neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
86%Questions answered0Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
US base business QoQ performance and FY26 outlook
Asked by Amey Chalke, JM Financial
Management gave directional decline and full-year outlook with specifics.
Read the exchange
Question
Is it possible to give some guidance on how it has performed quarter on quarter, whether it has improved or gone down directionally, and how the base business is expected for the FY26 as well for the U.S.?
Erez Israeli, CEO
the base business in the U.S. decreased. It's primarily timing. ... Overall, the base business, the way I see it, is going to be flat to single-digit growth like we normally are discussing.
Answered
High priority
Revlimid trajectory for upcoming quarters
Asked by Amey Chalke, JM Financial
Management gave clear quarterly trajectory for Revlimid.
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Question
Going ahead, do you expect some pickup in coming quarters before going down from Q3? Or do you expect the similar trajectory for Revolut Med for upcoming quarters as well?
Erez Israeli, CEO
What you should anticipate is one more quarter, give or take, in the range of what you have today and relatively much less in Q3. After that, some leftover, and that's it.
Answered
Medium priority
Semaglutide launch timeline in RoW markets
Asked by Amey Chalke, JM Financial
Management provided specific timeline for RoW launches.
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Question
On semaglutide launches in the RoW non-regulated market. When should we expect that to happen?
Erez Israeli, CEO
the launch in the rest of the countries during calendar 2026. ... The key will be India, Brazil, Turkey, and products like that will be after March of 2026.
Answered
High priority
US pipeline: SEMA timeline, high-value launches, PAI inspection
Asked by Neha Manpuria, Bank of America
Management gave specific SEMA approval timeline and clarified base growth excludes major launches.
Read the exchange
Question
One, if you could tell us what timelines we need to watch for SEMA and for Canada particularly. 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?
Erez Israeli, CEO
Gearing to get approval of the product somewhere between the end of October to the beginning of November. ... we did not take into account a very significant, let's say, out-of-the-ordinary launch.
Answered
High priority
Gross margin trend and SG&A cost outlook
Asked by Neha Manpuria, Bank of America
Management gave specific margin and SG&A guidance for the year.
Read the exchange
Question
how should we think about gross margins, you know, particularly going into fiscal 2027? ... Is it fair to assume that this is the new range for SG&A cost, the closer to 30% mark that we have reported in this quarter?
Erez Israeli, CEO
As far as gross margin is concerned, I think at least for this year it would be in similar levels. ... As far as SG&A is concerned, I think we, even for the full year basis, it should be in the zone of 28%-29% zone, not at 30%.
Partial answer
High priority
Lenalidomide Q2 sales magnitude and pricing pressure
Asked by Damayanti Kiray, HSBC
Management gave directional similarity but no precise figure.
no exact number given
Read the exchange
Question
for 2Q as well, also, you mentioned the label should be similar to what you booked in the June quarter. Or there is still like some room to book higher sales.
Erez Israeli, CEO
overall, let's call it similar magnitude. I will not say the same, but similar magnitude.
Answered
Medium priority
Semaglutide capacity expansion at ViaJag and timing
Asked by Damayanti Kiray, HSBC
Management clarified capacity source and gave specific volume number.
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Question
Can you update us on your capacity expansion at ViaJag and when do you expect that capacity to come on board?
Erez Israeli, CEO
The launches that will happen in FY26 and FY27 will not be out of ViaJag. It will be with our partner ... about INR 12 million in FY27.
Answered
High priority
Biosimilar abatacept phase 3 trial progress and outcome timeline
Asked by Madhav Marda, Fidelity International
Management gave specific readout date and status.
Read the exchange
Question
if you could just give us an update on the biosimilar abatacept phase three trials, how that is progressing, and by when do we expect outcome for the phase three trial?
Erez Israeli, CEO
So far, so good. The readout is November 25, which is as expected in accordance to the timelines.
Partial answer
High priority
Cost-saving potential and R&D spend quantum
Asked by Madhav Marda, Fidelity International
Management gave basis points but not absolute savings; later clarified potential INR 1500-1800 crore but said not to model that.
no absolute rupee amount given
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Question
Could you give us some sense in terms of the extent of cost savings that we can drive? ... what's the quantum of that spending?
Erez Israeli, CEO
there are discretionary costs between R&D, SG&A that can be 500 basis points, 600 basis points that we are planning to adjust.
Partial answer
Medium priority
Generic Liraglutide filing status and launch timeline
Asked by Harith Ahmed, Avendus Park
Management gave vague timeline 'next coming quarters' without specifics.
no specific quarter given
Read the exchange
Question
What is the status of our filing and what are the timelines we are looking at?
Erez Israeli, CEO
We are planning to launch it also in the next coming quarters. ... with Saxenda, we are going to be first to market or some of the first to market in some of them.
Answered
Medium priority
PSAI gross margin decline reason
Asked by Bino Pathiparampil, Elara Capital
Management explained the accounting reason and said it will correct.
Read the exchange
Question
Why then the gross margin decline from mid-20s to low teens?
Erez Israeli, CEO
the reason for that is some of the demand products for the U.S. are also being back integrated. ... It's actually a very healthy business and it's growing.
Answered
Low priority
PLI income for the quarter
Asked by Saion Mukherjee, Nomura
Management clearly stated PLI income is negligible this quarter.
Read the exchange
Question
Can you share the PLI income or the government grant that you generally share for the quarter?
Erez Israeli, CEO
Not for this quarter. For the full year also, is almost, let me put it, I think is very small value is there. Not very big.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Origin Pharma Services revenue $17-18 million this quarter | 17.5 | 8,545 | Understated vs filing |
| Origin Pharma Services targeting $100 million sales for full fiscal | 100 | 8,545 | Understated vs filing |
| Origin Pharma Services target $250-300 million by 2030 | 275 | 8,545 | Understated vs filing |
| SG&A expected 28%-29% of sales for full year | 28.5% | 26.7% | Overstated vs filing |
| Base business EBITDA margin north of 25% | 25% | 26.7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.