Stockrabit · Analysts
Questions across 80 calls

Neha Manpuria

Bank of America

Alkem Laboratories Limited

Alkem Laboratories Limited CC-Sep24.pdf · 2024-11-13
Sir, my first question is a little bit on the margins. Based on your guidance, is it fair to assume that the INR100 crores to INR110 crores additional cost that you were talking about for the new businesses hasn't really started flowing through our P&L and a large part of that will come in the second half? Is that the right way to read that other than the -- because you are talking about better India growth in the second half, so I'm just wondering if bulk of that cost is yet to come.
And this will flow in from the second quarter, right? I mean, from the third quarter or has been...
Alkem Laboratories Limited CC-Jun24.pdf · 2024-08-09
My first question is on the gross margin. Since y ou mentioned the API price environment and product mix, while the product mix can change quarter -on-quarter, I just wanted to get a sense on how much of this gross margin improvement that we have seen is sticky ? Meaning that assuming that API pricing remai ns where it is, you don't see any further improvement in that. How much of this could sustain , even if the product mix becomes inferior over the rest of the quarter?
Okay. So to clarify, sir, so last year, we saw about 61% margin in the entire year. So given the benefit of API pricing, that what we have reported in the quarter, that should -- is already benefiting us by 100, 150 basis points. Is that a right assessment?

Divi's Laboratories Limited

Divi's Laboratories Limited CC-Sep24.pdf · 2024-11-09
Nilima, just to confirm, you mentioned that the generic business is 49% of the revenue, right?
In the generic business other than the large APIs that we've been supplying, one of the strategies that we've talked about is increasing market share in some of the smaller APIs. Given the pricing pressure, have we still been able to see success in sort of growing share in the smaller APIs to make it larger in size or has that process been slower because of the pricing environment?
Divi's Laboratories Limited CC-Mar24.pdf · 2024-05-25
My first question, Kiran, you mentioned in your opening remarks that the pricing environment for generics continues to be under pressure. Are you seeing or do you expect some signs of improvement of this in the coming year? And how should we then, therefore, look at growth for the generic business, assuming as it remains stable or continues to remain weak?
Okay. And my second question is on the Custom Synthesis business. This long-term project that -- agreement that you talked about, couldn't this have been serviced through Kakinada given that capacity is coming on board? Is this a different technology? And are we seeing any fallout of innovators wanting to move out of China after the recent noise in the U.S. around BIOSECURE? Have you seen increasing inquiries?
Divi's Laboratories Limited CC-Dec23.pdf · 2024-02-10
My first question is an extension on the generic commentary that you gave. Given your commentary that generic API pricing probably would take a couple of quarters to recover once the new molecules will come in into 2025, how do we see recovery in the generic API business? Would that then be more next year onwards or is there levers that we have to improve the generic API business?
And Kakinada should start contributing to the gene ric business as well, in the second half, right? Or will it be more for the custom synthesis business in the beginning?

Fortis Healthcare Limited

Fortis Healthcare Limited CC-Mar24.pdf · 2024-05-24
My first question is on the hospital business. We have gotten to 22% margin in this quarter. I understand there's some one-off. First, if you could quantify what the one-off was? And second, given our exit margins in the quarter, is it fair to assume that we build on this margin in FY '25 because initially we guided to getting to 22% margins probably in '26. So, I just want to understand the trajectory from here.
No, what I mean to say is, since we are already at 21% margin for fourth quarter, I understand there is seasonality in the business. So, should I assume we build on that 200 basis points on the 21% or should I assume because we have divested 2 assets through the year. So, hence the question.

Apollo Hospitals Enterprise Limited

Apollo Hospitals Enterprise Limited CC-Sep24.pdf · 2024-11-07
Sir, on the margin, the 100-basis points margin expansion that you talked about, previously the guidance was that we will be able to expand margins by 100-150 basis points for fiscal '25 . Now, given that we have had a fair bit of one -off impact in this quarter, is it fair to assume that for fiscal '25 that seems difficult, and margins would probably be slightly lower, the expansion would be slightly lower than what we had initially anticipated?
So 50, 60 bps expansion in Fiscal '25.
Apollo Hospitals Enterprise Limited CC-Mar24.pdf · 2024-05-31
If I look at the occupancy number in the last year, we haven't seen too much of an improvement year-on-year. I know ALOS has sort of moderated so that benefits volume. But we have sort of guided to that 70% margin over time. One, when do we think we get to that 70%? And what according to you will take us there? I know we've invested in all of these doctors, et c. But is this enough to give us confidence to get to the 70% occupancy level?
And the doctor hiring, I know we hired 150 doctors, which you said some of them would be shifted to the newer hospitals. But since we're commissioning 4 other hospitals next year, wouldn't that hiring again happen next year? And wouldn't that be an offset to the margin expansion that we see from the existing beds?

Dr. Reddy's Laboratories Limited

Dr. Reddy's Laboratories Limited CC-Sep24.pdf · 2024-11-05
Thank you for taking my question. My 2-part question is related to the US business. Given we have seen a host of facilities clearing inspection s in the last few months and while we are launching products, we have not really seen hig h-value launches from Reddy's in the recent times. So, when do you think we launch certain of these limited competition high-value products for the US business? When do we start seeing that? And second, our R&D has stepped up a fair bit. But I did see fil ing momentum has been fairly muted. So when does that R&D spend reflect in higher filing or higher-quality filing, better filing and therefore, revenues?
Got it, sir. And sir, the R&D spend, how much of this would be for biosimilars and the oncology asset? And any updates that we can get on the timing for our two biosimilar filings?
Dr. Reddy's Laboratories Limited CC-Jun24.pdf · 2024-07-27
Hi, good evening, everyone. Hope I am audible. So, Erez, my first question is on the OTC piece. Now, with the acquisition of the NRT portfolio, the Nestlé JV going online, how should we think about the potential size of the OTC business, let's say, in fiscal '27, '28? How big do you think this business can be? And are there any more acquisitions or capital allocation that you see in the consumer healthcare business to make it larger?
Do you think we can get to that billion-dollar mark with the existing assets - with the Nestlé JV, with the NRT assets, with MenoLabs and the existing base by fiscal '27, '28? Would that be a fair assumption, or do you think you need more to get to that billion-dollar number?

Gland Pharma Limited

Gland Pharma Limited CC-Sep24.pdf · 2024-11-04
Yes. Thanks for taking my question. Just extending the question from the previous participant. If I look at the U.S. revenue and strip out the profit share and milestone, it's remained at 70-odd million dollars for three quarters now, despite the fact tha t we have launched the number of products that we have. I didn't quite catch your comment on why you think the U.S. should pick up and how that low double-digit growth for the entire standalone business would come through, given, if I look at the ROW business, it's also been declining in the first half. So, I'm just trying to tie in your low double -digit guidance with the fact that the U.S. has remained flat for three quarters.
Sorry. My question is if I strip out the milestone and the profit share, the U.S. revenue for the last three quarters has been about $70 million. I'm not asking about the milestone and the profit share. And I think you did mention in the previous comment that your U.S. business should step up from next quarter. Why do you think, given that we've already seen so many launches and we haven't really seen an improvement in the U.S., what gives you the confid ence in improvement in the U.S. business, ex milestone, and profit share? And given that we've been flat in the U.S., how do we plan to achieve that low double-digit revenue that you're talking about?
Gland Pharma Limited CC-Dec23.pdf · 2024-02-14
Sir, again, on the Cenexi piece, If I were to look at the revenue rate, it was doing much better than...
Okay. Sorry about that. So I said, on Cenexi, if I were to look at the revenue run rate, obviously, it's doing much better than even part of the quarter that was there. Gross margins also aren't that different. I didn't quite understand the lower productiv ity comment because your revenue does not seem to be showing lower productivity or lower volumes. So, even adjusted for one -offs, why did we just break even ? I would have assumed we would have returned to the usual margins here. So what -- I didn't quite understand your comment.

Cipla Limited

Cipla Limited CC-Sep24.pdf · 2024-10-29
Umang, on generic Advair, once the filing timeline from the US facility was towards the end of this calendar year, is that still on? I mean, are we on track to file Advair? And that would then trigger an inspection for that facility, right? So despite that, we expect that we'll get approval, we'll be able to launch the product in first half fiscal 26. Is that correct?
And my second question, Ashish, on the gross margin, the quarter -on-quarter improvement, I know it's sort of flattish, slightly better, despite US being lower, even though acute wasn't as strong, there is some acute impact in this quarter. Tender business is higher. So what exactly happened? Is there anything else? Have we seen a better API pricing environment? What's helping the gross margin trend?
Cipla Limited CC-Jun24.pdf · 2024-07-26
Umang, just a follow-up on Lanreotide. The economics for supply is the same for the generic as well as the 505(b)(2) product, right? So -- and given the prescription pattern does not change, is there a risk that the generic cannibalizes on the 20%, 22% market share that we have with the 505(b)(2). Is that something we should be worried about? Or am I thinking this incorrectly?
And is this a strategy because we foresee generic competition in Lanreotide? So to some extent, shields us from other competitor launching a generic Lanr eotide, would that be correct me to think about this from a more slightly longer-term perspective?

Mankind Pharma Limited

Mankind Pharma Limited CC-Jun24.pdf · 2024-07-31
Ashutosh sir, on the gross margin, most of the factors that you mentioned, sales mix can change seemed very sticky. Obviously, I understand there is seasonality in the business. Adjusted for that, is it fair to assume that this level of gross margin is sustainable for Mankind?
No, no. That is understood. I was just trying to get clarification because the margins had improved so much. So I just wanted to get a sense there. My second question, on the BSV deal, the 16% growth that we had mentioned, right, adjusted for their acquisition and COVID. If you were to break that up between international business and domestic, what would be the growth, let's say, in the domestic business and international? Because I think the international growth that you've mentioned is in constant currency, but on a reported basis, what would that growth be?
Mankind Pharma Limited CC-Mar24.pdf · 2024-05-16
First question is on the Consumer Healthcare business. I know you mentioned the mid -teens growth in the next year, if you could just give us some color on the confidence given the 2% growth that we have done this year? I mean what was the business transformation that impacted? And if I were to adjust for that business transformation, probably what was the growth in Consumer Healthcare? Just trying to understand the confidence on the mid-teens.
From a profitability perspective, would the Consumer Healthcare business margins be lower than corporate average? Would that be a right assumption? And as that ramps up, probably that margin gap narrows?

Torrent Pharmaceuticals Limited

Torrent Pharmaceuticals Limited CC-Mar24.pdf · 2024-05-24
First, Sanjay on the Brazil business, obviously we have seen pretty good growth this year. I know you've mentioned in the past you're launching more products. How should we look at growth from the current base, should we assume that the growth momentum that we have seen this year sustains going forward , the mid-teens sort of g rowth that continues on a constant currency basis?
And any plans to expand this team, given the growth that we are seeing in that market, could it see more people addition to accelerate this growth?

Max Healthcare Institute Limited