neutral
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✓ 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.
92%Questions answered0Evaded / deflected12Questions auditedConsistentNumbers vs filing
Answered
High priority
India business growth and weakness in cardiac and gastrointestinal segments.
Asked by Kunal Dhamesha, Macquarie
Management directly addressed the transitory nature and provided specific timelines for recovery.
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Question
The first one on the India business, so we have grown at around 16% year-on-year, but if we just look at the core business, how that performance has shaped up, and we have also mentioned that there is some weakness in cardiac and gastrointestinal segment, lower volume pickup. So is it transitory in nature, or is there something more to be taken into account there?
Erez Israeli, CEO
Yes, so indeed, if you take out all the other categories which outperform the market, and actually all of them would have a digit beside these two segments, as for both of them, there are solutions in terms of, let's call it, the actual execution of the way we do sales and marketing, as well as the product performance per se. Specifically to gastro, I have no doubt that it will come relatively soon. Cardiovascular may take an additional quarter as we need some more adjustments to do.
Answered
High priority
Economics and launch sequence for denosumab biosimilar.
Asked by Kunal Dhamesha, Macquarie
Management confirmed the sequence and explained the strategic rationale.
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Question
So if you could throw some light on the economics here for denosimab, and in terms of, let's say, eventual launch, can we assume that this would be the second product after rituximab and then followed by another one, abatacept, is the way we should look at?
Erez Israeli, CEO
Yes, that's how we should look at it. So denosimab is actually supposed to facilitate our abatacept launch because the two products are going for the same segments and give or take to the same type of purpose. So it was also the strategic rationale of why to license the product.
Answered
High priority
Reason for decline in US base business excluding Revlimid.
Asked by Neha Manpuria, Bank of America
Management identified specific products and attributed decline to competition entry.
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Question
When Revlimid, we understand there's lumpiness, but what is the reason for the decline in the base business, excluding Revlimid? Because have we lost market share? Is the pricing erosion higher than we were expecting? Any color there?
Erez Israeli, CEO
So nothing major happened. The products that were declined were the famous products that we got in the competition, like the Ciprodex and the Suboxone. The stuff that the competition entered, some of them nine months ago, some of them six months ago. So there was a certain continuation.
Answered
High priority
Investment and ramp-up timeline for NRT business post-acquisition.
Asked by Neha Manpuria, Bank of America
Management explained that investments are ongoing and not waiting for integration completion.
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Question
Given that Haleon is still running the business for us till the time the integration happens, how should we look at investments in the business and the ramp-up in the NRT pool? Would that happen only after the integration is done?
Erez Israeli, CEO
We do have an agreement with them on investment and increase of even investment in certain areas. This is a business that actually is now gaining momentum. It is growing actually for the second year in a row, and we want to continue that momentum, so there is a certain agreement of gross to net, how much market expenses we should put at the time.
Answered
High priority
Competitive scenario and market dynamics for semaglutide in Canada.
Asked by Amey Chalke, JM Financial
Management provided timeline, competitive positioning, and explained market dynamics.
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Question
At present, there are two to three players for this market. By the time we would be launching this product in this market, do you expect the players to increase or what would be the competitive scenario at that point of time? Also, if you can also explain Canada market, how similar is it with respect to U.S. when it comes to price realization, market share gains, etc.?
Erez Israeli, CEO
First, the product, if I recall correctly, January 26 is where the patent expiration will happen for Ozempic. And this is the product that the generic version of it is expected to be launched. If we will get approval, I believe we are positioned well to get approval for that period of time. And naturally, it is a very important market for us.
Answered
High priority
Capacity and execution readiness for semaglutide supply.
Asked by Amey Chalke, JM Financial
Management detailed long-term preparation and investment in capacity.
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Question
Considering there is too much demand, which is expected to be there when the generic player enters this market all over the world, I believe there is still, from the supply point of view, there would be a constraint in terms of both API as well as the pen assembly lines. So how are we going to ensure that our execution would be better there?
Erez Israeli, CEO
We are working on this project, including capacity for the last 10 years. It's not that 10 years ago, we knew that the product would be that big. This is obviously information that came over time. But if you see the level of R&D and CapEx, you can assume that a big portion of it went for this activity.
Partial answer
Medium priority
Discretionary SG&A spend and sustainability post-Revlimid.
Asked by Amey Chalke, JM Financial
Management discussed philosophy but did not quantify discretionary spend.
no specific discretionary spend quantification
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Question
So is it possible for the management to give some visibility on how much the spend is discretionary at present, which could reduce post-Revlimid? Or do you think because these semaglutide kind of opportunities are there, it might continue?
Erez Israeli, CEO
So, let me take it. I mentioned in the past, we feel very, very comfortable with 25% EBITDA, which allows us to, and we mentioned it in the past, allow us to give a greater return to the shareholders as well as allow us to invest in the system. Absolutely, we took advantage of the fact that we had a few years of generic Revlimid, and we absolutely took it to invest more.
Answered
Medium priority
Iron sucrose filing status and expected approval timeline.
Asked by Bino Pathiparampil, Elara Capital
Management clearly explained the CR and resulting delay.
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Question
Would you give some color on iron sucrose filing that you have done? Do you expect approval in time near or soon?
Erez Israeli, CEO
So we filed it actually a long time ago. We recently got a CR on the API side, which we are planning to address. So we thought that it would be good to launch it in these coming months. This right now will be delayed because we need to answer this CR.
Answered
High priority
Confidence in abatacept biosimilar approval despite past competitor failures.
Asked by Bino Pathiparampil, Elara Capital
Management cited successful phase one and patient enrollment as confidence factors.
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Question
Second on abatacept, some of your competitors have tried in the past, but it seems it's a difficult product, and some of them seem to have given up. What gives you the confidence that your product can see through the FDA approval process?
Erez Israeli, CEO
We had a very successful phase one. And so far, normally when you pass phase one, you have a good chance to, of course, be very successful in phase three. Also, so far, the rollout and the fact that we even finished the rollout, all the patients is very encouraging.
Partial answer
High priority
Lenalidomide revenue trajectory post-settlement volume restrictions ending.
Asked by Bino Pathiparampil, Elara Capital
Management gave a timeline for pricing decline but avoided quarterly specifics.
no precise quarterly guidancecustomer-dependent
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Question
Going into FY26 in 4Q, that is in January 2026, the kind of settlement with volume restrictions are coming to an end. So how should we look at lenalidomide? Will it continue a rough quarterly estimate smoothly till 3Q of next year and then drop off?
Erez Israeli, CEO
I don't know exactly how the quarters will be because this is a decision normally by the customers. It's not that we are planning that way. We are serving the customer in the way they want to be served. But yeah, we likely that we will not sell in this level of pricing, let's say post somewhere September, maybe October of calendar 2025.
Answered
High priority
Profitability outlook for NRT portfolio acquisition.
Asked by Surya Patra, PhillipCapital
Management confirmed continued profitability and investment funded by growth.
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Question
So how to think about the profitability of this acquired asset going ahead? Because current quarter is anyway seeing the support of Haleon. And simultaneously, we have also thinking about spending more on building the portfolio and franchise.
Erez Israeli, CEO
It should continue to be profitable. So we are absolutely going to finance the additional investment with growth, and we are planning to keep it profitable. There is no plan now to go for, let's say, two, three years of investment and then take it from there.
Answered
Medium priority
Timeline for Nestlé Health Science to contribute meaningfully to domestic growth.
Asked by Surya Patra, PhillipCapital
Management provided a clear timeline of a couple of years for meaningful contribution.
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Question
So how long that we will take for the Nestlé Health Science to really contribute meaningfully to the growth of the domestic business? That is one. And the second part of the domestic business question is, while we do anticipate this is the business segment, it should be growing the fastest among all other business segments for Dr. Reddy's over the next few years.
Erez Israeli, CEO
So the question on Nestlé, this will absolutely going to take time. The reason for that is that we need to bring the products to India, and we need to invest behind brands that are not today recognized in India. ... But in terms of significant contribution to the growth, it will take a couple of years.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India business grew around 16% year-on-year | 16% | 16% | Matches filing |
| India market growing 7%, Dr. Reddy's growing about 15% | 15% | 16% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.