Cipla

“All of these assets are part of the R&D expenditure that we report. So I think it's assumed within that. And we are guiding towards a 6% to 7% R&D expenditure on an ongoing basis.”

“We have different pathways to get there. And therefore, we are maintaining the same guidance at this point in time.”

“So right now, what we can say is we are expecting sequential improvement for the remaining 2 quarters of this financial year.”

“This performance is in line with the guidance of sequential margin expansion, and we remain confident of continuing this trajectory over the remainder of the year.”

“Neha, we are expecting these to be approved in this financial year. I think that's part of what we have guided.”

“One India delivered 12% Y-o-Y growth, sustaining its track record of consistent double-digit growth over the last few quarters, driven by strong execution across key therapies and the resilience of our franchise in the IPM.”

“In our branded prescription business, we continue to outperform the market, delivering 15% growth, which was led by the chronic portfolio as per IQVIA YTD September '26.”

“Our key chronic therapies continue to grow ahead of their respective markets with respiratory growing 11%; antidiabetes grew 50%, including the GLP; urology, 11%; and dermatology 16%.”

“Our overall chronic mix stood at 60.3% as per IQVIA MAT September '26.”

“Overall, it's 14.6% versus 14.3% for the market on an H1 basis.”

“Yurpeak has become the second largest brand in the rankings on GLP. And I think we don't expect any saturation on this front.”

“The EBITDA margin, excluding the other income, stood at 18.7% for the quarter, reflecting a sequential improvement of 200 basis points.”

“The reported gross margin after material costs stood at 64.4%, up 7% quarter-on-quarter, supported largely by an improved product mix.”

“So Neha, there is no one-off per se. See, if you look at sequentially also, normally, our quarter 2 expense base is always higher than the quarter 1. And as we have guided earlier also, as Achin mentioned just now, our launches ramp-up is going to happen subsequently, but our investment is already happening on that.”

“Operating profitability improved, reflecting the strength and scalability of our consumer health strategy.”

“Yes. See, as we guided earlier also, we are expecting the ramp-up in the U.S. business. So I think that is going to lead to this improvement sequentially.”

“As of 30th September, the debt on our balance sheet, including lease liabilities, stood at INR699 crores with a net cash equivalent balance of INR9,823 crores.”

“During the quarter, we strengthened our portfolio through targeted launches across key therapies, including Revesmart in respiratory, Galvus DM and SR in antidiabetes, Dytor E in cardiovascular and Rizontem in anti-infectives.”

“We also entered into an exclusive licensing agreement with CTTQ, SinoBiopharma Group, company for an asset -- novel asset, HER2 bispecific antibody drug conjugate.”

“Notably, generic Advair approval marked our first DPI approval from U.S.-based manufacturing network, further validating our differentiated respiratory capabilities and reinforcing our commitment to complex rescue therapies.”

“Tushar, this is getting launched in Q3. You'll see Q3, Q4 revenue building up.”

“Another important strategic milestone during the quarter was our exclusive partnership with Qilu Pharmaceutical for the U.S. commercialization of a biosimilar to Keytruda, Pembrolizumab.”

“One is the accounting change, which we explained last quarter. Same thing is valid for this as well. It restates top line slightly, preserving the same EBITDA.”

“Normally, we expect to launch immediately upon approval. It has taken a couple of months longer.”

“As you're aware, U.S. FDA also conducted a follow-up GMP inspection at our Pithampur facility in India in this previous quarter and issued 7 observations in Form 483.”

“This time, as we had shared previously, we did not have any repeats and we did not have any DI, right? So we are working on resolving these. And we remain committed to getting these out of the OAI.”

“So I think the team is working on it, and we don't see any downsides at this point from the Indore audit. If the site gets converted to VAI, it will open up further opportunities for us going forward.”

“Second is a new site, which we are working in North America to file Lanreotide, but both of these are not included in our exit run rate titles of USD1 billion as far as Lanreotide is concerned.”

“We are pleased to report a revenue of INR7,404 crores with a steady sequential growth of 4% Q-o-Q.”

“R&D investments for the quarter were INR423 crores or 5.7% of the revenue, largely towards the product filing and key development programs.”

“Profit after tax for the quarter stood at INR878 crores, representing 11.9% of the sales with a sequential improvement of 77 basis points.”

“The ETR for the quarter stood at 27.2%.”

“we have a consultation with the FDA that we would not need Phase III. But we would expect similar trends for the remaining biosimilars as well.”