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Thank you very much ma'am. We will now begin the question-and-answer session. The first question is from Neha Manpuria. Please introduce yourself and proceed with your question, ma'am.

This is Neha from BofA Securities. First question on the biosimilar business, the upgrade of production and quality that you have mentioned, is it fair to assume that this is largely done and behind us? And second, what led to this need for this upgradation of production? Because these approvals were expected to come through this year. So, any specific reason that drove the upgradation at this point of time?

So maybe I will ask Shreehas to answer that question.

Yes. Thank you, Kiran. Thank you, Neha, for the question. I think that question is fair. And as you've seen us talk over the last few quarters, you would have seen us receive several approvals of new products across geographies. We are also launching several products. You heard Kiran in her opening remarks talk about several launches that are upcoming. We're also seeing a very substantial demand for our products across the U.S. and in Europe. So, what we've done in the current quarter, which was a planned operation, where we've upgraded our facilities to be able to scale up and be able to deliver on this increased demand as we go along. So, in the coming quarter, of course, it continues in our growth trajectory like we had projected. And as we focused on this current quarter, which you saw in our financials, we were able to also, given that we had a good demand for our products, prioritize high- margin markets which preserved the margins. In fact, you will see that those margins have been higher than what our guidance has been in the mid-20s. So, we believe that this has gone as we had projected. And on a full year basis, we'll of course be in the mid-20s on our margins as well.

Shreehas, then how should we think about growth from here? Like you said, that for the full year, we're still guiding mid-20s. Next year, given we have a bunch of these launches that will flow through, should we get back to, you know, the 20 plus percent growth trajectory for the biosimilar business with the mid -20s margin, or should that margin also improve going into next year?

Yes, I mean, as I've said, we've refrained from giving specific guidance for the future. We did say that we will have the mid -20s for the current financial year. Neha, I think if you look back at what the growth has been, it's been strong growth in the last several quarters that we've had. And with the launches now set up, which we've just talked about, with the demand growing across geographies, it's obvious that some of these things are expected to improve, but I'll refrain from giving any specifics on how the margins are expected to improve. But clearly, the future is more exciting than what the past has been, is a fair way to look at it.

Understood. And sorry, if I may squeeze in one more question. I think we mentioned about capex being largely behind, and a lot of the focus now on cash flow generation. Could you help us through what the capex would look like for the consolidated entity i n fiscal '26 and '27? And should we expect that to moderate as we look at the next two, three years?

I think maybe Kedar can come in on this one. At Biocon Biologics, Neha, as you know, most of our investments were behind us. The only real investment that we were focused on was our insulin capacity that we were looking to double. The drug product capacity comes online in the coming fiscal year, so we expect to double our capacity. So that investment is clearly behind us, and capacity will significantly increase in the coming fiscal. The only other thing which was going on was our insulin drug substance, so there is nothing new that we are investing on capex. But maybe, Kedar, if you want to add some more colour on this.

So, that's right, Shreehas. At a group level, we were tracking roughly $ 275 million plus, Neha, if you recollect, of capex every year. That has moderated to less than $225 million. And going forward, as the Malaysian capacity build-up gets over, I think we will see further moderation, because largely hereafter it will be maint enance capex across three companies.

I think, Siddharth, if you want to mention also that our investments in the peptides also is largely behind us.

Yes. So, I think we have invested, of course, in many facilities, including peptides, expanding our drug substance facility, and last year we commissioned our drug product facility. So, large part of capex in generics is over, and now it will be mainly the maintenance capex, which will be there, which is going to be very small compared to the previous investments.

Understood. Thank you so much.

The next question is from Damayanti Kerai. Please introduce yourself and proceed with your question, ma'am.

Good morning, all. Thank you for the opportunity. This is Damyanti from HSBC Securities. So, my first question is I just want to understand your other operating expense during the quarter. So last time when we were discussing, we understood most of your costs are in the base. But sequentially here also, we saw a 10% jump. If you can help us understand that and how should we look at operating expense trajectory in coming quarters?

Kedar, would you like to take that?

Yes. So, Damyanti I think if you are referring to this other expense row, which is about INR1,178 crores, that comprises the expenditure across manufacturing facilities quality expenses, commercial expenses across three entities. And that is largely fixed in nature. There is some element which is linked to the sales across all the three companies. And the growth of that particular line will be lower than the revenue growth. That's how I think it's going to trend hereafter because most of the base spends on commercial setup, regulatory setup, all the global infrastructure for manufacturing quality enabling functions, all that is already in.

Okay. So, the current quarter number is a new base, if you have to look at and it will be mostly linked to the top line movement, the variable part?

That’s true, yes.

Okay. So Kedar, can you also update us on the net debt position as of December 31 or as of, say, current?

Yes. So, the net debt that we owe to the bondholders and the banks, it shifts in a narrow range of $1.1 billion to $1.2 billion. We have said that all the structured debt has been retired. So, end of June, the Goldman instrument got retired. On 1st October, the Kotak instrument got retired. And in the first week of January, we have retired Edelweiss as well. So, all that is over. This quarter, you've seen a decrease in the finance costs by more than INR 62 crores sequentially. And if you recollect, before we started this exercise, the annualized run rate of interest cost was trending upwards of INR 1,150 crores, INR 1,200 crores. And we have been able to substantially bring it down Damyanti.

Okay. Sure. My last question is what is your rationale to acquire the full global rights for Hulio, adalimumab given it was a challenging market in the U.S.? And then that was a key market we were looking forward. But if you can just discuss that as well?

Shreehas, you might want to take that.

Yes. Thanks, Kiran. Damyanti, thank you for the question. See, Hulio for us is, contrary to perception, how you qualified , it’s been a very, very successful franchise. We've consistently for the last five years and this is probably the sixth year that we've grown that franchise in Europe. It continues to be one of our products that delivers in excess of US $200 million for us on an annual basis. So, adalimumab, Hulio is a very successful franchise for us in the portfolio. And given that, that was a product that we continue to invest in, we wanted to always be a fully integrated player. So , this is a product we developed very closely with our partners in Japan. It's been very successful. And as we take it forward and increase our portfolio in the onco -immuno spaces, it made a lot of sense for us to integrate that product as well. So, that's the rationale and the thinking behind bringing Hulio into the fold as a fully integrated player.

So Shreehas, will that also improve our expectation for the U.S. market, or it will be mostly for ex U.S. market, which would be meaningful?

It would be meaningful for global markets, Damyanti. It will also give us the opportunity to also widen our offerings. As you know, we currently only have the low concentration product in the market. We will also have the opportunity to develop beyond that. And those are things we've talked about in the past as well with the community. And clearly now Biocon has the ability to determine its future and the destiny with this product.

The next question is from Surya Patra. Please introduce yourself and proceed with your question.

Thank you. Thanks for this opportunity, sir. Sir first clarification to the earlier commentary that you have made. Adalimumab (Hulio) is a $200 -plus million business for us. Is that correct? And a couple of quarters back that you had mentioned, you have three molecules which have crossed $200 million. So , whether this is one of that?

Yes. In fact, we had four molecules in the zone of 200 million annualized as of last year. And yes, adalimumab is one of those molecules.

I believe you are muted.

Yes. Can you hear me, Surya? What I was saying is that, yes, we had four molecules in the zone of $200 million annualized revenues and adalimumab was one of that.

Sorry, Kedar I cannot hear you.

If you can't hear Kedar, let me say that – Kedar was saying that it's not three, but four molecules, which are $200 million plus, and adalimumab is one of them. Can you hear?

Mr. Patra, I would request you to kindly check your network and your setup. I think there is a network issue or maybe the audio issue at your end? I would request you to kindly rejoin the meeting. In the meanwhile, we'll take the next participant Shyam Srinivasan. Please introduce yourself and proceed to the questions.

This is Shyam Srinivasan from Goldman Sachs Research. Just first question is just on the trajectory of the biologics business. Maybe I'm not looking at like quarterly variations. But yes, there's been a slight slowdown in growth. I think Shreeyas, you alluded to higher growth going forward. So, what are some of the drivers that gives us confidence. I know I'm not asking for a quantitative number, but just what drives revenue up. So, 9 months is also 17%. And I'm assuming very difficult to see what the underlying constant currency growth is, right? There has been a rupee depreciation impact also. So, I just want to see when are we moving to a slightly faster trajectory of revenue growth in the biologics business?

Thanks, Shyam, for your question. I think let me respond to you in a couple of points that you've made and let's look at what data points we will refer. I think the first up being that if you look back almost 7 or 8 quarters, I think there's been year -on-year growth that we can look at and we'll also look at sequential growth that we've had quarter -on- quarter. Now we know that the last full year, we didn't have any new launches. And yet we saw that there was a significant increase in revenues year -on-year as well. So, we can go through the numbers. We can look at that data for you. But I think characterizing it as a slowing down of growth is probably something we'll have to sit down and look at. Now coming to where it is headed, I was responding to a question which Neha asked earlier, we've clearly bought 5 new products , some of them we've launched. You've seen the uptick of Yesintek in the U.S. seeing a tremendous response. We've seen over 70% formulary coverage, we've been amongst those few biosimilars in the U.S., which is now about double-digit market shares. So clearly, there's a step up from where it was. And growth will obviously be expected when you have new product launches, which would have then also higher knock -on effect on the margins that we were talking about earlier. We've refrained from giving specifics because there would also be some erosion in the legacy products, which have been in there in the market. So , we'll have to wait and watch, but we clearly feel very good about how things are trending sharply.

Helpful, Shreehas. Just a second question on the generics business. I think a very solid performance this quarter. If you could kind of break it down into just the new what is traction on the new launches, including the GLP -1s? And how should we look at, say, again, outlook for this business?

Yes. So, Shyam, I think as Kiran mentioned in her opening comments, the growth was driven primarily by liraglutide launch in European markets, which was through our partner Zentiva as well as direct to market and couple of countries. And I think that traction would continue. We will be launching this product in a few more European countries in fourth quarter. We will also be supplying more product to our partner. And apart from Europe, we are, of course, looking at other markets. So , our filing is under advanced stages of review in various markets, including the U.S. and depending on, of course, the FDA action , we are hopeful that we should be able to launch the product in U.S. and other Latin American markets in the coming quarters. So, the demand is still very solid. Of course, it's a de-growing market because a lot of patients over the last couple of years have moved to Ozempic, but we still see that there is a lot of demand, there is limited competition, and we have a very good play that will drive the growth. Apart from Li raglutide, we had a couple of other products also that were launched. These are OSDs, and we have a couple of more launches coming up -- and the base business also is doing good, the market share of our products is holding up in the U.S. So, I think overall, things are good, primarily contributed by lira but other products will also continue to drive growth.

Helpful, sir. Just one sub -question on the GLP -1 and semaglutide in Canada, elsewhere, if you could give us an update?

So, we had mentioned in quarter 2 that the filings have begun. We have filed in Canada, Brazil, Saudi, Turkey. And we continue to file in other markets. Of course, the review cycle is long drawn, especially in markets such as Canada, where we have not seen a single generic GLP being approved, including liraglutide, which has not been approved by Health Canada. So, we are hoping that sometime next calendar year, we should be in a position where we at least make advanced progress on semaglutide. And I think the market still is very attractive. We have seen the actions taken by Health Canada on some of the earlier filers. And it continues to be a bit complex, but we are hopeful that next year, we should be able to make a good progress with Health Canada.

The next question is from Tushar Manudhane. Please introduce yourself and proceed with the question.

Yes. Myself, Tushar Manudhane from Motilal Oswal Financial Services. Sir, firstly, just extending Shyam's question on Canada. So , if you could share your perspective in terms of what's holding on Canada as a regulatory authority for approving the GLP biosimilars or generics? That's my first question?

So biosimilar, of course, Shreehas can comment on it. We have seen many approvals of biosimilars in Canada. I think the GLP -1, of course, has a separate guideline path that Health Canada follows. And it is a bit different compared to what a European regulator or U.S. FDA follows. And I think, as I mentioned, that despite filings, multiple filings on liraglutide and other GLP’s the Health Canada has not approved a single file there. I think they are still trying to understand the risk associated with this product and the preclinical work that generic filers have to do. And I think we have done back and forth with Health Canada on our previous filing of liraglutide. So , we do understand a bit of what they are expecting. And I think we are hopeful that over a period of this year, they should be able to be very fixed and firm in terms of what they're looking at. And that's why we have confidence that by next year, that we should be able to get the approval. I think we have mentioned in the past, we know we are a vertically integrated player on GLP. So, we have very strong characterization and development capabilities. We have our own drug product facility. We have our own device facility. So , we understand the science behind it. And I think we have to work with the regulator to explain that why it's a high -quality product, while it's a comparable product. And as I said, navigate the challenges. And it's not the generic filers. I mean we have s een other very credible companies who also filed and have had challenges. And I think working with the regulators is what's required. And I think they also understand that they have to approve it. If you look at the Canadian market, which is US$25 billion today, Ozempic and Wegovy are, give or take, 8% to 10% of that market. So , bringing down the cost and making the drug affordable is, of course, a priority for the regulator as well. And I'm sure that we will, along with other filers, navigate that challenge soon.

So here, is this because innovators might have acting through biological routes where filers have done it through Synthesis route. Is that an area of concern?

No, I think that is very clear globally that everywhere, including U.S. and Europe, everybody is developing with a synthetic route. So that is not a concern.

Yes, I think, if I may just jump in Tushar. Liraglutide has been approved by Europe. So, if you look at that as a case in point, then I don't think that is the issue. I think Health Canada really has to have a regulatory final view on what it requires to approve. And I think that is not very clear on all G LP ones. So, I think that is where the real issue is. But I think it should be resolved soon is our expectation.

And just on the progress on the insulin aspart, if you could share?

So, insulin aspart has been approved . In the U.S., as you know, it is the first interchangeable insulin aspart. It is already approved in Europe, and maybe I'll ask Shreehas to comment on what is it that you exactly want to know.

How the commercial scale -up is expected to happen over the next 12 to 18 months?

Yes. Thanks, Kiran. Thanks, Tushar, for the question, and we can add more color to what we were just saying when Kiran commented on it. We're very proud of the fact that we are the first interchangeable rapid acting analog that the FDA has approved. We've got prior approvals in other jurisdictions as well. We've said in the past that we had a very responsible insulin company where clearly, there's tremendous opportunity here again, like some of our other products. We see that there's just the originat or and us that are looking to target this -- we've had a very, very successful entry into the U.S. market with the closed -door hospital networks that has already been very successful. We see close to 100% conversion to our product. So that's been a very good response that we've seen. And they're now as Matt, who is our Chief Commercial Officer for Advanced Market and Josh Sasly, who leads the North America team , deal with the responses coming up, you will see more progress into a wider group of customers as we expand our presence in the North America market with this asset.

So effectively, will that convert into, let's say, the business in this calendar year or this process will sort of ha ve its own gestation period. And accordingly, the business scale-up will be somewhere maybe like 3 to 5 months down the line, how do you think about that?

We would certainly look to move this product into this financial year. As you know, our demand for insulin Tushar has been growing. And we are looking to add more capacity. I just talked about doubling our drug product capacity this fiscal. Our insulin glargine capacity demand continues to expand . So, we are looking to now bring more product in so that we can be a reliable supplier and a partner to our customers and patients as we bring more products in the insulin franchise. So , this should happen in the current fiscal, and we look to expand that to more customers beyond what we've done so far.

We'll take the next question from Surya Patra.

Yes. Thanks for the opportunity. This is Surya from Philip Capital. Sorry for the repetition of the question. I could not hear last time. So, I was asking that whether adalimumab is one of the top three products which have crossed 200 million for us?

So, let me answer that by saying that Kedar said, it's not three, but four molecules, which have got over $200 million in revenue and adalimumab is one of them. I think you will have to take this offline because he cannot hear for some reason.

Yes, ma'am. We'll move on to the next question from Harshit Dhoot. Please introduce yourself and proceed with your question.

Okay thanks a lot for the opportunity ma'am. Harshit Dhoot from Dymon Asia Capital. Just one bookkeeping question. Our EBITDA of INR700 crores in biosimilars business, is there any inclusion of the exceptional gain, which we have put in the notes to accounts in this INR 700 crore number?

No, Harshit, that gain is in the exceptional line. It's not part of the ordinary business. So that gain that we have realized by virtue of the integration transaction is not in the EBITDA line, Harshit.

So, INR 700 crores is the clean EBITDA, Kedar?

Yes, for biosimilars.

So, can you please elaborate what has changed? Because sequentially, top line was down and EBITDA shoot up. So, what were the improvements that drove this the good number in biosimilars business?

Yes. So, Shreehas has clarified that this quarter, we have prioritized high -margin markets. So usually, the North American geography mix out of total biosimilars is roughly 40%. This quarter, it's beyond 46%, 47%. And that's the reason we have been able to get both higher gross margin and EBITDA as a percentage terms. For your simulation and modelling, you should consider, let's say, full year average because the other regions will shape up in the coming quarters. So maybe you should go around with our usual margin and a full year average margin and not this quarter's margin.

Okay, thanks Kedar. Thanks a lot.

The next question is from Sachin Jain. Please introduce yourself and proceed with your question. Your audio is low. If you could be a little bit louder.

Sir, I want your view on the insulin market. Is it now a supply-constrained market, particularly when innovators moved their capacity towards weight-loss drug. So how is the current scenario? Can you just give some overview on that?

Shreehas you might want to answer.

Yes, I only could hear you, Sachin, briefly. You said is it a supply constrained or a demand constrained market? Did you refer any specific product or product?

No, he said, the question he asked was, given that GLP-1 is where the innovators have been focusing on, is insulin a supply constrained market, or what is happening? He wants to know.

Well, I think the way I would classify this is, that the insulin demand has continued to be robust, Sachin. And given that there is just the innovators and Biocon, it is a very unique situation to be in. We've made significant investments in our unique technology platform. So, we have a proprietary platform on which we make our insulins, which is innovative in that sense. And we also have very large -scale manufacturing capacity, device capabilities, which is needed for insulin. So, demand is absolutely not a challenge here at all. And it is as much as we can make, which is why when I was responding to Tushar, we've been very responsible in taking on more patients because this is something when you take on a chronic therapy, you do it for life. And we are doubling our capacity in the drug product insulin capacity, and you will see that franchise grow in the coming quarters as we take on more market share. We do not expect that the insulin demand globally will reduce. And we expect us to be a very, very significant player in the insulin space.

Sir, when you likely believe Malaysia expansion will commercialize.

Sorry, you are very feeble, but my understanding of your question is when do you see the Malaysia expansion go commercial? If that is your question, then the drug product is expected to go commercial in the coming fiscal, which is fiscal '27, and the drug substance expansion, which is also expected to double our capacity will come in a year or 1.5 years after this.

Thank you so much.

The next question is from Siddharth Negandhi. Please introduce yourself and proceed with your question.

This is Siddharth Negandhi from Chanakya. Just a couple of nuances on the biosimilars business. Given we launched new products in this quarter and the previous quarter, could you give us a sense of how the year-on-year and quarter- on-quarter growth plays out between the existing products and the new launches? That was the first part of the question. And similarly, would it be fair to assume, given the higher sales in the US that we've seen a year-on-year or quarter-on-quarter decline in EU? So that was one. The second was if you could share some colour on the market share of the products, both the legacy products and some of the new products and insulins?

I think multiple questions in that. See, the first one, is how do you look at the quarter - wise progress of these numbers. My sense is, I think Kedar responded previously is the way to look at this is a wider window of four quarters. And as new products launch and get to market, we've said even in the past that some of these take, four to six quarters, some of them take, maybe up to six to eight quarters to reach their peak sales. But you will start seeing the ramp-up. You'll start seeing the numbers play into the P&L as products start gaining traction. Fiscal '27 is the first time that you will see some of these launches that we did in '26 begin to play out as the numbers get into the quarter. So that is as far as we can go because it's hard to give a quarter -by-quarter prediction on how every launch in every market will play out. That's number one. I didn't quite follow your question on the European piece. We are looking to grow the European market as well. This particular quarter, you heard Kedar say that we've prioritized profitability. We've looked at higher margins, which is reflected in the financials. But we see demand across regions. And as more products come online, you will see all our regions, North America, Europe and even the rest of the world, emerging markets show a very strong growth. That is expected to happen. And the third piece which you were referring to in terms of what our market shares have been, I think they've been very strong. Kiran, in her opening remarks, mentioned that we can refer to them as legacy products, continue to have over 1/ 4th of the market in oncology products that we launched back in 2018. So , I think we've continued to hold that market share, continue to be profitable, again, reflected in the numbers. And if you look at the European trends, again, in oncology, we were under 6%. Now those are trending in double digits again. So, clearly, demand is strong. And as we look at the coming quarters, supply will grow as well as we qualify more facilities. So , all in all, quite promising what the coming quarters look like. I hope, I responded to all your questions.

Thanks Shreehas. Just one follow -up on that -- and sorry, one additional question. On semaglutide in India, right, given the prior transactions with Eris, etcetera, what is the play in India looking like from Biocon's perspective for semaglutide?

Maybe Siddharth, you would come in and respond to that?

Yes. So, I think what we have heard other companies that, of course, there have been approvals and they're going to launch the product soon, and the pricing here will be very competitive compared to global pricing. So , we do have our clinical approval to start our Phase III clinical in India. And our strategy typically in India is through a partner, since we had divested our business, the branded formulations business to Eris, we did tie up for liraglutide with two other companies in India. One of the partners had launched the product last year through a reusable pen. And if we do a clinical trial in India, and if we do still see a good economical value and return on the clinical investment, then of course, the go-to-market strategy will be through a partner. But I think, let me tell you that India is one of the only markets in the world where you need a full -blown clinical trial, unlike Europe, US and other markets where you don't need clinical trial. That's why it's a decision whether we wait for one of the ICH country approvals and then apply for a clinical waiver, like we did for liraglutide versus spending that money, which is not small. It's a significant investment in Phase III clinical. So that decision will be taken. And one way or the other, we will ap ply for marketing approval in India in due course, and the commercialization will be through a B2B partner.

Thanks Siddharth, that was helpful.

Michelle, can we take the last two questions, please?

Yes, sir. Ladies and gentlemen, we'll be taking last two questions in the interest of time. The next question is from Vishal Manchanda. Please introduce yourself and proceed with your question.

Hi good morning. This is Vishal Manchanda, Systematix Institutional Equities. On adalimumab, could you give a timeline as to when the regulatory process and tech transfer can get completed and broadly, the rationale for doing this deal?

If I may respond to that question. Damayanti had probably a similar question, and we just respond on the rationale. So , I can go through it if needed again. But clearly, we have much better control on the product now, Vishal. We have end -to-end integration that allows us to do more with that asset than we had or we were able to until now. It's a very important product in our portfolio. So that probably that rationale is something that is very strong and continues to guide our investment in the asset. In terms of how it's going on, tech transfer is already initiated. It will happen in phases because there's an element of the device. There's an element of the syringe itself, these are on the drug product side. And there's the element which is related to tech transferring the clone and the drug substance. And all of these are going on, and we will work with regulators globally to see that these things evolve. There is close coordination and collaboration with FKB in Japan. And this is a process that is more collaborative than hands off. So , we expect this to happen in a very collaborative manner, Vishal.

And just one more on Aflibercept. Just wanted a clarification whether we own 100% of the rights here or we'll have to give out some profit share to J&J or Momenta?

Maybe Kedar, you want to comment on this?

Yes, Vishal, whatever the royalty, there's no profit share , there is a small royalty. We are not public about the quantum, but it's not very significant.

Understood. Thank you. That's all from my side.

This will be the last question for today, which is from Abdulkader Puranwala. Please introduce yourself and proceed with your question.

Just two questions from my end. First, on the generic space. So , Novo Nordisk is now talking about launching vials in next year, citing generic threats. So how do we perceive this and versus the investments what we have done currently?

Well, if the innovator does launch a different format or a different form of formulation, we will, of course, assess whether we need to develop it and for which market. And I think the disposable pen is what's the standard in most developed markets in US a nd Europe, and they might have a different strategy for emerging markets. And I think at this stage will be difficult to comment, but we will, of course, track what makes most sense.

Understood. And just a final one on your biosimilar growth. So sorry for hampering on this. But if we look at the nine -month number of 17%, would it be possible to split this across, your older products versus the new products what you have launched in the last six to nine months?

Yes. Abdul, as we have explained in the past, the scale -up of biosimilars is a bit staggered over multiple quarters. So , a large part of the growth that we have demonstrated in the nine months is based upon the strength of the existing franchise.

Got it, Kedar. Thank you for the clarification.

We'll take one more last question for the day, which is from Vipul Kumar Shah. Please introduce yourself and proceed with your question.

I'm an individual investor. So , you named you have four molecules with $200 million-plus revenue. So, can you name them? Is it possible to name them? And second question is, we were pursuing oral insulin program long back. So, are we still pursuing it or we have dropped it?

So, let me first answer the first question, and then Kedar can answer the second , your other question about which are the four molecules that have crossed $200 million. As far as oral insulin is concerned, physiologically, it worked, but financially, it didn't make sense because insulin is a very low-cost product from that point of view. And to make it work, it was going to cost a lot more. So financially, it was not viable. And hence, we dropped the program.

Thanks, Kiran. Vipul, the four molecules we have named last year, so I think trastuzumab, pegfilgrastim, insulin franchise, including glargine and adalimumab. These are the four molecules which have crossed $200 million in FY '25.

And Kedar, last question, what is the debt reduction road map?

Yes. So, in the last two quarters from June till now, you have seen all the structured debt getting retired. And cumulatively, that will be upwards of almost $550 million to $600 million. So that has happened. Now the debt ratios have improved. You have seen upgrade from both S&P and Fitch. So, we are happy about it. And effectively, what remains is the debt that we owe to bondholders and syndicated loan that we are on the journey for reduction in the subsequent quarters based upon organic cash flow generation.

Same $500 million reduction can be expected in next financial year?

See, we are not quantifying. And in one year, such a large quantum is not possible. But look, that's our one of the biggest and top priorities.

So net debt is how much?

I think you should Vipul ji, you should actually look at what is your reduction of debt-to- EBITDA ratio. I think if you look at it, it has come down substantially. It is now below 2.5x. And I think what we will look at is to see how we can take that down further.

As that was the last question for today, I would now like to hand the conference over to Mr. Prashant Nair for closing comments. Thank you, and over to you, sir.

Yes. Thank you, Michelle, and thanks, everyone, for joining the call. If there are any questions unanswered, please get in touch with the IR team. Thank you.

Thank you, members of the management. Thank you, ma'am. On behalf of Biocon Limited, that concludes this conference. Thank you for joining us, and you may exit the meeting now. Thank you. -Ends-

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