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    Damayanti Kerai • HSBC

    Damayanti Kerai's questions to Dr Reddy's Laboratories Ltd (RDY) leadership

    Damayanti Kerai's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q1 2026

    Question

    Damayanti Kerai of HSBC questioned the sales outlook for lenalidomide in the upcoming quarter, potential pricing pressure, and the readiness and sufficiency of semaglutide manufacturing capacity.

    Answer

    CEO Erez Israeli confirmed that lenalidomide sales in Q2 should be of a similar magnitude to Q1, with most of the volume already booked, mitigating the risk of further significant price erosion. Regarding semaglutide, he clarified that initial launches will use a partner's capacity, not the Vizag facility, which comes online in FY28. He expressed confidence that the planned capacity of approximately 10 million pens for calendar '26 and 12 million for FY27 would be sufficient to gain meaningful market share.

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    Damayanti Kerai's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q1 2025

    Question

    Damayanti Kerai from HSBC inquired about the sustainable growth rate for the India business post-Sanofi vaccine integration, the progress of the Nestle JV, and the level of spending and future marketing strategy for the biologics portfolio.

    Answer

    CEO Erez Israeli projected double-digit growth for the India business for the full year, even excluding acquisitions. He announced the Nestle JV is progressing well and is expected to go live around August 1. Regarding biologics, he noted that biosimilars account for about 20% of R&D and 10% of CapEx. He confirmed that upcoming products like abatacept will be marketed by Dr. Reddy's directly in the US.

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