bullish
high
✓ 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.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Is North America pricing stable despite sequential volume decline?
Asked by Kunal Damesha, Macquarie
CEO directly confirmed pricing stability with specifics.
Read the exchange
Question
So sequentially, is it fair to assume that the pricing was stable?
Erez Israeli, CEO
The prices are relatively stable in the way we normally calculate them. We did not have major issues on the big products that we normally discussed.
Answered
Medium priority
Is India base business growth double-digit excluding Sanofi vaccine?
Asked by Kunal Damesha, Macquarie
CEO gave a specific percentage (9 point something) for base business growth.
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Question
But let's say we remove the Sanofi vaccine business, would we be at the double-digit growth for our base business?
Erez Israeli, CEO
It's almost there. It's 9 point something% even without the vaccine.
Partial answer
High priority
When will high-value US launches materialize given facility clearances?
Asked by Neha Manpuria, Bank of America
CEO gave a hopeful timeline but acknowledged uncertainty due to FDA approval.
no guarantee on timingapproval-dependent
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Question
When do you think we launch certain of these limited competition high-value products for the US business?
Erez Israeli, CEO
I hope that you'll see it all with Q3, but I cannot guarantee that it's about the ability to get approval. But we have a couple of those kind of products waiting for approval by the US FDA.
Answered
Medium priority
How much R&D spend is on biosimilars and OncoAsset?
Asked by Neha Manpuria, Bank of America
CEO provided specific percentage breakdown of R&D spend.
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Question
How much of this would be for biosimilars and the OncoAsset and any update on timing for two biosimilar filings?
Erez Israeli, CEO
Out of the total R&D, 36% is going to both biologics as well as Aurigene. The generics is about 50% of the number of the R&D, and 40% is attributed to the API.
Evasive
High priority
Will Revlimid sales be similar in H2 vs H1?
Asked by Amey Chalke, JM Financial
CFO declined to give specific guidance due to contractual restrictions.
cannot speak due to agreementvague 'very healthy'
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Question
In the first half, whatever sales we might have booked for lenalidomide, you expect the sales to be similar in the second half?
M.V. Narasimham, CFO
I cannot speak about the sales of Revlimid per se because of the agreement. But let's say we are going to see that it will continue to be very healthy also in the remainder of the year.
Partial answer
Medium priority
Will SG&A spend remain elevated post FY26?
Asked by Amey Chalke, JM Financial
CFO gave qualitative direction but no quantitative guidance on future SG&A levels.
no specific number givenqualitative only
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Question
Post FY 26, you expect this GNS spend to remain elevated like this, or you expect some correction after?
M.V. Narasimham, CFO
The level of the SG&A in the B2B markets is obviously lower. So part of the SG&A growth is also part of the mix of the markets that is changing. In terms of the growth of the SG&A, it will be much, much more moderated.
Answered
High priority
What is the timeline for Rituximab biosimilar launch in Europe and US?
Asked by Harith Ahamed, Avendus Spark
CFO provided specific launch timelines for both Europe and US.
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Question
Will you be able to share some color on the timelines for launch and our expectations from this particular product? And for the same product in the U.S., what is the status of that inspection?
M.V. Narasimham, CFO
The European launch is planned for February 2025. And as for the U.S., we did submit a response to the US FDA, and likely that it will be in the first half of FY 2026.
Answered
High priority
What percentage of lenalidomide intangibles was impaired?
Asked by Harith Ahamed, Avendus Spark
CEO confirmed 100% impairment of carrying value.
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Question
Can you share what % of the intangibles related to this product has been impaired?
Erez Israeli, CEO
We have provided full carrying value because the existing contract manufacturing organization is unable to supply the product. Hence, I think we have provided 100% of the carrying value.
Partial answer
High priority
Can material products in 1-2 years cover Revlimid sales loss?
Asked by Damayanti Kerai, HSBC
CEO mentioned pipeline but gave no commitment on timing or revenue replacement.
approval-dependentno specific timeline
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Question
Do you think you can launch some material products in, say, next one to two years in the US market specifically, which can help you to cover up some sales lost on the Revlimid part?
Erez Israeli, CEO
There is a healthy pipeline of about 20-plus products of that nature that have relatively higher value. Of course, most of them are approval-dependent, so it's hard to know when exactly we will launch them.
Answered
Medium priority
What sales were booked from Nestlé JV in Q2?
Asked by Damayanti Kerai, HSBC
CEO provided a specific range (50-60 crores) for Q2 sales.
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Question
What kind of sales or any number you have booked in second quarter?
Erez Israeli, CEO
Right now, it's very small. It's in tens of crores. Let's say somewhere between 50, 60 crores. It's not significant.
Answered
High priority
Is Abatacept launch timeline calendar 2027?
Asked by Bino Pathiparampil, Elara Capital
CEO confirmed calendar 2027 launch timeline.
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Question
Abatacept, you said could be launched in early 2027. Did you mean calendar 2027?
Erez Israeli, CEO
Yes. Calendar 2027. Yeah.
Answered
Medium priority
What launch position for Denosumab biosimilar in US?
Asked by Kunal Randeria, Axis Capital
CEO gave a specific range (3-5) for launch position.
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Question
Given that you have yet to file for it, just wondering how many players do you expect will be ahead of you when you eventually launch?
Erez Israeli, CEO
It depends, of course, on the success of the others, but it should be somewhere between number three to number five, I believe.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India base business growth 9 point something% without vaccine | 9% | 17% | Understated vs filing |
| Russia constant currency growth 27% | 27% | 17% | Overstated vs filing |
| Nestlé JV Q2 sales 50-60 crores | ₹55 cr | ₹8,038 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.