Lupin Ltd — Q4 FY26

Lupin Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=eq6nRwr-Pko Published: 5 days ago

0:02 2 seconds Hello, good evening and welcome to Lupin Limited Q4 FY26 earnings conference call. Thank you for your participation 0:09 9 seconds in the call today. Please note that all participants line will be in listenon mode and there will be an opportunity 0:16 16 seconds for you to ask questions after the opening remarks. Please note that this conference is being recorded. I now hand over the conference to the management. 0:26 26 seconds Thank you and over to you. Thank you. 0:29 29 seconds Good afternoon friends. I'm very pleased to welcome you to our Q4 and end of fiscal year 26 earnings call. I have 0:37 37 seconds with me our MD Nlesh, our CFO Romesh and our head of investor relations Rabi. We look forward to sharing with you our 0:44 44 seconds highlights for the quarter as well as the full year and the outlook for fiscal year 27. 0:51 51 seconds This quarter marked our 15th consecutive quarter of year-over-year growth with highest ever sales and profitability. 0:59 59 seconds While the US has clearly been a standout for us, most of our regions, be it the India prescription business, other 1:07 1 minute, 7 seconds developed markets and other emerging markets have delivered double-digit growth growing 14% year-over-year. 1:15 1 minute, 15 seconds This highlights the strength and resilience of our business model and geographically diversified business. 1:21 1 minute, 21 seconds Fiscal year 26 has been a stellar year for the organization with revenues and profitability at record levels. Turning 1:29 1 minute, 29 seconds to individual business segments, our US business continued growth momentum surpassing the record sales achieved in the last quarter. For the full year, our 1:38 1 minute, 38 seconds US business achieved sales of $1.3 billion, an impressive growth of almost 40% year-over-year. 1:46 1 minute, 46 seconds Growth was driven by new products such as Tolvapin where we benefited from being the only generic on the market. 1:54 1 minute, 54 seconds Mirabon where we had the benefit of full year of sales and new complex injectable products like generic ridol constivity. 2:04 2 minutes, 4 seconds also our first product from our proprietary Nanomi um um platform. 2:11 2 minutes, 11 seconds Our base business also grew this year supported by high volumes higher volumes more than offsetting low singledigit 2:18 2 minutes, 18 seconds price erosion and additional generic competition in a few key products like suprep and albutrol. 2:26 2 minutes, 26 seconds We filed 11 products and launched 15 products during the calendar fiscal year. 2:33 2 minutes, 33 seconds Going ahead, we remain focused on doubling the share of complex products in a US business led by respiratory and 2:40 2 minutes, 40 seconds complex injectables augmented by a bio similars in the next couple of years. In the next three years, we expect to 2:48 2 minutes, 48 seconds launch 50 plus products in the US with 10 exclusive filter files, four bio similars as well as two to three 505 2:57 2 minutes, 57 seconds B2s. In addition, we remain committed to expand our specialty portfolio through a mix of organic initiatives and targeted acquisitions. 3:09 3 minutes, 9 seconds Coming to India, our India business has grown 11.5% year-over-year in the quarter with the core prescription 3:17 3 minutes, 17 seconds business growing 14.5% representing a 1.2 times growth against IBM. 3:24 3 minutes, 24 seconds All our key therapies outperforms the respective market growth with respiratory segment segment and cardiac 3:31 3 minutes, 31 seconds growing at 2.5 times and 1.3 times their category growth. I would specifically like to mention our diabetes segment 3:40 3 minutes, 40 seconds which grew at 20.9% year-over-year outperforming category growth by 1.4 times during the quarter. 3:49 3 minutes, 49 seconds For the full fiscal year, prescription grow growth stood at 10.6%. 6% ahead of IPM growth of 9.9% led by a strong volume growth of 6.4%. 4:03 4 minutes, 3 seconds The chronic segment now accounts for 66% of our portfolio up from 64% in fiscal 4:10 4 minutes, 10 seconds year 25 and we have set ourselves a target to increase this share to 70% in the next five years. 4:17 4 minutes, 17 seconds During the quarter we successfully launched our version of semaglutide injection under the brand name seext 4:25 4 minutes, 25 seconds targeting diabetes and endocrinology specialists and live focused on GI and gynac physicians. I'm happy to share 4:34 4 minutes, 34 seconds that over the past one month we are now ranked either two or second or third amongst all the branded generics which 4:42 4 minutes, 42 seconds is a testimony to our strength and capabilities in this segment. 4:46 4 minutes, 46 seconds We are confident of further leveraging these capabilities to launch our oral tablet product later this financial year. 4:54 4 minutes, 54 seconds We remain confident that our India formulations business will continue to perform IPM by 1.2 1.3 times supported 5:03 5 minutes, 3 seconds by a strong salesforce of nearly 12,000 people and pipeline of more than 80 new product launches over the coming years 5:12 5 minutes, 12 seconds including innovative in-house and inlicens products. Our other developed markets, Europe, Canada, 5:20 5 minutes, 20 seconds and Australia, accounted for 12% of our total sales and grew 13.3% in fiscal year 26. 5:29 5 minutes, 29 seconds Within this, our European sales have surpassed the $200 million mark, having grown at a healthy double digit during the year. 5:39 5 minutes, 39 seconds We expect this contribution to increase as we roll out a pipeline of complex products including biosimilars and 5:46 5 minutes, 46 seconds integrate our newly acquired busy farmer business from this quarter onwards. 5:53 5 minutes, 53 seconds Emerging markets delivered an impressive 49% year-over-year growth in the quarter led by Brazil, South Africa and Philippines. 6:03 6 minutes, 3 seconds Brazil continued its strong momentum of the last three quarters growing 113% year-over-year in local currency during 6:10 6 minutes, 10 seconds Q4 driven by successful commercialization of dapa cleosen we are starting to establish a real 6:18 6 minutes, 18 seconds presence in the diabetes and metabolic space in the emerging markets with dapa serving as a strong start and the launch 6:25 6 minutes, 25 seconds of empaglyphloin in Brazil and South Africa this year as well as semlutide in South Africa later this year. 6:35 6 minutes, 35 seconds Turning to R&D, our spend was 8% of sales this quarter and 7.5% in fiscal 6:42 6 minutes, 42 seconds year 26 with continued focus on complex and specialty platforms. 6:48 6 minutes, 48 seconds We have over 50 active products in the pipeline with near-term emphasis on respiratory complex injectables and biosimilars. 6:57 6 minutes, 57 seconds We have also evolved a strong 505b2 pipeline in the last couple of years and we'll start seeing product launches in the next two years. 7:06 7 minutes, 6 seconds We are also strengthening our India innovation portfolio through both in-house development and in licensing of late stage assets. 7:17 7 minutes, 17 seconds Switching to compliance, we received the EIR for Goa and BI status from the US FDA during this quarter. We are on track 7:26 7 minutes, 26 seconds with our remediation efforts at a pithu unit 2 facility. As we have mentioned in the past, we remain fully committed to 7:34 7 minutes, 34 seconds maintaining the highest standards of quality and compliance across all our slides globally. 7:41 7 minutes, 41 seconds In conclusion, reflecting on the year gone by, we outperformed all our metrics, delivering strong financial and 7:49 7 minutes, 49 seconds operational performance and achieved significant milestones. 7:54 7 minutes, 54 seconds This strong performance was driven by record earnings in our key markets US, India and Europe as well as significant 8:02 8 minutes, 2 seconds turnaround in markets such as Brazil proving that perseverance and disciplined execution deliver results. 8:11 8 minutes, 11 seconds In parallel, we have made meaningful strides in building a robust innovationdriven pipeline across multiple platforms. We are also 8:20 8 minutes, 20 seconds advancing crossf functional initiatives that leverage state-of-the-art technologies and AI to enhance 8:27 8 minutes, 27 seconds efficiency and prepare the organization to operate at its best in an increasingly competitive and challenging 8:34 8 minutes, 34 seconds global environment. We have built a strong foundation with positions loopin for sustainable growth. 8:42 8 minutes, 42 seconds As mentioned in our earlier interactions, we expect to grow our topline high single digits with margins 8:48 8 minutes, 48 seconds at around 25% in fiscal year 27 despite increased headwinds from an uncertain geopolitical environment. With this, I 8:58 8 minutes, 58 seconds will hand it over to Romesh for a deeper analysis of our performance. 9:02 9 minutes, 2 seconds Thank you, Venita. Friends, I welcome you all to our Q4 FI26 and FI26 annual earnings call. I'm happy to report 9:11 9 minutes, 11 seconds another quarter of strong results with total revenue from operations growing 32% yearonear to rupees 7,475 9:19 9 minutes, 19 seconds crores and eeta growing at 68% yearonear to rupees 271 crores. This marks the 9:26 9 minutes, 26 seconds 15th consecutive quarter of growth from the company on a full year basis. The performance has been equally strong. The 9:34 9 minutes, 34 seconds total revenues from operations growing 23% to rupees 27,958 crores and EITA excluding forex and 9:41 9 minutes, 41 seconds other income growing 55% to 8,160 crores. EITA margins at 29.7% have 9:48 9 minutes, 48 seconds increased 590 basis points year by higher gross margins and also operating efficiencies in our business. I'm happy 9:56 9 minutes, 56 seconds to report that we handsomely beat the guidance we set at the beginning of the year both in terms of sales growth and margin trajectory. 10:06 10 minutes, 6 seconds What is heartening is that the growth has been diversified and robust across our major geographies be the US which 10:12 10 minutes, 12 seconds grew 46% India prescriptions which grew 10.6% other developed markets which grew 13.3% 10:20 10 minutes, 20 seconds other emerging markets which grew 35.2% 2% or on our GI business which grew 11.8% during the year. 10:29 10 minutes, 29 seconds During the quarter, the US business recorded sales of $371 million, 6% higher quarteron quarter in constant 10:36 10 minutes, 36 seconds currency terms. This growth has been driven by new product launches and higher volumes in base business offset by additional competition and lower 10:44 10 minutes, 44 seconds seasonal product sales. For the full year, the US business has recorded sales of 1,318 million 1.31 billion as against 10:53 10 minutes, 53 seconds US dollars 944 millions last year, demonstrating a growth of 40% year-on-year in constant currency terms. 11:00 11 minutes This has led by this has been led by volume growth in our base business and healthy contributions from new products offset by singledigit price declines due 11:09 11 minutes, 9 seconds to additional competition in key products like Albert during the year. A strategy of focusing on complex products 11:16 11 minutes, 16 seconds has paid handsome dividends which is demonstrated by the launch of key complex injectables like respodal constra glucagon and leaguite this year. 11:26 11 minutes, 26 seconds This will be strengthened by the launch of our first biosimlas in the the US in the 527. We have an attractive pipeline of more than 60 products and injectables 11:34 11 minutes, 34 seconds for the respiratory portfolio currently under development which will augment our complex portfolio going ahead. 11:42 11 minutes, 42 seconds the India region. During the quarter, the India business recorded sales of 1,98 crores growing at 11.5% yearonear. 11:51 11 minutes, 51 seconds I would like to highlight the core prescription business group by 14.5% yearonear as against an IPM growth of 11.6% 11:59 11 minutes, 59 seconds translating into 1.3x times the IPM growth. This is offset by lower tender sales in our GI business. On a fullear 12:08 12 minutes, 8 seconds basis, the India business grew by 7.1% year-onear to 8,114 crores with the prescription business growing 10.6% as 12:16 12 minutes, 16 seconds against IPM of 9.9% translating to 1.1x times the IPM growth. Key segments like 12:23 12 minutes, 23 seconds cardiology and respiratory uh handsomely outperformed this category growing at 1.3x and 1.7x respectively. 12:32 12 minutes, 32 seconds This is offset by lower growth in diabetes segment which grew 9.4% 4% as against category growth of 12.2% impacted by loss of exclusivity for 12:40 12 minutes, 40 seconds certain inlicens products. Volume growth has been a healthy 6.4% during the year against IPM volume growth of 2.6% and 12:49 12 minutes, 49 seconds the chronic share in the mix has increased to 66% from around 64% in FI25. The share of inlicensed products 12:56 12 minutes, 56 seconds in the quarter has reduced about 6% of our portfolio from 12% last year while it's also having a positive impact on our profitability going ahead. 13:05 13 minutes, 5 seconds We launched 15 products in FI26 and plan to launch an about 20 products in FI27. 13:11 13 minutes, 11 seconds We remain confident that our India formulations business will continue to outperform IPM by 1.2 1.3x 13:19 13 minutes, 19 seconds going forward supported by Salesforce force of about 12,000 people and a pipeline of more than 80 new product launches over the coming years including 13:28 13 minutes, 28 seconds innovative in-house and inlicens products. 13:31 13 minutes, 31 seconds Other developed markets for the quarter other developed markets Europe, Canada and Australia recorded sales of 845 13:39 13 minutes, 39 seconds crores, growing 7.1% yearonear and accounting for 12% of our total sales for the full year. These markets 13:46 13 minutes, 46 seconds recorded sales of 3,244 crores, growing 13.3% yearonear and contributing 11% of 13:54 13 minutes, 54 seconds our total sales. We expect this contribution to increase as we roll out a pipeline of complex products incorporate the acquisition of Isu farm in FI27 first quarter. 14:05 14 minutes, 5 seconds Emerging markets for the quarter emerging markets recorded sales of 991 crores delivering an impressive 49% 14:12 14 minutes, 12 seconds year-on-year led by a key markets of Brazil, Mexico, South Africa and Philippines. The in particular maintained strong momentum post a 14:20 14 minutes, 20 seconds turnaround of uh of last few quarters growing 113% year-on-year in local currency terms driven by successful 14:27 14 minutes, 27 seconds commercialization of tapachi flows in the year emerging markets registered sales of 3,483 crores growing at 35.2% 14:36 14 minutes, 36 seconds 2% year-on-year led by growth in Brazil and South Africa. 14:40 14 minutes, 40 seconds Getting on to the panel other operating income other operating income at rupees 83 crores is is against 105 crores in Q4 14:48 14 minutes, 48 seconds FI25 has decreased by 21% year-on-year during the quarter. This decrease is primarily on account of lower export benefits from the PLI scheme during the 14:57 14 minutes, 57 seconds quarter. on a fullear basis. Other operating income came in at 471 crores against 516 crores last year. Turning to 15:06 15 minutes, 6 seconds the gross margins, gross margins continue their upward trajectory during the quarter at 75% up from 61.7% in Q4 15:14 15 minutes, 14 seconds 25 last year and up from 73.5% in Q3 FI26. 15:19 15 minutes, 19 seconds For the full year, gross margins have improved to 73.3% from 69.2% last year. 15:25 15 minutes, 25 seconds This 4 and 10 basis points year-on-year improvement is driven by multiple factors which includes better product mix, higher profitability in India from 15:34 15 minutes, 34 seconds lower share of inlicens products, increased volume and other cost improvements and efficiencies which have under which we have undertaken over the last several quarters. 15:44 15 minutes, 44 seconds Employee benefit expenses for the quarter. Employee benefit expenses stood at 1,243 crores, increasing 24.1% 15:53 15 minutes, 53 seconds yearonear from,01 crores in Q4 FI25, translating to 16.8% of sales we serve 16:00 16 minutes as 18% last year. This change is largely attributable to higher cost due to regular annual increments and business 16:07 16 minutes, 7 seconds growth during the year. For the full year, employee costs have increased 15.4% 4% to 4,575 crores mainly driven 16:15 16 minutes, 15 seconds by annual salary hikes, India field force expansion and forex translation. 16:20 16 minutes, 20 seconds This translates to 16.6% of sales in FI26. Visa is 17.9% of sales in FI25. 16:29 16 minutes, 29 seconds Manufacturing and other expenses. Q4 FI26 manufacturing other expenses came in at 2209 crores, a growth of 30.9% 16:37 16 minutes, 37 seconds year-on-year, which translates to approximately 29.9% of sales as compared to 30.3% of sales in Q4 FI Q4 this year. 16:47 16 minutes, 47 seconds The expenses were higher mainly due to higher volumes in the normal course of business and license fee payments on part of the on account of settlement agreements. 16:56 16 minutes, 56 seconds Manufacturing other expenses in FI26 came in at 7,898 crores, increase of 19.2% year-onear as compared to FI25. 17:05 17 minutes, 5 seconds This translates to 28% of sales as compared to 29.8% last year. This has been led by primarily higher R&D outlay, 17:13 17 minutes, 13 seconds higher SG& on account of field force, a field phone expansion, license fees on settlements, one-time acquisition 17:21 17 minutes, 21 seconds related cost, and higher volumes of increased sales. R&D is at 590 crores that's 8% of sales in Q4 FI26 as 17:31 17 minutes, 31 seconds compared to 543 crores at 9.8% 8% of sales in Q4 FI25. For the full year, R&D 17:38 17 minutes, 38 seconds is 263 crores, translating to 7.5% of sales. We expect R&D to be around 8% of sales for the next fiscal. EITA 17:47 17 minutes, 47 seconds EIT excluding forex and other income during the quarter was 2,171 crores. We service 1292 crores the same period last 17:55 17 minutes, 55 seconds year. An increase of 68% yearonear with margin of 29% 29.4% we service 23.2% 2% last year in 18:03 18 minutes, 3 seconds the same period an increase of 620 basis points over the last year on a full year basis a beta was 8160 crores a sharp 18:12 18 minutes, 12 seconds increase of 54.6% yearonear with margins of 29.7% we service 23.8% over the same period 18:20 18 minutes, 20 seconds last year and significantly higher than a margin guidance of 27% to 28%. 18:26 18 minutes, 26 seconds The effective tax rate stood at 22.1% for FI26. For FI27, we expect the ETR to 18:33 18 minutes, 33 seconds be about 25 26% due to the phasing out of incentives on account of our domest on some of our domestic facilities. 18:40 18 minutes, 40 seconds Turning to the balance sheet, operating booking capital stood at 7,132 crores as of 31st December 2 3 March 26, which 18:48 18 minutes, 48 seconds translates to 87 days of 10th working capital as compared to 110 days recorded last year. ROC for the year translates to 28.4%. 19:00 19 minutes Net cash stood at 4,636 crores as against 310 crores as of 31st March 2025. 19:07 19 minutes, 7 seconds Whilst we focus on increased cash generation for our business, we would like to highlight that we continue to explore strategic allocation of our capital to ensure the long-term mission 19:16 19 minutes, 16 seconds of the company including on the specialtity front. 19:20 19 minutes, 20 seconds On the ESG front, Lupin continues to make tremendous progress. Over 50% of our total energy consumption now comes 19:27 19 minutes, 27 seconds from renewable sources. During the year, we achieved an important milestone with the first time inclusion in the Dow 19:34 19 minutes, 34 seconds Jones best-in-class indices reflecting a consistent focus on sustainable, responsible, and ethical business. Lupin 19:41 19 minutes, 41 seconds has been included in the DB DJIC B index uh and as well as the emerging markets index. 19:50 19 minutes, 50 seconds On the people's front, we continue to strengthen our organization capabilities through robust systems and processes. 19:56 19 minutes, 56 seconds Our workplace culture has been recognized with great as a great place to work certification across 13 countries um covering all our operations 20:04 20 minutes, 4 seconds globally. With this we'll open our floor for discussions. 20:11 20 minutes, 11 seconds Thank you very much sir. We will now begin the question and answer session. 20:15 20 minutes, 15 seconds Request all participants who wish to ask questions to raise your hands on the participants tab on the screen. We'll wait for 30 seconds for the queue to assemble. Thank you. 20:50 20 minutes, 50 seconds Thank you for the patience. Uh we'll take the first question from Tushar Manuhani. 20:55 20 minutes, 55 seconds Uh thanks for the opportunity and congratulations on great setup. Uh just clar clarif sorry can you speak up? We can't hear you clearly. 21:04 21 minutes, 4 seconds Am I audible? Yes. Yes. 21:08 21 minutes, 8 seconds I see congratulations on great set of numbers. That's um secondly just a clarification on guided for FY27 Madam 21:16 21 minutes, 16 seconds highlighted single high single digit revenue growth to 25% that is the margin that's correct we did say that we would 21:24 21 minutes, 24 seconds be looking at around between 20 about 25% about 25% in the vicinity of that for the full year uh and of course high 21:32 21 minutes, 32 seconds singledigit number in terms of overall sales growth. 21:36 21 minutes, 36 seconds So effectively are you sort of factoring the competition for like development kind of a product and which is why you see a bit margin lowering down in FY27. 21:46 21 minutes, 46 seconds Yes, we have factored that in both competition for miraculous 21:53 21 minutes, 53 seconds and just as far as Q4 is concerned uh compared to Q3 FI26 while the revenue has sort of moved up on absolute basis 22:02 22 minutes, 2 seconds but AIA has moved down is it to do with the US business profitability going down or ex US geography is AITA moving down 22:11 22 minutes, 11 seconds if you can clarify that point there are Sorry there there are two parts to that essentially the margin thea margins 22:20 22 minutes, 20 seconds decline because of there's a slightly increased uh you know manpower cost as you can see. Uh the second is essentially we have captured what we 22:28 22 minutes, 28 seconds have you know paid off as on account of meron you know through because of the settlement as part of the manufacturing other expenses line uh that's also 22:37 22 minutes, 37 seconds included and there's of course the component of foreign exchange you know that's been captured out there. 22:43 22 minutes, 43 seconds So it's it's it's largely to do with this uh US mirror background related aspect which has sort of dragged the AIDA on a on a quarter on quarter basis 22:52 22 minutes, 52 seconds largely and other expenses line. Yeah. All right sir. Thanks. Thanks. 22:59 22 minutes, 59 seconds Thank you so much Dashad for the question. We'll take the next question from Niha Manpurya. 23:06 23 minutes, 6 seconds Yeah. Thanks for taking my question. Am I audible? Yes. 23:11 23 minutes, 11 seconds Okay. Sorry about that. Um Venita um how should we think about the US business in the next year given what you mentioned 23:18 23 minutes, 18 seconds about Salvatin and Mira um you know do you see any other product launches which could be meaningful uh I 23:25 23 minutes, 25 seconds know it's difficult to sustain this base but you know even as we see competition in Tolbatin and Mira you know what sort of product launches uh should we look 23:33 23 minutes, 33 seconds forward to over the next two years which could which probably gives us confidence on the 25% margin yeah so um you know within and ma 23:42 23 minutes, 42 seconds background on as well. Apart from um you know the additional competition we still see um you know the genetic market growing you know just given the genetic 23:50 23 minutes, 50 seconds penetration into lapin is under 40% and in meabron is just reaching 50% right now. So there there is uh the potential 24:00 24 minutes for genetic um you know um additional genetic penetration and expansion of the marketplace uh despite u you know uh additional competition. So that's one. 24:10 24 minutes, 10 seconds Uh so we do expect them to be material contributors. Um especially in fiscal year u 27. Um I mean apart from that I 24:18 24 minutes, 18 seconds think in the next fiscal year um our rivicti product uh the GPB is a material product for us in fiscal year 27. Um we 24:28 24 minutes, 28 seconds have u you know succender that uh we hope to launch um in the second half of the year um which would be a material 24:36 24 minutes, 36 seconds product for us. Um so we have 20 plus products. We have two first two files as well. Uh we have u um as sartin as well 24:46 24 minutes, 46 seconds as um um um uh river oxiban that both the exclusive dosage form that uh we 24:53 24 minutes, 53 seconds have for us to file on. And then uh another big opportunity um as as we you know look at it right now for fiscal 25:00 25 minutes year 27 is pegful grass for us that we've just um entered um you know uh into partnership with valerum and uh 25:09 25 minutes, 9 seconds expect that um you know from Q2 and Q3 onwards we'll start ramping up and be a mater material contributor to the fiscal 25:16 25 minutes, 16 seconds year. So I'll get your question about the next two years. In uh fiscal year 28 25:23 25 minutes, 23 seconds um uh we see um um you know potentially the impact of both fular impact of 25:29 25 minutes, 29 seconds pepilstim as well as um ranabism that we expect to launch um um you know later in 25:37 25 minutes, 37 seconds fiscal year 27 that should be a material opportunity for us in fiscal year 28. Um also we're in the final stages with uh 25:45 25 minutes, 45 seconds Duera at this point. Um we're just uh responding to um the last uh uh query 25:51 25 minutes, 51 seconds from the FDA uh and would expect u that product to be in the market in fiscal year 28. Plus we have a material 505b2 26:01 26 minutes, 1 second um epexaban um a new dosage form that we filed to the agency. We expect that to 26:08 26 minutes, 8 seconds come to the market in um uh fiscal year 28. So um yeah a good number of product launches uh some exclusive first to 26:17 26 minutes, 17 seconds files um you know um good uh impact of um you know the bio similars and 505b2 26:25 26 minutes, 25 seconds starting that's very helpful um and my second question is um I think you know there was a rais mentioned about uh capital 26:34 26 minutes, 34 seconds allocation um you know given um you know the increase in cash balance which can only go up with with this uh these US 26:41 26 minutes, 41 seconds launches. How should we think about uh capital allocation priorities? I know you know you've mentioned this in the past, but just wanted to get a sense of 26:49 26 minutes, 49 seconds you know what we are seeing um you know uh in terms of opportunities in the market uh you know what's interesting you um and and what are the challenges 26:57 26 minutes, 57 seconds in terms of not being able to deploy that money. Thank you. 27:01 27 minutes, 1 second Um I mean we of course would like the right opportunity so we can deploy the capital effectively but uh remain very 27:08 27 minutes, 8 seconds focused u in um um really allocating material uh you know portion of our capital to um um assets either in on the 27:18 27 minutes, 18 seconds special specialty side of the business for the developed markets like this Vizy Pharma acquisition um or um you know um 27:25 27 minutes, 25 seconds assets that can um complement us in India both on our existing um u therapy areas as well as bolster the therapy areas that we want to build. 27:35 27 minutes, 35 seconds So um we continue to be very focused in um you know um really uh looking for assets in the specialty segments that 27:43 27 minutes, 43 seconds we've identified um now that we have uh transacted on Vizioarma. we seeing a um a high flow of of thermalology assets 27:51 27 minutes, 51 seconds which uh um could be pretty interesting for us and likewise continue to look for pulmonology as well as um rare neuro assets as well. 28:01 28 minutes, 1 second So on the specialtity side the dirt of assets is not an issue right so there enough and more that that you can look at. So it's it's about us selecting the 28:09 28 minutes, 9 seconds assets that we want. Yeah, it's um really finding the right assets that uh from a risk standpoint meet our um 28:17 28 minutes, 17 seconds internal criteria as well as um give us enough in terms of potential to u uh be meaningful to grow our specialty business. 28:27 28 minutes, 27 seconds Wonderful. Thank you so much. Thank you. Thank you so much Nia for your question. 28:32 28 minutes, 32 seconds Uh this is a reminder to request all the participants to raise their hands from the participant tab for more questions. 28:38 28 minutes, 38 seconds Uh in the meanwhile uh Bino you can take the next question please know Bino are you there? 28:47 28 minutes, 47 seconds You're muted. Hi. Yeah. Hi. Um thank you. 28:51 28 minutes, 51 seconds Um couple of questions from my side. Uh will the uh given the settlement is it fair to assume that uh in Q4 you have 28:59 28 minutes, 59 seconds sold significantly more um uh mirror background compared to Q3? 29:06 29 minutes, 6 seconds Yeah, we have had u you know some growth in me background in Q4 versus Q3 but just because of the growth in share market share of for the generic. 29:15 29 minutes, 15 seconds Okay. And this third player who has settled with as have they already entered the market? 29:21 29 minutes, 21 seconds No, they haven't entered the market as of yet. We believe that uh they're waiting for product supply. 29:28 29 minutes, 28 seconds Got it. And uh coming to Torvaken um what is the timeline for competition entry that you are now looking at? Um I 29:37 29 minutes, 37 seconds believe there is a patent expiring in September this year. Is that a relevant timeline? 29:42 29 minutes, 42 seconds Yeah, that is uh the timeline that we have taken into account in our plans. 29:48 29 minutes, 48 seconds Got it. And one final question to uh Romesh uh the impact of PLI going away on other operating income is that 29:56 29 minutes, 56 seconds completely in the base now or will we see some more decline from these levels? 30:02 30 minutes, 2 seconds No, I think um more or less there'll be some PLA coming in next year as well. We'll come back. Yeah. 30:08 30 minutes, 8 seconds Oh, okay. So this quarterly run rate roughly is maintainable. Yeah, kind of. Thank you. 30:16 30 minutes, 16 seconds Thank you so much, Benu. Uh we'll take the next question from Damanti. Uh Damanti are you there? 30:25 30 minutes, 25 seconds Yeah. Yeah. Hi. Uh thank you for the opportunity. Uh my first question is on Visu Pharma. So uh earlier you mentioned 30:33 30 minutes, 33 seconds this will add around 50 60 million of 50 60 million euro sales on topline and 25% 30:40 30 minutes, 40 seconds uh margin. So just want to uh hear your thought on uh where do you uh look this business to grow in say next two to 30:48 30 minutes, 48 seconds three years and what will be the key uh focus segments here. 30:52 30 minutes, 52 seconds Um yes so um there are multiple areas um you know where um strategically the visoparma acquisition adds to us. Number 31:00 31 minutes one um geographically it expands our presence from UK, Germany, France to um you know um Italy and Spain markets that 31:09 31 minutes, 9 seconds we have had no presence in and uh just leveraging the presence across the opthalmology portfolio taking our uh 31:16 31 minutes, 16 seconds respiratory products our um uh biosimilars namuscula into this market is a real opportunity for us that uh um 31:25 31 minutes, 25 seconds we see um as a potential of growing our overall footprint in Europe. 31:30 31 minutes, 30 seconds Um second uh you know just given the pipeline that VioParma has uh in the opthalmology front we expect uh the 31:39 31 minutes, 39 seconds business to in the opthalmology side continue to grow um double digit um you know um in in the countries that we are 31:48 31 minutes, 48 seconds now present in um in Europe. And third um the portfolio also has um um a fit in 31:56 31 minutes, 56 seconds other emerging markets for certain and uh our team is also looking to see whether we can um launch in some other developed markets but in Latin America 32:05 32 minutes, 5 seconds and Southeast Asia we have the potential of leveraging the Vizio Pharma portfolio into these markets. So, so multiple 32:13 32 minutes, 13 seconds areas of synergies that our team team is working upon. Um, and uh, you know, we remain confident that this is going to 32:20 32 minutes, 20 seconds be a material uh, um, you know, step in enhancing our business uh, in Europe um, as well as um, on the specialty front. 32:31 32 minutes, 31 seconds Sure, Venita. And uh, the top line should comfortably cross say 100 million mark in two to three years, right? If uh, all these uh, factors play out well. 32:42 32 minutes, 42 seconds Yes. 32:44 32 minutes, 44 seconds Okay, that's helpful. And uh you have the sales team and uh on ground uh support all available with this uh 32:52 32 minutes, 52 seconds business or do you need to invest a few more as well? No, actually it came with an excellent team on the commercial side 33:00 33 minutes as well as marketing and uh um you know we are u majority of the team we have 33:07 33 minutes, 7 seconds onboarded into lupin uh to be able to uh you know both build on the current opthalmic uh model but also expand 33:15 33 minutes, 15 seconds lupin's other therapy areas into these regions. 33:19 33 minutes, 19 seconds Okay, that's helpful. My second question is on your uh settlement for miracles. 33:25 33 minutes, 25 seconds So you had one prepaid component which I believe is sitting in four Q 4Q numbers and on an ongoing basis you will be 33:33 33 minutes, 33 seconds paying per unit cost right and that will be part of the uh ongoing operating expense. So if you can uh clarify on that. 33:42 33 minutes, 42 seconds Yeah there are two parts to that. There is one element which of course will be captured as part of manufacturing other expenses and the second part which actually gets amotized over a period of time. 33:53 33 minutes, 53 seconds Okay. So uh any indication like which will be the bigger component whether it's part of operating expense or the one which is uh amotized. 34:03 34 minutes, 3 seconds So clearly you know say daily depends on the sales um at this stage. So um you know the the first component is actually variable. The second is just an 34:11 34 minutes, 11 seconds amotization spread over over time and we have factored in the additional cost per unit in our gross margin going 34:18 34 minutes, 18 seconds forward. Um and the amotization of um the 75 million will be in the next two years much. 34:27 34 minutes, 27 seconds Okay. Uh my last question is uh regarding one uh product which we earlier discussed Dalvin. Uh can you 34:34 34 minutes, 34 seconds update on the status of that particular product? Sorry. 34:42 34 minutes, 42 seconds Yeah, we expect to launch the DAB and 505B2. We expecting to launch it in fiscal year 27. 34:49 34 minutes, 49 seconds 27. Okay. Okay. That's helpful. Thank you. 34:54 34 minutes, 54 seconds Thank you so much. This is a reiteration to request all the participants to raise their hands from the participants tab for more questions, please. In the 35:02 35 minutes, 2 seconds meanwhile, we take a 10-second um break to have more hands and more tabs. Thank you so much. 35:37 35 minutes, 37 seconds Thank you so much for your patience. Uh we can take the next question from Vive Agarwal. 35:42 35 minutes, 42 seconds Yeah, thanks for the opportunity. Uh couple of questions on biosimilars. One is on uh Rani Mija. So how comfortable 35:49 35 minutes, 49 seconds you are with the economics uh or of this product or uh if you look at uh the current market dynamics right uh the 35:59 35 minutes, 59 seconds prescriptions have shifted to a livercept that is a longer duration and if you look at the existing or the current incumbents biosimilars 36:06 36 minutes, 6 seconds bioimilars uh they have dropped this product right from the market. So what gives you uh confidence that uh this 36:13 36 minutes, 13 seconds product is going to be a material product for you? Um I mean we actually are seeing a good amount of u um 36:22 36 minutes, 22 seconds traction with the FDA in um getting a product to market. Um you know the other companies have had challenges in product 36:31 36 minutes, 31 seconds supply and we think that has been part of the reason why the product is out of the market. Also I I think you're going 36:38 36 minutes, 38 seconds to see companies relaunching ranisom. So we do believe that uh while part of the market has shifted into affleers, 36:47 36 minutes, 47 seconds there's still an opportunity in renewab also for us we have both uh the 36:54 36 minutes, 54 seconds pre-filled syringe as well as the vial while majority of the competitors have vial only. So we see also um you know um 37:02 37 minutes, 2 seconds an opportunity for our product to be differentiated in the marketplace. 37:08 37 minutes, 8 seconds Understood. Thank you. and uh is it possible for you to update on uh pegfail onboard product? So what is the current status and uh what is the launch launch timelines for this product? 37:18 37 minutes, 18 seconds Yeah, so we are pretty far along. U we should be able to file uh this fiscal year and uh I know we plan to launch it 37:26 37 minutes, 26 seconds in uh fiscal year 29 but hopefully we should be able to launch in fiscal year 28 itself. 37:33 37 minutes, 33 seconds So uh I didn't get it. Basically it's a FI28 uh launch or FI29 launch one of the two depending on FDA approval. 37:44 37 minutes, 44 seconds Understood. So you talk about let's say about four products in the bio similar. 37:47 37 minutes, 47 seconds So which are the other two products? Uh if you if it is possible for you to highlight. 37:52 37 minutes, 52 seconds So pixel grassim and uh renabismab uh the obi which of course is pexum but a 38:00 38 minutes different dosage form and a liber and the fifth one is uh eternal. 38:10 38 minutes, 10 seconds Understood. And uh just again uh one more question on biosimilars in the next couple of uh years. Uh what kind of the 38:18 38 minutes, 18 seconds revenues uh that you estimate uh from from the sales of biosimilars only in the US? 38:24 38 minutes, 24 seconds Yeah, we haven't called out the actual revenues from biosimilars but they're meaningful. Each product is uh uh is uh 38:32 38 minutes, 32 seconds is pretty meaningful in our P&L going forward. Um we really look at the biosimilars opportunity as a very very 38:39 38 minutes, 39 seconds similar to our respiratory opportunity over the next five years. 38:45 38 minutes, 45 seconds Thank you. I have more questions. We'll join back in the queue. 38:49 38 minutes, 49 seconds Thank you so much Vik. Uh we'll take the next question from uh Shyon Mukharji. Hi Shy. 38:58 38 minutes, 58 seconds Yeah you're audible. Yes. 39:01 39 minutes, 1 second Uh one question just clarification Romesh you me mentioned revenue guidance high single digit is it in rupee terms and what's the currency you know 39:10 39 minutes, 10 seconds assumptions that you have made you know so if there is further depreciation rupee obviously there is a benefit that would be that we would be 39:18 39 minutes, 18 seconds taking in uh so what I am uh is that a at a at a time that we actually constituted the budget which is about 3 39:26 39 minutes, 26 seconds months ago that is rupee terms yeah it's rupee terms Understood. Uh the other one is on you know there has been some inflationary 39:35 39 minutes, 35 seconds pressure because of trade and raw material given the Middle East crisis. 39:40 39 minutes, 40 seconds So what's the annualized impact of the same that you're seeing on the P&L if the if situation were to remain at the current levels. 39:49 39 minutes, 49 seconds So clearly that is impacting everybody and these are dark clouds on the horizon. Um when it comes to freight for example um ocean freighting is about 15% 39:57 39 minutes, 57 seconds higher air freight is about 60% higher and there are of course issues in terms of raw material costs availability of chemicals sometimes low solvent prices 40:06 40 minutes, 6 seconds and all of that. Uh we have estimated that so clearly we we are monitoring it on a on a very granular basis and take 40:14 40 minutes, 14 seconds appropriate action in terms of possible price increases um as in when we think it is absolutely something that needs to be done. 40:21 40 minutes, 21 seconds Okay. But will you be able to quantify Romesh like what's the I don't want to do it at this stage. Okay. 40:27 40 minutes, 27 seconds So when we have actually you know reckoned the 25% we have actually you know taken into account all of this as well. So um it's uh still too many moving parts at this stage. 40:37 40 minutes, 37 seconds Okay. And finally just one question on your product filing in the US. I think you mentioned uh about onbody product 40:45 40 minutes, 45 seconds but what about um you know the respiratory products recipe mat ellipta and enil bio similar what's the timeline 40:54 40 minutes, 54 seconds with respect to filing for these product and you know when should we expect launch so so restat is actually um in the in 41:03 41 minutes, 3 seconds the works right now and will be a current fiscal year filing um and u Um 41:11 41 minutes, 11 seconds the other etern uh also will be in the current fiscal year. We pretty much have the entire uh you know uh dos here for 41:20 41 minutes, 20 seconds uh eternep there's there's very little work to be done to be able to uh file it and there are multip material other 41:28 41 minutes, 28 seconds products that we are planning to launch for the US we have u you know 8 to nine product filings in uh fiscal year 27 on 41:37 41 minutes, 37 seconds the respiratory front and ellipta visa any timeline for that yeah ellipta we have still working on it 41:45 41 minutes, 45 seconds uh it's been challenging for us but we continue to work on u both the brio and trilogy products 41:54 41 minutes, 54 seconds okay thanks yes thanks sh uh we'll take the next question from kunal rand 42:02 42 minutes, 2 seconds hi good afternoon uh the first question is on seamagide uh opportunity across emerging markets are there any particular markets that you would like 42:11 42 minutes, 11 seconds to call out that can make a meaningful contribution in the next couple of years. 42:17 42 minutes, 17 seconds So I I think the big market for us is India. Um obviously you know we've already launched in India. I think South Africa would be the other important 42:24 42 minutes, 24 seconds market. Uh Brazil as well um through partnerships um in markets like Canada and the like as well but these these 42:32 42 minutes, 32 seconds three markets will probably start it off for us. 42:36 42 minutes, 36 seconds NLES would you like to maybe give some color more color on you know India obviously you have launched but what about Brazil Canada some timelines uh 42:44 42 minutes, 44 seconds that you know you would like to so South Africa also this year Brazil also this year so Brazil Canada should uh really be 42:52 42 minutes, 52 seconds filing this year so launch hopefully next year right so but the fact is that you may not be among the first wave so is will 43:01 43 minutes, 1 second it still be meaningful we think in the emerging markets where we have really built a market presence on the diabetes metabolic front like I 43:10 43 minutes, 10 seconds mentioned Brazil u you know with the DAPA launch and now EMPA launch um we're really creating a a good position in uh 43:19 43 minutes, 19 seconds the metabolic space uh we see a good opportunity even as a late comer and uh I think in uh the pure genetic markets 43:27 43 minutes, 27 seconds it'll be tougher but uh in the emerging markets it should continue to be an attractive opportunity for Sure. 43:37 43 minutes, 37 seconds Sure. The second question on bio similars. So I understand you know you'll have grass stem and maybe it a few years down the line in the US. Uh 43:46 43 minutes, 46 seconds but the entry barrier now for biosimilars is going down. The cost is going down. So I'm sure a lot more players would come in. Do you maybe 43:54 43 minutes, 54 seconds envisage in a situation where uh the price erosion might be a lot steeper than what you are currently factoring in 44:02 44 minutes, 2 seconds let's say by by 2930 uh I think uh you know unless there's a real material shift in the market uh 44:09 44 minutes, 9 seconds model uh we really see the u new entrance having you know bringing um an advantage to the overall economics in 44:18 44 minutes, 18 seconds the biosimilar segment um you know and from our perspective um u the first uh few products that we have obviously 44:26 44 minutes, 26 seconds we've been working on these for five plus years but as we look at the future pipeline you know informed by the 44:33 44 minutes, 33 seconds additional uh you know the uh the reducing um uh hurdles uh from a regulatory perspective and easier go to 44:42 44 minutes, 42 seconds market access in the US also equally we finding in Europe as well um there is a 44:49 44 minutes, 49 seconds more um um efficient uh model uh especially where um you know country like Germany are starting to um tender 44:57 44 minutes, 57 seconds um bio similar products as well. Um we see an opportunity for products where we are in the first wave and that have 45:05 45 minutes, 5 seconds limited number of competitors. So our focus from a pipeline perspective is really on products where we can be in the first wave or u you know limited 45:14 45 minutes, 14 seconds number of competitors that um can give us a unique positioning. I mean we have um uh a good positioning on the 45:22 45 minutes, 22 seconds opthalmology front uh beyond biosimilars with vizuarma and other products that we are planning to bring into the market. 45:29 45 minutes, 29 seconds So uh we think um uh it really enables us uh you know as a op athalmic player to bring in both the affordable 45:37 45 minutes, 37 seconds biosimilars as well as innovative products. But beyond that uh you know the other pipeline that uh we are uh 45:44 45 minutes, 44 seconds investing in for the future is is is a very selective uh pipeline that we're going after. 45:52 45 minutes, 52 seconds Got it. And just how big is the biosimilar franchise as of now? 45:56 45 minutes, 56 seconds I mean it's uh franchise in terms of from a revenue perspective. 46:02 46 minutes, 2 seconds right now or about $50 million right now and that's slated to this financial year itself. 46:11 46 minutes, 11 seconds Yes. 46:11 46 minutes, 11 seconds No, but yeah. So, so just to clarify largely it's from Eternalcept in Europe and these would not be the end user sales, right? It would be maybe a royalty or a profit share that you might be getting. 46:21 46 minutes, 21 seconds Yeah, I mean it's uh through partners primarily. Okay. Okay. Got it. Thank you. 46:28 46 minutes, 28 seconds Thanks Kal. Uh the next question is from Sashank Krishna Kumar. 46:35 46 minutes, 35 seconds Hi thanks for taking my question. Uh the first one was on Spiriba. I just wanted to check if we are hearing anything 46:43 46 minutes, 43 seconds incrementally in terms of competition there and whether our FI27 guidance sort of any potential generic. 46:53 46 minutes, 53 seconds Yeah, we don't uh know for certain. I mean we have been aware about some companies uh talking about the fact that 47:00 47 minutes they have filed products but just given how long it takes to u get these products right um we're not certain that 47:08 47 minutes, 8 seconds we would see additional competition in fiscal year 27 47:15 47 minutes, 15 seconds uh second aspects line I think certain related cost and that meaningful 47:22 47 minutes, 22 seconds you know your voice is going in and out Actually hello I can't hear you clearly yeah is this better yeah much better yeah 47:31 47 minutes, 31 seconds the acquisition related cost which we have validated to within other expense was that a meaningful figure this quarter position cost 47:40 47 minutes, 40 seconds acquisition cost you yeah acquisition cost is also included a portion of that 47:49 47 minutes, 49 seconds was that a meaningful well it's actually part of the overall cost so There are a host of things that actually goes into as I said other 47:57 47 minutes, 57 seconds expenses this time around. Um you know we have in fact uh you know the mirac settlement we've got forex um there's of 48:04 48 minutes, 4 seconds course the higher component of R&B and there's of course the men expenditure also. 48:10 48 minutes, 10 seconds Got it. And just the last one on so just wanted to check with the challenges that is facing it with 48:17 48 minutes, 17 seconds respect to the dah. I think one of our you know has also recently entered into a partnership for the daisies. where exactly are the challenges you could 48:26 48 minutes, 26 seconds sort of explain what is the hurdle in terms of the finag yeah it is really to achieve the product 48:34 48 minutes, 34 seconds PK I mean we we believe that we've got the right device in place um it's really the product PK you know getting that 48:42 48 minutes, 42 seconds right and we're finding that the brand itself is fairly variable okay thank you all the best 48:51 48 minutes, 51 seconds thank you so much we'll take the next Question from Shamsan. 48:57 48 minutes, 57 seconds Yeah. Hi uh good evening. Thank you for taking my question. Uh just the first one on Semaglotad in India. So how has the launch gone? I think Sita you 49:05 49 minutes, 5 seconds mentioned the top two top three. So just uh what were expectations maybe some of the dynamics given a lot of investor interest. If you could just tell us how 49:13 49 minutes, 13 seconds things have panned out. Uh now we probably don't yet have April data for example. 49:19 49 minutes, 19 seconds Um um so just if you could tell us what's been the experience prescription behavior the vials versus the uh even 49:27 49 minutes, 27 seconds the uh the pen debate if you could uh double click there please. Thank you. 49:31 49 minutes, 31 seconds Yeah I think it's been a pretty solid launch. Um pretty much as good as expected or even better. Um you know we 49:38 49 minutes, 38 seconds always expected to be a strong player given our cardio metabolic play. Um you know the the product from Zidus is a 49:46 49 minutes, 46 seconds unique pen. Um and I think that's differentiation in the market as well. 49:50 49 minutes, 50 seconds Um our patient support program is pretty solid as well. So so good start. Um I think we're the number two company as a generic one. The number three product as as a product itself. Um so good start. 50:03 50 minutes, 3 seconds Um but very early days right I mean we talk about nine days of data. Um and you know next week we'll have uh we'll have 50:09 50 minutes, 9 seconds data for uh April as well. uh we've obviously had substantial increase in primary in the in the second month but 50:18 50 minutes, 18 seconds uh I mean time will show but you know I I think our goal is very clear to be a top three player in this as generic 50:25 50 minutes, 25 seconds saglotide and I think we're well on track as far as the device is concerned I I think the acceptance for the pen is pretty solid and I'm glad that we're 50:33 50 minutes, 33 seconds playing that yeah yeah so nish I I remember in our earlier comments we had talked about the 1500 cr overall market 50% with the 50:41 50 minutes, 41 seconds hater. Uh has the volume uptake surprised you guys? uh do you think there's a revision upwards in terms of SEMA generic play you think or it's 50:50 50 minutes, 50 seconds still a very early I think the GLP ones you're safe to always uh take it upwards um but I think the uh I think it's just too early to 50:59 50 minutes, 59 seconds really predict long-term behavior right you saw how quickly Mjaro became the biggest product in India and now it's flattened out right so I 51:07 51 minutes, 7 seconds you know how important is a generic how important is MA versus I think there multiple things to play out there's so many other products that are going come 51:15 51 minutes, 15 seconds along as well. Um but clearly this is uh pretty widely accepted therapy. The number of prescribers is significant. 51:23 51 minutes, 23 seconds The number of patients that have gone on to this is very material as well. Um so uh yeah I I think this is one of the biggest launches for the industry. 51:34 51 minutes, 34 seconds Got it. Thank you. And just my last question just again back on the margin guidance right. So we're going from 29% this year to 25 let's assume. Um but 51:42 51 minutes, 42 seconds quarterfolk had some headwinds already given that we had a settlement and maybe some of it played through in Q4 as well. 51:48 51 minutes, 48 seconds So uh is there uh extra sprinkling of conservativeness in our margins or you think uh during the year there could be upside prices? 51:58 51 minutes, 58 seconds No, this is actually as a result of u you know we would reckon that there could be some competition coming in for 52:05 52 minutes, 5 seconds uh and possibly for Mayor Beon next year. So that would actually in some ways impact our overall margins uh clearly. So and of course as you could 52:14 52 minutes, 14 seconds um as you would see our um R&D expenditure is set to is slated to increase a bit. So that is also being captured in the overall guidance. 52:24 52 minutes, 24 seconds Got it. Thank you. Thank you Romesh. All the best. 52:27 52 minutes, 27 seconds Thank you Sham. Uh we'll take the next question from Vishal Manginda. 52:33 52 minutes, 33 seconds Uh hi uh good evening. uh on on the albitrol inhaler market wanted to check whether you expect any adverse impact on 52:41 52 minutes, 41 seconds account of the uh GSK launch. So they supposed to launch a green inhaler uh around three third quarter of this 52:48 52 minutes, 48 seconds financial year. So do you think the other albitrol inhalers on the market will see an adverse impact? 52:55 52 minutes, 55 seconds Um we don't think so. uh you know we think that their product is uh really going to be um a branded version of 53:04 53 minutes, 4 seconds ventilin you know that's what uh they have u you know we've been able to tell based on uh um what we learn and uh we 53:13 53 minutes, 13 seconds hope that it actually expands the market for u aluterol um and u you know we are also uh oursel 53:22 53 minutes, 22 seconds working on the green propellant uh MDIS so so we're looking forward to see how the launch goes and um you know um we'll we'll track it very closely. 53:34 53 minutes, 34 seconds So uh since you are working on a green uh propellent to need to launch as a brand or can you launch should need to launch as a brand? 53:45 53 minutes, 45 seconds Well uh so it's very early to tell but uh just given um uh where things are if um you know uh we launch after the brand 53:54 53 minutes, 54 seconds comes in it will really be a generic green propellant product you know and if you look at the ventilin product it's not had any generics so far I think 54:01 54 minutes, 1 second zippla is the first approval so that market is uh has been pretty much branded and GSK has the opportunity 54:08 54 minutes, 8 seconds of converting it into the new uh version. Yeah. Uh and uh another one on the iner side. 54:18 54 minutes, 18 seconds Uh are we uh planning to file SIM card and adear or we we don't intend to do do those products? 54:27 54 minutes, 27 seconds Um we do have SIM card in our pipeline and we have AdW HFA also in our pipeline. HFA. Okay. 54:35 54 minutes, 35 seconds Yes. And fi any filing timelines? 54:39 54 minutes, 39 seconds Um like I mentioned we have like nine products in the current fiscal year. So it's a material year for us uh with all the work the team has done over the last 54:47 54 minutes, 47 seconds couple of years. Um but we'll come back u in the next next quarter or so with u um you know the products and actual filing timelines. 54:57 54 minutes, 57 seconds Okay. And just uh another one on uh respardal consta if you could share how the product is doing and whether you 55:05 55 minutes, 5 seconds intend to file uh other long acting injectable products based on your knowhow on uh respon 55:14 55 minutes, 14 seconds yes so the product has done well so far actually we've not been able to keep up with the demand uh you know we manufacture the product as a CMO and 55:22 55 minutes, 22 seconds have struggled to really uh ramp up uh I mean um you know the brand actually has had supply issues as well. So there has 55:30 55 minutes, 30 seconds been an increased uh demand in the marketplace that they're trying to uh work hard to see how we can leverage our 55:37 55 minutes, 37 seconds position. Uh also tea has uh had supply issues with their supplier of the product as well. So um um there's a 55:47 55 minutes, 47 seconds there's a real gap in the marketplace u which is a nice problem to have and we're trying to see how we can best meet 55:55 55 minutes, 55 seconds uh meet the in incremental demand as far as the platform goes. Um you know while 56:00 56 minutes uh um um we um um worked first on a generic um as we looked at the potential 56:08 56 minutes, 8 seconds of the platform there are multiple innovative products where the platform can be very valuable. So at this point 56:15 56 minutes, 15 seconds in time we have multiple uh products on for you know other brands um in the platform and uh have a few conversations 56:23 56 minutes, 23 seconds ongoing on potentially doing um you know um innovative product um transactions with the platform. 56:32 56 minutes, 32 seconds You mean uh doing your own doing your own innovative products or uh kind of doing that as a CDM or partner? 56:40 56 minutes, 40 seconds So we have both. We have couple of uh our own innovative products in the platform as well as uh interest from 56:47 56 minutes, 47 seconds partners to uh work with us on co-developing um um you know long acting versions of their products. 56:55 56 minutes, 55 seconds I ask you to get back in queue. There's a bunch of people waiting and maybe we should go a little quicker. Thank you. 57:01 57 minutes, 1 second Thank you. Thank you. Uh can we have Kunal Lak for the next question please? 57:14 57 minutes, 14 seconds or V you can come in Vive Agarwal for the next question. 57:22 57 minutes, 22 seconds Hello Vive are you there? Hello. Yeah. 57:28 57 minutes, 28 seconds Yeah. Uh thanks for the question. Just one clarification on uh the products tooptan and mirac. So you talked about 57:36 57 minutes, 36 seconds that mirror background competition possibly next year if I'm uh I have heard right that's right 57:43 57 minutes, 43 seconds so you are not expecting let's say in any additional competition in FI27 in this product no FI27 is next year for us 57:51 57 minutes, 51 seconds carrying frisk the current is what he meant oh okay okay understood and just uh one question on the overall uh US business 57:59 57 minutes, 59 seconds right we have done close to $ 1.3 billion of revenues this year and then there are a lot of moving parts couple of products will come found in FI27 and 58:06 58 minutes, 6 seconds then we will see some kind of additional competition additional erosion in FI28 as well. So uh it would be uh helpful 58:14 58 minutes, 14 seconds actually if you just uh uh uh give some number uh a ballpark number of US revenues for 27 and 28 to work with. 58:23 58 minutes, 23 seconds Thank you. 58:24 58 minutes, 24 seconds Yes. So in the past we've said that uh we should be able to sustain the billion dollar plus. At this point we think that based on the competition that we foresee 58:33 58 minutes, 33 seconds in products like Mira and Tvapton um um we should be able to get to a level um you know compared to the current year 58:42 58 minutes, 42 seconds where maybe it's a high single digit or low double digit uh erosion in terms of revenues and that's of course a 58:49 58 minutes, 49 seconds combination of the current products u you know and u as well as new product launches I mean with u um you know um 58:58 58 minutes, 58 seconds our injectable launches as well as um you know with PF grassim um you know we 59:06 59 minutes, 6 seconds we expect to offset um you know some of the erosion and we expect our base business also to grow in the US. 59:15 59 minutes, 15 seconds Understood. So uh if I heard correctly right so in FI28 uh uh if you are expecting that uh US 59:22 59 minutes, 22 seconds business to be a billion dollar plus close to billion dollar plus right in FI27 we expect to be a billion dollar plus 59:32 59 minutes, 32 seconds understood thank you that's from my side thank you very much last question okay 59:40 59 minutes, 40 seconds I think I think sure we Take one more questions. 59:48 59 minutes, 48 seconds Hello. Yes, we can. Yes, we can. 59:58 59 minutes, 58 seconds Hello. We'll take the next question from Forum Parik. Forum, are you there? 1:00:10 1 hour, 10 seconds Go ahead. Forum. Hello. audible. No. Yeah, she's not. 1:00:18 1 hour, 18 seconds We'll close. We'll close it. Yeah. 1:00:21 1 hour, 21 seconds Okay. Thank you so much for all your questions and uh most importantly, patience. Uh we'll now hand the conference over to the management for the closing comments. Thank you. 1:00:30 1 hour, 30 seconds Um thank you. Thank you friends for all your questions. Hopefully we've been able to answer all of them. Um otherwise we will take them offline. Um as 1:00:38 1 hour, 38 seconds mentioned u uh you know um we've been very pleased with the performance our team has been able to deliver in fiscal 1:00:45 1 hour, 45 seconds year 26 um and uh continue to work hard to uh be able to exceed both our 1:00:53 1 hour, 53 seconds expectations as well as the market expectations in uh fiscal year 27 and beyond. Thank you again. 1:01:01 1 hour, 1 minute, 1 second Thank you. 1:01:03 1 hour, 1 minute, 3 seconds Thank you ma'am. On behalf of Lubal Limited, that concludes this conference. 1:01:08 1 hour, 1 minute, 8 seconds Thank you for joining us and you may now exit the webinar. Thank you. I don't know why. 1:01:16 1 hour, 1 minute, 16 seconds Goodbye.