On denosumab, the first biosimilar launch in the US should be in year '24. Given that you are yet to file for it, just wondering how many players do you expect will be ahead of you when you eventually launch?
Yes.
Questions across 32 calls
Kunal Randeria
Axis Capital
Dr. Reddy's Laboratories Limited
Ajanta Pharma Limited
Sir, on the Asia branded business, has the non-Philippines, non-Iraq contributed a lot more than normal?
Sure, not a problem. Not a problem. Okay. Sir, second question, again, is the fact that you have distributed Rs. 350 crores as dividend, I should assume that there is no inorganic activity on the horizon?
Just one question. Of the sales force expansion that you have done in your export Branded business in FY'24 and that you plan to do in FY'25, how much of that would be in tradit ional markets of Philippines, Iraq, and West Africa? And how much would be in slightly newer markets like CIS and maybe other markets?
No, sir, I understand. What I wanted to know is not individual markets, but more like else traditional markets versus your, let's say, slightly newer markets. So if you've added 100, would 60, 70 be from your Asia -- Philippines, Iraq kind of market, something like that?
Sir, the last two or three quarters, we have seen that your R&D has been annualizing at close to 200-220 crores, now that the U.S. outlook is slightly better than what you had envisaged a year, year and a half back, are you planning to increase your R&D in filing going ahead?
And then since you have to rule your R&D from the past peaks, just want to understand what's the thought process behind product selection?
Dr. Lal Path Labs Ltd.
You've been expanding aggressively in this year. From Tier-3 and Tier-4, on company level average for Swasthfit is around 25%. So, even from Tier-3 and Tier- 4, is it similar or would it be substantially lower?
Second question is actually for Ved. Ved, you mentioned a 27% is the kind of EBITDA margin you are comfortable guiding with. You are already at 27% and I am assuming that the Suburban should improve, which means the core margin, the core ex-per cent margins should turn around in the coming year. Is that because you'll be making higher investments if you can just run it through your cost?
Sir just going through some of the operating parameters like the number of labs, the pickup points and so on. So, at a consol level you have added let's say three labs in the last 2 years and around 1,000 -odd pickup points. But if I were to look at Tier-3 centers there you have added maybe 15 labs and maybe 1,600 or 1,500 pickup points. So, it basically means that you're scaling back in your Tier-1, Tier-2 cities. So while I understand you're doubling down on Tier-3, but scaling back is some thing which I don't completely understand this, is this competition or is it maybe some inefficiencies which have crept in and you are just trying to sort of rationalize it going forward?
Sure. And the same kind of logic applies on the pickup points also because there also seen a number of pickup points seems to have gone down in Tier-1 and 2’s?
Max Healthcare Institute Limited
Abhay, in the last few quarters, the number of your institutional bed is stagnant around 29%. Do you see headroom for some improvement over here?
Because even I think in last quarter it was somewhere around 29%, right in the last five or six quarters somewhere in this range.
Apollo Hospitals Enterprise Limited
Just one question on the online pharmacy distribution, is INR 238.7 crore number comparable to INR 199 crore number that you have driven in this presentation? Because last year, you had reported sales of around INR 253 crore. So, I was just wondering what changed here, what are the restatements we've made here?
Okay. But maybe just for my benefit, can you explain what's the difference between the INR 253 crore that you had reported last year and INR 199 crore that you have restated?
Natco Pharma Limited
Rajeev, earlier you used to mention that the base business PAT was around Rs. 200 crores to Rs. 250 crores annually. So, does it still stand? Or is it higher or lower than what you had previously mentioned?
And secondly, just thinking out loud here, Rajeev, Revlimid kind of settlement was a bit unique in the industry. Do you think that such kind of settlements between generics and the innovator will occur in future also? Or is it that because a lot of generics were also sued, it may just discourage such settlements?
Glenmark Pharmaceuticals Limited
Sir, I just want to reconcile this net cash number. So, H1 you are on 3,300 crores and today you are on 700 crores net cash. From the cash flow statement, it seems that you've got around 5,450 crores and then there was some tax of 900 crores. But your working capital also was 1,600-odd crores and incremented CAPEX is 500 crores. So, I am just wondering, I would have thought maybe the net cash now would have been slightly higher. If you? Can just run us through how you arrive with this number?
But is my understanding wrong that you're working to also improve around 1,500 crores, sir?
Glenn, so while I hear your explanation on this India restructuring, so it seems like almost 70 days of inventory have been sort of like extinguished, or 70 days of sales have not been made. And since you are not going to do more channel filling in the coming quarter, I'm just wondering how did we arrive at a situation where we had probably more than 100 days of inventory in the channel?
Sure. Okay. Okay. And this has been sort of slowly built over the years or this kind of elevated inventory levels have been present for several years?
Vijaya Diagnostic Centre Limited
Just one question is around Hyderabad. So that's around 400 -odd crores revenue for you and you're fairly confident of growing it may be in line with the company of around 15% growth. So just wondering, when do you see a situation where you sort of hit a ceiling as far as the expansion goes -- would it be like three years, five years down the line?
Of your expansion plans, how many hubs and spokes have you mapped out that you would add in Hyderabad in the next maybe five years?