My first question is on the expansion plan. If I look at the timelines for Pune. From what I remember from the previous presentation, this was mentioned in the first quarter, but we have seemed to have delayed it to the later part of the fiscal. Any specific reason, I mean, of the significant delay in commissioning of that project?
Okay. So, it is just to complete the superstructure for the additional beds.
Thanks for taking my question, sir. S ir, on the hospital performance, the fact that we managed to keep margins flat , despite the bed addition that we saw and the seasonally weak quarter , does indicate the point that you've mentioned that we've been able to do a lot of cost optimization and improvement in efficiency. One, if you could highlight how much of this is already captured in this 18% margin. I mean, is there more scope for this to contribute to margins? And second, as we see occupancy improve from the nine -month number of 66%, 67% on the existing beds, what is the trajectory? I mean, should we see margins crossing the 20% in the very near term or could that be a little more longer journey? Just trying to understand the, you know, gradient for the margin expansion that we should see in the hospital business?
Maybe if I can be a little more specific here. If I have to say the 18% margin improvement, how much of it would come from Malar divestment. And how much of it would then come from, let's say, the other efforts that we are sort of implementing?
Sir, first on the Delhi High Court, do we have any update there or any time lines when we can look at a closure to that litigation and the forensic audit?
Understood, sir. And the second question is again on the hospital margin, the 20% margin guidance that we're still building. While I understand occupancy and all of the reasons that you've mentioned. But how essentially are we getting to that number, the h igher occupancy, because we're also adding brownfield beds? While the breakeven time might be shorter, there is still some amount of ramp -up that will be required. So how exactly are we getting to the 20% margins, especially with the beds that we're adding even if they have are brownfield beds.
If I were to look at the growth that we've seen in the export business, that of course helps margins quite a bit. And if I look at the approvals, Mankind seems to be getting quite a few approvals in the US. Would you still qualify the US business like you have in the past as one off or we should continue to see this business grow and contribute to margins?
If I were to strip out the sales growth that we've seen in export market even with some margin assumption, would we have still seen margin expansion in the domestic business because it does not seem that way if I were to just do a basic back -of-the-envelope calculation, it seems like margins have been pretty much flattish this year despite the growth in domestic?
My first question is on the OTC business. Sheetalji, I think you mentioned that there is obviously optimization of inventory and certain IT tools that we have implemented. Is that all done? Should we start assuming the growth improved from the next quarter onwards? Also in the OTC, is there some seasonality? Because, if I look at your numbers last year, it seems like the first half seems to do much better than the second half or is that not the case?
And on the domestic formulation business chronic we are doing pretty well from the numbers that you have indicated. The acute part, from the commentary it seems that part of the acute season which wasn’t captured in the 2nd Quarter will probably come through in the third quarter. Therefore, on a full-year basis, we won’t be as weak as we have seen the quarter to be. Is that a fair assessment or do you think this season is a lost season and therefore now th e focus is in terms of maintaining the chronic growth momentum that we are seeing?
Thank you so much for taking my questions. If I were to look at the SG&A spend increase that we have seen in the quarter or even if I were to look at it over a three-year period, I know you’ve mentioned that we've been investing in Horizon -2 projects that you talk about. But from a monetization point of view, when should we start seeing this contributing to revenue? I'm just trying to understand, when should we start seeing operating leverage in the higher spend? And do you think this number continues to trend up from where we are?
And, you know, if I were to dig a little deeper on the points on the launches . I know in your analyst meet; you've mentioned certain areas that you're working on. But , out of the 20 -25 launches that you talk about in the U.S., can we try to understand as to how many of these could be the ‘bread and butter ’ launches that we need , to offset the base business and how many of these could be meaningful products? Some color there would be helpful.
Thanks for taking my question. First is on the Mayne acquisition. When we announced this acquisition, it had a revenue base of about US$ 65 to 70-odd million. Post clearly five, six months of integration into the Reddy's portfolio, have we seen traction in terms of our ability to gain more volume in the product because we don't see that in products like NuvaRing, which is stuck in that 2% - 3% market share. How should we look at the acquired portfolio going forward?
On NuvaRing, sir, any reason why its stuck at about 2%-3% market share despite the launch in Feb?
Umang, On the Indore warning letter, the FDA has brought out the Advair customer complaints - - the recurring complaints, and the fact that we didn't recall it despite the recall in March, which was -- I know you mentioned it was unrelated. Do you think there's a risk to the albuterol market share that we have now because of the warning letter? Is that something that we should be concerned about? And have you addressed the -- or do you think the FDA expects you to recall Abraxane given the wa y they've mentioned it in the warning letter?
Yes, sorry, albuterol. My bad. Apologies.
Umang, in the last call if I remember correctly, we talked about US base of about 200, 215 and now I think you mentioned about 2 20, 225 given the momentum that you're seeing in some of your complex products. But other than that , has anything fundamentally changed quarter -on- quarter in the US or this is just improvement that you're seeing in the base portfolio that is driving this higher US guidance?
Is there scope to improve that further, I'm just trying to understand if there's upside to this 220, 225 number that we are mentioning?
Just one clarification : what would be the profit share ? You mentioned that the milestone was 5%. What would be the profit share in the quarter?
So that is similar to the last quarter?
Yes, thanks for taking my question. My first question is on the India business. Given the strong performance that we have seen and the upcoming launch of SEMA that you indicated, should we expect this growth rate to improve further as we look through the next few quarters, particularly as we add SEMA? And just a related question on that, would we need to add any more sales force or any plans to expand the sales force in India generally for SEMA or otherwise given the strong growth that we have seen? For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com,
And this has not been done as yet, sir?
Yes, thanks for taking my question. Abhay, first question on the Checkpoint asset. What should we think about from a timeline perspective for the launch of the product? Obviously, the deal needs to be completed, so will that be a launch probably in the later part of the year?
Fair enough. That's clear. My second question is on the India business. We saw a fantastic growth this year, given what the industry has been doing. Kirti, sir, when we think about next year, do we need to invest more in MR? Should the growth momentum that we have seen this year continue? Any color that we can provide on how we are thinking about the India business and the investments there?
Thanks for taking my question. My first question is on Leqselvi. Now that we have launched the product, how should we look at, I mean, what would be the key milestones in terms of traction of the product? Because if you look at the other two competing products, we have seen very different trends from IQVIA in terms of the prescription trends. If you can just help us in terms of when you think we get to a point where we are comfortable with formulary coverage, how much time would that take roughly?
And Rick, in your view, when do you think this starts converting into revenue contributions, once you see that formulary coverage, would it take usually nine months? Would it be a year out? Or, you could start seeing contribution much faster than that, from a revenue ramp up perspective?
Thanks for taking my question. We have two questions on the specialty business. On Leqselvi, when should we start seeing revenue contribution from improving payer coverage and payer access that you talked about? Would more meaningful revenue contribution from this be evident, let's say, in the later part of this fiscal or more so would you say in fiscal '27? What would be your assumption there?
And on ILUMYA, is it fair to assume that the prescription growth that we are seeing, I know as a category biologics in psoriasis is growing. But even as we wait for psoriatic arthritis approval to come through, we can continue to see the momentum in prescription growth over the next few years?
Sir, based on your guidance of high single-digit growth for FY '25, even if I were to just think about the various businesses, particularly Specialty; is it fair to assume that this year, even with ILUMYA growth, we are not expecting too much momentum in the rest of the portfolio, particularly Winlevi? Is that how I should be reading this number? And along with that, if you could just give us an update on what you're seeing in Winlevi.
And do you expect the momentum to build from here, now that you've started seeing a pickup on Winlevi? Would that be fair to assume?
Abhay sir, on Winlevi, IQVIA seems to be showing very sharp peaks and dips in prescription trends, but your comment for the last few quarters has been that we are seeing improvement there. Just wanted to For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, understand, any reason for the discrepancy in the revenue and the RX , is IQVIA not capturing that? And is the traction that we are seeing in Winlevi in line with the expectation especially given the changes that you mentioned you have done in the last quarter?
And despite that, you are still seeing growth in the product quarter-on-quarter?
My first question is on Winlevi. Abhay sir, given the change that we had in strategy, you talked about it a few quarters back. If I look at the IQVIA data, obviously, the trend seems to be not reflecting that change. Are we seeing an improvement in Winlevi sales quarter -on-quarter? Is it in line with our expectation? And what should we expect in terms of when should we start seeing that prescription traction picking up given that we’ve changed the strategy only a couple of quarters back?
And are we seeing that quarter -on-quarter, month- on-month improvement in terms of prescriptions?
My first question is on the India business. We continue to see higher than industry growth for quite some time for Sun Pharma. One, where are we on MR productivity to sustain this rate of growth, do we need to add more MRs to maintain this growth. And is this all from the branded business or some of this is also because we are eventually going to see a generic OTC expansion? Just wanted to get some colour on the 14% growth.
And any plans to expand that, sir?
Just on the Specialty business. First, if I look at the global revenue in the quarter, it seems very similar to what we did in the March quarter, even adjusted for the milestone payment. This is despite you indicating that prescriptions are going up. Winlevi data shows that prescription is going up. So is there any part of the business which is much lower than what it was in March? That's my first question.
Because if the prescriptions are improving as much, why are we not seeing that momentum in the revenue that we are reporting?
Abhay on Ilumya. If you look at the IQVIA data, it's seeing very good traction in the last year. Incrementally from here -- what are the incremental pockets of growth? And how should we look at expansion in For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, Ilumya or continued expansion in Ilumya versus the risk of biosimilar Humira probably eating up some of that prescription, is that a concern at all?
Understood. And for CEQUA, we have seen share come off pretty sharply because I think generic Restasis seem to have picked up share. So do you think CEQUA can continue to grow despite the fact that generic seem to be eating away on the Restasis' share, because we've seen CEQUA share also come off pretty sharply in the recent weeks.