Stockrabit · Analysts
Questions across 13 calls

Nitin Agarwal

Firm not listed in source transcripts

Biocon Limited

Biocon Limited CC-May26.pdf · 2026-05-08
So, my question is on the insulin business. Can you just give us a sense, you talked about you have now the short -acting, long-acting as well as recombinant insulin. What is the addressable market globally across these 3 insulin put together from a size perspective?
And Shreehas, on that account, there have been off late some recent approvals with Chinese companies which have come through. How should one think about that? In the past, Chinese have had a tendency to disrupt markets. So , do you foresee some of those challenges for us in the broader insulin space?
Biocon Limited CC-Nov25.pdf · 2025-11-12
This is Nitin from DAM Capital. Shreehas, two questions. One is on biosimilars, can you give us a color on how does the revenues for the half year split across various geographies, U.S., Europe , and emerging markets?
Okay. And secondly on -- we've had a lot of discussion around the biosimilars in the U.S. But just if you can spend some time on giving us how you're seeing the progress on EU and emerging markets as far as the portfolio is concerned? What kind of post the integration and where do you see these 2 things -- these two sort of geographies headed from a portfolio perspective?

Zydus Lifesciences Limited

Zydus Lifesciences Limited CC-Jun25.pdf · 2025-08-12
Thank you for taking my question. Sharvil Bhai, on Lenalidomide, for the remaining quarters, do we still have quantities that we intend to book or are we largely done with the quota?
Sharvil Bhai, when we look through the remaining 3 quarters for the year, you know when we're talking about growing on, you know the business that we did last year in the US , given the fact that we did have a large mirabegron, we did have a largish Q4 contribution from Lenalidomide plus the Asacol erosion which come through this year, what sort of drivers do you see will make up for some of these things going forward?
Zydus Lifesciences Limited CC-Dec24.pdf · 2025-02-05
Can you hear me?
Just taking off on the previous question . Sir, you know in the last call, you shared a couple of large launches in F27 that'll come through for us. That's more like a second half of F27 opportunity. So, after bulk of the Revlimid is sort of done , are we looking at essentially a situation where there's going to be a period where there are not many big launches or launches will sort of take care of a lot of the delta between Revlimid and the ex-Revlimid business for the time, as some of the bigger launches being kicked? 16 of 27
Zydus Lifesciences Limited CC-Mar24.pdf · 2024-05-17
Hi, Sir. Thank you. Thanks for taking my question . Sharvil bhai, you know given the way the commentary has been, F25 and also F26 look to be very, very strong years for us given that we will continue to have tailwinds from Revlimid, possibly our gAsacol as well as even Mirabegron for now. You know how should we loo k about, you know the year after that , post FY26 onwards ? Are we looking at potentially a largish cliff coming in the earnings as some of these big ticket opportunities begin to fade away or do you think there is enough in the pipeline to take care of you know sort of substitute some of these high growth opportunities?
So, we should not be, we should not look at a situation potentially that we have a largish cliff coming through for the business on the high peak that we do in FY25 and FY26?

Lupin Limited

Aurobindo Pharma Limited

Aurobindo Pharma Limited CC-Mar25.pdf ·
Sir, I was saying about the biosimilar business, we mentioned that we invested almost US$ 400 million in the business so far. At what time frames do we start to expect making decent ups of our expected ROCs on this business? This is going to be ‘27, ‘28, or subsequently?
And Satakarni Sir, while not looking at specific guidance, but given the way you are seeing the business, the way you see the dynamics in the biosimilar business, the pipeline that we have, I mean, over this timeframe, ‘28, ‘29, ‘30, excluding the CDMO part, only the biosimilar part, I mean, what is the potential of the business to get to in terms of size? Is it a $500 million business, a billion -dollar business? Where does it get to in terms of the investments that we made and the capabilities that we have in this business?
Aurobindo Pharma Limited CC-Dec23.pdf ·
Sir, my question is 2 things. One is on the biosimilar business. Dr. Satakarni has given us a sense on the pipeline, but if you can give us some more colour on how should we see the commercialization part of the biosimilar business over the next say next 3 to 4 years and sort of which geographies do you anticipate where the revenue commercialization will start earlier? What kind of salience can this business really have in the overall things say 3-5 years down the line for us? Dr. Sat akarni Makkapati: Nitin, that's a good question. So, with the Trastuzumab SEC recommendation this year, we would hope to commercialize Trastuzumab in the Indian market in the next quarter or two. That's the start of commercialization phase for this breast cancer drug. Now, with three filings in regulated markets across Europe, Canada, MHRA, we expect [them] to translate into regulatory approvals towards the end of next fiscal year. [This] means that we would also begin the commercialization phase of these products in the next four to five quarters time. Now, with four more products in clinical trials, especially the big ones which is the Xolair biosimilar , with limited competition , and the second Immunology asset that recently advanced to Phase 3 clinical trial which is a Prolia biosimilar Denosumab , both of them will be filed in 2025 in Europe and other regulated markets, including the U.S., which provides us an opportunity to get into commercial phase in the following year, which is calendar year 2026. So, while I'm not a great fan of giving projections to what could be the size of the business with seven products, out of which three of them probably get to approvals in the U.S. before 2026 and at least three to four of them in Europe, and the filings in emerging markets are going to happen with trastuzumab and other programs , I see 2026 as an inflection point for this business. For the hard years that have been put in and the investment prudence that we have followed in shepherding these products through nuanced clinical trials over the last three to four years, I see 2026 should be the year from where a significant chunk of commercial opportunity or commercial revenues will start to come in. Now, with Xolair (biosimilar), I expect by 2028 we would be around $120 million to $180 million provided we will be able to get approvals both in U.S. and Europe, and another $20 million from the rest of the world. So, this is one product that I can give guidance about because there is limited competition. The other products, we are entering into a market which is already slightly formed. So, we know where we are getting in there. We really need to test the market, but the guidance after five years for Xolair (biosimilar) would be anywhere between $120 million to $180, $120 million in the worst case and $180 million in the best -case scenario with another $20 million coming out from the ROW markets. The most important thing to underscore here , Nitin, is the margin base that will increase with the introduction of biosimilars in the regulated markets. So, that's something which we are excited about four to five years from now and see how our efforts in investing as a company into differentiated portfolio of which biosimilars (business) is significant will translate into benefits and increased margins for Aurobindo as a whole. Does that answer your question?
That's very helpful. If I can just probably push one point taking reference from what you mentioned earlier, barring Xolair in most of the other products, we are probably going to be entering late aftermarket formation. I mean given the way dynamics in biosimilars have played out in Europe and the U.S., I mean what is your assessment in terms of what is our capability? What is the right to win even after we enter so late in some of the most of these products going forward? Dr. Sat akarni Makkapati: So, that's an interesting perspective. Now, in the first wave of products where we are already entering a formed market. A formed market is in a sense where biosimilars have already formed the market. There is a price erosion that has already happened, for example, if you look at a Trastuzumab, I don't think it is going to erode further. In fact, the market started to pick up now because the outreach a nd availability of this biosimilar for multiple other patients or the patient base is increasing. So, when you enter a formed market, you make educated decisions. You say, okay, you have a price erosion of around 85% or 80% already in certain markets, so do I have the cost of goods to enter and still make a 80%-85% gross margin. So, only when we think we can enter a market which is already formed and if there is a further price erosion of 20% -30%, still we can make around 80% to 85% gross margin, only then we are entering into those markets and developing those products. So, we are sure while we are slightly late in certain products, With Denosumab, we will not be very late. With Denosumab, we will be in the 1 st and 2nd wave of launches. With the first wave of products, it is a very strategic decision that we will enter into a low risk and already formed market . A low risk both in terms of the market as well as in terms of the IP risks. And we will test ourselves. So, for example in Europe, with so much price erosion we see with these products, I can safely tell you with the cost of goods that I'm having, I will still have a 85% gross margin.