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.
58%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Why was the shelf stock adjustment for REVLIMID so large?
Asked by Neha Manpuria, Bank of America
Management acknowledged surprise but gave no concrete reason, deflecting to customer error.
no specifics on customerblamed customer mistakedeclined to elaborate
Read the exchange
Question
Just wondering on the shelf stock adjustment that we had in the quarter, a $50 million number for, you know, a product like REVLIMID, where we knew that the, you know, patent cliff is coming, seems very large. If you could just give us some color in terms of why the shelf stock adjustment was so large, you know, given that we knew we're expecting competition in January?
Erez Israeli, CEO
We were also surprised by this. It was not part of any arrangement or anything like that. I cannot speak on the details on the relationship or the customers, but it's, it came from them, I guess, certain planning issues or mistake at their end and that's, the outcome of it.
Partial answer
High priority
What is the breakup of 12 million semaglutide units by market?
Asked by Neha Manpuria, Bank of America
Answered with market structure but did not provide the requested unit split.
no unit breakdown givendiscussed market segments instead
Read the exchange
Question
Out of the 12 million, in, based on your assessment, what could be the rough breakup between, let's say, Canada and EMs?
Erez Israeli, CEO
I believe that the market in Canada is give or take, it's about 1/3 in for what we call public, 1/3 cash, and 1/3 what they call private. It's a kind of public/private cash. What I believe will happen is that the reimbursement price will go over time as expected.
Partial answer
High priority
Is the 12 million unit target for semaglutide still achievable given Brazil setback?
Asked by Neha Manpuria, Bank of America
Confirmed number but pushed timeline, leaving uncertainty.
timeline shiftedno firm commitment
Read the exchange
Question
You know, given that we have had a setback in Brazil, are we still confident of the 12 million units, or, you know, sale for Sema, in FY 2027?
Erez Israeli, CEO
Brazil is part of it, I believe is still in that number, but the number moved by several months. I'm still with the same number, but probably it will have like 12 months that will probably result in somewhere in the beginning of FY 2028 as well.
Partial answer
High priority
What is the pricing strategy for semaglutide in Canada?
Asked by Damayanti Kerai, HSBC
Provided list price but declined to disclose net pricing arrangements.
withheld net price detailsonly gave list price
Read the exchange
Question
Can you talk a little bit about your pricing strategy in the market where you'll be coming in, say, another 12 months? Specifically, in Canada after entry of 2nd generic, how do you position yourself versus Novo Nordisk pricing?
Erez Israeli, CEO
Our list price will be, give or take about half of what Novo Nordisk will be, that's can be shared because it will be listed. Obviously the rest is arrangement that we have with the customer that I will not be able to disclose, but let's say it will be the normal arrangement that you normally have.
Answered
High priority
What is the expected price range for semaglutide across markets?
Asked by Damayanti Kerai, HSBC
Provided a specific price range ($25-$30+) and explained the basis.
Read the exchange
Question
I was asking you about the pricing strategy in all the market. Where do you intend to come in, say, another 12 month or so, 12-15 months?
Erez Israeli, CEO
We believe that all the prices will be, let's say, at the neighborhood of, let's say, $30+. Why I'm saying that number also is because in some markets, we are going to work with a partner, and it reflect the net price that we'll have for them. Obviously, they will have their margins. These numbers may go down if the competition intensified, but I don't envision it to, at any case, to be below 25.
Partial answer
High priority
Why is gross margin 48% this quarter despite ex-lenalidomide being 50%+?
Asked by Tushar Manudhane, Motilal Oswal
Attributed to product mix but did not explain the specific drivers of the miss.
no specific product mix detailsgave forward guidance instead
Read the exchange
Question
Firstly, on gross margins, even after adjusting the shelf stock, for the quarter it is 48%, while ex-lenalidomide also we have talked in the past that the gross margin has been 50+. Is there anything which I've missed as far as gross margin for the Q4 is concerned?
M.V. Narasimham, CFO
This quarter is there is a product mix impact, that's why it is at 14%. We believe our gross margin range is in the range of 50-55.
Answered
High priority
Will US revenue grow ex-semaglutide in FY27?
Asked by Tushar Manudhane, Motilal Oswal
Gave a clear double-digit growth commitment ex-lenalidomide.
Read the exchange
Question
Will we sort of grow over and above this ex semaglutide in FY 2027?
Erez Israeli, CEO
We will absolutely grow in North America, ex lenalidomide, in double digits.
Answered
High priority
What is the status of denosumab and IV abatacept?
Asked by Bino Pathiparampil, Elara Capital
Provided specific status updates for both products.
Read the exchange
Question
Could you give an update on the status of denosumab and your IV abatacept?
Erez Israeli, CEO
Denosumab will launch in Europe, and we are awaiting for approval in the U.S. Our partner has a deficiency letter that they need to address for the U.S. abatacept, the IV is was approved for review, so it was accepted. It is going after the timelines.
Partial answer
Medium priority
What is the size of biosimilar business and when will it break even?
Asked by Surya Patra, PhillipCapital
Gave current sales but break-even timeline was vague and conditional.
no exact break-even timelineconditional on abatacept
Read the exchange
Question
Just wanted to have sense, what is the size of the biosimilar right now, and whether it is already a broken even or it is a loss-making. If not, what is the timeline for the break even for this business?
M.V. Narasimham, CFO
Overall, our global biologic sales is about, it is not very high. This is above $100 million sales. At this sales, certainly whatever investments we are doing for the development of abatacept, other products, pembrolizumab also we are with Alvotech. Definitely it's not a break even. Once we launch abatacept, certainly I think post that, I think certainly we can see the break even.
Partial answer
Medium priority
How much semaglutide capacity will be sold directly vs through partners?
Asked by Vivek Agrawal, Citi
Provided a rough estimate but acknowledged lack of precision.
admitted no calculationrough guess
Read the exchange
Question
Just want to understand, out of this, 3, 4 million pens per quarter, how much of this capacity that you are going to sell directly, and how much of the sales you are expecting through partner, partners, et cetera?
Erez Israeli, CEO
Calculation. It's if I need to guess, I must admit that I did not do any kind of calculation, top of my head I will say 50/50, give or take, in the neighborhood.
Partial answer
High priority
What is the overall margin outlook with semaglutide?
Asked by Ashutosh Jha, Barclays
Gave a range but made it dependent on semaglutide sales volume.
conditional on volumeno firm commitment
Read the exchange
Question
Where do you see the overall margin for the business with sema, et cetera, in the next year and the year after versus our target of 25%?
Erez Israeli, CEO
We are planning to maintain the base without Sema at around 20%. This is the plan, and the Sema is supposed to help us to get more than that. Let's say, with semaglutide it should be close to the 25%, but maybe a bit less. Depends on how much semaglutide we will sell.
Partial answer
Medium priority
What are the expected annual biosimilar sales by FY29?
Asked by Vishal Manchanda, Systematix
Provided a wide range but heavily conditional on one product.
broad rangeconditional on abatacept
Read the exchange
Question
Could you outline how much would you expect in annual biosimilar sales by FY 2029?
Erez Israeli, CEO
A broad, hopefully it will be in the range of $half a billion, $600 million, $700 million. Sorry that it's very much depends, of course, of how abatacept will perform. It will be the lion's share of those sales.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin range 50-55% | 52.5% | 5% | Overstated vs filing |
| Global biologic sales above $100 million | 100 | 7,546 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.