Sign in

    Neha Manpuria

    Research Analyst at JPMorgan Chase & Co.

    Neha Manpuria is an Executive Director and Senior Equity Research Analyst at J.P. Morgan, specializing in India healthcare sector equities where she provides coverage on major pharmaceutical companies such as Dr. Reddy's Laboratories, Alkem Laboratories, and Aurobindo Pharma. Known for her rigorous analysis and thought leadership, Manpuria has contributed research impacting key investment decisions, and her reports are referenced in high-profile industry events and earnings calls. Starting her career in equity research in the early 2000s, she held senior analyst roles at Bank of America and worked as Vice President at J.P. Morgan before rising to her current executive position. She is a registered research analyst with regulatory credentials in India, and her detailed coverage and market insights have earned recognition among institutional investors.

    Neha Manpuria's questions to DR REDDYS LABORATORIES (RDY) leadership

    Neha Manpuria's questions to DR REDDYS LABORATORIES (RDY) leadership • Q1 2026

    Question

    Neha Manpuria from Bank of America asked about the US pipeline, specifically the timeline for semaglutide approval in Canada, the potential for other high-value launches, and the outlook for gross margins and SG&A costs.

    Answer

    CEO Erez Israeli stated they are targeting semaglutide approval between October and November for a potential January launch, contingent on IP and regulatory approvals in Canada. He noted the full-year outlook does not assume any other major launches. CFO M V Narasimham projected gross margins to remain at similar levels for the year and guided for full-year SG&A to be in the 28-29% range, not the 30% seen this quarter. Erez Israeli added that a successful semaglutide launch would ensure EBITDA margins remain north of 25%.

    Ask Fintool Equity Research AI

    Neha Manpuria's questions to DR REDDYS LABORATORIES (RDY) leadership • Q4 2025

    Question

    Neha Manpuria inquired about the potential impact of U.S. tariffs on generics and APIs, Dr. Reddy's mitigation plans without a U.S. manufacturing footprint, and the flexibility to reduce the cost base post the Revlimid patent cliff to maintain margins.

    Answer

    CEO Erez Israeli stated the company is preparing for various tariff scenarios by focusing on supply sustainability with customers, adding that a U.S. footprint is desirable but not an immediate priority. CFO Mannam Venkatanarasimham and CEO Erez Israeli explained that post-Revlimid, they aim for double-digit sales growth to outpace expenses, supported by new products like semaglutide, biosimilars, and business development, to maintain their margin targets.

    Ask Fintool Equity Research AI

    Neha Manpuria's questions to DR REDDYS LABORATORIES (RDY) leadership • Q1 2025

    Question

    Neha Manpuria from Bank of America questioned the potential scale of the OTC business by fiscal '27-'28, including the role of future M&A, and asked for specific filing and launch timelines for the denosumab and abatacept biosimilars.

    Answer

    CEO Erez Israeli stated that the OTC business, currently around $320 million, will grow to over $600 million with the Nicotinell acquisition. He noted that reaching the $1 billion mark would require further acquisitions. For biologics, he projected the abatacept filing for the end of calendar 2025 with a launch in late 2026 or early 2027, and the denosumab filing for the end of calendar 2026.

    Ask Fintool Equity Research AI

    Neha Manpuria's questions to DR REDDYS LABORATORIES (RDY) leadership • Q4 2024

    Question

    Neha Manpuria inquired about the new Nestle joint venture, asking for the timeline for brand rollouts, revenue ramp-up, and its impact on the existing double-digit growth guidance for the India business. She also asked about the drivers for the high R&D spend, the expected timing for contributions from the complex product and biosimilar pipelines, and the R&D guidance for the next fiscal year.

    Answer

    CEO Erez Israeli explained that the Nestle JV's revenue contribution will likely be seen post-FY'26 or even post-FY'27, following a period of brand registration and building. This growth will be incremental to the existing India business guidance. Regarding the pipeline, he noted that small molecule contributions are expected in FY'25, while internally developed biosimilars will likely start contributing in FY'27. He guided for R&D spending to be in the range of 8.5% to 9% of sales for the next year.

    Ask Fintool Equity Research AI