Zydus Lifesciences

“The strategic decisions undertaken over the years and the capabilities built along the way position us well to achieve our medium-term aspirations of branded business to account for two-thirds of our consolidated revenue.”

“No, but our SARO spend will also go up.”

“And as I said, we are still guiding for a single digit growth on constant currency terms on the high base of FY26.”

“FY28 will not be any meaningful revenue. It will mostly be starting from FY29, but more realistically FY30.”

“So, in the next 3 to 4 years, we'll definitely double our business from the current annualized run rate of ₹450 crores.”

“But as I said, for us also, there is an uptick on the capex cycle as well as all the investments.”

“It will take at least a year, but we could double our capacity.”

“In India, our branded formulations business sustained market outperformance with a strong 19% year-on-year growth during the quarter.”

“Growth during H1 FY27 stood at 20% year-on-year.”

“Contribution of chronic and sub-chronic portfolio has increased consistently over the last several years and stood at 56.9% as per AWACS MAT September 2026, an improvement of 450 basis points over the last four years.”

“Building on this momentum, the business reported revenues of ₹10 billion during the quarter, up 33% year-on-year.”

“North America business, comprising of the United States and Canada delivered strong performance during the quarter with revenues of ₹33.1 billion up 21% year-on-year and 7% quarter-on-quarter.”

“So, the market has expanded faster, both in terms of patients as well as in terms of more patients being put on to the drugs.”

“On the domestic front, demand trends indicated sustained positive momentum across categories driven by a steady urban recovery and improving rural offtake.”

“And specifically on Keytruda, it's a very large biologics, $30 plus billion of revenue. So, depending on the launch and number of competitors, it will be a meaningful launch.”

“Obviously, no companies have capacities to cater to it immediately. And building new capacity also takes time in transdermal.”

“Our operating profitability remained robust with an EBITDA margin of 24% despite continued investments towards Saroglitazar launch related activities in the US.”

“Adjusted for this investment, our EBITDA margin was higher by 150 basis points.”

“So, yes, we continue, we have been continuing to invest from last quarter to this quarter on the commercialization effort and we will also see some growth in the next quarter, next two quarters also for the commercial launch.”

“So, wellness, when you see such a high growth, obviously, you know, it's gross margin is not in the 70s.”

“The second thing is also that we had also very significant gross margin products that came down.”

“Our net debt to EBITDA ratio stood at 0.62 times”

“So, from ₹5900 crores, it's come down to ₹5200 crores net debt.”

“On the US generics front, we filed 4 ANDAs, received 12 approvals and launched 5 new products during the quarter.”

“Recently, in the month of October 2026, we launched the first generic version of Riociguat tablets.”

“On the global specialty initiatives front, we achieved an important milestone in our biologics journey with the USFDA accepting for review the BLA for Keytruda biosimilar developed by our partner Formycon.”

“During the quarter, our wholly owned US subsidiary, Sentynl Therapeutics entered into a licensing agreement with Mereo Biopharma for Alvelestat”

“November is our current goal date and we are, as I said, our current expectation is to launch in March.”

“On the operations front, recently, the USFDA inspected our formulations manufacturing facilities at SEZ-II, Ahmedabad and Moraiya which concluded with one observation and five observations respectively.”

“Yeah, so the Mirabegron is factored in already.”

“So, there can be other filings, but the whole point on this would be there is a patent litigation going on right now.”

“All we can say is we are one of the first filers on the product and we're under review with the FDA. But the launch will depend on the IP litigation.”

“So, revenue-wise, Moraiya is around less than 30% of the US revenue and we don't have many filings from Moraiya.”

“We registered consolidated revenues of ₹79.1 billion, up 29% on a year-on-year basis.”

“EBITDA for the quarter stood at ₹18.9 billion while net profit for the quarter stood at ₹9.3 billion.”

“The study successfully met its primary endpoint, demonstrating resolution of steatohepatitis with no worsening of fibrosis at 52 weeks.”

“The analysis demonstrated consistent biochemical response benefits versus placebo across geographic subgroups, including both the US and non-US patients.”

“In the biotech R&D space, we received regulatory approval to initiate Phase III clinical trial in India for one of our important monoclonal antibodies.”