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.
83%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Will there be any Revlimid in Q3?
Asked by Neha Manpuria, Bank of America
CEO gave a clear directional answer about Revlimid presence in Q3.
Read the exchange
Question
Is it fair to assume that there would be no Revlimid in the third quarter, or would we still see some bits of Revlimid as a part of the settlement in the third quarter?
Erez Israeli, CEO
So we should assume that we will have, but less than what was in this quarter. It is likely that it's either going to be the last quarter or maybe some tail that will go into Q4. By and large, Q3 will still have Revlimid in it.
Partial answer
High priority
Confidence in SEMA and abatacept approvals?
Asked by Neha Manpuria, Bank of America
CEO expressed confidence but admitted cannot guarantee no CRL.
no guarantee on CRLacknowledged risk
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Question
What gives you confidence on getting approvals on those filings? Even in case of Abaticept, now that we have got a CRL on Rituximab.
Erez Israeli, CEO
On Abatacept, we are supposed to submit the BLA, and I'm very confident about it, at the end of December of this year... On the SEMA, we are expecting the feedback from Health Canada in the next few weeks... I'm confident that we will sell the product.
Answered
Medium priority
Legal status of Semaglutide litigation in India?
Asked by Damyanti Kerai, HSBC
CEO provided clear update on litigation status.
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Question
Can you remind us the legal status which was underway in India, litigation with Novo on Semaglutide?
Erez Israeli, CEO
We are challenging the patents in India, and it's currently in a high court in Delhi. All the hearings were done, and we are waiting for the decision of the judge.
Answered
High priority
Risk mitigation for abatacept manufacturing?
Asked by Damyanti Kerai, HSBC
CEO explained CMO strategy and risks addressed.
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Question
Did you mention you have a CMO in place to manufacture that product in case Bachupally takes some time to get the clearance from the US FDA?
Erez Israeli, CEO
Correct. We will have a CMO in the U.S. to produce abatacept in addition to our capacity that is built in Bachupally, India. It is mitigating three risks...
Answered
Medium priority
What drove strong India growth and GST impact?
Asked by Bino Pathiparampil, Elara Capital
CEO directly addressed GST impact and growth drivers.
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Question
You had a strong growth in the quarter. Is there anything in particular that helped you, and was there any impact related to the GST disruption in the quarter?
Erez Israeli, CEO
We managed well the GST. The GST was not a significant obstacle for us. It's just execution of our strategy... we identify the therapeutic areas that we want to focus on, and we made several inorganic moves to buy brands.
Answered
Medium priority
Revenue of Stugeron acquisition?
Asked by Bino Pathiparampil, Elara Capital
CEO provided specific revenue figure.
Read the exchange
Question
Could you give some idea about what sort of revenues does that business have in its acquired form?
Erez Israeli, CEO
So it is a 100-plus in terms of size, something like that. INR 100 crore.
Partial answer
High priority
Will EBITDA margin return to 25% despite Revlimid decline?
Asked by Bino Pathiparampil, Elara Capital
CEO reaffirmed margin recovery but shifted timeline to two years, not FY25.
reframed timeline to two yearsno specific FY25 commitment
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Question
Do you still fully stick that for the full year of 2024-2025, you will get back to 25% EBITDA margin?
Erez Israeli, CEO
I absolutely believe, and I'm maintaining it, that in the next two years, we will absolutely get back to the growth and to the margins.
Answered
High priority
How has US base business changed since Revlimid launch?
Asked by Saion Mukherjee, Nomura
CEO gave clear directional answer on base business decline.
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Question
How is the base today versus, let's say, before Revlimid? Is it up, down?
Erez Israeli, CEO
It went down. It went down primarily, not so much on volume. There were some products, about, I think, five, that faced competition and price erosion.
Answered
High priority
Where will 12 million semaglutide units be sold if not Canada?
Asked by Saion Mukherjee, Nomura
CEO listed specific alternative markets.
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Question
This $12 million that you mentioned, you feel confident about selling. If not in Canada, where will this volume be absorbed in your view?
Erez Israeli, CEO
We are going to either directly or through partners, going to obtain approval in the next 12 to 15 months in 87 countries. The notable countries, besides Canada, will be India, Brazil, Turkey.
Answered
Medium priority
PSA gross margin outlook?
Asked by Tushar Manudhane, Motilal Oswal Financial Services
CFO provided specific margin range.
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Question
If you can just help understand in terms of the current gross margin and how to think about it over the next one to two years.
Mannam Narasimham, CFO
We expect, I think, going forward, the PSA gross margin in the range of 20% - 25%.
Partial answer
Medium priority
Specific challenges with Rituximab facility?
Asked by Harith Ahamed, Avendus Spark
CEO did not detail specific challenges, only general sterile plant issues.
no specific root causegeneric explanation
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Question
Given this is the second unsuccessful PAI and CRL that we've had, are there any specific challenges related to this facility?
Erez Israeli, CEO
There is nothing specific per se. It's all, as this is a sterile plant, we have queries that are related to that nature of the site. We believe it's addressable.
Partial answer
High priority
Are cost reductions reflecting in H1 numbers?
Asked by Harith Ahamed, Avendus Spark
CEO claimed reflection but did not quantify the cost reduction impact.
no quantification of impactvague 'reasonably'
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Question
The cost reductions that we've alluded to in the past, around 500, 600 basis points of reductions. Are these reflecting to a small extent in the first half numbers?
Erez Israeli, CEO
You can see that despite the fact that Revlimid is going down, we are maintaining reasonably our numbers. It's absolutely a reflection of those mitigations.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Current PSA gross margin 18% | 18% | 23% | Understated vs filing |
| Stugeron revenue INR 100 crore | ₹100 cr | ₹8,828 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.