My first question is on Tolvaptan. I think you had mentioned that based on contracts that we have in place, we should be able to get to about 25% market share on Tolvaptan. So, is that still the case? Or have you seen additional traction on the specialty contracts and that market share could be higher?
So, the full contracted share will probably reflect exit of second quarter or third quarter. Would that be a fair assumption?
My first question is on Cenexi. Could you take us through a little bit on the breakeven that we have achieved? Is this because of certain plant where we see losses being lower? And why we think this will be sustainable? And based on this, what should be th e margin that you think Cenexi can now achieve for next year? Is a low -teen margin possible or would it still be in the high single-digit?
Alain, if I may ask, out of the three facilities, which one of them probably is the largest drag on profitability and what's the scope to improve margins there?
My first question, just a clarification, what would be the profit share milestone number for the quarter, you seemed to have missed that?
Yes. The profit share and the milestone number, please.
following up on Cenexi, I understand that there was an inspection, but is there more to the inspection which is leading us to delay the breakeven to third quarter? I mean, have the authorities highlighted something to us, which needs us to shut down production for longer. Just wanted to get a sense of as to why 10 days of audit is delaying the breakeven by 3 quarters?
Understood. And my second question is on the RoW business on the Saudi contract. Have you made any progress on that? We were expecting some shipments by the end of the quarter or in the fourth quarter. So, is that still on track? Or any status update on that?
Thanks for taking my question. Just to follow up on BSV, if I were to just do the math by excluding the organic growth, it seems like the BSV run rate hasn't shown any improvement year-on-year basis. So, would it be fair to assume that a lot of the steps w e are taking will start reflecting in year-on-year growth in the subsequent quarters to achieve that 18 %-20% growth that you are mentioning?
Okay. So, the flat year-on-year isn't something that I need to be worried about to get to that 18%- 20% growth for the full year for BSV?
Just continuing on the corrective actions that we have taken, have these corrective actions led to a reduction in the field force that Mankind had? Just trying to understand what essentially has led to lower spending in the quarter? If you could give us a little more color on what essentially is there. I understand the opening remarks that you made, but just trying to quantify this?
Understood, sir. Ashutosh sir, is it fair to assume that the organic SG&A cost would have declined materially quarter-on- quarter because of these corrective actions?
Yes, thanks for taking my question. My first question is on the margin, the adjusted margin of 32.9%. Sudhir, you didn't really give us a margin guidance last time. So, based on the performance of the first quarter, would it be fair to assume that this is the run rate or slightly better probably as we go through the year given the branded growth?
And my second question is on Germany. The supply disruption that we mentioned, if you could give some color on when this would normalize, or do we expect this to continue to impact us for a couple of quarters?
Yes, thanks for taking my question. My first question is on the U.S. business. Sanjay, you mentioned that the growth so far has come from volume growth in existing contracts. When should we start seeing traction in new launches now that the facility is cleared and should we assume a step up in U.S. in '26?
So, FY '27 is probably when you see a better traction.
Just a follow-up on the Digital business. Could you give us an update on how the new businesses are doing? I think we introduced insurance in March. Has that started reflecting in GMV in the quarter or that's yet to come by? And a follow-up question on the Digital business is if I look at the pre -op margins, they seem to have moderated in the quarter. So when do we start seeing that improving to achieve that cash breakeven in the second half that you mentioned?
Yes. So, I asked about the new business segments in digital. I think we introduced insurance in March. So I wanted to check if that's already started contributing to the GMV in the quarter or that should come through. What's the progress you are seeing? And a follow-up on the Digital business is on the pre-OpEx EBITDA margins, - when do we start seeing improvement in that number , because that seems to have moderated quarter-on-quarter.
Yes, thanks for taking my question. My first question is on gross margins. It seems after a very long time, we have seen gross margins come off meaningfully. I understand part of this could be mixed, but is there any other one -off that is sitting, or this is purely driven because of the pick-up in the acute business that we have seen?
Yes, for the Q4.
Sir, I just wanted to check on the trade generic comment that you made. If I look at the year-to- date number, we seem to have grown about 7% in this business. And I think there was a presentation that you guys have put up where you said that you expect the market growth to be more in the low to mid -teens sort of a number. So -- is it just the competition that is impacting the growth, or has the overall market growth slowed? And as we think about our, Alkem's trade generic business, should that then, therefore, because of this competition continue to lag industry growth? Just trying to understand how I should think about the trajectory for this business.
Understood. And from a -- for the branded generic business, I just wanted to underst and what our MR count is now. And do we plan to increase that given the volume focused growth that we have?
Yes. Thanks for taking my question. I think in the presentation, we mentioned that the IP growth at 3.5% was impacted due to lower footfall in Internal Medicine, Paediatrics. Is there something to read into this? Because it isn't as if March is a seasonal quarter. So just trying to understand the reason for this weakness.
Okay, so the drop you are talking is on a quarter-on-quarter. But even if I were look at a year-over-year, it's just 3% IP volume growth. So hence, I was wondering if there is anything one-off in the quarter?
Yes, thanks for taking my question. Abhay, just one clarification on the Mumbai expansion. I think once the new tower is commissioned, we are planning to phase out some of the older ones and rebuild that. So , would the net addition still be the 268 beds that we have talked about or should I also adjust the beds that will be going off for some time till we get it back? How should that phasing happen?
So, the Phase 2 is not happening immediately?
Umang, on the India market, now that the trade generic restructuring that we were doing is behind, if I look at this year, obviously, that was impacted by seasonality. How should I think about growth? While we have mentioned higher than IPM growth, what's your overall sense on what the market growth can be, therefore, what the trade generic and branded generic growth for Cipla could be?
Understood. And in trade generics, we have regained all the -- whatever lower volume that we have, so it's fully back to normal?
Umang, just a clarification. Did I hear correctly that Abraxane launch is at the back end of second half fiscal '26?
And the reason for delay given that Goa has cleared, is there anything in the application, the ANDA that is required and you also mentioned there'd be a little bit of lag post approval to launch the product? Just trying to understand the reason for the delay in the launch.
Hi. Thanks for taking my question. My first question is on tariffs. Erez, given you speak to the policymakers and customers, what is your sense on the extent of tariff or to what level the tariff could be implemented on generics? Could it be in the API? Could KSMs be included? And the second part is, given that Reddy's does not have any manufacturing in the US, what are the mitigation factors that we are looking, in case tariff is implemented for generics?
And based on your conversations with customers, would they be open to absorbing an impact of any potential tariffs, depending on how much it is? What's your sense of who bears the burden in case of the tariff?
Yeah, thanks for taking my question. Erez, on the US business, you mentioned that a few products have seen moderation quarter-on-quarter, including Revlimid®. While Revlimid®, we understand there's lumpiness, but what was the reason for th e decline in the base business, excluding Revlimid®? Have we lost market share? Is the pricing erosion higher than we were expecting? Any colour there?
So, just to get this correctly, we have lost market share in some of these products and hence, the decline. So, this is the new base we need to work with? Is that understanding, right?
First, on the Manesar greenfield expansion, could you give us some color on what the losses were in this quarter? And how should we think about ramp-up of the facility? Any guidance on when the facility can breakeven?
And we'll get there by when in your view?
My first question is on Kakinada. I think you mentioned that we have partly commissioned this facility and the full commissioning would be 6 months. Just wanted to understand how we think about ramping up the capacity, given it will take some time to get necessary approvals from regulatory bodies. So when should we start expecting this facility to contribute or start the cost impact to sort of get neutralized because of the revenue ramp up, just the progression of that, please?
So is it fair to assume that because we are bringing -- starting materials to this, there won't be a necessary negative impact because of the facility getting commissioned in terms of the operating cost that will come through once this is fully ramped up?
Jonathan, based on your comments that there is a structural need by innovators to look at alternate location to China. Is there any investment you think we need to make the increase in the commercial footprint in order to get that business with the compet itive dynamics changing globally?
Would this addition be more in the recent years, I understand you would have been obviously investing this but has that focus increased, that investment increased let's say in the last few quarters with this entire noise around Biosecure, etc., whether it happens or not?