Questions across 32 calls

Kunal Randeria

Axis Capital

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-May26.pdf · 2026-05-05

Sir my first question is around the assumptions on your guidance. So, you said barring any geopolitical events. But as we speak, there are geopolitical events that might just push up the prices or would have already pushed up the prices on raw materials. So how much of it some of the price cost increase would be already baked in your guidance?

Understood. Sir, the second question is, I think you were looking to file for semaglutide in Canada. Now with a couple of approvals, it might be a bit late, I guess. So , what is the path? Would you be kind of now partnering with someone, maybe as a marketing partner? What's the path ahead?

Emcure Pharmaceuticals Limited CC-Feb26.pdf · 2026-02-04

So I'll just take what Samit just said about the biosimilar portfolio expanding to emerging markets. So would you like us to maybe know which products you will be targeting? Would it be largely tenecteplase, or there are other products in the pipe line? And which geographies would you target and some timelines would also be welcome?

Okay. So should we assume that R&D will kind of inch up going forward in the next cou ple of years?

Emcure Pharmaceuticals Limited CC-Dec24.pdf · 2025-02-06

Good evening. The first question is on domestic business. So can you share what is your growth, organic growth, excluding the Sanofi portfolio? And how much of the impact is there of the FCM issues that you had?

Got it. That's helpful. Secondly, I think Satish sir mentioned that you're entering into ophthalmology and mentioned that you are going to get wAMD as one of the indications. So just wondering whether you'll be targeti ng these niche areas or your portfolio would be a lot more broad-based?

IPCA Laboratories Limited

IPCA Laboratories Limited CC-Feb26.pdf · 2026-02-16

Sir, I still don't understand the gross margin. Excluding Unichem, it's already in mid-70s. I think very few pharma companies report these kind of marg ins and also given the fact that the API business would be facing lower gross margins. So ju st want to understand, because I think a couple of years back, it would have been high 60s. So what is driving it besides currency? And secondly, what is the ceiling to this number?

I understand the product mix. Sorry, sir, to push you, but I mean, mid-70s margin, it seems like very few...

IPCA Laboratories Limited CC-Mar25.pdf · 2025-05-30

Sir, you have, I think, around 7,000 marketing reps in India. So which means the PCPM is just over 4 lakhs. So with your current portfolio, what do you think will be the optimum

Sure, but there's still scope to increase at to get it to maybe 5 lakhs, 5.5 lakhs in 4 to 5 years?

IPCA Laboratories Limited CC-Sep24.pdf · 2024-11-14

Sir, the October IQVIA data for India showed that t he growth has slowed down to around 6%. So to your internal nu

Okay. All right. And just to kind of reconfirm, it' s a broad the European franchise?

Torrent Pharmaceuticals Limited

Torrent Pharmaceuticals Limited CC-Feb26.pdf · 2026-02-13

Good evening, sir. Sir, in the previous call, we have mentioned that the Brazil GLP-1 market is around a billion dollars. So, in the first wave of launches in March, what would be the competitive scenario that you see? And typically, what's the price erosion that you would expect based on your understanding of the market?

Sure. Sir, in March, it's only the Ozempic generics which are hitting the market or are some players also launching Wegovy generics?

Torrent Pharmaceuticals Limited CC-Nov25.pdf · 2025-11-07

Hi, good evening, sir. So in the last 1.5 years, you have added around 1200 reps. Do you mind sharing which divisions you've added these?

Yes, sir. I mean which, cardiac, gastro, where exactly have you added?

Krishna Institute of Medical Sciences Limited

Krishna Institute of Medical Sciences Limited CC-Feb26.pdf · 2026-02-09

So, it's on your payer mix. Sir, your Aarogyasri contribution has gone down. Obviously, that is because incremental revenues are largely coming out of outside of Telangana market. So as we expand in other states, are you also getting empanelled for those state schemes?

Okay. It's only in Andhra. Okay. So your institutional bed contribution as well as revenue contribution should keep coming down over the years?

Krishna Institute of Medical Sciences Limited CC-Nov25.pdf · 2025-11-10

Sir, firstly, on O&M. So your Sangli and Guntur hospitals, I believe you are getting a revenue share, right? So EBITDA loss or profit really that wouldn't matter to you from an accounting perspective, right?

Fair enough. Fair enough. Sir, second question, I have a couple of questions around Kondapur unit. Now your bed expansion will go up to 550 next year.

Mankind Pharma Limited

Mankind Pharma Limited CC-Feb26.pdf · 2026-02-03

Sir, appreciate Rajeev ji’s explanation on what things went wrong and how you're kind of rectifying that. Sir, it clearly seems looking at the therapy growth that it's not a systemic issue. So I'm just wondering how come this came out in the first place, number one? And number two, are there external factors in play also maybe like something like trade generics impacting our business, something like that?

Sure, sir. No I understand that, sir, what I didn't understand, pardon my ignorance here is, see, if cardiac and diabetes is doing extremely well, right? So the cultural issue that you we spok e of, obviously, doesn't seem to be in those divisions? So how come it came from the acute division, especially when you don't give aggressive targets to the sales force?

Mankind Pharma Limited CC-Dec24.pdf · 2025-01-24

Sir, just to clarify on the BSV business, from what I understand, this year, the BSV business revenue should be flat. Would that be correct? And that's largely because of some changes in the employee structure that you are doing there?

Fair enough. But at consol BSV level, it would be flat this year, right?

Glenmark Pharmaceuticals Limited

Glenmark Pharmaceuticals Limited CC-Feb26.pdf · 2026-02-02

Glenn, in Europe, you have shown a rupee growth of around 9%. But I think the currency appreciation. I mean -- sorry, rupee depreciation would be around 15%? So do you decline in constant currency in Europe?

Sure. But I think you had earlier mentioned that maybe in the medium term, it can grow in double digits. So is it because launches are a bit slow. See, '26, I can understand from a base of '25, but about FY '27, '28. Can you still grow in double digits?

Glenmark Pharmaceuticals Limited CC-Nov25.pdf · 2025-11-17

Sir firstly again on the India business, Glenn, in Q3 FY '24, you had undergone some kind of restructuring. And now we have restructuring in Q2 '26. So if you mind -- do you mind telling us what the difference was? And the extension to this question is sin ce you still have a state distribution structure, in future, if there are any certain changes from the government's end or from the industry's end, do you run a risk of something similar happening?

All right. But then again, in Q3 FY '24 also, I think there was some intention of getting the inventory down, right, if I'm not wrong?

Syngene International Limited

Syngene International Limited CC-Jan26.pdf · 2026-01-23

Hi, good afternoon. Thanks for the opportunity. S ir, your customer of this one last product has got approvals for a new molecule in various geographies in the last few months. So do you expect to partner them in supplying this product, because it is for the same indication, for the same, and not for the injection and so on, so would you be partnering them?

I understand. But in case, let us say these deals do fructify, then do you think this can compensate for the loss of the current product?

Piramal Pharma Limited

Piramal Pharma Limited CC-Sep25.pdf · 2025-11-06

Sir, what would be the growth outlook for inhalation anesthesia? Because in Sevoflurane in U.S., you have seen now we will be hitting a ceiling at close to mid-40% market share. So, while I do understand you have spoken of non-U.S. markets, what would be a realistic growth outlook for the next three to four years?

And second, just on this NewAmsterdam product. So, is this supply just for the U.S. market or it is a global supply agreement? Because NewAmsterdam has outlicensed the European rights to another player. So, who calls the shots here? Is it NewAmsterdam or the marketing partner?

Piramal Pharma Limited CC-Mar25.pdf · 2025-05-15

So I'm not sure if you mentione d, but while I do understand the inventory correction or normalization for FY '26, you would expect a very sharp growth in '27. So has the customer communicated this to you? Or is it your assumption that things should normalize in FY '27?

Sure. That's helpful. Secondly, just again, Sevoflurane. So it seems you may have a ceiling in the US now. So just wondering how easy it is to ramp up RoW because I assume the re'll be a lot of countries, there will be registrations and then just to kind of get the market share might, is it a slow process or you already are kind of registered, just need to improve execution?

Cipla Limited

Cipla Limited CC-Nov25.pdf · 2025-10-30

Sir, after this FDA's draft guidance on biosimilars, which have potentially lower entry barriers, do you intend to add more products to your portfolio or at least spend some of the R&D dollars on that front?

Sure, sir. Sure. And any -- I mean it's a bit early, but any kind of time lines that you are looking at add maybe 2 or 3 products? How should we look at it, maybe for the next 2 to 3 years?

Natco Pharma Limited

Natco Pharma Limited CC-Sep24.pdf · 2024-11-13

Rajeev, first 1 on semaglutide. So if you can share how many markets you would be targeting in 2026. Would it just be India? Would it also be Canada and some of the emerging markets? And then secondly, how do you intend to distribute this product because you do not have a sales force strength in a lot of these markets?

But India, you may need to add field force for this? Or you want to partner with someone here?

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Sep24.pdf · 2024-11-07

On the 24 /7 business, does the revenue mix also have to do with profitability like maybe higher diagnostic share compared to earlier years?

But is there any kind of number that you would like to share, for example, pharmacy contribution, a year back, what is this now and what's the aspiration revenue mix that you are targeting?