{"id":173419,"date":"2026-01-22T09:56:35","date_gmt":"2026-01-22T14:56:35","guid":{"rendered":"https:\/\/alphastreet.com\/india\/zydus-lifesciences-ltd-zyduslife-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T09:56:35","modified_gmt":"2026-01-22T14:56:35","slug":"zydus-lifesciences-ltd-zyduslife-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/zydus-lifesciences-ltd-zyduslife-q4-2025-earnings-call-transcript\/","title":{"rendered":"Zydus Lifesciences Ltd (ZYDUSLIFE) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

Zydus Lifesciences Ltd (NSE: ZYDUSLIFE) Q4 2025 Earnings Call dated May. 20, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ganesh N. Nayak<\/strong> \u2014 Executive Director<\/em><\/p>\n

Sharvil P. Patel<\/strong> \u2014 Managing Director<\/em><\/p>\n

Nitin D. Parekh<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Damayanti Kerai<\/strong> \u2014 Analyst<\/em><\/p>\n

Neha Manpuria<\/strong> \u2014 Analyst<\/em><\/p>\n

Anubhav Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Bino Pathiparampil<\/strong> \u2014 Analyst<\/em><\/p>\n

Surya Patra<\/strong> \u2014 Analyst<\/em><\/p>\n

Tushar Manudhane<\/strong> \u2014 Analyst<\/em><\/p>\n

Saion Mukherjee<\/strong> \u2014 Analyst<\/em><\/p>\n

Amey Chalke<\/strong> \u2014 Analyst<\/em><\/p>\n

Gaurav Tinani<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Shrikant Akolkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Zydus Lifesciences Earnings Conference Call for the Fourth Quarter FY25 ended 31st March 2025. I now hand over the conference to Mr. Ganesh Nayak for opening remarks. Thank you. And over to you, sir.<\/p>\n

Ganesh N. Nayak<\/strong> \u2014 Executive Director<\/em><\/p>\n

Good evening, ladies and gentlemen. It’s my pleasure to welcome you all to our post results teleconference for the fourth quarter and the financial year ended March 31st, 2025. For today’s call, we have with us Dr. Sharvil Patel, Managing Director; Mr. Nitin Parekh, Chief Financial Officer; Mr. Tushar Shroff, President Corporate Finance; Mr. Arvind Bothra, Head of Investor Relations; and Mr. Alok Garg from the Managing Director’s office. To begin with, let me give you an overview of the performance for the year. I’m happy to inform you that we have ended the fiscal 2025 on a strong note.<\/p>\n

Overall, we delivered healthy growth during the year in line with our expectations. On the profitability front, we exceeded our expectations with the highest ever operating profit as well as margins during the year. Improved product mix along with operating leverage helped us improve our profitability above our expected range for the year. Our US business delivered sound performance with a strong double-digit growth through the year. This was led by both volume expansion and successful new product launches. Our branded formulations business in India outpaced the market growth aided by healthy volume growth and new product introductions.<\/p>\n

Our consumer wellness business delivered industry-leading double-digit growth on the back of robust volume growth. International markets business comprising of emerging markets and Europe continued its growth momentum with a strong demand-led growth across geographies. In order to remain competitive and serve our customers in a cost efficient manner, we have implemented a number of digitalization and efficiency enhancement measures in our operations. These measures have improved the profitability in the range of 50 basis points to 70 basis points and we expect similar improvement going forward as well.<\/p>\n

With that, let me take you through the financial numbers for the year gone by. We recorded consolidated revenues of INR232.4 billion up 19% on a year-on year basis. The business delivered strong operating EBITDA margin of 30.4% which is an improvement of 290 basis points over the previous year. Consequently, the consolidated EBITDA for the year grew by 31% to INR70.6 billion. Net profit adjusted for exceptional items for the year was INR47.5 billion up 22% aided by strong profitability are balanced further INR8 billion as at the 31st March 2025 against the net cash of INR8.6 billion as at 31st March 2024. Coming to our quarterly performance, we ended the year on a strong trajectory.<\/p>\n

Our consolidated revenues for the quarter stood at INR65.3 billion up 18% on a year-on-year and 24% on a quarter-on-quarter basis. Our operating profitability continued to improve with an EBITDA margin of 32.6% which is an improvement of 310 basis points on a year-on-year and 630 basis points on a quarter-on-quarter basis. EBITDA for the quarter stood at INR21.3 billion, up 30% on a year-on-year and 53% on a sequential basis. Net profit adjusted for exceptional items during the quarter was INR13.9 billion, up 18% on a year-on-year basis and 36% on a sequential basis.<\/p>\n

Now, let me take you through the operating highlights for the fourth quarter of FY25 for our key business segments. The US business registered revenues of INR31.3 billion [Technical Issues] during the quarter up and quarter-on-quarter. We filed three NDAs, received six approvals and launched five new products during the quarter. Our India Geography comprising of formulations and consumer wellness businesses accounted for 39% of the total revenues during the quarter and grew 13% year-on-year. The branded formulation business in India grew faster than the market during the quarter with 11% year-on-year growth driven by high uptick in pillar brands and innovation brands.<\/p>\n

The secondary sales during the quarter exceeded the market growth with 10% growth which was driven by strong performance of chronic segment and overall higher than market growth in our key therapies. Contribution of chronic portfolio has increased consistently over the last several years and stood at 43% as per IQVIA MAT March 2025, an improvement of 400 basis points over the last three years. Our Consumer Wellness business recorded revenues of INR9.1 billion up 17% year-on-year with a 13% volume growth. The personal care segment comprising of Nycil and EverYuth brands witnessed strong consumer traction and achieved robust double-digit growth trajectory over the last several quarters highlighting the segment’s resilience.<\/p>\n

Food and nutrition segment also registered strong double-digit growth driven by category expansion and product innovation and supported by the acquisition of Naturell Private Limited, a leading player in the healthy snacks category with a brand portfolio of Max Protein and Rite Bite. International Markets Formulations business delivered robust growth during the quarter with revenues of INR5.5 billion up 12% year-on-year. Recently our Ambernath API manufacturing facility received an EIR with no action indicated status from the US FDA against an inspection conducted in February 2025 which was concluded without any observations.<\/p>\n

I’m also very happy to inform you that we have been ranked number one in the Future Ready Workplaces Survey amongst all Indian companies. The study conducted by — was conducted by Fortune India. Now this achievement reflects our organization’s culture, the commitment to next-gen, people centric practices, leadership development and a forward-looking workplace ethos. This concludes the business review. I would now request Dr. Sharvil Patel to take you through the key drivers across businesses as well as initiatives in our innovation program. Thank you.<\/p>\n

Sharvil P. Patel<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you, Mr. Naik and good evening ladies and gentlemen. We are happy to have you all on the call today. We are quite pleased with our overall performance during the fiscal year 2025. We ended the year with a strong double-digit growth and the highest ever operating profitability. Our strategy of going beyond the pill backed by strong execution helped us to deliver this good performance and build an impetus for future growth. With a differentiated products portfolio and deep innovation pipeline, we remain committed to address diverse healthcare needs for our patients.<\/p>\n

In the US Generic space, we have increased our presence through the years by building a comprehensive portfolio across dosage forms and therapies through both in-house efforts and as well as partnerships. In order to satisfy the unmet healthcare needs of the patients and ensure access, we have been expanding the specialty footprint in the US by building a portfolio of 505 B2 products and enhancing our presence in the pediatric rare disease space. This coupled with strong customer relationships, a pool of manufacturing facilities with capabilities to produce diverse dosage forms, an agile supply chain and an efficient cost management have ensured sustained growth trajectory for the US Business.<\/p>\n

On the India formulations front, various strategic interventions done in the past years have helped our branded formulations business to grow faster than the market and we look forward to building on to this momentum. Our aim is to strengthen the presence across focused therapies through through multiple levers and in turn serve a wider set of customers. A rich and diverse portfolio of innovative products have enabled us to offer novel solutions to patients to address their unmet healthcare needs. Besides medicines, we also provide value-added services to patients like the support patient support programs and be with them during the entire journey.<\/p>\n

Both the segments of a consumer wellness business and vis a vis the personal care and the food nutrition business registered strong double-digit growth during the year indicating sustained consumer preference for our brands. Our R&D capabilities continue to be at the forefront helping us launch new products and extensions to capitalize on the emerging consumer trends. Our portfolio of wellness products built over the years positions us well for both today and future growth by expanding presence in new business channels such as modern trade and e-commerce and exploring new opportunities.<\/p>\n

On the international markets front, which is our third pillar of growth, the focus remains on expanding the presence in the chosen therapy areas across key geographies by leveraging a global R&D portfolio of the differentiated and complex generics as well as the specialty products. In-line with the vision of addressing the diverse healthcare needs of patients throughout their journey, we forwarded into the Medtech space by entering into a share purchase agreement to acquire a majority stake In Amplitude Surgicals SA France. Amplitude Surgicals is a European Medtech leader in high quality lower limb orthopedic technologies and it provides numerous value-added innovations to best meet the needs of the patient, surgeons and the healthcare facility.<\/p>\n

Our innovation pipeline across different areas progress well and we have achieved important milestones during the year. Our innovation engine has also delivered multiple treatment options over the years in an affordable manner making them accessible to a large set of patients. With this, let me share some material developments on the innovation front during the quarter. On the NCE front, we received the USFDA approval to conduct a Phase 2b clinical trial of Usnoflast, a novel oral NLRP3 inflammazone inhibitor in patients with ALS. The USFDA has also granted an orphan drug designation to Usnoflast for the ALS indication.<\/p>\n

The data monitoring and follow up is ongoing on the post completion of our patient recruitment for the Phase 2b\/3 clinical trial of Saroglitazar Magnesium for PBC indications and the Phase 2b clinical trial of the molecule for MASH indication for the US market. We are now looking forward to the Phase 2b\/3 trial readout or for PBC indication towards the end of the calendar year. In the vaccines R&D space, with the support of the Gates foundation, we have initiated development of the world’s first combination vaccine against shigellosis and Typhoid. We shall conduct early stage development animal immunogenicity studies and the regulatory preclinical tox studies for this combination vaccine.<\/p>\n

We have also received approval to initiate the Phase 2 clinical trial for a bivalent TCV vaccine. During the quarter we have also — on the specialty business, we have entered into an exclusive development, licensing, supply and commercialization agreement with Synthon BV of the Netherlands for a novel 505 E2 [Phonetic] oncology product. NDA for this product is likely to be filed in 2026. The product will be — will provide additional benefits in form of reduced pill burden, flexibility for dose adjustment and enhanced patient compliance.<\/p>\n

Thank you. And now we can start with the Q&A over to the coordinator.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you, sir. We will now open the call for Q&A session.[Operator Instructions] The first question is from Damayanti Kerai.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Hello.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Hi. Thank you for the opportunity. My first question is to Dr. Patel. Can you comment on the Mirabegron litigation update which we recently heard and what’s your view on the supplies from your perspective?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So, I think with respect to supplies, we continue to supply the product into the US market. And the next trial is scheduled for February of 2026 and which is related to the 780 patent and other asserted patents. And so we will be preparing for the February jury trial.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Okay. So till February the supply will go as usual, right? There is no change in your plans?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Not yet.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Okay. My second question is on your specialty portfolio in the US. So you have this Sitagliptin franchise. Can you quantify what kind of contribution you have seen for FY25 and how we should look at this portfolio in coming years?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think, I mean why we cannot quantify the exact number, I think we are doing far better than our initial estimates on the franchise, both with the private, I mean with the market, private market as well as the tender. And we continue to believe that it will be also an important product for FY26 also. So that is our current best estimate. And we have a national say a contract for five years from the national contract point of view.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Okay. Though you cannot quantify but say out of your 1.3 billion [Phonetic] sales in FY25, is it a sizable number or it’s still building out?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

It’s a decent number but obviously it is the not a blockbuster product, but it is one of the important new product launches that is there.<\/p>\n

Damayanti Kerai<\/strong><\/p>\n

Okay, thank you. I’ll get back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Neha Manpuria.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

Yeah, thanks for taking my question. My first question is on the US business. If I look at the quarter-on-quarter improvement, obviously we do see an uptick from Revlimid. Is that all that broke the $80 million incremental sales quarter-on-quarter or any other one offs. I mean any other improvement in the larger products that we have, particularly since we saw competition [Indecipherable] call.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Just to clarify, at least for this quarter over the last quarter, we don’t have any major Revlimid sales.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

Okay. So the quarter-on-quarter increase has then been driven by base portfolio?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Base portfolio and obviously some of the launches we did last year and Mirabegron and other products.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

Okay. In which case, just trying to understand the improvement in the gross margins quarter-on-quarter. I mean we have seen a very sharp improvement in that number. So any color that we can provide as to that uptick and how sustainable that gross margin is as we think about next year?<\/p>\n

Ganesh N. Nayak<\/strong><\/p>\n

It’s a mix of business as well as products. So even based business improvement is there contribution from US Business, India Business, Wellness business. So wellness, we have been able to take some price increase also. We are able to reduce our cost also on some of the products. So it’s a mix of various things.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

So in which case this margin should be sustainable in the next year?<\/p>\n

Ganesh N. Nayak<\/strong><\/p>\n

So to the extent the product specific margin, obviously you would find some impact. But otherwise yes, margins are stable.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

Okay. Just on the US business if this number is not driven by Revlimid, in which case is it fair to assume that the $1.4 billion, $1.5 billion is the base? Obviously Revlimid goes away three quarter out, but this is the base at least for the next few quarters.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yeah, for FY26 we believe us will still grow in single digit.<\/p>\n

Neha Manpuria<\/strong><\/p>\n

Okay, got it. Okay. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Anubhav Agarwal.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Hi, thank you. One question is on Mirabegron. So just trying to understand our risk limit for this product. So next litigation update is in February. That — is there risk limit that we have in mind. Let’s say the litigation continues for another year or so even after February. Are we still fine with the risk limit over there?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yeah, I think we have done a proper due diligence with expert opinion and everything and we still believe that the risk reward profile has not changed.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Okay. So if a litigation were to take another year, you can still continue to sell the product?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes, currently we believe so.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Sure. And just clarity on previous question Neha asked. So quarter-on-quarter, let’s say December quarter to March quarter is — so when you say versus previous quarter is sequentially Revlimid contribution is lower or higher, March versus December quarter?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Is not — there is not nothing anything significant. There’s no Revlimid meaningful contribution.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Okay. And Sharvil bhai, when you mentioned that there’ll be single digit growth there, just trying to understand, can you give us some idea about the base business? Because tracking your company has become very difficult now, Mirabegron, Revlimid so fluctuating numbers, we have no idea about the base business here. So how is the base business doing in the US and overall for the company?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So one thing is today as of now, we have a very strong and healthy base business growth. This also includes when we have obviously lost share on Asacol. But we are seeing significant opportunities on our existing products in terms of new contracts and new requests. We being a very, I would say resilient supply chain effort that has been put and availability of our products being very good. We are seeing lot more opportunities for products in the US and obviously with the portfolio expanding with the other dosage forms also including transdermals and others, we are seeing a uptick also. So I would say it’s a mix of both. But it’s good to see that beyond Revlimid we are seeing good traction on the business.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Sure. Just one more clarity here. So let’s say versus last quarter now, the litigation for Mirabegron looks to be a little more extended now. So let’s say what you guided last time versus what you’re guiding now. I’m assuming that we have taken more sales of Mirabegron versus what we’ve guided. But isn’t your guidance still the same as what you’re guiding earlier for the US?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I’m sorry, maybe I didn’t get your question the way it. Right. Maybe you could clarify it a little bit. [Indecipherable]<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Yes, so I’m just trying to say that versus the call that we had in January when we had the December results versus now. So the expectation at least my understanding was that Mirabegron will at least will sell till first half of this fiscal ’26. And now looks like because of the litigation date, which is delayed a bit, at least till end of fiscal ’26 will continue to sell Mirabegron till at least till end of this fiscal. So ideally the US sales guidance should have been more than the single digit increase in fiscal ’26. I’m just trying to think from that prespective.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

No, because we had not assumed that we are not going to be able to sell Mirabegron. So our guidance cannot change because it is still we still continuing with the same guidance that we will continue to sell Mirabegron. So we are not building for more sale of Mirabegron this year.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Okay. And on Sitagliptin can you just give what kind of market share, IQVIA I think still shows about low single digit market share for all three bands of Sitagliptin. Is that a good representation at least on the CVS front?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think we will see a further traction on CVS conversion, but we can definitely say that for our earlier estimates so what we thought we would do on Zituvio franchise we have done multifold better. So we’re doing well with what we, it’s a good product. We’re going to stick around for the next two years and I think with the five year contract also national contract will continue to continue to do that and we would see more uptick I believe in the coming quarters.<\/p>\n

Anubhav Agarwal<\/strong><\/p>\n

Okay, that’s helpful, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Bino.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Hi, good afternoon all of you. Just a couple of follow up questions. Sharvil bhai, earlier whenever we have spoken on calls your guidance was that Revlimid would be a club coming up lumpy in 1Q and 4Q, so how come it changed in this 4Q? There was no Revlimid significantly.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think the rev. The we — I think because generally we always get the most of the business in the last 10 days of March and also this time with the negotiations that went through and obviously there has been challenge in negotiations and pricing. We are — we have pushed it out to the first quarter in terms of sales. I mean first quarter of the financial year in terms of sales. So anyway we only have eight days to 10 days in the last month in March generally and this time we had to wait and negotiate better for the quantities. So we are postponed it to the first Q.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Understood. And going forward next year in Jan, the sort of exclusivity is getting over. So would your entire quantity or your allocation for the year, will all that get over in 1Q itself or is that what your thought is?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

No, I don’t think we’ll have all fail in 1Q. I think it will be staggered exactly. It’s still a — it’s very difficult to say how the ordering will happen and how much ordering happened after the first buy. So we have to wait and see. But our current best estimate is that will be spread up across for the next two quarters to three quarters. It won’t be lumpy lumped in Q1.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Got it. And on the US guidance you gave, if I understood correctly, it’s a single digit growth in US sales in FY26 over FY25, is that right?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Okay. And looking ahead into FY27, of course it is too early, but do you see a sharp fall off from the FY26 level in FY27? Or will it be more or less plus minus those levels?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

No, we — I mean obviously we have important launches in FY27. So assuming we are doing well with our approvals and regulatory front, we don’t see any major fallout.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Got it. One last question, if I could push in any margin guidance, EBITDA margin guidance for FY26.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So FY26 we believe we will exceed 26% or around 26% comfortably in terms of EBITDA margins. And that’s our current best estimate.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Thank you. I’ll jump back to queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Surya Patra.<\/p>\n

Surya Patra<\/strong><\/p>\n

Yeah, thank you sir. Thanks for your opportunity. My first question is on the US business again. Sir although you have given some clarity about the change of around $80 million this quarter versus last quarter, what we have seen. See if there is no Revlimid this quarter and there is a dump of $80 million, what is that is contributing? Is it driven by Mirabegron? Or there is a kind of any licensing income or anything is there this quarter that is why we are seeing a kind of consequent improvement in the gross margin? What is really driving this US business this quarter? Is there any one-off kind of licensing income or any sort of that is there? Can you justify please?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I don’t think there’s any licensing income or one-off income that is existing there. So there’s nothing there. It is to do with the base portfolio, Mirabegron sales and overall other launches scaling up.<\/p>\n

Surya Patra<\/strong><\/p>\n

Okay.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So it’s all mix of all of those things other than Revlimid not being a very important part this quarter.<\/p>\n

Surya Patra<\/strong><\/p>\n

Sir, few of your peers have already indicated that Revlimid is already has started seeing some kind of price erosion in the US. So given that, do you agree to that fact? And this is likely to be the scenario going ahead till the time of this entire opportunity expiry?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Surya Patra<\/strong><\/p>\n

And is it fair to believe that FY26 would be the peak Revlimid sales for us or we have already seen that?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I think maybe FY25, I mean, it’s a unfolding scenario. So I would say FY25 would have been mostly the peak.<\/p>\n

Surya Patra<\/strong><\/p>\n

Okay. Sir, in fact FY27 generally like could see the impact of a Mirabegron, Revlimid put together could be cumulatively let’s say around $400 million-odd kind of impact. So our new product launches can cope up to that level so that it can manage the growth for following period.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I always said right that a base business we believe without many of the one-offs we can sustain easily $1 billion. And obviously we have a lot of new products that we need to launch and depending on different, up status of that obviously we can see the scale up but we are comfortable at a $1 billion without those exceptional products.<\/p>\n

Surya Patra<\/strong><\/p>\n

And last one sir, from my side. In the domestic business side, while the industry has been moderating in terms of growth consistently and gradually, sequentially we have started delivering even stronger numbers outpacing the trajectory what we are seeing for the industry. So since we are closing the year now at least if you can give some sense that okay, what is the split between the domestic business — within the domestic business, what is the split of the specialty portfolio? Let’s say the biosimilar, NCE all put together and what is the kind of growth those are synced and compared to the other portfolio?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So the innovation portfolio which you mentioned has definitely grown significantly better than the overall growth and also led by volume-led growth. I would say many of the changes that we have made strategically in terms of both, reducing complexity as well as putting the right resources and focus behind our growth booster brands has led to this better than market growth for both the annual annually as well as the quarter. And we see that momentum to continue for the financial year coming too. And I think we still hope to have important launches during the year again for our differentiated pipeline of products that will come in the coming year. So we are seeing a good trajectory towards that. And I think because our India business or India geography doing very well also both consumer as well as the animal health business, many times when we’re discussing margins, the lot of the margin is also driven by these businesses which significantly give you a better value return. So I think it’s a — when you look at the overall margins, it’s not only driven by US but driven by other businesses and also businesses that were in the earlier initial stages of the investment cycle but now are giving better returns every quarter-on-quarter are also leading to better margins.<\/p>\n

Surya Patra<\/strong><\/p>\n

Sir but double-digit growth is a kind of a possible scenario for the domestic business for FY26 given the industry is expected to see a low or mid single digit kind of growth?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So this year we grew at 10% and quarter at 11%. We are committing, we feel comfortable that we will grow better than market. Now that is assuming that market grows at a certain percentage. So but we have a lot of products and important products to launch which will I believe continue with this momentum.<\/p>\n

Surya Patra<\/strong><\/p>\n

Sure sir. Yeah. Thank you. Wish you all the best.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Amey Chalke. Hi, Amey requesting you to please unmute and ask the question. Okay, we’ll move to the next question. The next question is from Bino.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Hi, just a follow-up question. Recently got approval for this product Deflissa code [Phonetic] which I believe you are launching with a — under a brand name. Now I believe there are already a couple of generic players in the market for this. So can you explain the strategy behind launching this product with a brand name?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I think earlier our strategy was it could be a branded launch, but with the genericization I think it will not be a critical branded launch anymore.<\/p>\n

Bino Pathiparampil<\/strong><\/p>\n

Okay, got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Tushar Manudhane.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Thanks. Thanks for the opportunity. Sir just on the margin guidance for 26% just to sort of understand while probably the competition in generic Revlimid might keep profitability under check, but then we continue to sell Mirabegron which given that it is also a limited competition product, will help get better margins which will offset sort of Revlimid. So just trying to understand that if FY25 we ended with a healthy margin of almost 30% and then we are guiding for FY26 for ’26. So what is dragging us down by almost 300 bps?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Revlimid is obviously going to be a driver because there is challenges in prices and competition and we have lost Asacol also versus last year plus R&D expenses on Saroglitazar we would have at least 100 basis points higher than last year, at least. So all of that will lead to our guidance right now.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Basically. So R&D expense, how much would should one take for FY26 on overall basis.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

8% [Phonetic].<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Okay. Sir secondly on Mirabegron, while since you as well as Lupin continues to sell the product. But so from a generic competition perspective, do you see any threat coming through?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I’m sorry, I couldn’t understand the question.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Sir given that despite the at risk launch, like I mean being done by Lupin as well as Zydus Life. So any scope for other guys getting approval, subsequent launches, any market intelligence if you could, sort of share.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

No, that I would — I don’t have that intelligence to share right now.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Alright, sir, thanks. That’s it from my side, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Saion Mukherjee.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Hi sir, Good evening. Sir the 505B2 [Phonetic] products that you have mentioned. Is it possible to share the opportunity size for these two products and in terms of commercial timeline in the US?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think we need — we’re still, as I said, it’s in — we have to still file those products. Once we file it, I think and once the IP strategy and everything is clear, we can share a little bit more. But the one thing I can say that they are part of a lot a very large, I mean the portfolio that we’re developing it for is the molecule is quite large in the market.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

And so you expect it to be after, I mean probably FY28 or beyond that not in<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Sorry?<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

The launch is expected not in the next two years. Will that be fair to assume given that you have to file and there are potential IP challenges?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yeah.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Okay. And the second one was on vaccine you had earlier mentioned about potential tenders, participation in vaccine, where are we and any expectations that you have for next year or FY27?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think I — thank you for that question. I think on the vaccines front I’m quite upbeat and positive on the overall trajectory for the business and the opportunity. So it, as I said it forms three important areas. One is our India business which continues to do well. We are — we believe that we are a critical contender in the public tenders for the MR Vaccine that is — that has come out and we believe that will be an important MR Tender supply for Zydus in the coming year. We are also seeing requirements from UNICEF and PAHO for some of our pre-qualified vaccines for different markets and we will be able to participate in some of these tenders. So that could offer additional opportunities in the coming years both from the UNICEF tenders as well as the PAHO tenders. And also registering these products in some important markets outside like Egypt and others will also offer us some additional opportunities on the vaccines. So both I think are in — are non-tender sales which is doing very well. We are selling I think the highest doses of the flu vaccines now. We are selling out all capacities on our rabies vaccine. We have the other two vaccine that are coming up and the new vaccines that are getting added to the portfolio. And with potential access now to both India public and the WHO pre-qualified public markets, we are seeing a good trajectory for the vaccines in terms of scaling it up.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

So the timeline will we start seeing that scale up this year in FY26?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Okay. Sir if I can ask one more question on GLP-1 Semaglutide, you had mentioned about your plans for India. Will this be limited to India or there are other emerging markets that you can consider for the first wave launch in fiscal ’26 or ’27.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think our current strategy for Semaglutide both for India and the developing markets is that we have a novel formulation for Semaglutide that we are going to commercialize both in India and the other markets and we are on track for day one launch in India and [Technical Issues] we see it as a very and also we would partner this molecule also to some companies because we have a unique formulation with a very strategic advantage and we hope to take that same capability into the other emerging markets.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Understood. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Amey Chalke.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Yeah. Am I audible now?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Ganesh N. Nayak<\/strong><\/p>\n

Yes.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Yeah. Thank you so much for taking my question. First question I have on the Saroglitazar, if we — I understand that data would be out somewhere in December or the year end. So what is our strategy for the PPC indication post the trial?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So once our data if we see a data to be equivalent or better than today’s method, I mean the treatment guidelines, we will be planning our commercial activities for launch including obviously first filing the NDA. So that’s our current status on Saroglitazar for PBC.<\/p>\n

Amey Chalke<\/strong><\/p>\n

So are we going to do it on our own considering the PBC indication would be a bit smaller in size, right?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

It’s a quite a sizable indication for what we as a company can do. So and yeah we will be doing it ourselves.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Sure. And in match indication you think it still remains a lucrative considering the GLP-1s are also covering the market now?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yeah, because PBC and GLP-1s have nothing to do with each other. So.<\/p>\n

Amey Chalke<\/strong><\/p>\n

No no the MASH indication.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So the MASH we are still in only in a Phase 2 and we have only talked about commercialization for PBC indication for the US market.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Sure. The second question I have on the FY27 are you — I heard you saying that there won’t be a problem in FY27 post FY26 once the Revlimid is out. So is it possible to give some color on the product launches there which would be able to offset the fall in some of the key products?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I had stated when the question was asked to me that in terms of our base business without the exceptional products we are comfortable to be above a $1 billion in revenue. So, obviously today we are much higher than $1 billion. So that’s what I had stated and I said but irrespective of that we have a lot of important launches in FY27. Almost 14 to 15 important critical launches. If and if many of them materialize, then we will obviously do better than that.<\/p>\n

Amey Chalke<\/strong><\/p>\n

Sure. Thank you so much. I will join back.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Gaurav Tinani.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Hi, Am I audible? Hello?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Yeah, hi. Hi. Congratulations and good afternoon. So firstly, on Revlimid, after the patent expiry, given the nature of the product, the distribution, can we see, Revlimid still being a significant $50 million-odd kind of sustainable opportunity beyond FY27 — FY27 and beyond that?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

No.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Okay. And in terms of the composition of US base for FY27, could you give an idea what percentage of contribution can come from the NDAs or firefighter opportunity in FY27 or what’s the long-term goal there? What percentage of US revenues that can scale up to?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think it’s a little difficult to talk product wise this contribution. I mean currently we’re given FY26 guideline which is that we will grow in single — high single digit for FY26. But for FY27 it’s still early to say. But what I can say is, is that with the we have our double-digit kind of sales value project products that get launched, we have some products where we are sole exclusive launch file launch plans, depending on the exclusivity. So that also has tremendous opportunity. And plus as I said, we continue to launch anywhere upwards of 20, 25 products every year. So that continues to add to our base of products. And as I, well I stated that our base business has continued to grow. So we are also quite excited that our products that we currently also sell are seeing higher demand requests. I think all put together we are still seeing an important, I mean we’re seeing the US FY27 also as an important. There’s a lot of background noise maybe where you are.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Okay. Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Saion Mukherjee.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Hello.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Hello.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Yeah, yeah, sorry, thanks for the follow up. Dr. Sharvil, just wanted to check with you, there’s been a lot of talk on the the US imposing tariff on pharmaceuticals. Have you made an assessment for Zydus business? What can be the potential impact? And strategically are you thinking about investing in facilities in the US because that’s an uncertainty the industry is dealing with. If you can share your thoughts and impact on Zydus.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think it’s a lot of moving parts. It’s very difficult to know what could be the impact. Any tariff will obviously have an impact, but with the reference pricing which I don’t know how that works on generics, I don’t know if that will work on generics or not, but I would say I’m setting up facilities in the US we do always explore opportunities to co develop my manufacture at a third party location both in Europe and in US for the products that we need to do sometimes. And we are looking at opportunities where we feel that the value is there for manufacturing in the US. But I think any of these decisions will not be will require a lot of time for setting it up. So it’s not something that can happen in the short term, but we have committed to making good amount of investment in the US with our foray into specialty and other areas.<\/p>\n

Saion Mukherjee<\/strong><\/p>\n

Okay, sir. Thank you.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Operator<\/p>\n

Thank you. The next question is from Dan Sara.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, I have two questions. Are there any. Hello, Am I audible?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes.<\/p>\n

Ganesh N. Nayak<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is there any update on speciality acquisition in the orphan drug space in the US especially for the launch of Saroglitazar approaching?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

We have acquired Zochinvi [Phonetic] last year which was a rare disease asset for treatment of Hkins girl [Phonetic] for Progeria syndrome and we continue to look for more opportunities in the rare disease side with respect to it synergizing anything with Saro right now, no that is not something that we have in our pipeline but we will continue to look for more opportunities to synergize for Saroglitazar.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And the sir second question is about guidance revenue guidance for emerging market and consolidated business for FY26.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So if for the overall business we are looking at a double-digit growth in revenue led by strong growths in India and international markets and also our new growth themes like biologics, vaccines and all scaling up. We believe in India we will believe we continue to outperform the IPM market for the year. US we will see a single-digit growth going forward. On the — yeah those are the for FY26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir any contribution from vaccine for this year?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Yes we will see some good contribution from vaccines for FY26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And any guidance on emerging market scale up?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Emerging market has been consistently growing at a strong double-digit CAGR and also improving profitability and that trend is also continuing and we are quite positive for a faster scale up.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Surya Patra.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Hello.<\/p>\n

Surya Patra<\/strong><\/p>\n

Yeah sorry yes. Just one clarification who owes to this Asacol SD the competitive pressure what we have replaced in the US, sir what — how important this entire Mesalamine franchisee currently in the US business or US revenue [Indecipherable]?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I’m sorry you — can you repeat the question? Because I get always some other noise from behind. So?<\/p>\n

Surya Patra<\/strong><\/p>\n

Sorry. Sorry for that.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

In fact it’s very difficult to figure the question out.<\/p>\n

Surya Patra<\/strong><\/p>\n

I was asking about the Mesalamine franchise that we have created. But one of the important product having seen the generic competition or kind of other years competition. So how important this entire Mesalamine franchise that we have created and in terms of the revenue contribution to the overall US business of Zydus, how significant this going to be let’s say for ’26 and beyond.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So Mesalamine has been a very important franchise for the organization. Over multiple years, it has delivered strong value and shown us shown the capability of complex usage forms and how Zydus has sort of created them and also obviously created value out of them. And Mesalamine as a overall franchise will still remain very relevant because we have at least three Mesillamines in the market and we hope to add more Mesalamine franchises to launch. So it’s a good product. Obviously it has lost its eight days of the significant value, but it is still a very meaningful product and will continue to remain so.<\/p>\n

Surya Patra<\/strong><\/p>\n

In terms of size, let’s say 10% of the US currently or any sense how big it could be the franchise effort.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

As I said, it is an important franchise and it will remain relevant. Now I won’t be able to give individual percentages for that.<\/p>\n

Surya Patra<\/strong><\/p>\n

Okay, fine. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Srikant Akolkar.<\/p>\n

Shrikant Akolkar<\/strong><\/p>\n

Hi, just one question. If you can talk about our peptide pipeline development and in next two years, are we expecting any peptide launch? That means non GLP-1 peptide. Thank you.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think we have obviously the couple of peptides that are the GLP-1s, including liraglutide, semaglutide, tirzepatide that are either filed or under development. And then we have some other like Teriparatide and others, but those are more on the recombinant side. So I would say that is the overall pipeline right now. Beyond that we are looking at further pipeline in terms of how to add. But this is our current pipeline.<\/p>\n

Shrikant Akolkar<\/strong><\/p>\n

Understood, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Tushar Manudhane.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

So just on this impairment of a product. So if you could just highlight which product on which we have taken this impairment for the — in the quarter.<\/p>\n

Nitin D. Parekh<\/strong><\/p>\n

It was a Rotigotine.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Okay.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

It’s a product that we had<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Go ahead, go ahead. Sir, sorry.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Acquired from this — acquired from Teva. It is under litigation.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Okay, understood.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

I said it is a product that we had acquired as part of the Teva’s divestment and we had acquired it and it is under litigation and we have impaired it.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Got it, sir. And this goodwill related to this Brazil business also, if you could just elaborate.<\/p>\n

Nitin D. Parekh<\/strong><\/p>\n

It is a goodwill which was created the time of acquisition and the overall scenario in terms of both branded and generic in Brazil, has undergone a change and we were looking at our own products and pipeline and expected sales as is that as a matter of prudence, we thought it better to do the impairment of the goodwill.<\/p>\n

Tushar Manudhane<\/strong><\/p>\n

Got you, sir. Thanks. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Apurva Rastogi. Hi Apurva, can you please ask your question? Hi Apurva, can you please unmute and ask your question?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Maybe move to the next one till maybe they come back.<\/p>\n

Operator<\/strong><\/p>\n

Okay, we will take Gaurav’s question next.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Yeah, hi. Thanks. Thanks for the follow up. So would you be able to share any more color on the 14 to 15 critical launches that you expect to do in FY27? Number of FTF launches there, number of differentiated dosage form launches there, other limited competition, any color on further breakup that you can shed light on this?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So I think as I said, the launch, I mean, it’s difficult to answer it that way right now and it’s too early. But there are many of them are complex launches with semi exclusive or exclusive launches also. And the mixture of portfolio is mix of orals as well as injectable. So that’s the current portfolio that I am talking about. Obviously this doesn’t include other launches that we are still planning. And it’s still a development. It’s still a going phase because they are still sitting in April of May of this year to talk about FY27.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Okay. On the acquisition of Amplitude, I think we’re expecting close by H2 of this year. Just one clarification. Do we expect this to be earnings accretive or dilutive for FY26 ’27, please.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Accretive.<\/p>\n

Gaurav Tinani<\/strong><\/p>\n

Okay. Thank you. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Jat Par [Phonetic].<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Good evening, sir. Thank you for the opportunity. Sir, you mentioned about multiple product launches for FY27 potentially to offset the decreasing rate of drive limit. Can you tell me, will this be in the therapy of the existing therapy? Or in any new therapy areas?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Generic side, generic development is sort of agnostic to therapies so we don’t select products by therapy, but it’s select by size and opportunity and limb competition. So as I said, it forms oral dosage forms which obviously form large part of the portfolio generally which includes inject liquid, injective and then liquids and as well as transdermals as well as topicals and then obviously the injectable portfolio which also forms another sizable part of launches. So those are the overall ways in terms of dosage forms when you — when we plan for.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Alright, got it. Thank you very much sir.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Devang Saraogi.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Thank you for follow up. When can we expect meaningful revenue contribution from medical devices business and what kind of scale up are we targeting for next two years to three years?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

So medical device is an important area for the organization and we have had important both organic as well as inorganic opportunities that we have looked at and have been successful at. So we are organically building on the nephrology side. We are organically building on the cardiovascular side with also a critical partnership that we have done for Tavi and we have been — we are also looking at successful closure of the acquisition of Amplitude for orthopedic implants. So these are the areas that we are going to focus on. Some of these are already revenue generating and profit making businesses. So we will look to add more geographies, bring down cost and increase our and and grow this business. So yes, we have an important growth team theme for the business over the next five years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, any number?<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

But it is not going to be short term. It is going to be — I don’t have a number right now but we have obviously.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Sharvil P. Patel<\/strong><\/p>\n

As a business we have strong aspirations to make it a meaningfully large business. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As we do not have any questions, I request Ganesh sir for closing remarks.<\/p>\n

Ganesh N. Nayak<\/strong><\/p>\n

So thank you very much and look forward to interacting with you during our next quarterly analyst conference. Have a good evening.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Zydus Lifesciences Ltd (NSE: ZYDUSLIFE) Q4 2025 Earnings Call dated May. 20, 2025 Corporate Participants: Ganesh N. Nayak \u2014 Executive Director Sharvil P. Patel \u2014 Managing Director Nitin D. Parekh \u2014 Chief Financial Officer Analysts: Damayanti Kerai \u2014 Analyst Neha Manpuria \u2014 Analyst Anubhav Agarwal \u2014 Analyst Bino Pathiparampil \u2014 Analyst Surya Patra \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":166898,"url":"https:\/\/alphastreet.com\/india\/zyduslife-q3-2024-2025-call-highlights-profit-jump-robust-margins-expansion-plans\/","url_meta":{"origin":173419,"position":0},"title":"ZYDUSLIFE Q3 2024-2025 Call Highlights: Profit Jump, Robust Margins & Expansion Plans!","author":"Praveen","date":"February 17, 2025","format":false,"excerpt":"Zydus Lifesciences Ltd., a leading Indian Pharmaceutical company, in its Q3 earnings call discussed strong performance across multiple segments, with US business expecting high single-digit growth in FY26 supported by 25-30 new product launches. The company\u2019s product portfolio updates included CUTX-101, a lifelong treatment for Menkes disease, LiqMeds portfolio launches,\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":133434,"url":"https:\/\/alphastreet.com\/india\/zydus-lifesciences-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":173419,"position":1},"title":"Zydus Lifesciences Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 24, 2022","format":false,"excerpt":"https:\/\/youtu.be\/R4mbpNYrIhE Key highlights from Zydus Lifesciences Ltd (ZYDUSLIFE) Q1 FY23 Earnings Concall Q&A Highlights: Neha enquired about the drivers of strong growth in the US business QonQ and if it\u2019s sustainable. Sharvil Patel MD replied that there are no one-offs in the overall numbers. The sequential growth was due to\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":173419,"position":2},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":158629,"url":"https:\/\/alphastreet.com\/india\/zydus-lifesciences-ltd-q3-fy24-earnings-conference-call-insights\/","url_meta":{"origin":173419,"position":3},"title":"Zydus Lifesciences Ltd Q3 FY24 Earnings Conference Call Insights","author":"Praveen","date":"February 12, 2024","format":false,"excerpt":"Key highlights from Zydus Lifesciences Ltd (ZYDUSLIFE) Q3 FY24 Earnings Concall India Formulations Double-digit growth led by volume expansion and new launches. Volume growth and new product launches drove growth. Gained market share in key therapies; chronic portfolio grew faster than market. 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