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    Tushar Manudhane • Motilal Oswal Financial Services

    Tushar Manudhane's questions to Dr Reddy's Laboratories Ltd (RDY) leadership

    Tushar Manudhane's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q1 2026

    Question

    Tushar Manudhane from Motilal Oswal asked about the investment in the Keytruda (pembrolizumab) biosimilar trial, the rationale for lower R&D spending, and the long-term potential of the semaglutide opportunity.

    Answer

    CEO Erez Israeli explained the Keytruda collaboration with Alvotech was structured to minimize net investment, making it a good ROI opportunity despite being a crowded space. He described the current R&D spend as flexible, with 500-600 basis points of discretionary spend that can be adjusted based on revenue performance. He characterized semaglutide not as a short-term opportunity but as the beginning of a decade-long journey in GLP-1 products, with plans for a portfolio of 26 related assets.

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    Tushar Manudhane's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q4 2025

    Question

    Tushar Manudhane asked about the growth outlook for the European business excluding the NRT portfolio and inquired about the competitive landscape for generic semaglutide, particularly whether the synthetic manufacturing route would lead to different competitive dynamics.

    Answer

    CEO Erez Israeli stated that Europe is a key growth area, driven by expansion into more countries, leveraging the U.S. pipeline, launching biosimilars, and growing the NRT business. He explained that the synthetic route is viable for injectable semaglutide and that competition will ultimately depend on the number of players with approved products and manufacturing capacity, for which Dr. Reddy's is preparing for both limited and highly competitive scenarios.

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    Tushar Manudhane's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q1 2025

    Question

    Tushar Manudhane of Motilal Oswal Financial Services asked about the sustainability of the North America sales growth, particularly in the base portfolio, and questioned the moderate growth rate of the India business excluding the Sanofi acquisition.

    Answer

    CEO Erez Israeli asserted that the growth in North America is consistent and driven by multiple products and strong customer service, not a one-off event. For the India business, he reiterated his confidence that growth will accelerate to double-digits for the full year, even without the inorganic contribution.

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    Tushar Manudhane's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q4 2024

    Question

    Tushar Manudhane inquired about the approval and launch status for rituximab in Europe. He also asked for an explanation for the quarter-on-quarter increase in inventory and whether the current SG&A expense level is a sustainable run rate for FY'25.

    Answer

    CEO Erez Israeli stated that the launch of rituximab in the U.K. is planned for the current quarter, with EMA inspection also awaited. CFO Parag Agarwal addressed the other points, explaining that the inventory increase was a proactive measure to mitigate geopolitical supply chain risks. He also noted that SG&A as a percentage of sales (around 27.7% for the year) is expected to remain in a similar range going forward.

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