認為加拿大的知識產權狀況不會阻止我們。

Okay, thanks for that. I'll get back in the.

好的，謝謝。我會回來的。

Bino Pathiparampil from Elara Capital

來自 Elara Capital 的 Bino Pathiparampil

Hi, good evening. Most questions got answered. Just a couple of them. On the PSAI gross margins, it has been -- it was very weak this quarter. I think your press release talks about some operating leverage issue. But if I look at the top line in PSAI, it has not changed materially Y-o-Y or Q-o-Q. So why did the gross margin decline from mid-20s to low teens?

嗨，晚上好。大多數問題都得到了答案。就幾個而已。就 PSAI 毛利率而言，本季一直非常疲軟。我認為您的新聞稿談論了一些經營槓桿問題。但如果我看一下 PSAI 的頂線，它同比或環比並沒有發生實質變化。那麼，為什麼毛利率會從25%左右降到15%以下呢？

Yes. So actually, the API business is healthy. And the reason for that is some of the demand products for the US are also being back integrated and also the way we build the inventory. So if you wish, it's attributed to the internal sales. Once there is less internal sales, there is more cost allocation or whatever you sold in according to accounting and that's what created. It's actually a very healthy business and it's growing. And you'll see that it will correct itself in the next coming quarters.

是的。因此實際上，API 業務是健康的。原因在於，美國的一些需求產品也正在重新整合，我們建立庫存的方式也改變了。因此，如果您願意，它可以歸因於內部銷售。一旦內部銷售減少，就會出現更多的成本分配或根據會計出售的任何商品，這就是創造的。這實際上是一個非常健康的業務，而且還在不斷增長。你會發現它會在接下來的幾季裡自我修正。

Understood. In others, I see about INR165 crores, which is more than the usual quarterly run rate. Is there any onetime other operating income there?

明白了。在其他方面，我看到了大約 165 億印度盧比，這比通常的季度運行率要高。那裡有任何一次性其他營業收入嗎？

So in this, we have an out-licensing income from our origin. So that is like a -- it's always, I think, is part of our regular business. I think that's what is there. One, this quarter, we have that income.

因此，從這一點來說，我們有來自原產地的對外授權收入。所以這就像——我認為它始終是我們常規業務的一部分。我認為那就是那裡的東西。第一，本季我們有這筆收入。

Got it. Thank you. I'll jump back to you.

知道了。謝謝。我會跳回給你。

Saion Mukherjee from Nomura

野村證券的 Saion Mukherjee

Sir, can you share the PLI income or the government grant that you generally share for the quarter?

先生，您能分享一下您本季通常分享的 PLI 收入或政府補助嗎？

So Saion, here, if you remember, like overall INR1,000 crores for a period of 6 years. I think the first 4 years quarter we have already -- because we have just taken, we have got additional approvals and then we accounted for FY '26 PLI is not much. I can say almost is 0. Then once again, you will see the PLI income in FY '27, '28.

所以，Saion，如果你還記得的話，這裡的總額是 100 億印度盧比，為期 6 年。我認為前 4 個季度我們已經 - 因為我們剛剛獲得了額外的批准，然後我們對 26 財年的 PLI 進行了核算，結果並不多。我可以說幾乎是 0。然後，您將再次看到 27 財年和 28 財年的 PLI 收入。

Okay. So there is not much in this quarter is what you're referring?

好的。所以你指的是本季沒有太多變化嗎？

Not much this quarter and for the full year also is almost -- let me put it, I think, is very small value is there, not very big.

本季和全年的增幅都差不多——這麼說吧，我認為增幅很小，不是很大。

Okay, sir. Understood. And on the PSAI front, with regard to Origin Pharma Services, if you can throw some light how you see the CDMO business scaling up? And what kind of customer or profile of customer and kind of products or services you're offering?

好的，先生。明白了。在 PSAI 方面，關於 Origin Pharma Services，您能否解釋一下您如何看待 CDMO 業務的擴張？您提供什麼樣的客戶或客戶概況以及什麼樣的產品或服務？

So it is growing. It's -- I don't remember how much we sold, but I think $17 million or $18 million this quarter or something like that. We are gearing up for about $100 million of sales for the full fiscal. It's a combination of small molecule CDMO as well as biologic CDMO, primarily ADC. It's kind of a combination of both. It is growing nicely.

所以它正在增長。我不記得我們賣了多少，但我認為本季的銷量是 1700 萬美元或 1800 萬美元左右。我們計劃在整個財政年度實現約 1 億美元的銷售額。它是小分子 CDMO 和生物 CDMO 的組合，主要是 ADC。這是兩者的結合。它長得很好。

It is not that we are going to be a CDMO company, but it's a nice growing business as we speak. And we see that there is enough traction for those that wants kind of our size of business and that creates synergy with Dr. Reddy's, those that are not a threat of Dr. Reddy's but actually want to have a synergy with us, especially as related to collaboration on clinical trials, R&D activities and even marketing rights in emerging markets.

這並不意味著我們要成為一家 CDMO 公司，但就目前而言，這是一個發展良好的業務。我們看到，對於那些想要與我們規模的業務並與雷迪博士產生協同效應的人來說，我們有足夠的吸引力，那些對雷迪博士不構成威脅但實際上希望與我們產生協同效應的人，特別是在臨床試驗、研發活動甚至新興市場的營銷權方面的合作。

Understood. But it is like do you have, from $100 million this year, I mean, what should we expect, let's say, three, five years down the line? Do you have some line of sight of growth in this business?

明白了。但是，就像您今年有 1 億美元一樣，我的意思是，我們應該期待三年或五年後會怎樣？您對這個業務的成長有什麼看法？

Yes, it should be between $250 million to $300 million by 2030.

是的，到 2030 年應該在 2.5 億至 3 億美元之間。

Understood. Okay, thank you.

明白了。好的，謝謝。

Tushar Manudhane from Motilal Oswal

莫蒂拉爾·奧斯瓦爾 (Motilal Oswal) 的圖沙爾·馬努丹 (Tushar Manudhane)

So just on this KEYTRUDA biosimilar, if you could share like throw some insights in terms of the kind of spend that will be done on the clinical trial on a combined basis as well as algotic basis.

因此，僅就 KEYTRUDA 生物相似藥而言，您是否可以分享一些關於在臨床試驗中綜合以及基於演算法的支出類型的見解。

Yes. We -- if you recall, we are targeting on biosimilars, being a relatively young organization in that space, to try and bring products that want to do ourselves or product with relatively less level of competition. And this is how we target abatacept, daratumumab in this kind of products.

是的。如果你還記得的話，我們的目標是生物相似藥，作為該領域一個相對年輕的組織，我們試圖推出我們自己想要生產的產品或競爭相對較少的產品。這就是我們在此類產品中針對阿巴西普和達雷妥尤單抗的方法。

Pembro is a molecule that many, many markets want, naturally being a very, very important molecule in this space. But we felt that it's likely to be crowded. So the exemption of Phase III, no Phase III plus collaboration plus the ability to licensing create a equation in which the level of net investment is not much.

Pembro 是許多市場都想要的分子，自然而然地成為該領域非常非常重要的分子。但我們覺得可能會很擁擠。因此，第三階段的豁免、沒有第三階段加上合作加上許可的能力創造了一個等式，其中淨投資水準並不多。

And then it's -- it can create a very good ROI, especially when we are going to the relevant markets. So the intent is to launch it in many markets, including the United States, including in Europe, but with much less burden of a prior investment. This was the thinking behind it.

然後它可以創造非常好的投資報酬率，特別是當我們進入相關市場時。因此，我們的目標是將其推向包括美國和歐洲在內的多個市場，但前期投資的負擔要小得多。這就是背後的想法。

Got it. And the trials, again, given that this molecule has been there for multiple indications, so what is the thought process like we'll be progressing with certain indication to start with? And then or the clinical trials of the biosimilar version would be as good as the innovator molecule?

知道了。再次進行試驗，考慮到這種分子已經用於多種適應症，那麼我們首先會考慮如何針對某些適應症進行進展呢？那么生物相似藥的臨床試驗結果是否會與創新分子一樣好？

So you don't need to do it for the indication. Actually, the type of trial that we do allow you in each one of the market to get the same indication that is a for the market of KEYTRUDA. So you don't need to do it for multiple indication. You can have 1 trial and get all the relevant indications as it's going to be interchangeable product.

所以你不需要為了指示而這麼做。實際上，我們進行的試驗類型可讓您在每個市場中獲得相同的適應症，即 KEYTRUDA 市場適應症。因此您不需要為了多重指示而這麼做。您可以進行一次試用並獲得所有相關指示，因為它將是可互換的產品。

Got it. And just 1 more on the R&D spend, like this year, it's relatively less as a percentage of sales, like almost 7%, 7.5%, summing up to, let's say, compared to FY '25, which was almost 8.5% to 9%. Given that we have such complex assets in the pipeline, what is sort of the thinking to sort of reduce the R&D spend, both as a percentage of sales as well as maybe on the absolute amount as well?

知道了。關於研發支出，今年的研發支出佔銷售額的比例相對較低，約 7%、7.5%，與 25 財年相比，約 8.5% 至 9%。鑑於我們擁有如此複雜的資產，減少研發支出（佔銷售額的百分比以及絕對金額）的想法是什麼？

Like I mentioned before, we have certain level of 500 to 600 basis points that of what I call discretionary that we can play with in order to match the sales growth as well as to the expenses. R&D is part of it. So right now, you should think about 7%. We have, of course, enough project to go more than that. If the P&L and the numbers will allow us, we will do that. And if not, we can go even down to 6%.

正如我之前提到的，我們有 500 到 600 個基點的可自由支配的幅度，我們可以利用這些幅度來匹配銷售成長和支出。研發是其中的一部分。所以現在，你應該考慮 7%。當然，我們還有足夠的項目可以實現這一點。如果損益表和數字允許，我們就會這樣做。如果沒有的話，我們甚至可以降至 6%。

So we have that flexibility. Like I mentioned, the profitability of the company, very important for us. This is the level of flexibility that we have on the R&D. Right now, we are somewhere in the middle, waiting for to see how the next quarter will evolve.

所以我們有這種彈性。正如我所提到的，公司的獲利能力對我們來說非常重要。這就是我們在研發方面的彈性程度。目前，我們正處於中間位置，等待觀察下一季將如何發展。

Got it. And just 1 last 1, if I may. While there are many questions asked on semaglutide broadly, you think this is like sort of a 2-year opportunity, 1-year opportunity or much more than that?

知道了。如果可以的話，我只想說最後一句。雖然人們對司美格魯肽有很多疑問，但您認為這是一個為期 2 年、1 年或更長遠的機會嗎？

First of all, I see that has many, many years of opportunity. Actually, we are entering a decade of GLP-1 products. Obviously, it's not going to be -- it's going to change and evolve. At the beginning, it will be more like to start to be in the market, to try to get in those markets that will be first or among the first premium, selling our capacity.

首先，我認為這還有許多年的機會。事實上，我們正​​進入 GLP-1 產品的十年。顯然，它不會——它會改變和發展。一開始，我們更像是開始進入市場，嘗試進入那些首批或首批優質市場，銷售我們的產能。

We believe that this segment will grow significantly. We will add capacity. There will be more volume, obviously, lower prices. And we are going to see brands, branded play with the consumer care play, like in the obesity or differentiated devices and stuff like that.

我們相信這一領域將會大幅成長。我們將增加產能。顯然，銷量會更大，價格會更低。我們將看到品牌、品牌化運作與消費者關懷結合，例如在肥胖或差異化設備等方面。

So actually, just the beginning of the journey. More products will be added. By the way, the full portfolio of GLP-1 for the company is 26 products. Obviously, the semaglutide as well as the product will be the biggest and we are trying to get for each one of them to be first to market as well as to create some differentiated play. So it will evolve. 2026 is just the first year that we will significantly deal with these products.

所以實際上，這只是旅程的開始。將會增加更多產品。順便說一下，該公司的 GLP-1 全部產品組合共有 26 種。顯然，司美格魯肽及其產品將是最大的，我們正努力讓每一款產品都率先進入市場，並創造出一些差異化的產品。所以它會不斷發展。 2026 年只是我們大規模處理這些產品的第一年。

Sure, sir. Thanks. Thanks a lot for this.

當然，先生。謝謝。非常感謝。

Shyam Srinivasan from Goldman Sachs.

高盛的 Shyam Srinivasan。

Just the first one is on we did CapEx of $80 million. We have about $350 million in cash. So just want to understand the outlook on CapEx for the year. Where is it generally being spent for? And the sub-question is on $350 million of cash. So what is the -- other than CapEx maybe, what is the other areas of revenues where we are looking to deploy this cash?

第一個是我們的資本支出為 8000 萬美元。我們有大約3.5億美元現金。所以只是想了解今年資本支出的前景。一般都花在哪裡？子問題是關於 3.5 億美元現金。那麼，除了資本支出之外，我們還想將這筆現金投入哪些其他收入領域？

So CapEx is this year also would be more or less like last year's level. We are overall, for the full year, we are expecting cash outflow for -- in the range of INR2,200 crores to INR2,700 crores. That is the level. And then the CapEx also, the large investments is going for peptides and biosimilars.

因此，今年的資本支出也與去年的水準大致相同。總體而言，我們預計全年現金流出將在 2,200 億印度盧比至 2,700 億印度盧比之間。就是這個水平。然後資本支出也大頭用於勝肽和生物相似藥。

As you know, we are looking for BD. Like I mentioned, we have four levers of growth, the baseline growth, special products, cost optimization and BD. We believe not just this cash. We have also the ability to borrow that we have $2 billion to $2.5 billion of financial capacity. And we are engaging as we speak with BD and hopefully will come. BD, you can never guide but we are definitely working on it and we see growth opportunities.

如您所知，我們正在尋找 BD。正如我所提到的，我們有四個成長槓桿，即基線成長、特殊產品、成本優化和 BD。我們相信的不僅僅是這些現金。我們還具有借貸能力，擁有 20 億至 25 億美元的財務能力。我們正在與 BD 進行溝通，希望能夠成功。BD，你永遠無法引導，但我們肯定在努力，我們看到了成長機會。

Is the $2 billion, $2.5 billion is like what is the net debt to EBITDA or what is the leverage you have in mind?

20 億美元或 25 億美元相當於淨債務與 EBITDA 的比率，或您考慮的槓桿率是多少？

This -- Shyam, it's going to be like [max $2.5 billion].

這——Shyam，它會像[最高 25 億美元]。

Okay. Just a second question on the India business. We have outgrown IPM. So just want to understand, I know you talked about the top 10. But what can help us sustain double-digit or even outperforming the market? And if you could also give us some data points around what our field force is, what is our expansion plan in terms of distribution in India.

好的。關於印度業務的第二個問題。我們已經不再需要 IPM 了。所以只是想了解一下，我知道你談到了前 10 名。但什麼可以幫助我們維持兩位數甚至超越市場的表現呢？您是否還可以向我們提供一些數據，例如我們的實地人員情況以及我們在印度分銷方面的擴張計劃是什麼？

Thank you.

謝謝。

Sure. So Shyam, the -- we decided, and I know you are fully aware of it and I appreciate it, that we will not focus on branded generic at the time. We believe that the growth in India will come primarily by producing innovative products, which are better than the standard of care that is used today in the market. And the growth that you see now is part of that. So we are launching innovative products in addition to generic.

當然。所以 Shyam，我們決定，而且我知道你完全了解這一點，我對此表示感謝，我們目前不會專注於品牌仿製藥。我們相信，印度的成長主要來自於生產創新產品，這些產品比目前市場上使用的護理標準更好。而您現在看到的成長就是其中的一部分。因此，除了通用產品外，我們也推出創新產品。

So the branded generic will be like normal price adjustment with some minor volume growth. We will not be that special on the branded generic. Some products will do more, some less. But our key that, and that's why I believe in the consistency is because we signed many deals so far on branded products and more to come. So we believe that we will outpace the market and that's what will grow our ranking and still committed to the #5 in the market. We are doing it in a slow way because we are not acquiring to be there. We are growing that organically, actually, inorganically, if you consider license again. And that's what we are planning to do. We should see consistent double-digit growth in India in the coming quarters and years.

因此，品牌仿製藥的價格將會像正常調整一樣，銷售量也會略有成長。我們不會對品牌仿製藥那麼特別。有些產品的作用較多，有些則較少。但我們的關鍵在於，這也是我相信一致性的原因，因為到目前為止我們已經簽署了許多品牌產品的協議，未來還會簽署更多協議。因此，我們相信我們將超越市場，這將提高我們的排名，並仍然致力於保持市場第五名的地位。我們做得很慢，因為我們還沒有達到那個程度。如果你再次考慮許可證的話，我們的成長實際上是有機成長，實際上是無機成長。這正是我們計劃要做的事。我們應該會看到印度在未來幾季和幾年內持續保持兩位數的成長。

Just the data point on the field force, ERS, sorry.

只是關於場力、ERS 的數據點，抱歉。

Yes, about 10,000 people in 50 teams

是的，50 個團隊，約 10,000 人

Understood. Thank you and all.

明白了。謝謝大家。

Surya Patra from PhillipCapital.

PhillipCapital 的 Surya Patra。

My first question is about biosimilars. So it seems that we are busy in-licensing doing deals for biosimilar to expand our portfolio there. Could you provide some pipeline visibility for US market, let's say, starting from FY '27 or '28? Which are the key product opportunities that we are targeting for the US market?

我的第一個問題是關於生物相似藥。因此看起來我們正忙於獲得生物相似藥的許可交易，以擴大我們在那裡的產品組合。您能否提供一些美國市場的通路可見性，例如從 27 財年或 28 財年開始？我們針對美國市場瞄準的關鍵產品機會有哪些？

Yes. So obviously, the key products will be abatacept. Abatacept, like I mentioned before, end of calendar '26, January '27, we should launch the IV product. And in the year after, we will launch the subcutaneous.

是的。因此，顯然，關鍵產品將是阿巴西普。阿巴西普，就像我之前提到的，2026 年底，2027 年 1 月，我們應該推出 IV 產品。明年我們將推出皮下注射。

Okay, yes. Second product, I missed that. So if I can get --

好的，是的。第二個產品，我錯過了。所以如果我能得到--

Then we will have launches of smaller product, which is -- obviously, we will launch the here prior to that, primarily to prepare the launch of abatacept. So we took licensing of this product for both Europe and US because it's the similar customer base, especially similar doctors. So in a way to prepare the team, so by the time that abatacept will come, we'll have the team as well as to have that ready.

然後，我們將推出一些較小的產品，顯然，我們將在此之前推出這些產品，主要是為了準備推出阿巴西普。因此，我們獲得了該產品在歐洲和美國的許可，因為這兩個國家的客戶群相似，尤其是醫生也相似。因此，我們需要以某種方式讓團隊做好準備，這樣，當阿巴西普到來時，我們也會擁有一支準備就緒的團隊。

In addition to that, after that, we'll have pembrolizumab, we will have daratumumab and obviously, more products will come to the US But right now, these are the four names that will be in the US Rituximab, we will have also in the US, but with Fresenius, not by our people.

除此之外，之後我們還會有 pembrolizumab、daratumumab，顯然還會有更多產品進入美國。但目前，這四個品牌將在美國銷售。利妥昔單抗，我們也會在美國銷售，但由費森尤斯公司銷售，而不是由我們自己銷售。

Okay. My second question is about the Russia business or the -- or particularly the secondary tariff what either emerging from the European sanction or the US sanction, on Russia. So whether this is a kind of factor of worry for us?

好的。我的第二個問題是關於俄羅斯業務，或特別是歐洲制裁或美國對俄羅斯制裁產生的二級關稅。那麼這是否是我們擔心的因素呢？

No, if at all, it's an opportunity. We are working freely in Russia, a great relationship with the country, great team that we have. And if other people will put sanction on it, the sanctions are not relevant to us. And if at all, it's an opportunity.

不，如果有的話，這是一個機會。我們在俄羅斯自由地工作，與該國保持良好的關係，我們擁有一支優秀的團隊。如果其他國家對其實施制裁，那麼這些制裁與我們無關。如果有的話，這是一個機會。

Sure, sir. Just last 1 point on the NRT. We have reported that there is a Q-o-Q growth of around (inaudible) percentage. So is there any seasonality in that NRT portfolio? And what growth likely like that the portfolio would have seen on a Y-o-Y basis?

當然，先生。NRT 上僅剩最後 1 個點。我們報告稱，環比增長約為（聽不清楚）百分比。那麼 NRT 投資組合有季節性嗎？那麼，投資組合的年增幅可能達到何種程度呢？

Yes. So first, no seasonality. This is a smoking cessation brand. Second, it's normally the brand used to grow in single digits. So far, we are accelerating it and -- but we are still -- at least in our business model, we anticipate a mid-single-digit growth. Right now, so far, knock on wood, this acquisition is exceeding our expectations.

是的。首先，沒有季節性。這是一個戒菸品牌。其次，通常情況下，品牌的成長率都是個位數。到目前為止，我們正在加速這一進程——但我們仍然——至少在我們的商業模式中，我們預計會實現中等個位數的成長。目前，到目前為止，這項收購已經超出了我們的預期。

Abdulkader Puranwala from ICICI Securities.

ICICI 證券的 Abdulkader Puranwala。

My first question is with regards to semaglutide. So sir, just on -- we spoke a lot on the call in perspective of the launch timing. But in terms of pricing, if you could provide some color on tentatively indicating at what price point you may want to introduce this product in Canada and other markets?

我的第一個問題是關於司美格魯肽的。先生，我們在電話中就發佈時間問題進行了很多討論。但在定價方面，您是否可以暫時說明您可能希望以什麼價格在加拿大和其他市場推出該產品？

As high as we can. Honestly, I wish I could give you a much better answer. It very much depends on how many competitors will be, what will be the reimbursement. So the scenarios are very wide. So it will be dictated, obviously, by number of -- whatever the market will give us, we will take.

盡我們所能。老實說，我希望我能給你一個更好的答案。這很大程度上取決於有多少競爭對手，以及報銷金額是多少。所以應用場景非常廣泛。因此，顯然，這將由數量決定——市場給我們什麼，我們就接受什麼。

Sure, sir. And just next one question on the expenses, what you would have incurred on NRT and nutraceutical. So when you talk about 500 to 600 bps of cost savings, would that be that -- would it be safe to assume that a lot of that is currently getting anchored towards these two products, which may not happen in the near future once REVLIMID goes off?

當然，先生。下一個問題是關於費用的，您在 NRT 和營養保健品上花費了多少錢。因此，當您談到 500 到 600 個基點的成本節約時，那是不是說——我們可以安全地假設其中許多目前都集中在這兩種產品上，而一旦 REVLIMID 停止銷售，這種情況可能不會在不久的將來發生？

No, we are talking not about discretionary costs are normally costs that you can save at the time that you need to, which are not supporting sales, so no support marketing. Obviously, we just got the product. We want to grow it. We will invest in it. We are talking about things that are good to do also on the ongoing basis. But for sure, if you need to save money, less traveling, less meetings, less consultants, et cetera. So this kind of the discretionary that will not touch the sales. We are not desperate. We are actually very comfortable with what we do. We knew that lena will come. But no, we are not planning to cut expenses that are supporting the growth of the company. The priorities to grow the company.

不，我們談論的不是可自由支配的成本，而是通常可以在需要時節省的成本，這些成本不支持銷售，因此不支持行銷。顯然，我們剛剛拿到了產品。我們想讓它成長。我們將對此進行投資。我們正在討論一些值得持續做的好事。但可以肯定的是，如果您需要省錢，就減少旅行、減少會議、減少顧問等等。因此，這種自由裁量權不會影響銷售。我們並不絕望。事實上，我們對我們所做的事情感到非常滿意。我們知道莉娜會來。但不，我們並不打算削減支持公司發展的開支。發展公司的優先事項。

Foram Parekh from Bank of Baroda Capital Markets

巴羅達銀行資本市場部的 Foram Parekh

Most of my questions are answered. Just on the NRT should we still assume EBITDA margin to be 25%? Or would it be in the neighborhood, if you can just throw some light on that?

我的大部分問題都得到了答案。僅從 NRT 來看，我們是否仍應假設 EBITDA 利潤率為 25%？或者它是否在附近，您能否對此進行一些解釋？

Yes

是的

Okay. And on the Europe front, ex of NRT, the growth has come down to 15%. So going forward, do we expect it to bounce back to about 20% kind of growth as we have new product launches and biosimilar launches? Or can we work out with 15% kind of growth?

好的。而在歐洲方面，除NRT之外，成長率已降至15%。那麼展望未來，隨著新產品和生物相似藥的推出，我們是否預計它會反彈至 20% 左右的成長率？或者我們可以採用 15% 的成長率嗎？

First of all, to grow double digits in generic business is not bad. Yes, once we will launch the biosimilars, it will accelerate this growth. It's hard for me now to calculate the percentage because I think we are launching each one of them in 10 countries, and it's pretty complicated. But let's say, we should expect double digit from Europe. But if it's 15% or 20%, it's hard for me to tell third quarter.

首先，仿製藥業務能取得兩位數的成長已經很不錯了。是的，一旦我們推出生物相似藥，它就會加速這種成長。現在我很難計算出這個百分比，因為我認為我們會在 10 個國家推出每個產品，這相當複雜。但是，我們應該期待歐洲取得兩位數的成績。但如果是 15% 或 20%，我就很難預測第三季的情況。

The important part about Europe is it's leverage activity. These are all products that we have not just for Europe. And that's the beauty of this business. It's adding to the economy of scale. And so far, so good. Yes. So it's in the neighborhood of what you said, maybe plus, but I'm taking a disclaimer that I don't know what will be exactly the timing of the biosimilar and how it will contribute to that.

歐洲的重要部分是其槓桿活動。這些產品並非只銷往歐洲。這就是這個產業的魅力所在。它正在增強規模經濟。到目前為止，一切都很好。是的。因此，它與您所說的差不多，甚至可能更好，但我聲明，我不知道生物仿製藥的具體上市時間以及它將如何對此做出貢獻。

Sure. No problem. And lastly if I may squeeze in. Can you just throw some color on how do you see, ahead of the semaglutide launch in India, how do you see obesity market forming post the launch, given that the size of the obesity market is very small with just 1, 2 innovatives? So post generic, how do you see the obesity market expanding in India?

當然。沒問題。最後，如果我可以擠進去的話。鑑於肥胖症市場規模很小，只有 1、2 種創新產品，您能否在印度推出司美格魯肽之前，您如何看待推出後肥胖市場的形成？那麼，在仿製藥之後，您如何看待印度肥胖症市場的擴張？

I believe that it's going to be significant. The unmet need is very, very clear, especially for people that live here in India. And so I believe that it's a big opportunity.

我相信這將會具有重大意義。未滿足的需求非常明顯，特別是對於居住在印度的人來說。所以我相信這是一個巨大的機會。

Would it be possible for us to quantify?

我們能量化嗎？

I don't want to give you unreliable numbers. It's big. Potential is big. I don't know to say how much.

我不想給你不可靠的數字。它很大。潛力很大。我不知道該說多少。

Okay, thanks. No problem.

好的，謝謝。沒問題。

Shashank Krishnakumar from Emkay Global

來自 Emkay Global 的 Shashank Krishnakumar

My first question was on the out-licensing income, which we booked this quarter. Is it possible to quantify that?

我的第一個問題是關於我們本季確認的對外授權收入。可以量化嗎？

It's INR120 crores.

價值12億印度盧比。

Got it, sir. Sir, my second question was --

明白了，先生。先生，我的第二個問題是--

Shashank, just I would like to add, this is not like a onetime income. This is like always a few quarters in a year or I think going -- it always will be there.

Shashank，我只想補充一點，這不像是一次性收入。就像一年中總會有幾個季度或我認為會這樣——它會一直存在。

Got it. Also, my second question was more from a medium-term standpoint. We have typically relied on high-value complex generic launches in the US How do we sort of reconcile that with the fact that we are also looking to do moderate our R&D spend. I think you mentioned possibly we can also reduce it 6% going forward. So can we still keep pace with the pace of complex generic launches that we have typically done in the past in the US if we sort of moderate R&D spend going forward?

知道了。此外，我的第二個問題更多的是從中期角度出發。我們通常依賴在美國推出高價值的複雜仿製藥，我們如何將這一點與我們也希望適度控制研發支出的事實相協調。我想您提到過我們未來可能還可以將其降低 6%。那麼，如果我們在未來適度削減研發支出，我們還能跟上過去在美國通常進行的複雜仿製藥發布的步伐嗎？

Yes. Just to remind, R&D spend are relevant for products that will be launched in the United States between 10 to [12] years from now. So yes, absolutely, we can decide how much we spend for the future and how much to keep in according store performance. I don't see any effect for the immediate terms because all those products were either we committed the development or we have the files already.

是的。需要提醒的是，研發支出與 10 至 [12] 年後將在美國推出的產品有關。所以是的，絕對可以，我們可以根據商店業績來決定未來花多少錢以及保留多少錢。我沒有看到對直接條款的任何影響，因為所有這些產品要么是我們致力於開發的，要么是我們已經有了文件。

Aman Vij from Astute Investment Management

來自 Astute Investment Management 的 Aman Vij

Sir, first question is on the semaglutide API side. So if you can talk about our yields currently and the quality and the pricing compared to Chinese API players because I believe they have a lead. But we are talking -- we are planning to set up a big capacity in India, which is much more than the guidance of 10 million to 12 million pens you have talked about for two years, which we are targeting. So could you talk about this site?

先生，第一個問題是關於司美格魯肽 API 方面的。因此，如果您可以談談我們目前的產量以及與中國 API 廠商相比的品質和定價，因為我相信他們處於領先地位。但我們正在談論——我們計劃在印度建立一個大型產能，這將遠遠超過您兩年前談到的 1000 萬到 1200 萬支鋼筆的產量目標，這是我們的目標。那你能談談這個網站嗎？

Sure. Just first to calibrate, the 12 million pens is the launch for '26. Obviously, only a small portion of the capacity will be used for them. We are also in this capacity, going to do products for third party as well as for the future as well as other So just to clarify, it's not competitive numbers. Second, in terms of cost, we believe that once we will finish the scale-up, our products will be competitive with other competitors, including China.

當然。首先要校準的是，1,200 萬支筆是 26 年推出的。顯然，只有一小部分產能會被用於它們。我們也將以這種身分為第三方以及未來以及其他公司生產產品，因此需要澄清的是，這不是競爭數字。第二，在成本方面，我們相信，一旦我們完成規模化，我們的產品將與包括中國在內的其他競爭對手競爭。

That is to hear. Second question is on the Delhi High Court patent challenge, which I think by next week, we will get an answer. But I'm saying in my understanding, in worst case scenario, isn't it just that even if it goes against us, it means we will be able to launch only two months later because India patent expires in March versus Canada in January? It doesn't delay beyond two months in worst case scenario, is the understanding correct?

也就是聽。第二個問題是關於德里高等法院專利挑戰的，我認為下週我們就會得到答案。但我的理解是，在最壞的情況下，即使對我們不利，我們也只能在兩個月後推出產品，因為印度專利在三月到期，而加拿大專利在一月到期？最壞的情況也不會超過兩個月，這種理解正確嗎？

The understanding is correct as related to the timing of the launch in India. For us, it is important to enable our launch in Canada. So the Canadian launch then will be more than 2 months. If it will not go our way, obviously, I cannot react because it's the laws in India are not reacting on any situation. But we believe that it's going to go in the way that will be satisfactory to us.

對於印度發射時間的理解是正確的。對我們來說，在加拿大推出新產品非常重要。因此加拿大的發射將持續兩個多月。如果事情不如我們所願，顯然我無法做出反應，因為印度的法律對任何情況都沒有反應。但我們相信，事情會按照令我們滿意的方式進行。

Sure, sir. Just final question. You've talked about 10 million, 12 million kind of capacity which we have tied up with, say, the fill finish players and the pen player. So in a good case scenario, if the demand is, say, 2x our initial assumption. Will we have -- do we have arrangements with both the parties, the suppliers as well as the fill-finish players that if the demand is way more because I believe there is a shortage of capacity in terms of both fill-finish and devices, so is there a case where if the demand is 2x, we can somehow arrange 2x volumes also?

當然，先生。最後一個問題。您談到了 1000 萬、1200 萬的容量，我們已經將其與補位球員和投球手等聯繫起來。因此，在良好的情況下，如果需求是我們最初假設的 2 倍。我們是否會與雙方、供應商以及灌裝完成參與者達成協議，如果需求大幅增加，因為我認為灌裝完成和設備方面的產能都存在短缺，那麼是否存在這樣一種情況，如果需求是 2 倍，我們也可以以某種方式安排 2 倍的產量？

2x for calendar '26 will not happen.

26 年曆的 2x 不會發生。

'27, sir. You said similar number for '26 and '27, right, so I was more wondered on '27, not on '26.

“27，先生。”您說 26 年和 27 年的數字相似，對，所以我對 27 年更感興趣，而不是 26 年。

Yes. So I'm just not sure that you got it right. Calendar '26, calendar '26, which is FY '27, but mostly is 10 million. If you take it as FY '27 is 12 million. There is some upside to that, but normally, when I'm giving guidance, I have to be very, very accurate and reliable in what we are giving. That it will not be in that period of time.

是的。所以我不確定你是否理解正確。26 年曆，26 年曆，也就是 27 財年，但大部分是 1,000 萬。如果以 27 財年計算，則是 1,200 萬。這樣做有一定的好處，但通常情況下，當我提供指導時，我必須非常非常準確和可靠地提供指導。那段時間內不會發生。

Okay. But slight increase, we'll be able to manage with the arrangement, say, 30%, 40% extra than what we are predicting?

好的。但稍微增加一點，我們就能安排好，比如說比我們預測的多30%、40%？

It depends on the definition of slight, but yes.

這取決於輕微的定義，但確實如此。

Kunal Dhamesha from Macquarie

麥格理銀行的 Kunal Dhamesha

Just one on sema Canada. So because there are two brands, one for type two diabetes, which is Ozempic and one for weight loss, Wegovy. So currently, Canadian authorities are not reimbursing Wegovy so for the weight loss indication. So how are we planning to tackle this issue when we launch our product?

sema Canada 上只有一個。因為有兩個品牌，一個是針對二型糖尿病的品牌，即 Ozempic，另一個是針對減肥的品牌，即 Wegovy。因此目前加拿大當局不會對Wegovy的減肥功效進行補償。那麼，當我們推出產品時，我們計劃如何解決這個問題？

We are going to launch only Ozempic, generic Ozempic. The submission of generic Wegovy will happen throughout the year. But the launch that we are discussing is only for Ozempic. I do not anticipate any issues with that.

我們將只推出 Ozempic，通用 Ozempic。通用 Wegovy 的提交將全年進行。但我們正在討論的發布僅針對 Ozempic。我預計不會有任何問題。

Sure, sure. And can you help us also understand the split of this 10 million pen capacity that we have between single-use spend versus multi-use spend? Because semaglutide in Canada is available in both versions, multi-use as well as single-use pen.

當然，當然。您能否幫助我們了解這 1000 萬支筆容量中一次性使用和多次使用之間的分配情況？因為加拿大的司美格魯肽有兩種版本，即多次使用筆和一次性使用筆。

So the quantity that I mentioned is in single-use terms.

所以我提到的數量是一次性使用的數量。

So one pen per week is the --

因此，每週一支筆是--

Yes, it's like -- we will end to one pen a week.

是的，就像——我們將不再每週使用一支筆。

Sure. Thank you and all the best.

當然。謝謝您，祝您一切順利。

Thank you. With that, I now hand the call over to Richa for the closing comments.

謝謝。說完這些，我現在把發言權交給 Richa，請他做最後總結。

Thank you, all, for joining us today. We appreciate your continued interest in Dr. Reddy's and the time that you've taken to engage with our Q1 FY '26 results. If you have any further questions or require additional information, please feel free to reach out to reach out to Aishwarya or myself. With that, this concludes today's earnings conference call. Stay safe, and take care.

謝謝大家今天加入我們。感謝您對 Dr. Reddy's 的持續關注以及您花時間關注我們 26 財年第一季的業績。如果您有任何其他問題或需要更多信息，請隨時聯繫 Aishwarya 或我本人。今天的收益電話會議到此結束。保持安全，保重。