Thanks, Lizann. Good morning, everyone, and welcome to the Q4 FY26 earnings conference call of Glenmark Pharmaceuticals Limited.

During today's call, we'll cover our performance in the fourth quarter and overall FY26. We also have an Investor Day coming up in about a week's time, where we'll answer more strategic questions around mid- to long-term strategy and growth drivers for the overall business.

Before we get into the Q&A, let's review the performance for the quarter. For the fourth quarter of FY26, Glenmark's consolidated revenue from operations was ₹37,706 million as against ₹32,562 million in the corresponding quarter last year, recording an overall year-on-year growth rate of 15.8%.

For the full year of FY26, Glenmark's consolidated revenue was ₹169,825 million as against ₹133,217 million, recording a YoY growth of 27.5%. In terms of some of the key highlights for the overall company for fiscal year '26, of course, the big highlight was IGI securing a landmark licensing deal with AbbVie for ISB 2001, which was developed using IGI's proprietary BEAT platform, for USD $700 million upfront payment and a potential total deal value of $1.925 billion along with tiered double-digit royalties.

Glenmark will lead commercialization across emerging markets once the product gets approval. During the year, Glenmark also accelerated its oncology business expansion in India and emerging markets through the in-licensing of commercial rights for Trastuzumab Rezetecan from Hengrui Pharma and Aumolertinib from Hansoh Pharma, and the launch of Tevimbra and Brukinsa in India.

Glenmark's India business delivered a strong performance in secondary sales, growing at 1.5x the IPM growth for the year, and emerged as the second-fastest growing company amongst the top 15 companies in FY26 as per IQVIA. In India, we launched differentiated products across our core therapeutic areas.

Tevimbra, Brukinsa in oncology. We launched the Nebsmart GFB nebulizer, the world's first triple-neb for COPD in respiratory, and Glepik, the semaglutide vials and injection for diabetes.

Ryaltris, which is our global brand, continued strong global momentum, recording 50% plus secondary sales growth across its commercial markets in FY26, along with marketing authorization approvals and launch in other large markets like China and Thailand. Glenmark also initiated end-to-end commercialization of Ryaltris in the US as well during the year.

We also established our branded dermatology footprint in Europe with the European approval for Winlevi, and we launched Winlevi in the UK during the first quarter of FY26. In the US, we strengthened our generic respiratory franchise.

We got our first respiratory product approval, which was Flovent, generic to Flovent, Fluticasone MDI 44 mcg. We got a CGT designation and 180-day exclusivity on the back of that.

We also got approval for Fluticasone nasal spray OTC. During the year, we also filed three additional ANDAs in the respiratory category, and we also expanded our injectable franchise in the US further.

We now have almost 20 products commercialized through partners. Monroe, of course, received a VAI classification from the US FDA post its inspection in November 2025.

This enables a restart of commercial manufacturing and supporting future growth in our injectable and institutional business in the US. I'll just quickly cover the key markets, starting with India.

Sales from the formulation business in India for Q4 was at ₹10,201 million as against ₹9,430 million in the corresponding quarter last year, recording a growth of 8.2% YoY growth in the quarter. As I mentioned, Glenmark significantly outperformed the IPM in terms of secondary sales as per IQVIA.

Glenmark's India formulation business growth was 12.3% during the quarter and 13.5% for the full year, compared to IQVIA IPM IQVIA growth of 10.1% in Q4 and 9% in MAT March 2026. Glenmark is ranked 13th in India with a market share of 2.34%.

The company has 11 brands in the top 300. In terms of core therapeutic areas, Glenmark continues to be amongst the top companies in dermatology, second ranked in dermatology, third in respiratory, and fourth in the cardiac segment as per IQVIA data.

As mentioned before, during the quarter in Q4, Glenmark announced the launch of Glepik, semaglutide injection in India for the management of type 2 diabetes. Glepik is available in both vials and pre-filled pen formulations.

The product has been approved by CDSCO following a multicenter clinical trial in India. The vial formulation supports physician-guided dosing aligned to patient needs, particularly in the early stages.

Glenmark also introduced Sankalp, a patient support program designed to support therapy initiations and improve comfort with injectable treatment. Tevimbra, Brukinsa were launched in Q1.

In a short period, these two brands have seen very strong uptake in the market, and the companies expects these brands to gain further momentum and meaningfully contribute to the India business in the next two, three years. In Q3, we had announced the launch of Nebsmart, which is the world's first triple fixed-dose triple therapy for COPD, covering glycopyrronium, formoterol, and budesonide as a single, easy-to-use nebulized therapy.

It minimizes the burden for multiple medications. Glenmark's strong growth in the chronic respiratory segment in FY26 has been led by this product, along with some other products we've introduced over the years.

Zaberis in dermatology is a first-of-its-kind oral advanced systemic treatment, and this has also been well received by doctors in the dermatology segment. In terms of the consumer care sales in India, consumer care sales were ₹1,265 million with a growth of almost 10%.

Most of the flagship brands recorded double-digit growth in terms of secondary sales during the quarter, including La Shield, Bontress, and some of the newer brands like Aloevera and Episoft. Moving on to North America, the North America business recorded revenue of ₹9,248 million for the fourth quarter of FY26 as against revenue of ₹7,146 million.

This translates into a YoY growth of 29.4%, but net of the deferred out-licensing income recognition for ISB 2001, the core business growth in the fourth quarter was 7.8% YoY. Glenmark launched four products in Q4 and 13 products during the full year FY26, consisting a mix of oral solids, multiple injectable products, and respiratory as well.

In the fourth quarter, we filed two ANDAs and a total of five ANDA applications during FY26. Glenmark strengthened its respiratory franchise, as mentioned before, with the first ANDA approval for Fluticasone MDI, which is generic to Flovent 44 mcg.

We were granted CGT designation and as the first approved applicant, and we are eligible for 180-day exclusivity upon commercialization. We also received approval for Fluticasone nasal spray OTC, filed three additional respiratory products, and are targeting to launch two to three respiratory products in FY27 as well.

Glenmark also initiated the end-to-end commercialization of Ryaltris in the US to mark a meaningful step in the company's continued expansion in the region. Glenmark would directly lead brand strategy, market access, and customer engagement for Ryaltris.

During the year, Glenmark launched several other products, as mentioned before. Over the last couple of years, we built a large portfolio of 20 commercial injectable products through various partners.

Glenmark's injectable manufacturing facility in Monroe received EIR, which will enable the company to restart commercial manufacturing. Moving on to Europe, Glenmark's European operations revenue for the fourth quarter of FY26 were ₹8,907 million as against ₹7,335 million, recording a growth of 21.4% YoY.

Glenmark's Europe business recorded strong growth during the quarter on the back of its branded business across key markets. The CEE region witnessed double-digit growth across all the key markets on the back of a strong uptake in key products.

Western Europe also recorded good growth during the quarter, particularly markets like Germany and the Netherlands. Ryaltris continues to gain market share across all the countries where the product has been launched either by Glenmark or by its partner Menarini.

The company is continuing to focus on sustaining the increased contribution from branded products, particularly in the respiratory and the dermatology segment. As mentioned before, Winlevi has been launched in the UK and has gained good traction, and we have also received the MA approval and will be launching the product in our licensed European markets in FY27.

Glenmark is also planning to expand its commercial respiratory portfolio in Europe through the launch of two to three additional respiratory products in FY27. Moving on to emerging markets, for the fourth quarter of FY26, revenue from the emerging markets region was ₹8,979 million as against ₹7,898 million for the corresponding quarter last year, recording a growth of 13.7%.

As per the IQVIA MAT March 2026 data, Glenmark's Russia business recorded secondary sales growth of 11%. Glenmark continues to do well in the dermatology segment in Russia, is now ranked eighth as per the IQVIA data.

In LatAm and MEA regions, Glenmark recorded good growth in the secondary sales during the quarter. We've launched multiple respiratory products during FY26 in this region, which has aided overall performance.

Ryaltris continues to be the leading nasal spray in allergic rhinitis in emerging markets where the product has been launched. Glenmark plans to launch Ryaltris in Brazil in FY27.

In the APAC region as well, double-digit secondary sales growth was recorded in key markets like Malaysia and Australia. Glenmark continues to hold a significant market share in the overall dermatology and respiratory covered market across the APAC region.

As mentioned, Ryaltris was approved in China and Thailand and launched in Q4 by the company's respective regional partners, Grandpharma and Organon. Very quickly covering our global innovative portfolio, we spoke about Ryaltris.

Ryaltris as a product is now commercialized in 55 markets as of March 2026. It is expected to be launched in additional 8 to 10 markets over the next few quarters, including, as we mentioned, some large markets like Brazil.

In Q4, the product was launched in China and Thailand, and we are expecting significant uptake in the growth on the back of these launches. Winlevi, as mentioned, we have launched Winlevi in the UK, and we will initiate commercialization in our licensed European territories in FY27.

Qinhaiyou, which is envafolimab, Glenmark, as of March 2026, has already filed MA applications in 24 markets, and the first commercial launch is expected in FY28. We've also initiated early access programs or named patient programs from regulatory authorities in seven markets, including some markets like Kenya, Mauritius, Uganda, etc.

We've also initiated a global multicenter Phase 3 trial in neoadjuvant or adjuvant treatment of patients with stage IIIA, IIIB non-small cell lung cancer. Trastuzumab Rezetecan, partnered with Hengrui, Glenmark has advanced its preparations for initiation of MA applications for Trastuzumab Rezetecan, which is a HER2 ADC, which was licensed from Hengrui in Q2 FY26.

Our first wave of MA applications are expected to begin by the second half or by end of first half FY27. This product is got approval in China for the treatment of HER2 non-small cell lung cancer as well as HER2 breast cancer, and recently they filed a BLA application for HER2 advanced colorectal cancer as well.

Aumolertinib, partnered with Hansoh, in Q3 we had entered into an exclusive agreement with Hansoh for Aumolertinib, which is a third-generation EGFR tyrosine kinase inhibitor, or TKI, for the treatment of non-small cell lung cancer. Glenmark has rights across India and most of the emerging markets.

Aumolertinib is already approved in the UK in June 2025 for first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with active EGFR mutations, and it also received MA approval from European authorities in February 2026. It is marketed across five indications in China, and Glenmark has submitted MA applications for Aumolertinib in multiple markets as of March 2026, and the first commercial launch is anticipated during the second half of FY27.

Quickly covering IGI, key updates in IGI. On the oncology portfolio, ISB 2001 or ABBV-2001, the patient enrollment in Phase 1 dose expansion is progressing rapidly with the goal to determine an optimal dosing regimen.

Efficacy and safety data continue to remain promising and consistent with what was previously reported. We also selected our clinical candidate for ISB 2301, and the program is rapidly advancing towards the clinic with IND submission intended for the end of the calendar year 2026.

In immunology, ISB 880 or LED191, this is the product licensed to Almirall, and the Phase 2 study in hidradenitis suppurativa continues to advance with ongoing patient recruitment. Almirall also plans to initiate POC for an additional inflammatory skin disease for this product.

ISB 880 is partnered with Astria or BioCryst. On the Glenmark management team, we have 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 our earnings call today.

FY26 has been a defining year in Glenmark's evolution. Despite an evolving geopolitical environment, we delivered a reasonable business performance and made meaningful progress on the strategic priorities that will shape our future.

The major highlight of the year was clearly the IGI landmark agreement that we signed with AbbVie for ISB 2001. This transaction clearly validates that the IGI's proprietary BEAT platform technology works and will work in the future on future assets, too.

We're very excited by the broader IGI pipeline, starting with ISB 2301, which we think also could be a world-class asset. We're currently working on filing an IND before the end of this calendar year for ISB 2301.

We have two other assets in the pipeline now, ISB 2302 and 2501, which also look very promising. During the year, we strengthened our branded business in India and emerging markets, expanded our differentiated portfolio through multiple new launches, advanced our US respiratory and injectable franchise, and continue to scale our global brands such as Ryaltris.

We're also expanding our innovative oncology portfolio in India and emerging markets via some strategic partnerships with Hengrui, Hansoh, and, of course, Alphamab, the envafolimab partner. In the US, our respiratory generic franchise achieved key milestones, including the approval of Fluticasone 44 MDI, where we have CGT status, and Fluticasone nasal spray.

We also received an EIR from US FDA with a VAI classification for our Monroe facility, enabling the start of manufacturing and supporting the future growth in injectables and institution business. Looking ahead, our priorities remain clear: driving growth in the core therapies, globally scaling our branded business, and building a strong, innovative oncology franchise in India and emerging markets, and growing our US generics business via respiratory and injectables.

We will continue to advance IGI's innovative pipeline over the next four or five years. FY26 is expected to be a very strong year for us.

I'm sorry, FY27 is expected to be a very strong year for us. In FY27, we're making some strategic investments to accelerate growth in markets like India and emerging markets.

We will share more details on the roadmap at the upcoming investor meet. With this, I'd like to pass it on to Anurag Mantri to give his opening comments, and then we can initiate the Q&A.

Thank you, Glenn. Good morning, everybody, and good afternoon to all the international joiners.

During Q4 FY26, we delivered broad-based growth across India, Europe, and emerging markets. Our growth in the US market was affected in Q4 by the timing of approval for certain key products, leading to lower absorption of fixed cost in that quarter.

While gross margin continued to show healthy momentum, core operating margin was impacted by the lower absorption of the fixed cost, as well as the higher distribution expenses linked to current geopolitical and supply chain environment in Q4. On the balance sheet, happy to share that we achieved our guidance of gross debt zero gross debt-free at the end of FY26, while maintaining a healthy cash position.

During FY26, intangible asset addition were increased primarily because of strategic in-licensing transactions for innovative business, launch of injectables in US, etc. We view these as a long-term investment, particularly in oncology and high-growth branded markets.

We have now a very strong balance sheet and done with the necessary changes in the businesses. Going forward, we shall see a strong performance in FY27.

We also continue to focus on working capital efficiencies and disciplined capital allocation for FY27. We are targeting a revenue of ₹17,000 to ₹18,000 crore and an EBITDA margin of 21% to 22% in FY27, considering growth investment for expansion in India and emerging markets, and evolving geopolitical environment, currency movement, etc.

We will share with the more granular details on the growth drivers during the upcoming Investor Day. Thank you.

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

Lizann.

Hi, thank you for the opportunity. My first question is on the US business.

You received approval for Fluticasone inhaler on early March, but it seems like the fourth-quarter number doesn't reflect any benefit from this product. Can you just help us in understanding how do you see this product ramping up, and what kind of market share gain you intends here?

As you rightly said, we received Fluticasone nasal spray and Fluticasone 44 MDI both at the end of March, right?

Obviously, Fluticasone... If I look at FDA, I think the approval date, you received approval in early March, sorry.

By the time the product gets to the market and by the time you commercialize, right, March is pretty much...

Because by the time we took the product to US market because of the disruptions in the supply chain things, we could not really achieve much of the sales in that quarter.

Yeah.

Therefore, as I mentioned, there was a fixed cost absorption issue, but I think...

Oh, my god. Sure.

My second...

I'm sorry. No,

no, no. Sorry, my bad.

My second question is on the Hikma partnership for Ryaltris. You came out of that partnership because you mentioned you'll be doing commercialization on your own?

We've now,

as of April, right, we've commercialized Ryaltris on our own in the US market. That's something we're in the midst of doing.

We think the team can do a better job, right, by selling the product on our own. We'll see how it evolves, right, in the US.

I think overall, the takeaway message is, look, Ryaltris is a huge product. We have over $100 million of sales last year.

Secondary sales growth is about 50% on the brand right now. It's doing exceedingly well.

We're launching it in markets like Brazil also this year. We've got Brazil approval, so that will be a big commercial launch in addition to the US launch.

I think all in all, the brand is doing exceedingly well, right, and will continue to grow from strength to strength over the next few years as we go forward.

My last question is, in India, while you have grown above the IPM, it seems like the diabetic segment is still lagging behind the market. Are we not still set in terms of the channel inventories, etc.?

What is dragging diabetic segment's growth?

Diabetes, as right, there are two, three molecules, right, which we had, which are continuing to struggle, right? One of them is obviously remogliflozin, right, being an SGLT after dapa went generic, right?

We really struggled to gain market share on Remo, right? The second one was teneligliptin with sitagliptin going generic, right?

These are the two molecules that continue to struggle in our franchise. Now with the launch of Glepik, clearly, right, we anticipate that the diabetes franchise will get back to growth, right?

You should see growth coming back starting Q1 onwards. If you look at our India business overall, right, each and every segment in India today continues to outperform, right?

In the dermatology space, we're ranked number two, we continue to gain market share. In respiratory, with the launch of GFB Neb and some of the other respiratory launches, right, we are continuing to grow and gain market share.

In cardiovascular with the Telma franchise continues to do exceedingly well, right? Then, of course, with oncology now with the new launches of Tevimbra, Brukinsa, those are continuing to do well.

Then diabetes was the only segment which was lagging, right, but with the launch of Glepik, that should change and you should see good traction starting Q1, right, for the diabetes franchise. India is on a very strong note, and I think FY27 onwards, you should see strong growth coming out of India.

Thank you.

Hi, thanks for taking my question. Glenn, on the revenue guidance, this seems like a pretty aggressive number.

Can you just give us some color on what constituents you're seeing driving growth for us? ₹17,000 to ₹18,000 on this current base is a pretty large number.

I think, Nitin, if you remember our half, when we did the transaction, right, we had guided to about ₹17,000, ₹17,500. Now we've made it ₹17,000 to ₹18,000.

Clearly, we're seeing strong growth in all our markets. Keep in mind that particularly India and emerging markets, with the launch of some of the oncology assets, right, Aumolertinib happening this year followed by Trastuzumab Rezetecan and then envafolimab, right, the growth rates will be very, very high over the next four or five years, right, because of these major launches, right?

We anticipate the innovative pipeline to be a significant contributor for the company over the next five to seven years. We'll give you more color around it at the investor meet.

From here on, you can see high growths coming, right, from the company primarily on account of some of the innovative oncology launches, Ryaltris. Our US business also, which has been a drag for the last four-odd years, right, now with the launch of Fluticasone MDI 44 and two or three more respiratory launches yet this year, right, should and then, of course, the sole FTFs that we have, right, which are all happening this year, should help drive the growth.

I think all in all, barring Europe, which we think could be high single digit, everywhere else, the growth number will be exceedingly high, right, across the board.

Sorry to push that point, Glenn, but our second-half sales, when second half typically is a stronger period for us in a year, is about ₹7,600, ₹7,700 crore or thereabouts, right? Even if you annualize that, I think we're still talking of a very meaningful ramp-up on even if you annualize this H2.

Nitin, basically, as I mentioned in my opening commentary, that US sales which we targeted should have been much higher in Q4, which obviously got spilled over because of this last-moment supply chain and go-to-the-market issues in US, this year we'll see a full traction of the Fluticasone nasal spray, Flovent, and other launches in US. US should do much better than what we did in last H2 in that.

Also the India will continue to grow strongly at 15% plus in the market, and emerging market and Europe both should, so that's how it will contribute to, it's based on the stack-up what we have launched in the various markets.

Secondly, on Anurag, on the balance sheet, I think there has been a very sharp increase in receivables, as well as inventory and payables, but specifically the receivables increases quite stark. Can you explain that?

Receivable increase is primarily because of three reasons. As we mentioned at the H1 commentary when we mentioned is that there was a one largely, primarily we stopped the pre-collections, so that was one reason.

Second reason was that certain of the MEA region collection in this quarter was got delayed because of this entire war situation, we'll come back to the normalcy with that. Third was the some certain currency translation also of the debtors also sits in there.

I think overall, if you see our net working capital are close to 107 days, which are still best in the industry, and we'll continue to we gave you if you recall, we gave you the guidance of 115 to 120 days, we are well within that, and we will continue again FY27 will continue to be the same guidance to have a net working capital best in the industry. If you and also if you see that we did a gross debt zero, because if despite all these challenges, certain lower sales in US and all these things, still we achieved our gross debt zero with a ₹1,200 crore of cash position.

Balance sheet is in now is strong shape, and I think overall, we'll continue to monitor net capital working capital efficiencies very closely. Sorry,

on the working capital, the number of days you computed by annualizing the last quarter, that's the way you compute the number of days?

We compute the number of days, you are right. I think except for inventory, which is always forward-looking, debtors and creditors are always based on the previous actual number.

Only the inventory you build it up for the forward-looking, with that. Because

I was looking at, sorry to persist on this point, our receivables are up almost ₹1,500, ₹1,600-odd crore. Even from September onwards, we're up almost ₹1,000 crore for second half of the year.

If you see, inventory you are saying that it's actually based on forecasted basis, it's around 71 days. Debtors comes to 107 days, and receivables, overall, we are coming close to 97 days of actually the net working capital days.

I said even if you take it on a past basis, it's coming 107 days. We are well within the range in terms of our net working capital deployment.

Sorry, go ahead, Nitin.

No, sorry. I was just saying we should assume the year-end number of days which are there, what is going to sustain going forward also?

As mentioned that we are clearly maintaining that we will be the best in the industry, and 115 to 120 days we will be below that. That's what we are targeting that going forward, despite that business increasing and everything, we will continue to release cash from the working capital efficiencies.

Lastly, on the capex, if you can split between tangible, intangibles for the year, and how should you look at this going forward?

This year, if you see, intangibles were close to ₹800 crore plus because of the reason as I mentioned in my opening remarks, primarily due to the upfront payment and milestones associated with various partnerships which we executed in oncology and derma portfolio. We also see some of the BD activity in our base business especially in US, where we launched multiple partnered products in injectable segments.

Because of that, this was more of a one-off, I think, on an intangible, and this was more to support our growth in the future. I think FY27 onwards we should see a coming down on a normalcy level of around ₹900 crore of sort of capex number total.

Just the last one, on your liabilities, what are the committed payouts which are there over the next couple of years?

Liabilities, sorry, Nitin, I missed your question.

What I meant is, in terms of certain committed payouts, what are those, on maybe some licensing deals or some litigation payouts and all, what is that total amount of committed payouts which are there for the next two years?

Liabilities are basically that committed payouts are actually mostly related to the legal payments deferment, and second is that IGI income deferment which we have done of $70 million every year, that is also sitting in liabilities' various parts, which is $70 million every year.

I was looking more from a cash perspective. What is the cash payout on your committed liabilities which are there for the next two years?

We can come back to you with the cash thing. It's largely related to legal expenses deferments and the scheduled payment for how we have committed to them.

Thank you so much.

Hi, good morning. Couple of bookkeeping questions and...

Hello. Hi, am I audible?

Yes, go ahead.

Hi, good morning. Couple of questions, bookkeeping and one on Ryaltris.

I'll probably start with Ryaltris. Glenn, you started out saying that Ryaltris was about $100 million of revenues for FY26.

What was this number for '25? If you could give us a sense, the geographical composition of the revenue and your outlook for '27 on this, given that Brazil is slated to launch.

Clearly, look, Ryaltris is a big brand for us, right? We continue to grow.

$100 million is the base for '26, right? I don't have the precise number for '25, but...

It was 70. ...but I think going forward, right, you should easily assume we'll grow 30% plus, 30%, 40% at least for the next few years, right, on this brand, right, going forward.

Is it concentrated in some specific geography or it's more like fairly...

It's broad-based, I think. Broad-based.

I think, look, Ryaltris is a global brand for us now, right? We sell in almost all our markets, right?

A couple of markets where we didn't have the product launched was Brazil was one of them, which now we're launching this year. Then of course, the US, we were through Hikma, now we're doing on our own.

China, we are in the process of launching also, I think sometime this year we launch in China. I think post-reimbursement, the product will be a significant product in China.

I think it's still, I would say, it's still in the launch phase in many markets, so that will give us the real growth for the brand this year, right? There are many smaller markets, for example, Thailand and multiple markets where we're still in the launch phase, right?

Got it. On the P&L, the exceptional items are roughly ₹373 crore, roughly ₹320, 23 crore is on account of a litigation settlement.

I was just curious what the balance ₹50 crore is all about. Also, sizable other income this quarter, approximately ₹189 crore.

What is contributing to this? Largely

the first exceptional item is largely because of the US settlement and associated legal cost of these settlements and various other expenses related to this settlement, because these are the settlements as such, and we don't assume any of the liabilities in these settlements. On other income, largely that is because of the translation and the forex impact because of the sharp currency movements.

That's coming as a other income in our P&L.

Got it. Allocation of R&D expense for Ichnos for Q4 would be about ₹150 crore?

Roughly around ₹150 crore.

Okay. Thank you.

Thanks for the opportunity. Sir, just for FY26, with respect to that AbbVie deal, how much has been now booked for last two quarters as milestone income?

We book around $17.5 million every year every quarter what we said, and which contribute to $70 million in a in a year basis. Last two quarter, $35 million were booked.

Got it. Subsequently, in FY27, additional as compared to FY26, effectively $34 million will sort of add up in FY27.

I'm just trying to...

That's right. Right.

Any new approvals which you are sort of factoring in the assumption for FY27 revenue for US apart from Fluticasone?

No, see, in the US, we have these two sole FTFs, okay, right, which are coming up, right? Two exclusive products, right, which are coming in the end of Q3 and Q4, right, Gabapentin enacarbil and Axitinib, right, which will come up.

The second thing is we have couple of more respiratory launches coming up, okay, right, in the US in FY27. I think all that makes us believe the US will be a major growth driver for us, right, in FY27.

Effectively, how much are we considering that the number to scale up? Because Fluticasone nasal spray is an OTC, so that will take its gradual pace to build up.

If you could elaborate in terms of the upcoming respiratory launches, are they again like that can scale up the way typical generic product is, or it will be gradual? Look,

we have three respiratory products filed. One is Fluticasone Rx is expected pretty quickly also, right?

Additionally, we have Fluticasone 110, which is already filed, right? We have one more MDI which is filed, which is expected to launch this year.

I think if everything comes through, it'll be a strong year for the respiratory franchise. Additionally, we have, as I said, the two sole FTFs.

Got it, sir. Because effectively, it is almost 30% growth over FY26.

India market probably 15%, emerging markets maybe answer 20%, there is going to be a heavy lifting if I do back-of-the-envelope calculations from US, and which is sort of plus 30% sort of a growth at least in constant currency, and apart from that, maybe 5%, 6% of rupee depreciation. Effectively, we are targeting at least 40%, 45% revenue growth in US.

Is that what you're indirectly...

I think that's too granular, okay, right? I've given you all the drivers.

You can do the analysis, right, on why we believe that the US will outperform.

Got it, sir. Secondly, with respect to this litigation settlement, is there any further amount that might come up, or we have already provided for

what... We're almost done with everything.

We have one or two outstanding cases which will get settled over the next few years, right? It'll take a few more years.

We're pretty much done with everything now.

Lastly, how much the R&D spend is going to be for FY27? FY Q4 FY26, first of all, I missed the number, sorry for that, and full year '27?

Q4 was ₹225 crore, Tushar.

Full year is around the same range, 7%, 8% of sales.

Yeah.

All right, sir. Thank you.

Good morning to the team. I have two questions.

My first question to Mr. Glenn is, just want to understand forward-looking guidance on what type of strategic levers are you blazing in 26-27 to expand the company's leadership in respiratory, dermatology, and oncology therapies, accelerate biosimilars and innovate drug pipeline, and manage risk from regulatory pricing pressures and global competitions?

That's my first question. I'll ask my second question after.

Thank you.

I think we covered most of the drivers, right, for FY27, right, in terms of growth drivers, right, across the different markets. We talked about, sorry, there's a lot of background noise.

Can you go on mute, please?

Just give me a moment.

I think overall, we touched on most of the growth drivers, right, in FY27, right? A lot of the growth will come, as we discussed, the US, a lot of the US market growth, right, will be key.

The second thing is, of course, India and emerging markets with the launch of some of the oncology products and the investments we're making in derm and respiratory expansions along with our India business, the Glepik launch, GFB launch. Multiple growth drivers, right, will drive our FY27 guidance, right, to achieve these numbers.

Thank you. My second question to Mr.

Mantri is, again a forward-looking one, what type of capital allocation and risk management frameworks are being applied in 2026-2027 to balance dividend payouts with funding for R&D in specialty drugs, any hedge against forex and raw material volatility, and any levers put into place to sustain liquidity buffers on a large-scale expansion projects? Thank you.

Sorry, I could not hear the last line fully, but I think let me just try to explain on the what I understood is that and then you can add it to that. Capital allocation side, what we said to that we have a disciplined capital allocation.

We said that IGI, we are setting aside that for the $70 million for the future spend. R&D, we said 7% to 8%, we will continue to do that.

As Glenn explained that we will be investing in our core businesses this year to expand our core businesses, which we will tell you in detail in our forthcoming Investor Day, because we are expanding and we are reinvesting in the businesses. This year is actually largely, basically the capital allocation is largely on this expansion of our core business, the $70 million of IGI spend.

R&D continue to be at 8% because that's a innovation in R&D is a we see a good growth driver, and continue to be a and working capital efficiency will continue to maintain to address the all the geopolitical uncertainty, what you mentioned, the raw material volatility, currency volatility, all this we will continue to maintain with the high level of working capital management and efficiencies. Hope I think I covered

you. Thank you and best wishes.

Thank you.

Hi, just a suggestion. There's some basic numbers that we look out for every quarter, net debt, gross debt, capex, R&D.

What we've observed is disclosures are not standard. Some quarters you'll put forward those disclosures, some quarters you don't.

It'll be helpful if it just saves a lot of time for everyone. That's one.

Second, has there been a leadership change in IGI recently? IGI lead so

we take your suggestion on some of the disclosures, right? We'll look into it.

On IGI, we had a guy called Cyril Konto who was running it sometime ago. There's a new lady, Lida Pacaud, who's now the CEO of IGI.

She will be there at the investor meet. She was CMO.

How long has it been since Cyril's moved on?

It's been about maybe 6, 8 months. At least 6, 8 months.

Lida was Chief Medical Officer, she's been with us for the last 3, 4 years at least.

Great. Sure, look forward to meeting her.

Thank you.

Thank you.

Thanks, Lizann. A quick reminder to everyone that the information, analysis, and statements discussed during the today's 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 update or revise any of the forward-looking statements because of new information, future events, or otherwise.

We look forward to seeing you at the Investor Day, and with that, we can close the Q4 earnings call. Thank you, everyone, for joining us today.

Thank you.