Thank you, Renju. Good morning, everyone, and welcome to the Q1 FY '27 earnings conference call of Glenmark Pharmaceuticals Limited.

Before we start the Q&A, let us quickly review the performance of the business in the first quarter. For the first quarter of FY '27, Glenmark's consolidated revenue from operations was at Rs 40,185 million as against Rs 32,644 million in the corresponding quarter last year, recording a YoY growth of 23.1%.

Quickly covering our key regions, starting with India: sales from the formulation business in India for the first quarter of FY '27 was at Rs 14,321 million as against Rs 12,399 million in the corresponding quarter last year, recording a growth of 15.5%. Glenmark continued to significantly outperform the IPM in terms of secondary sales, as per IQVIA.

Glenmark's India formulation business recorded a growth of 18.1% in Q1 and 14.3% as per MAT June 2026, compared to IPM growth of 12.2% and 10% respectively. Glenmark continued to sustain strong growth in its core therapy areas like dermatology, respiratory, cardiac, and oncology.

Glenmark's India business is ranked 13th with a market share of 2.37% as per IQVIA MAT June 2026. The company has 11 brands in the IPM top 300.

In terms of core therapy areas, Glenmark is ranked second in dermatology, third in respiratory, and fourth in the cardiac segment, as per IQVIA MAT June data. Glenmark has launched some key products in its core therapy areas in the last 12 months, which have been driving growth.

Some of the notable ones are Tevimbra, Brukinsa in oncology, which are partnered with BeiGene. In a short period, these two brands have seen a very strong uptake in the market, and the company expects these brands to further gain momentum and meaningfully contribute to the India business growth.

On the respiratory side, Glenmark launched Nebsmart GFB Smartules, or Glenmark AirSFB Smartules, which is the world's first nebulized fixed-dose triple therapy for COPD. Glenmark's strong growth in the chronic respiratory segment has been led by differentiated, first-in-market launch of this product.

In terms of the consumer care business in India, primary sales for GCC in Q1 were Rs 1,558 million with a YoY growth of 28%. The company's flagship brand, Candid, recorded revenue growth upwards of 30% across all its variants.

Scalpe portfolio delivered mid-single-digit growth in Q1. However, Scalpe+ and Bontress recorded very high growth in the first quarter.

Other skin brands such as Aloevera and Episoft also continued their strong growth trajectory during the quarter. North America: the North America business recorded revenue of 10,974 million for the first quarter of FY '27, which is translating into a YoY growth of 41.1%.

Net of the deferred out-licensing income recognition for ISB 2001, the core business YoY growth for North America region was 19.8% in the first quarter. During the quarter, Glenmark launched nine products consisting a mix of prescription and OTC products.

Some of the notables ones are Methylene Blue injection, Sodium Phosphate injection, Vancomycin injection, Olanzapine injection, Progesterone Vaginal Insert, and Calcium Gluconate injection. Glenmark is looking forward to several new approvals and launches in the second quarter as well.

In the last six months, Glenmark has strengthened its generic respiratory franchise with the first ANDA approval of Fluticasone Propionate 44 mcg, which is the generic to Flovent HFA. Glenmark was granted a CGT designation for this product as the first approved applicant and is eligible for 180 days exclusivity upon commercialization.

Glenmark also received approval for Fluticasone Propionate nasal spray OTC. During the quarter, Glenmark has also initiated end-to-end commercialization of Ryaltris leading the brand strategy, market access, and customer engagement in the US.

Glenmark filed two additional ANDAs for differentiated MDI products in the third quarter of last year, including the ANDA for Fluticasone Propionate 110 mcg, which is generic to Flovent 110 mcg, and for Ipratropium Bromide inhalation aerosol, which is generic to Atrovent. The company is working on additional respiratory filings across MDIs and nasal sprays.

In injectables side, Glenmark has built a large portfolio of 20-plus commercial injectable products through various partners. Glenmark's injectable manufacturing facility in Monroe received EIR with a VAI classification from the US FDA in November '25, and during the quarter, Glenmark relaunched Fulvestrant injection out of the Monroe facility.

Glenmark's marketing portfolio through 30th June 2026 consists of 125 generic products authorized for distribution in the US. The company currently has 53 applications pending at various stages of the US FDA approval process.

Moving on to Europe: Glenmark's Europe operations revenue for the first quarter of FY '27 was Rs 7,472 million as against Rs 6,678 million, recording a growth of 11.9%. While the overall regional growth was muted during the first quarter, the branded portfolio recorded good growth across markets.

The company continues to focus on sustaining the increasing contribution from the branded market/portfolio in Europe in the respiratory and dermatology therapeutic areas. Glenmark's respiratory portfolio also gained momentum across multiple markets with market share increases across MDIs and nasal sprays.

Ryaltris continues to gain market share across countries where the product has been launched on our own or through our partner Menarini. In addition, there are eight other respiratory products commercialized across various markets, and additional two, three launches are expected in the next 12 to 18 months.

In the branded dermatology portfolio, Winlevi has gained traction since its launch in the UK during the first quarter of FY '26, and Winlevi also received MA approval in the European markets and is launched in select markets across the CEE region, Spain, and the Nordic countries. Glenmark also received approval for Ilumetri foam in the Nordic countries.

This portfolio will be further augmented with additional products over the next 12 months. Emerging markets: for the first quarter of FY '27, revenue from the emerging markets region was Rs 7,304 million as against Rs 5,721 million, recording a YoY growth of 27.7%.

As per IQVIA MAT May 2026 data, Glenmark's Russia business recorded strong secondary sales growth of 12-plus percent. Amongst the dermatology companies, Glenmark moved one rank and is now ranked eighth as per IQVIA.

Glenmark's LATAM and MEA regions also recorded very strong growth during this quarter on the back of continued market share gains in key therapeutic areas. Glenmark's overall respiratory portfolio continues to outperform the covered market across the EM region.

Ryaltris continues to be the leading nasal spray for allergic rhinitis in most of the markets where the product has been launched. Glenmark plans to launch Ryaltris in Brazil in the second half of FY '27.

In the APAC region, double-digit secondary sales growth was led by strong outperformance in key markets such as Malaysia, Vietnam, and Australia. Ryaltris was also approved, as mentioned earlier, in China and Thailand in Q4 and has been launched by the company's respective regional partners, Grand Pharma and Organon.

Moving on to our global innovative portfolio, starting with Ryaltris: so I think mentioned a few of the key highlights of Ryaltris. As of June, marketing applications for Ryaltris have been submitted in more than 90 countries across the world, and the product has been commercialized now in 57 markets.

Further, it is expected to be launched in 10 markets over the next few quarters. As mentioned earlier, China and Thailand have been some of the recent launches, and Glenmark's partner in Moldova has also launched the product.

Glenmark initiated the US commercialization as well during the quarter. As per IQVIA data across markets, Ryaltris has seen a robust performance in terms of both value and unit market shares and continues to record global secondary sales growth of upwards of 40% YoY.

Winlevi: as mentioned, the company launched Winlevi in the UK in Q1 and saw strong uptake throughout the year. Winlevi also received approval in Europe in October.

In the first quarter, Glenmark launched Winlevi in several European markets, including the Nordic, CEE countries, and Spain. In Portugal also, Glenmark launched the product through a strategic partner, and Winlevi is also currently under regulatory review in South Africa, where Glenmark has submitted the marketing authorization application.

Envafolimab partnered with Jiangsu Alphamab and 3D Medicines: Glenmark has filed Envafolimab marketing authorization applications in 24 countries as of June. The first commercial launch is expected in FY '28.

The company has in parallel initiated early access or named patient programs across seven markets, including Kenya, Mauritius, Uganda, Philippines, and Tanzania, for the supply of Envafolimab. Glenmark has also initiated a global multicenter Phase 3 study in neoadjuvant and adjuvant treatment of patients with resectable Stage IIIA, IIIB non-small cell lung cancer.

Trastuzumab deruxtecan partnered with Hengrui: Glenmark has advanced preparations for the initiation of MA applications for Trastuzumab deruxtecan, which is a next-generation HER2-targeting ADC enlicensed in Q2 last year from Jiangsu Hengrui. The company expects the first wave of MA applications to begin in Q2 FY '27.

In June 2026, Glenmark initiated a Phase 3 clinical trial of Trastuzumab deruxtecan in platinum-resistant ovarian cancer, or PROC, in India following the approval of the DCGI. Glenmark also plans to enroll patients in Australia and South Korea subject to regulatory approvals.

Aflutinib partnered with Hansoh: as mentioned earlier, in Q3 last year, Glenmark had enlicensed Aflutinib, which is a third-generation EGFR TKI for the treatment of non-small cell lung cancer. Aflutinib is already approved in the UK in June 2025 for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with activated EGFR mutations.

Hansoh also received MA approval in the European markets in FY 2026. Glenmark has submitted MA applications for Aflutinib in 13 countries as of June 2026, and the first commercial launch is anticipated during the second half of FY '27.

Moving on to Ichnos, some of the key updates on our pipeline products: ISB 2001, or ABBV-2001, to date more than 160 subjects have been dosed in the Phase 1 study, 42 of which were in dose escalation and more than 120 patients in dose expansion. Safety and efficacy data from all subjects continues to be promising and are consistent with data previously presented at ASCO 2025.

A multicenter Phase 1/2 multicohort combination study in multiple myeloma and other anti-myeloma therapies has been initiated, and there's a clinicaltrials.gov link available to view the details. ISB 2301, the next asset in the Ichnos pipeline, is a first-in-class multispecific immune cell activator targeting solid tumors, and Ichnos intends to submit an IND later this year.

ISB 2302, which is a bispecific immune modulator, and ISB 2501, a trispecific T-cell engager, are both in early preclinical development. You can view more updates on the Ichnos pipeline assets on the Ichnos website.

From the Glenmark management team, we have Mr. Glenn Saldanha, Chairman and Managing Director, and Anurag Mantri, Executive Director and Global CFO.

I'll now hand it over to Glenn for his opening comments.

Thank you, Utkarsh. Good morning, everyone, and thank you for joining us today on the Q1 earnings call.

We've begun FY '27 on a very strong note, delivering consolidated YoY revenues of 23%. Even if you exclude the deferred income from 2001, the base business YoY growth is north of 18%.

This performance was broad-based across all our key markets. India business sustained its continued outperformance in the core therapies as well as strong momentum in oncology through Tevimbra and Brukinsa launches.

As guided earlier, our North America business reported a strong recovery on the back of respiratory launches, and we expect this growth to sustain over the next few quarters. Our emerging markets business also recorded a very strong performance in the first quarter, while Europe was muted as we are transforming our presence there through expansions in the branded respiratory and dermatology segments.

Our branded portfolio continues to do well across the markets. Ryaltris is growing upwards of 40% in terms of secondary sales in Q1, and we've also expanded the launch of Winlevi to other EU markets.

We continue to work on our partner innovative oncology portfolio and are expecting to launch Amlotinib towards the end of FY '27, followed by Trastuzumab deruxtecan and Envafolimab. Innovation remains central to our long-term growth at Glenmark.

ISB 2001/ABBV-2001 continues to show promising safety and efficacy with more than 160 patients dosed to date, and we are excited about the progress of Ichnos's pipeline assets, including 2301 and 2302. Overall, we remain focused on disciplined execution, strengthening our base business, scaling up our specialty portfolio across markets, and continuing to progress the Ichnos pipeline forward over the course of the year.

With this, I would hand it over to Anurag Mantri for his opening comments.

Thank you, Glenn. Good morning, everyone, and thank you for joining us today.

We have started the FY '27 with the broad-based growth across all our regions. The improved mix has also helped maintaining our gross margin in spite of the increased cost due to the ongoing geopolitical situation.

As highlighted during our investor day, we are reinvesting in our base business as well as innovative business expansion. This, coupled with the increase in cost of shipments and overall logistics, has impacted our overall operating margins to some extent.

While depending on the geopolitical situation and the development, some of the cost increases will continue to impact the business, but we are working on to minimizing the impact on our profitability through superior products and geographical mix. Our working capital initiatives help generate incremental income through interest rate arbitrage.

The associated interest income is clubbed under the other income in the P&L, and the increase is apparent in this quarter. While gross interest costs have gone up, this is mainly on account of higher lease expenses, bank commitment charges, and various other interest arbitrage thing, which the income is booked in the other income, but the interest cost comes in this head.

As a result of various measures implemented, our overall earning profile and visibility has improved considerably, and we remain committed to maintaining a gross debt-zero position in our balance sheet. Overall, we have delivered a strong quarterly performance and are on track to achieve our guidance as a part of Glenmark 3.0 journey.

Thank you.

With that, Renju, we can open the floor up for Q&A.

Hi. Good morning, everyone.

Thank you for the opportunity. My first question is on your R&D spend.

Can you call out the spend for the quarter, and since you have planned to move ISB 2301 to clinical trials later this year, after that, what kind of incremental R&D you anticipate? That's my first question.

Thank you.

R&D spend for this quarter was around Rs 289 crore, and going forward as we guided earlier in that our R&D spend is going to continue to be around 7% to 8% overall. This quarter was a bit lower, but it cannot be exactly the phasing out of the R&D spend, and it will continue as per our guidance.

Also as we guided, right, Ichnos, the spend will be around $70 million, right. This includes the investment in 2301 Phase 1 and all the investments in the clinical trials that we anticipate over the next two to three years.

It's all included in that $70 million that we will continue to burn in Ichnos.

Sure. You have a comfortable funding position to take care of this spend, which is required for moving assets to next phase.

Thanks for that clarification. My second question is on Europe.

Can you talk a bit more, what has changed because I think this is the second quarter when we are seeing the trends?

If you look at our European business, right, the last four years, we've been among the fastest-growing. Our European business has contributed significantly to the company, right, over the last four years.

If you remember our guidance, we said Europe will come to high single-digit this year, right. The other thing about Europe that we are doing is we are working aggressively to focus more on our branded products in Europe, which is mainly the products in the respiratory and we have several respiratory and derm launches, right, which will drive the growth of Europe.

I think this year we'll finish probably at high single-digit for our European business. However, I think as these branded launches start gaining scale, right, we will get back to double-digit growth from next year, right, for our European business.

Again, just to remind you, it's been the fastest-growing geography for four years continuously. Very strong business for us.

Sure. If you can just say some quantitative number, what percentage of European segment sale is contributed by branded products right now, and where do you want to take it, say, few years down the line?

Today it is small relatively, right, around 30% of total revenues, right. We see that number, if you take a five-year view, right, that should go to about 60%, 60-odd percent, right, over the next five years.

That's the kind of focus we're bringing to the branded products across Europe.

That's helpful. My last question is on your injectable pick up in US segment.

You mentioned 20 20-plus products, including the partnered project. When we look at the contribution coming from the injectables, is that meaningful in the current number, or you think it will build up over the time?

It'll still take time. Most of these are commodity injectables, right.

We have some good launches and some good products, but it'll still take some time to contribute it to the overall revenue profile of of the US business, right. The US business, if I look at the US business this year, the the primary drivers are the respiratory launches, Fluticasone 44, then Fluticasone nasal spray OTC, which we've launched.

In the second half of this year, we have at least two or three more respiratory launches, I think which will help drive the performance of the US business this year. All in all, we should have a good year in the US this year.

Next year, I think some of the Monroe, differentiated injectables will start contributing next year for the US business, in addition to all the respiratory work that we're doing.

That's helpful. Thank you, Glenn.

Files which are in H2, right, which will also help the US this year.

Hi, team. Good morning, and thanks for the opportunity.

Sir, mainly on this cost part, how should we understand the RM cost impact, the increase in API cost on cause of this ongoing war situation and supply disruptions, how it can impact the gross margins and how sustainable is this impact will be? How should we understand the gross margin outlook, sir?

As I mentioned in my opening remarks, basically the geopolitical situation is impacting our gross margin, which is across the API cost as well as the logistic cost. We are seeing the cost pressure across.

We are trying to mitigate it through the better product mix and the better geographical mix. That's we are trying to, and that's the reason you can see that the margin was impacted, but not to the extent of the impact we are seeing across the API, packing material, as well as the logistic cost.

Going forward, it all depends then how the situation evolves in a geopolitical situation. If it subside, but I think in a future quarter also at least two quarter, we see the pressure coming up because of this, and we'll try our best to mitigate through the product and geographical mix.

Sir, assuming situation remain standstill, the elevated situation remain continue, then how it will impact the margins around 1%, 2%? Can you please help qualitatively on that?

I think the way to think of the business, right, is given the new launches and the respiratory launches in the US, right, given our strength in our India business, right, the growth in the India business, all that we're hoping will clearly offset any pressure that we're seeing on account of the elevated cost due to the war. Overall margins, we're pretty comfortable.

I think on a full-year basis, what we guided to that 21%, 22%, we'll clearly be there, right, on the overall margin of the company.

Okay. Thank you, sir.

Thank you.

Hi. Good morning.

First question is on the India business. Quite a strong performance, and it's also mirroring the secondary data that we see in IQVIA.

Glenn, maybe, while your secondary data has always been very strong, I think this time around we see that convergence. Is there any change that has happened, and going forward, would that be a good indicator on how we should model the domestic business?

As we've always said, our domestic business is really a fantastic business, right, in terms of the quality of the brands, the quality of the franchise across the board, right. Even if you look at the domestic business today, most of the segments we operate, cardiovascular we are growing 15-odd percent.

Dermatology continues to do well for us. Respiratory, particularly chronic resp, over 25-plus percent growth.

All these coupled with Tevimbra and Brukinsa, we did over Rs 100 crore of sales in the first 12 months of launch, right, which is remarkable. India is a very strong franchise for us.

I think if you are to model it going forward, you can easily assume that we will have between 12% to 15% growth on a consistent basis from here on for the entire India business.

Right. Right.

Glenn, but your top three brands still are like Telma or its extensions. You have very high concentration risk in some ways.

Do you see any risk to its growth prospects?

On the contrary, I think having strong brands is a positive. That's the view we have, right.

Having brands like Telma, Ascoril, Alex, Candid, and some of the newer products, right, our OTC franchise, Candid powder, now with this Tevimbra, Brukinsa, the strength of the portfolio is extremely strong, right, across the board. We don't see any risks to the performance in our India business.

Sure. Sure.

Glenn, you've also invested quite a bit on innovative products organically as well as in-licensing. Other than R&D, any kind of OpEx like marketing costs that you will have to do to market these products in Europe or emerging markets, additional cost beyond what you're already doing?

We are already doing that, right. If you see, we are investing in building out or strengthening our oncology commercial capabilities, particularly in emerging markets, right.

That's why we're making some investments this year, and that's why our margins we are guiding to is 21% to 22%, right, because these investments are more for preparation of the launch of Amlotinib, followed by Trastuzumab deruxtecan, followed by Envafolimab. These three brands can give us almost $500, $600 million over a five, six-year timeframe, right.

Then of course, we'll use the same infrastructure to launch ISB 2001 when available. That'll give us a very strong oncology franchise, particularly in India and all of emerging markets.

I think we're continuing to make these investments, which is all built into the margins that we guide to.

All right. Right.

Right. One more, if I can squeeze in.

ISB 2301, should we expect a deal this year, or would it be after Phase 1a similar to what you saw in ISB 2001?

So 2301 is a super exciting asset, right. It's a pentaspecific, which globally puts us at the world stage in terms of innovation, right.

No one has ever tried to target both NK cells as well as activate T cells, right, along with these tumor antigens. It's a very, very novel concept overall.

From a deal perspective, clearly we will wait till at least we get some data, clinical data in humans, and get some POC before we even start looking at potential partnering.

Right. Right.

I have a few more questions. Thanks a lot, Glenn, and all the best.

Thank you.

Thanks for the opportunity, sir. Sir, two questions: one on 110 mcg, the product being filed, where do we stand in terms of approvals or any additional queries?

That's first.

Oh, yeah, as we said, in H2, right, second half, right, we should see some of these respiratory products getting approved. We anticipate at least two or three of these getting approved, right, between 110, Fluticasone nasal spray Rx, Ipratropium, all this, right.

In the second half of this year, you should see. My hope is at least two of these three come through.

Got it. The one which is already launched, have we had the, in a way, full-quarter benefit in terms of business, or we're still to see the real meaningful impact?

I wouldn't say full quarter. I would say half the quarter we saw some benefit, but I think this Q2, we'll see the full-quarter benefit out of Fluti 44.

Got it. Sir, secondly on ISB 830 with Biocryst, is there any rethink from their side, that is as far as the agreement is concerned, and then subsequent extension to that that since the product is now about to complete Phase 2, and is there any scope for having an agreement with alternate companies, or more number of companies on the asset?

ISB 830, we moved a backup compound, right, called STAR-310. It's actually in Phase 1, right.

It's just completed Phase 1, right. That's the stage at which we're at.

In terms of Biocryst, we have no visibility to what they're doing in terms of further development yet, right, because they just acquired Astria some time ago, they're still trying to figure out what the next steps are on that.

Got it, sir. That's it from my side.

Thanks.

Hi. Thank you for taking my questions.

I had two questions: the first is if you could provide the current working capital and net cash position for the quarter. The second question I had is on, Glenn, you spoke about 12% to 15% growth in India.

If you could just give some color on how this growth would be split in terms of volume versus value and new product launches?

Okay. I'll take the first question, and Glenn will take the second question.

On the working capital as well as the debt position, what we guided for the year is that we will have around 115 days of net working capital days, which we will continue to maintain. We are well below that, and we are on track because quarter-on-quarter, there could be some variation, but I think currently we are much below the 115 days, but still we maintain our guidance of the full-year basis on a 115 days of net working capital.

On debt position, as we clearly said that we'll continue to maintain gross debt zero in our balance sheet. The cash position accordingly varies because of the various freight-related expenses and some of the pressure which we are seeing, but giving that all this are mitigated, and we'll continue to maintain our gross debt-zero position.

On the second part, right, with regards to the India growth, right, see, India, if you see the main growth drivers for us, right, as we've discussed, Tevimbra, Brukinsa, Rs 100 crore already in the first year, continues to do very well for us. Chronic respiratory, GFB launch, the brand is trending closer to in the first year itself about Rs 70, Rs 80 crore of annual revenue and still growing very, very rapidly.

On the cardiovascular, Telma continues to gain market share, the entire franchise, right, across Telma and all its variants. On dermatology, right, it's pretty much a broad-based growth, mostly this is all volume growth, right.

On the value side, we don't see too much of value growth in our business purely because the competitive intensity is pretty high, right. We think the bulk of the growth is still volume growth, right.

Maybe volume growth will be about 6%, 7%, new products will be another 3%, and then value will be another 3% to 4%, somewhere thereabouts, right. That's the typical breakup that we're seeing in the India business, right.

To answer your question, we still have a lot of runway in terms of new launches. For example, Amlotinib, we will launch in India, which is a big product we think in the non-small cell lung cancer space, very large indication.

We will launch Trastuzumab deruxtecan in India, right, in the oncology space, and that'll put us among the leaders in the oncology space in India, right, which, with the launch of Tevimbra, Brukinsa, and these other two launches, right, that'll take us to being among the leaders in the next five years in India, right, way before we launch ISB 2001, right. That's on oncology.

We talked about cardiovascular. We talked about dermatology, right.

In the respiratory, chronic resp, we still have many more exciting launches as we go forward. The last point on India is Semaglutide is not a big area of focus for us, but it'll help turn around our diabetes franchise, which until last year was declining, right.

Now we've been able to turn it around. Sema currently is tracking at about 20, 25%—Rs 20, Rs 25 crore of annualized sales as we speak.

The brand is still growing. I think overall that'll help turn around our diabetes franchise.

These are all the segments that we operate in, right, in India. I think pretty broad-based growth across all the segments that we operate in.

That's very helpful. Thanks a lot for that, Glenn.

Good morning to the team. I have two questions.

My first question, Mr. Glenn, is just want to understand the forward guidance beyond the regular outlook.

What are the top two to three execution priorities you are focusing on in the next few quarters, and alongside that, what do you see as the biggest risk in client adoption, regulatory shifts, or compliance pressures, and how are you preparing to manage them while strengthening Glenmark's position in generic and specialty pharma? That's my first question.

I'll ask my second question after this. Thank you.

Priorities are clearly to prepare for some of these US launches, right, that we're anticipating, particularly in the respiratory side in the second half. That's on one side.

The other side is preparing for the launch of Amlotinib, right, which is a big product for us in India and all emerging markets, right, which will drive the growth in, starting second half of this year, right, followed by Trastuzumab deruxtecan and some of the other launches, right. That's probably the key priorities where we are focused on, driving the business, right.

India continues to do well, and Europe and the other franchises continue to do well, and we have all the building blocks in place, right, to continue to sustain the growth that we are anticipating for India, right. Also, I think field force expansions, we continue to do field force expansions both in India as well as in emerging markets to prepare for those launches.

That's another thing we are heavily focused on, right, from now till the end of the year. Your second question, the second half of the question, I couldn't get clearly.

Can you repeat that?

Yes. Just want to understand, what risk you see in adoption or competition from the peers, and just want to understand your plan of growth, and how you are preparing to handle the challenges that could slow down the growth?

Look, the growth that we are seeing, right, is a culmination of all the hard work that we've done in the past, right. I think what we're working on right now is all which will drive our future growth, right, basically over the, particularly next year, right.

As these launches start happening, as the products start commercializing, right, that should help strengthen the growth for FY '28 particularly, right. All the growth that you're seeing now and which we hope to sustain, right, is all the work that's already been put into in terms of launches and products already there.

From a risk perspective, we think the risk this year is relatively low, right. It's all a matter of how well we execute from here till the end of this year, and that's where the primary focus is right now.

Sukrit, as we mentioned at the beginning that most of our growth is towards the branded and unique products. As to answer your question on a regulatory part, which it reduces the risk because we are moving towards more innovative and branded portfolio.

To that extent, going forward, it will start de-risking from the regulatory risk related to the geopolitical situations.

Thank you. My second question to Mr.

Mantri is, again, along the similar lines, from a financial point of view, what key risk or challenges do you anticipate in the coming quarters, and what specific measures are being taken to manage margins, cash flow, and balance sheet strength, especially in areas like raw material cost, volatility, receivables, or any regulatory compliance? Just want to understand your plan of action on this.

Thank you.

We have taken a multiple initiative to improve our working capital efficiency, as you rightly mentioned in this situation. Because see, the raw material prices are actually not completely in your control because it's related to the geopolitical situation, and so is the freight and other things.

What we are trying to mitigate is through improving the working capital optimization, efficiencies towards that, reducing our debtors days, improving the payment terms with the vendors. In this process, we are actually optimizing the various supply chain financing, trade-based MSME financing, global factoring, and packing credit, and all these type of instruments so that we can actually, the moment we improve the working capital efficiency, it free up the cash for the growth and for the future growth.

That's how we are looking at it.

Thank you, and best wishes.

Am I audible?

Good morning, and thank you for the opportunity. My question is on Ryaltris.

Ryaltris has become Glenmark's first successful global specialty brand. Internally, which product in the current portfolio do you believe has the highest potential to become the next global brand of similar scale?

I think Ryaltris is the first big one, right, followed I think Amlotinib has tremendous potential, right, the one we are starting to launch, second half of this year in non-small cell lung cancer, the one we licensed from Hansoh. That should be a big product.

Likewise, Trastuzumab deruxtecan, which we licensed from Hengrui, that can be a big product for us. All these will help build a very nice, innovative franchise, right, across all our markets.

Then of course, the big one will be ISB 2001, right, as and when it launches. I think over the next 5 to 10 years, you should see significant launches happening on the innovation side.

Got it. My second question is Winlevi has now been launched in several European markets.

Could you discuss physician adoption and whether the dermatology could become a meaningful growth driver in Europe?

You're referring to Winlevi, correct?

Yes, sir.

Winlevi is a niche product, right. It's for acne, and we think it'll be a nice product to have with the dermatologists.

It's differentiated, and the adoption has just started, right. We've just started commercializing it in many of our markets, it'll take us some time to build on Winlevi, right.

Along with Winlevi, we have a couple of other branded derm products which we're also promoting, right, and we're planning to promote, right, which will help drive the entire derm franchise in Europe.

Got it. Thank you so much, and that's all from my side, and best of luck.

Thank you.

Hi. Good morning.

Just one question I had on all the litigations in the US. There was some news around some settlement on antitrust litigation recently.

If you can just update us on what are the pending litigations, and how much we've provided for, and what would be the cash flow implications, and is there anything that we need to provide for additionally this year, next year? If you can just update us on the situation around various litigations, please.

I think, Shyam, most of the litigations we've already provided, right. All the information was around the settlement that we did with the state AGs, right, which we already took I think in Q4, okay, in terms of a provision, right.

That's done, right. On the MDL side, right, the MDL, we've provided for state AGs, we provided the DPPs we've settled, right.

These two groups we've settled. We have the EPPs to go, and we have the one more group to go, right.

That's pretty much it from a litigation perspective, and outside of that, we've pretty much done with most of our major litigations.

Okay. Most of the provisions are made, and incrementally this will not be very significant, right, going forward?

It will not be a very significant. That now the smaller two litigations, what Glenn mentioned, has been left.

We provide more on a conservative basis upfront all the litigations. The cash flow will obviously go in these two years out of it, but as a P&L perspective, we have provided all the litigations as of known today.

Understood. I don't know whether I might have missed it.

Can you just share the net cash position as of June?

Saion, Shyam, as we mentioned that we'll continue to maintain our gross debt-zero position as well as the net working capital days of 115 days. We are well below under those working capital controls, and we'll continue to maintain that position going forward.

We are taking a lot of initiatives to mitigate the cost pressures and improving the working capital, especially in the current geopolitical situation in terms of our procurement side as well as on the sales side. Overall, we are continue to maintaining our gross debt-zero position.

Because I was just looking at cash and investment that you share, right, every quarter. I know gross debt has been zero for a while, but the cash position, if you can share.

Cash, see, though I'll give you the cash number, but I think it's not going to be a much of the help towards your model. My request is that you build a model based on the balance sheet perspective dates, which are the gross debt zero.

Operating cash-wise, we continue to maintain our 800 to 900 cash always.

Okay. Sir, one last question on India: what is the MR strength that we have, and, given all these oncology and launches that are happening, is there some investment that you need to do?

If you can give some color on that.

India MRs, I think we are about 5,600, somewhere thereabouts, right. Every year we add about 300, 400 MRs.

That's pretty consistent in terms of our growth, right, across all the therapeutic areas that we operate in. We already were in oncology.

We already had a sales force in oncology in India, there's no expansion required for the India oncology.

I see. Thanks a lot.

Thank you.

Hi. I just wanted to ask a question regarding how much of the AbbVie deal cash flow have we gotten in so far?

I understand that there was a $700 million upfront payment, and the other $1.2 billion, if it's attached to the milestones, has any of those milestone payments been activated?

As of now, we just got the $700 upfront. We've not got any for the milestones yet.

The deferred income which you say coming from the Ichnos deal, it's part of that $700 million, is that right?

That's correct.

Okay. Perfect.

Thank you so much.

Thanks, Renju. Quick reminder to everyone that the information, statements, and analysis discussed during this call describing the company or its affiliates, objectives, projections, and estimates are forward-looking statements.

These are based on current expectations, forecasts, and assumptions and are subject to risks and uncertainties which could cause actual outcomes to materially differ. No representation or warranty, either expressed or implied, is provided in relation to the conversation and the documents provided, and the company undertakes no obligation to revise any of the forward-looking statements because of new information, future events, or otherwise.

With that, we can close the Q1 FY '27 earnings call for Glenmark. Thank you, everyone, for joining us today.