Questions across 14 calls

Sajal Kapoor

Firm not listed in source transcripts

Neuland Laboratories Limited

Neuland Laboratories Limited CC-Sep24.pdf · 2024-11-06

I have 2 questions. Maybe I can flood them together or ask them separately. What do you prefer?

Okay. So, I'll ask them together and then because they are related anyway. So the questions are, I mean, today, almost every other pharma company is enthusiastic about things like GLP- 1 peptide chemistry in general as well as India emerging as a key manufacturing d estination outside China and how all that can propel their own CDMO plans. So, every company is very vocal on CDMO plans and aspirations. So , the question really is that given the scarcity of high-quality talent and the escalating demand for it, how is Neu land balancing the retention of top talent alongside hiring the fresh energy and capability from the available capability pool? That's part one of my question. And then related to that, I mean, it's obvious that as the number of projects in the CDMO pipeline increases, we need more people to handle the larger funnel of possibilities. And I've seen we have added more projects in the early-stage pipeline, which obviously requires more people. So , the question is the number of scientists when I look at them, they have not materially changed for Neuland over the last 2 years. And we are still at tracking close to that number of 360 where we were a couple of years back. So how do you see this number of scientists moving over the foreseeable future, given that every co mpany is gunning for the talent? And in India, especially, there is a very limited and finite pool of scientists available. I can give you another number, Saharsh. WuXi AppTec alone has or had close to 28,000 scientists. That number, if I add the unlisted and listed Indian CDMO ecosystem together, I don't think we'll reach that 28,000. So , when you talk about China Plus One and Biosecure possibility, etcetera, I mean, has India got what it takes to even come closer to China?

Neuland Laboratories Limited CC-Jun24.pdf · 2024-08-01

A quick question . S lide 10, CDM O project dashboard. Phase two pipeline has improved significantly YoY, is this organic or inorganic? What I mean by inorganic is molecule hittin g our space from outside via truck transfer instead of organic progression from Phase-1 to Phase- 2.

Thank you. And then the second question is, in a scenario where dollar starts reacting down to higher than in normal inflation in the US. In the ballooning US national debt, there will no doubt be a material impact on our business because we are predominantly US dollar denominated exports. So, how do you guys read into this USD linked fragility which may or may not play out in near term. It's anybody's guess. But in a scenario, if it happens, what sort of strategy, mitigation etc. you have put in place? Thank you.

Neuland Laboratories Limited CC-Mar24.pdf · 2024-05-14

Before I ask my question, I want to make a small comment on our balance sheet. Actually, I've been very lucky with Neuland Lab. From a debt -heavy balance sheet into 2010, to net cash on books with the Nanakra mguda transaction is still pending. It has been an amazing journey of transformation and solid execution, so thank you for that. And coming to my question, over the next four years, we will likely generate an additional Rs. 2,000 crores of cumulative oper ating cash. So can you scratch out the capital allocation and dividend payout policy for the next four years. Because we are hardly paying any dividend today, which means that we are conserving cash and we have some capacity strong capability plans? That's my first question. And my second question is there was a recent news article in Financial Times that US FDA has been denied access to several Chinese sites in recent years, and a large number of auditors from Germany are refusing to visit China for the fear of arrest. And we can add Biosecure bill that has been tabled in the U.S. Senate to this mix, and this becomes a very potent combo for an alternative supply chain. You would imagine, no?

Neuland Laboratories Limited CC-Sep23.pdf · 2023-11-07

Neuland’s current form is akin to that of Indian cricket team, which keeps surprising on the upside, especially the seam bowling and coming to my questions and some of the major participants in the European API market have lately acknowledged that new competitors are coming from India, Euro API and others have also issued a warning regarding their profitability projection , I know you have had 200 pre -arranged meetings and over 50 walk-ins in the recently concluded Barcelona CP HI, so what is the take on the ongoing supply chain rebalancing, please?

And second question is press release on peptide building blocks was issued in January 2009, so could you please provide the performance evaluation of this optionality after 14 years in terms of learning and measurable outcomes?

Granules India Limited

Granules India Limited CC-Jun24.pdf · 2024-07-30

First, I would like to point our attention to slide 13, where we have listed our historic asset turn. So, historically, 2x is what we got to Fiscal ‘22 as well as Fiscal ‘23, now moving up the value chain and introducing better and more complex products , increasing gross margins. Logically thinking, we should try and improve our historic asset turns much better than 2x at full capacity, of course. I just wanted to understand what your thought process is, and I am not looking for any sort of guidance for this year or next, but on a directional basis?

But directionally, we are all set to breach our historic high at some point, right?

Laurus Labs Limited

Analysts/Institutional Investor Meet/Con. Call Updates Laurus Labs Limited has informed the Exchange about Transcript · 2024-07-25

In one of the slides, I mean, there was no slide number, so I can't refer to the slide number because there wasn't any, but in one of those slides, it was mentioned that out of the 28 customer audits conducted in Q1, how many were CDMO client audits out of these 28 that happened in Q1? What are these customers looking for? I mean, what draws them to Laurus when there are so many other CDMO companies in India? Thank you.

And is the intensity increasing? So, what was the number, let's say, 2 years ago versus today? I mean, do you see an increase in customer visits, customer audits, above and beyond the R FQ? So, I know you mentioned RFQs are coming. But are customers actually traveling to India and physically seeing the facilities and the infrastructure?

Laurus Labs Limited CC-Jun24.pdf · 2024-07-25

In one of the slides, I mean, there was no slide number, so I can't refer to the slide number because there wasn't any, but in one of those slides, it was mentioned that out of the 28 customer audits conducted in Q1, how many were CDMO client audits out of these 28 that happened in Q1? What are these customers looking for? I mean, what draws them to Laurus when there are so many other CDMO companies in India? Thank you.

And is the intensity increasing? So, what was the number, let's say, 2 years ago versus today? I mean, do you see an increase in customer visits, customer audits, above and beyond the R FQ? So, I know you mentioned RFQs are coming. But are customers actually traveling to India and physically seeing the facilities and the infrastructure?

Analysts/Institutional Investor Meet/Con. Call Updates Laurus Labs Limited has informed the Exchange about Transcript · 2024-04-25

Dr. Satya, do you believe that the whole can be greater than the sum of the parts in the context of the often CDMO services in biocatalysis , enzymes, cell and gene therapy and of course various chemistries across animal health, crop and human LifeSciences?

So, has there been any difference in the level of engagement with the innovators today versus let us say, 5 years back when we were onl y in the human pharma chemistries . Has the level of engagement shifted?

Laurus Labs Limited CC-Mar24.pdf · 2024-04-25

Dr. Satya, do you believe that the whole can be greater than the sum of the parts in the context of the often CDMO services in biocatalysis , enzymes, cell and gene therapy and of course various chemistries across animal health, crop and human LifeSciences?

So, has there been any difference in the level of engagement with the innovators today versus let us say, 5 years back when we were onl y in the human pharma chemistries . Has the level of engagement shifted?

Analysts/Institutional Investor Meet/Con. Call Updates Laurus Labs Limited has informed the Exchange about Transcript · 2024-01-24

So firstly, Laurus operates in highly regulated markets, including the U.S. and Japan. They have multiple lines of business in Bio CDMO, NCE CDMO, generic APIs and generic formulations. We have a diverse development and manufacturing footprint across several units and locations, and we are growing. So in future, we will be a much bigger organization. With all th at context, my question is, how do you verify that good culture is uniform. And that there is no cross contamination between compliance plus mindset and the practice of cutting corners and not maintaining the high standards of compliance that regulators an d stakeholders expect from Laurus. That's my first question, and I've got another one.

That's helpful and reassuring, Dr. Satya. And my second question is, one of our Indian competitors which is a pure -play CDMO has close to 100 projects with 400 scientists. So 4 scientists per project is the average. We have 60 projects and 750 scientists excluding generic formulations and generic API scientific talent that we have. So I'm adjusting the number that we have published, which is 1,088, and I'm reducing that to a number closer to 750, spread across 60 projects. Now this is way above the industry average of 4 to 5 scientists per project. So 60 projects should require anywhere between 200 to 400 scientists as a rough estimate, depending upon where that project is in the life cycle. Early -stage projects will require more scientists, Phase III projects will require less scientists and so on. So how come our scientific talent pool purely on the CDMO side is double that of the industry average? That is the question I'm trying to get your view on because clearly, scientific t alent is a fixed cost for us. And part of the operational deleverage that we are seeing in the operating margins is because of this high fixed cost that is not translating into revenues and scientific talent is definitely 1 element in that fixed cost. So w hy are we having such a high ratio of only 6 0 projects with 750 scientists?

Laurus Labs Limited CC-Dec23.pdf · 2024-01-24

So firstly, Laurus operates in highly regulated markets, including the U.S. and Japan. They have multiple lines of business in Bio CDMO, NCE CDMO, generic APIs and generic formulations. We have a diverse development and manufacturing footprint across several units and locations, and we are growing. So in future, we will be a much bigger organization. With all th at context, my question is, how do you verify that good culture is uniform. And that there is no cross contamination between compliance plus mindset and the practice of cutting corners and not maintaining the high standards of compliance that regulators an d stakeholders expect from Laurus. That's my first question, and I've got another one.

That's helpful and reassuring, Dr. Satya. And my second question is, one of our Indian competitors which is a pure -play CDMO has close to 100 projects with 400 scientists. So 4 scientists per project is the average. We have 60 projects and 750 scientists excluding generic formulations and generic API scientific talent that we have. So I'm adjusting the number that we have published, which is 1,088, and I'm reducing that to a number closer to 750, spread across 60 projects. Now this is way above the industry average of 4 to 5 scientists per project. So 60 projects should require anywhere between 200 to 400 scientists as a rough estimate, depending upon where that project is in the life cycle. Early -stage projects will require more scientists, Phase III projects will require less scientists and so on. So how come our scientific talent pool purely on the CDMO side is double that of the industry average? That is the question I'm trying to get your view on because clearly, scientific t alent is a fixed cost for us. And part of the operational deleverage that we are seeing in the operating margins is because of this high fixed cost that is not translating into revenues and scientific talent is definitely 1 element in that fixed cost. So w hy are we having such a high ratio of only 6 0 projects with 750 scientists?

Analysts/Institutional Investor Meet/Con. Call Updates Laurus Labs Limited has informed the Exchange about Transcript · 2023-10-20

My first question is, there is a quote from Henry Ford and I quote him, he said , “The only real mistake is the one from which we learn nothing. ” Do you believe D r. Satya that failures can sometimes lead to new opportunities or landing strips and provided the lessons are learned and internalized, and if yes, what examples from your own experience over the past year or so might you be able to share?

My second question, D r. Satya is, at a recent innovation conference in Cambridge , I heard a quote from a member of pharmaceutical life sciences company that kind of keeps coming back to me. The person asserted that possibility always produces uncertainty and fear of uncertainty is a competitive advantage or mode that keeps their business safe from rivals or competition. And they claim that if something is too simple to discover or develop, then anybody and everybody will eventually get involved in the field of del ivering or developing new drugs. So , the uncertainty is kind of a mode that protects their business , that was their hypothesis. I mean, what's your sense on this, if you can please?

Laurus Labs Limited CC-Sep23.pdf · 2023-10-20

My first question is, there is a quote from Henry Ford and I quote him, he said , “The only real mistake is the one from which we learn nothing. ” Do you believe D r. Satya that failures can sometimes lead to new opportunities or landing strips and provided the lessons are learned and internalized, and if yes, what examples from your own experience over the past year or so might you be able to share?

My second question, D r. Satya is, at a recent innovation conference in Cambridge , I heard a quote from a member of pharmaceutical life sciences company that kind of keeps coming back to me. The person asserted that possibility always produces uncertainty and fear of uncertainty is a competitive advantage or mode that keeps their business safe from rivals or competition. And they claim that if something is too simple to discover or develop, then anybody and everybody will eventually get involved in the field of del ivering or developing new drugs. So , the uncertainty is kind of a mode that protects their business , that was their hypothesis. I mean, what's your sense on this, if you can please?

Analysts/Institutional Investor Meet/Con. Call Updates Laurus Labs Limited has informed the Exchange about Transcript · 2023-07-27

I have just two questions, 1) Once a novel molecule during the clinical phase becomes commercially successful, the same team of scientist can support a new project right. So, to grow five times on the current CDMO base we need not double our scientists? Second question is on Laurus Bio, the design and construction of R3 will take all the learning our R2 downstream debottlenecking that’s my understanding. So, we should expect a relatively smoother/faster ramp-up when R3 goes commercial.

And on the CDMO side Dr. Satya to grow five times current days we need not hire or we need not double the scientific days because once a project is either failed supposed commercial the same set of scientists can pick up the next available project right?