Questions across 53 calls

Kunal Dhamesha

Macquarie

Cipla Limited

Cipla Limited CC-Dec23.pdf · 2024-01-25

The first one on the other expenses, excluding R&D. If I look at the first 9-month runway, we are almost close to 50 basis point savings in terms of other expenses as a percentage of revenue. So, is this more driven by some of the external moving parts like logistic, power, fuel cost? Or would you say a lot of this is coming from synergies of One -India business? How should we look at the sustainability of this number?

Sir, just continuing on my last question about the other expenses. I mean, we had expected that other expenses might move up in the second half of FY '24. At least in quarter 3, we have not seen other expenses, excluding R&D, right? So, is it more, you can say, this quarter phenomena or we continue to run cost efficiency programs, which is now starting to kick in?

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Sep23.pdf · 2023-11-10

My first question is on in -patient volume growth in our core markets of Tamil Nadu, AP and Telangana, which has kind of remained muted for first half. In Q1, we suggested there was some holiday season. But any particular reason why the trend is not picking up in Q2 as well?

Would you say that similar seasonality played out in other regions because there the in-patient volume growth is quite significant?

Max Healthcare Institute Limited

Max Healthcare Institute Limited CC-Sep23.pdf · 2023-11-07

Thank you for the opportunity, sir. First on the housekeeping question on the international patient bed share. What was that for the quarter?

5% only?

Alkem Laboratories Limited

Alkem Laboratories Limited CC-Sep23.pdf · 2023-11-07

Just continuing on the tax rate, so we are now guiding for 12% to 15%, and H1 is around 9%, so does that mean that we are more or less would be at 18% for the next couple of quarters?

Yes, so that means the second half would be 18% right? Like close to 18%?

Mankind Pharma Limited

Mankind Pharma Limited CC-Sep23.pdf · 2023-11-01

First one on the other expenses which have increased meaningfully on a QoQ and year-on-year basis. And you also alluded that there were some advertisement campaign expenses. But h ow should we look at for future quarters? Are this level of expenses going to sustain or the campaigns are going to be seasonal and should come down?

Sir, shouldn’t then the margin guidance be a little bit higher? Because even with the higher cost, we are running about 25% and if the other expenses go down in the second half, shouldn ’t the margin guidance be more or should be higher?

Dr. Reddy's Laboratories Limited

Dr. Reddy's Laboratories Limited CC-Sep23.pdf · 2023-10-27

Hi, thank you for the opportunity. So, the first one is on the nine observations for the biologics plant that we have received. Can you please elaborate on what is the nature of these observations and whether we will need to undertake some corrective preventive actions there?

Sure. And second one is on the PSAI business. So, if I look at the gross margin for that business, it has gone do wn. Obviously, there's some growth on a quarter -on-quarter basis and year -on- year basis. But, is it primarily due to the unfavourable pricing environment? And if that is the case, do we get the benefit of lower API prices in our global generic s business, if that is like more widespread pricing decline in APIs?

Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited CC-Feb26.pdf ·

Hi, thank you for taking my question. The first one is on the CMS's proposal on the most favored nation pricing, the two models that they have put out. Can you share some color , What is the internal assessment? I believe right now it is open for the commentary.

Can you share how we can make the broader aspect as to how we can mitigate , what are the strategies we can employ there?

Sun Pharmaceutical Industries Limited CC-Jun25.pdf ·

Hi, thank you for the opportunity and good evening. The first one on the Ilumya successful trial on PSA. Could you provide some timeline? I know it's at a filing stage, but how should we look at when the filing could happen and then when can we expect, you know, what is the potential timeline here for the developed markets like US, Europe? And also if you could provide some data points in terms of the proportion of patients reaching ACR 20, 50 or 70 at week 24, that would be great.

Sure, thank you for that. And the second question is regarding, we had suggested that there would be incremental costs related to launch of LEQSELVI and UNLOXCYT in FY'26, which we had pegged at around $100 million. So, have we seen that impact in this quarter and will it be more spread across the quarters or will it be high at the time of launch and then comes down from there on?

Sun Pharmaceutical Industries Limited CC-Nov25.pdf ·

The first one on the intangible assets, which seem to have moved sharply from the March '25 level, almost around USD 950 million plus. So I can see the $300 million intangibles which have moved from under development to other intangible head, but if you could provide a broader moving pieces here?

So Checkpoint would be close to $400 million plus, right?

Sun Pharmaceutical Industries Limited CC-Jun24.pdf ·

Sir, when we look at our specialty business growth from here on for the next, let us say 2-3 year, what would you be planning in terms of volume growth with a new product growth and pricing mix? In your view what could be the ideal mix in this business and for the new product related growth, would you say that our current pipeline is sufficient to support what you have in mind?

And on the LEQSELVITM launch, would you say some of the launch cost is already built into our current quarter P&L or there are more to come?

Sun Pharmaceutical Industries Limited CC-Dec24.pdf ·

Congratulations on a good set of numbers. The first question, if I look at our recent Specialty deals, these are basically emerging in new therapeutic areas, diverging from our current focus on derma, derma - onco and opthal. So coul d you clarify whether this shift represents a strategic change? Or these are more opportunistic? How should we think about it?

Sure, sir. And the second question is on the specialty growth, which has been quite strong for us. And we have highlighted that ILUMYA, CEQUA, WINLEVI, and ODOMZO have been drivers. But apart from that, would you say some seasonal products like LEVULAN also helped us in this quarter? And if yes, how are the trends panning out in the ongoing quarter?

Sun Pharmaceutical Industries Limited CC-Sep23.pdf ·

So the first one on the other expenses, which has gone up meaningfully on a quarter -on- quarter basis, we have cited that it was due to selling distribution as well as R&D. But if I look at ex- R&D also, it has gone up. So is there any one -off component there? Or is there any seasonal component there in other expenses?

Sure. But apart from that, on Sun Pharma's business?

Sun Pharmaceutical Industries Limited CC-Dec23.pdf ·

Hi, thank you for the opportunity. Good evening, everyone. So first one on the Specialty. Let's say, we are growing strongly and the prescription trends are also strong. But from here on, when we see our key products like Ilumya, CEQUA and Winlevi, what type of incremental P&L investments are required for us to grow in the U.S. market?

My question is more like what kind of spend, whether it would be more people on the sales force, more marketing or more, let's say, open strategies, etcetera, what those incremental investment in which kind of line items will be investing, qualitatively, I don't need quantitative, but qualitatively, what is the investment line item that we see from here?