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Tushar Manudhane

Research Analyst at Motilal Oswal Financial Services

Thane, MH, IN

Tushar Manudhane is a Research Analyst at Motilal Oswal Financial Services, specializing in equity research coverage of the Indian healthcare and pharmaceuticals sector. He tracks and provides fundamental analysis on leading pharmaceutical companies including Dr. Reddy's Laboratories, Sun Pharma, Lupin, Cipla, Divi’s Labs, Gland Pharma, Biocon, Aurobindo Pharma, Laurus Labs, Zydus Cadila, and Solara Active Pharma. With a tenure at Motilal Oswal dating back at least to 2017, he has authored multiple in-depth sector reports and regularly participates in earnings calls with leading industry players, as evidenced by his analyst questions at events for Dr. Reddy's Laboratories. While publicly available data does not specify his performance rankings or professional credentials such as FINRA registration or securities licenses, his research is widely distributed through platforms like Bloomberg, Thomson Reuters, Factset, and S&P Capital, reflecting recognized expertise in Indian pharma research.

Tushar Manudhane's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q2 2026

Tushar Manudhane asked for an overview of total annualized biologics sales across markets, the regulatory implications of using a CMO for Rituximab (stability data), and the future gross margin outlook for the PSA segment, including quantified peptide sales.

Answer

CEO Erez Israeli detailed biologics launches in Europe (bevacizumab, Rituximab) and India/Emerging Markets (same plus Pembro, Nivo). He clarified the Abatacept CMO strategy involves tech transfer and stability data for a 2028 launch. CFO Mannam Narasimham projected PSA gross margins in the 20-25% range. CEO Erez Israeli stated current peptide sales are small but capacity is built for up to 800 kg.

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Question · Q1 2026

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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Question · Q4 2025

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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Question · Q1 2025

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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Question · Q4 2024

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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