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.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Organic growth in India business excluding STUGERON acquisition
Asked by Neha Manpuria, Bank of America
Management provided a specific organic growth estimate (>17%) and confirmed it.
Read the exchange
Question
how should I think about, you know, organic growth for the India business? Because we did have the STUGERON acquisition in this quarter. Was that a meaningful contributor to this 19% growth?
Erez Israeli, CEO
If I calculate, I'm not sure exactly where it is, but let's say it's more than 17% organic without acquisitions.
Partial answer
High priority
Drivers of strong India growth and sustainability
Asked by Neha Manpuria, Bank of America
Explained drivers but did not commit to a specific sustainable growth rate.
no quantitative sustainability guidance
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Question
What's changed in this quarter and how sustainable is this growth trajectory, you know, particularly this, you know, let's say, mid-teens sort of growth trajectory as we look through the next few quarters?
Erez Israeli, CEO
So it's primarily the performance of the innovative product. ... we start to see the move of that. So in addition to that, the brand has generally performed in a similar manner, meaning that we are increasing the prices...
Partial answer
Medium priority
Innovative portfolio as percentage of India sales
Asked by Neha Manpuria, Bank of America
Provided a range but expressed uncertainty.
uncertain estimate
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Question
The innovative portfolio would be what portion of our sales roughly today, you know, if you were to quantify it?
Erez Israeli, CEO
If I need to, it's somewhere between 10%-15%, but I'm not sure, Neha.
Answered
High priority
Timeline for Sema approval in Canada
Asked by Neha Manpuria, Bank of America
Provided specific timeline window for launch.
Read the exchange
Question
So have we not got a follow-up goal date as well? And, you know, according to you, what would be the next timeline that we should look at for Sema approval in Canada?
Erez Israeli, CEO
we do have a goal date because it's come automatically six months from the response time. So it takes us to May. ... anytime between end of February to May, we should expect a launch in Canada.
Partial answer
High priority
Sustainability of India growth and GST spillover
Asked by Damayanti Kerai, HSBC
Claimed sustainability but gave a wide range (9-15%) without specifics.
vague sustainability range
Read the exchange
Question
what is the sustainability of these numbers in growth numbers in India? And also, if you can clarify if the December quarter has some spillover benefit from the prior quarter where we had seen the GST disruption.
Erez Israeli, CEO
So it's absolutely sustainable. I don't know if it's 90%, it could be also 15%. So it's absolutely sustainable in this range. And I don't think that we had a major... There's no spillover like on account of GST implementation.
Declined
High priority
Lenalidomide contribution to EBITDA margins
Asked by Bino Pathiparampil, Elara Capital
Explicitly refused to provide the number due to confidentiality.
refused to quantifyconfidentiality agreement
Read the exchange
Question
how much has lenalidomide still contributed to the EBITDA margins in the quarter?
Erez Israeli, CEO
I will not be able to tell you the amount. ... But what we can say is that the decline that you see in America is primarily Lena. Actually, without Lena, we even grew.
Partial answer
High priority
Timelines for Denosumab and Rituximab in US
Asked by Bino Pathiparampil, Elara Capital
Provided estimates but with significant uncertainty and caveats.
uncertain timelines
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Question
can I also understand the timelines now, latest timelines for Denosumab and Rituximab in the U.S.?
Erez Israeli, CEO
Denosumab, Alvotech needs to answer the deficiency letter. ... likely that will be in the second quarter of, and maybe even after, of FY 2027. ... On Rituximab, ... unlikely, let's say, in the next six months and maybe more than that.
Answered
Medium priority
Health Canada plant inspection requirement for Sema
Asked by Kunal Dhamesha, Macquarie
Clearly stated no inspection required.
Read the exchange
Question
Is there a requirement of plant inspection from Health Canada before approval, or all those things are already done from our side as well as from our partner's side?
Erez Israeli, CEO
So no inspections are expected or needed. We just hope for approval.
Answered
High priority
Substitutability of generic Sema in Canada
Asked by Kunal Dhamesha, Macquarie
Gave a clear, confident answer on substitutability.
Read the exchange
Question
whether the generics would be substitutable is kind of questionable. So if you could provide any color on this, you know, how much confident we are that our generic would be substitutable at the pharmacy level?
Erez Israeli, CEO
No, it's absolutely substitutable. ... I believe the product is absolutely going to be substitutable. So there is no need for prescription or special precision or branding or any branded generic activity.
Answered
Medium priority
Nature and recurrence of INR 117 crore labor code provision
Asked by Kunal Dhamesha, Macquarie
Explained retrospective nature and quantified ongoing impact.
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Question
how should we think of this? Is it some bit of retrospective cost also baked into this INR 117 crore, or it's just, you know, prospective cost? And is it recurring in nature?
M V Narasimham, CFO
as per the new labor law codes now, the wage definition has been revised ... we are recomputed retrospectively. ... the going forward in line with this may not be this extent. That would be like, in my view, less than, I think, 50 basis points would be the impact.
Answered
Medium priority
NRT constant currency growth and profitability
Asked by Shyam Srinivasan, Goldman Sachs
Provided specific constant currency growth figure.
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Question
Can you just split it out into like constant currency and, you know, what the growth was? ... how has that evolved even at these levels now?
M V Narasimham, CFO
on the constant currency, it is year-over-year 8% growth.
Partial answer
High priority
India growth rate assumption for FY27 with Sema launch
Asked by Foram Parekh, Bank of Baroda Capital Markets
Advised against assuming higher growth but left possibility open.
no firm guidance
Read the exchange
Question
in FY 2027, can we assume with Sema launch and as the new acquisition scales up, would it be wise to assume a growth rate higher than the current growth rate of 19%?
Erez Israeli, CEO
I will not. I think you should feel that we feel very, very comfortable with the 15% plus. Can it be more than 19%? It can, but I don't recommend to use it for now.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India business organic growth >17% without acquisitions | 17% | 4.4% | Overstated vs filing |
| NRT constant currency YoY growth 8% | 8% | 4.4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.