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    Saion Mukherjee

    Research Analyst at Nomura

    Saion Mukherjee is Managing Director and Head of Equity Research for India at Nomura, specializing in the healthcare and pharmaceuticals sectors. He covers leading Indian pharmaceutical and healthcare companies and has been consistently ranked among the top 3 analysts in this space by Indian investors, achieving Rank #1 in 2011 and top 3 rankings in subsequent years. Mukherjee began his equity research career at Lehman Brothers before joining Nomura in October 2008, bringing over a decade of experience in the Indian equities market. He holds a PGDBM from the Indian Institute of Management, Ahmedabad and an engineering degree in Chemical from IIT Delhi.

    Saion Mukherjee's questions to DR REDDYS LABORATORIES (RDY) leadership

    Saion Mukherjee's questions to DR REDDYS LABORATORIES (RDY) leadership • Q1 2026

    Question

    Saion Mukherjee of Nomura inquired about the PLI income for the quarter and the growth trajectory for the CDMO business, Origin Pharma Services.

    Answer

    CFO M V Narasimham stated that PLI income was almost zero for the quarter and would be minimal for the full fiscal year, with more expected in FY27-28. CEO Erez Israeli reported that the Origin CDMO business is growing nicely, targeting about $100 million in sales for the fiscal year, and projected it could reach $250-300 million by 2030 by focusing on small molecule and biologics CDMO, particularly ADCs.

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    Saion Mukherjee's questions to DR REDDYS LABORATORIES (RDY) leadership • Q4 2024

    Question

    Saion Mukherjee asked for a breakdown of the significant step-up in R&D spending across biosimilars, NCE research, and generics. He also requested an outlook for growth in emerging markets, particularly China and Brazil, for fiscal years '25 and '26.

    Answer

    CEO Erez Israeli detailed the R&D allocation, stating approximately 60% is for small molecules, 20% for biosimilars (driven by clinical trial timing), and 20% for API and other initiatives. For emerging markets, he projected continued double-digit growth in constant currency, noting that China looks promising with a consistent pace of product submissions, though foreign exchange risk remains a factor.

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