Torrent Pharmaceuticals

“While India would be higher than double-digit, we believe the total JB business growth should recover to double-digit in H2.”

“That's what I called out earlier, that quarter two, 33.5%. For rest of the two quarters, it can improve a little bit for this year.”

“I cannot give you colour on the scale of these new launches. It'll depend upon the number of competitors when these come to market”

“During the quarter, the underlying JB business reported revenues of INR1,086 crores, which was largely flat year-on-year.”

“JB India branded business grew at 7% for the quarter. International business was down by 7%.”

“Torrent base business continued its strong growth momentum with revenues growing 18% for the quarter.”

“The base India business, with 20% growth, continued to outperform IPM, while Brazil revenues were up 38%.”

“On the generic side, US delivered strong 24% growth, while Germany revenues were down by 7%.”

“On the second part of your question, no major change in US market dynamics. It continues as before.”

“I think we what I recall is that we had estimated a market size of generic sema at somewhere around INR800 crores for the first year.”

“We think this market growth is likely to sustain for the rest of the year, and perhaps from next year it may drop a little bit, say 1%, 2%, but minimum 10% is what we think should continue from here on as well, at least for the next financial year.”

“What we did mention is that we believe perhaps it may not be able to continue next year, but certainly our view is that it should not go below double digits, the IPM growth.”

“IQVIA data shows Q2 market growth at 5.7%, with Torrent growing at 26%.”

“Operating EBITDA margin for the quarter stood at 33.5%.”

“During the quarter, R&D spend increased to 4.2% of the revenue, compared to 3.5% in the previous quarter.”

“On overall cost synergies, we are tracking well ahead of our plan, which can also be seen from the EBITDA margins during this quarter.”

“So, from Q1 to Q2, the biggest component is the field force savings.”

“So, I would expect quarter-on-quarter, this same run rate of improvement can continue maybe for the next two, three quarters.”

“The overall leverage, that is net debt to EBITDA, now stands at 1.8x.”

“That would be in December of this year. Yes, that's right.”

“I believe these are spaces where entering completely new is very challenging, so we do keep a look out for acquisitions wherever possible to bolt on to our OTC platform.”

“Has there been any completely new product launch which is not an extension? Probably not in the last, six to eight months.”

“We believe the impact is transient due to one-time nature of integration requirements, which were unavoidable.”

“This led to postponement of deliveries in certain markets, and we see a gradual path to recovery in the subsequent quarters.”

“In the injectable semaglutide segment, following the supply disruptions, we were able to onboard a new manufacturing partner and fully restored market supplies by September.”

“Due to being out of the market for nearly two months, we did see some market share loss - minor market share loss in the injectable space.”

“No, the contract is quite clear. So, I doubt there would be that possibility.”

“On Germany, I would say that, we are struggling because there's been quite a lot of factors which have impacted us, from supply-related issues to government-mandated price decreases, which have severely impacted our non-retail business.”

“Consolidated revenues for Q2 were INR4,979 crores, up by 51%, while operating EBITDA at INR1,666 crores was up by 54%.”

“Our combined field force strength at the end of Q2 for Torrent plus JB, the combined entity, is now 9,100 in the India business.”

“This year, it will be maintained. So, by the end of this financial year, we don't expect any change.”

“we're looking at increasing our filings in the US, which are very low single digits right now to maybe high single digits for some years”

“We believe this has been executed well and as per expectations. Despite the nature of integration activities, the India business of JB delivered robust underlying growth, which provides comfort in the long-term growth prospects of the business post-recovery.”