Ladies and gentlemen, good day, and welcome to Strides Pharma Science Limited Q2 and H1 FY twenty-five earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Singhal. Thank you, and over to you, sir.
Thank you. Very good afternoon, and thank you for joining us today for Strides earnings call for the second quarter and half year ended financial year 2025. Today, we have with us Arun, Founder and Executive Chairman, Badree, Managing Director and Group CEO, and Vikesh Kumar, Group CFO, to share the highlights of the business and financials for the quarter. I hope you've gone through our results release and the quarterly investor presentation that have been uploaded on our website, as well as stock exchange website. The transcript of this call will be available in a week's time on company's website. Please note that today's discussion will be forward-looking in nature and must be viewed in relation to the risk pertaining to our business. After the end of this call, in case you have any further question, please feel free to reach out to the investor relations team.
I now hand over the call to Arun to make his opening comments.
Thank you, Abhishek. Good evening, everybody. Thank you for joining our call. I know today is a busy earnings day, so we appreciate your attendance to our call. It's been a good quarter again. We have reported a very strong quarterly performance. We are outpacing each quarter, which is great news, and we are delighted with our performance. What is critical here to note is that we moved our revenue growth quite significantly after four steady quarters of growth, where we had top-line stagnation by design, but we had significant gross margin and EBITDA growth as we were cutting out all the inefficiencies in the operation. Having settled on that, we have now activated our growth, and you will now get to see these levels of growth for the next two to three quarters.
Consequently, we are now very comfortable in guiding, in confirming that all of our previously guided numbers would now be achieved, more trending towards the higher end of our guidance outlook. Overall, it's been a great quarter, like I mentioned. All our financial metrics and ratios and debt to EBITDA ratios have significantly improved and will continue to improve. Pleasing, of course, was our outstanding U.S. performance. We are trending ahead of our run rate. We had $75 million of revenues this year. A lot of this growth is coming from the fact that we've been able to slowly but steadily relaunch products from the dormant portfolio that we acquired from Endo and taking significant market share and consequently improving revenues in the U.S., especially from our manufacturing operations in the U.S.
EBITDA at INR 235-236 crores is again our highest ever reported EBITDA. And while our reported PAT 99.93 crores, adjusted for the loss pickup of depreciation and interest from OneSource, at INR 100 crores is again our highest ever reported PAT. I think we are on a very steady footing to grow our business from here on. We are very confident about the quality of the business and the teams that are leading this business to its stated objectives. Quickly taking through the numbers, you'll see a tad reduction in our gross margin, which is because of the growth of our access market, which, as everybody knows, is a low gross margin number, but that's not material.
Having said that, we are trending very close to the EBITDA range that we have guided. Historically, for the last two decades, those of you who've been following Strides know that our typical H2 is in the 55-45 ratio, as in H1 being 45 to 55% being H2. That's because we continue to have a steady focus on the acute therapies, which actually have greater sales during winter in most parts of the countries that we operate. So if we go by specifics, the EBITDA cash conversion has been very high, and my colleague, Vikesh, will speak more in detail about that. Revenues, so I'm briefing through the H1 numbers. Revenues are trending strongly at 17% growth.
EBITDA at INR 452 crores is almost 45-47% of our range, and we're very confident of hitting our stated objective of INR 950-1,000 crores, including OneSource, and taking off OneSource business, we are very confident of hitting the INR 750-800 crore EBITDA range, and you will see that the retained business of Strides will continue to grow from that size. We now have one additional product where we are market leader during the quarter in the US, and we now have increased our commercialized products to 71.
Two new products approved and two from, three, one new product approved and three from our dormant product list that we have identified 60 products that meet our criteria, and obviously the success of those launches are flowing through. Beyond generics, beyond 400, so our $400 million strategy for FY27, FY28 is reaffirmed. We're very confident we can get there with the kind of margin profile and price discipline that we are known for. We continue to be the best performing provider of generics in the industry, with almost zero failure to supply. This is the hallmark of the company, and we're building on that relationship for better pricing, better share of the wallet, which we're successfully achieving month on month.
On the other regulated markets, to be candid, we're not extremely delighted with the growth of other regulated markets of delivered, save for our strong performance in Australia and the UK. The rest of the markets have been a little tepid for us, and that is mainly in continental Europe. We have had several products approved, but our partners are very significant, the top five generic players in Europe. And typically, the timing to a partnership to actual launch is taking a lot longer than what we hoped for and anticipated. So we just think that growth is there, just is there. Our partnerships are very solid. We probably will see more accelerated growth only next year.
But having said that, the other regulated markets continues to be a key focus area for us, and we probably are 3 or 4% short of our targeted growth rate in the other regulated markets. Having said that, the overall guidance will be easily met with our performance in U.K., Australia, and also in the U.S. The new markets that we have been focusing on is growing steadily. And these are new markets that we have seeded, and they include the African region, where we have a branded strategy, the access markets and new regions of APAC and MENA. They continue to grow. They're always lumpy because it's a subscale, it's suboptimal size scale now.
But for the efforts and the teams that we have in place, we believe that this will be the star. These markets will be the star performing markets for us in the years to come. Much better margin profile in these markets, but we are currently seeding them with investments of portfolio and foot soldiers. So obviously, you will see benefits coming through in the next several years. And with, I'm going to leave matters related to debt and balance sheets to my colleagues, both Badri and the CFO and so part of this, Badri and Vikesh. I just want... I'm sure that many of you would be interested in the updates on OneSource. So you will notice that we have updated our... Sorry. So we've updated our debt and just one second.
My apologies. I had a wrong set of documents in front of me. On twenty-sixth September, we updated an investor deck prior to our capital raise. We are guided, we're now guiding for 160-180, with a 34% EBITDA margin. Please understand that the, this H1 from Stelis has been, EBITDA positive, but it's still a PAT loss. That will change significantly in Q3 and Q4 as we start commercializing our GLPs. We are now very comfortable guiding, trending more towards the higher end of our guidance. In our investor meets, we have guided for $59-$60 million of EBITDA, with an exit quarter EBITDA of $20 million. We are very comfortable staying, reaffirming those numbers in today's call. We are very excited about the opportunities that we have signed up in OneSource.
We continue to receive very significant RFPs and contract signing. We currently are fully sold out with our capacities. We are commercializing the liraglutide GLP, starting from Q4, and we are backordered as some of our customers have forecasted significantly lower volumes. But having said that, we're trying to do everything to debottleneck and take in as much assistance as we can. So we are reaffirming higher end of the guidance, closer to the $59-$60 million guidance, exit run rate of $20 million per quarter and a very strong order book, where you will see growth at the annualized exit run rate of $80 million in the business. We've had a great response for our cap today, and we're very delighted to have marquee investors on our cap table at OneSource.
This has also led in releasing close to about $700 million to Strides shareholders, and we are grateful for your patience while we build Stelis through its difficulties. I think the investment, the $100 million investment and the soft gelatin business, has resulted in a significant outcome to Strides shareholders, and we're delighted with that. Use of funds of this $195 million will be to reduce our debt, including paying bridge loans that we have taken in anticipation of this process. We expect to be net cash by 2027.
This assumes a capital of approximately $100 million that will be required, that be a combination of customer advances, the $50 million that we will invest, and also the free cash flow the business will generate once the amount of the merger is completed. We are sitting on an extremely strong order book, and therefore, we are very comfortable to also guide the 350-400 million revenues over the next three to four years. Adjusted for the H1, we already are running at 30-odd% EBITDA business for the rest of the businesses. And we expect with the exit quarter run rate of $20 million to already reflect an EBITDA very close to 40%.
So the 40% is more likely our exit quarter run rate as early as this financial year. Overall, we are superbly excited with the number of RFPs that we have been issuing, especially for the Biosecurity Act and we have very pleasing response to our drug substance capabilities, and we are actively closing out opportunities and businesses that we are very, very confident of winning. Our win ratio now is about 40%, which is quite a good number for a new CDMO player, and that is a pleasing number for us to share with you today.
And I'm also excited by the fact that we have completed our soft gelatin capsule capacity expansion, and all of this additional capacity is now sold out, and we should be shortly increasing our capacities by another billion units for the next year to meet continuously increasing demand for softgels. Overall, good product approvals in our injectable space, our Health Canada approvals between the two facilities. And overall, it's been a strong comeback of the group, especially a great outcome for OneSource and what the future looks like. On the NCLT process, we are on track. We hope to have the NCLT a positive outcome, obviously subject to regulatory approvals and the compliances that are required for us to get an NCLT order in place.
We expect news, positive news before the end of this calendar year, and typically, the 60 days from that is when is the outer limit when we expect the stock to be listed. So, yeah, that's... I'm now going to request Vikesh to speak about the financials, the ratios, and our debt. And one, just one last point on the debt. Obviously, we have a close to INR 300 crore pushdown once OneSource happens, and consequently, we would have brought down debt in the last three years from a high of INR 3,000 crores to under INR 1,500 crores just through internal operations, I mean, operational efficiencies, which is also testament to our teamwork here, a great focus on efficiencies and compliance.
Thank you, and over to you, Vikesh, and then we'll open the floor for questions.
Thank you, Arun. Good morning, good afternoon, and good evening to all of you. I'm very pleased we are reporting another quarter of solid order performance. Our focus on delivering this momentum is visible across all our metrics of profitability, efficiency, and growth. Arun covered on the EBITDA and SAG performance, a very strong performance that we've had both quarter and before last. On the efficiency metrics, we have seen further improvement in our cash to cash cycle, which is now at 126 days. This has significantly helped us generate operating cash despite a very significant growth that we had during this quarter.
On our H1 EBITDA of INR 453 crores, we have generated cash flow from operations of INR 418 crores, and this has also helped continue our investment in growth CapEx, our CapEx spend of INR 92 crores in H1. With this strong operating cash generation, our net debt is also reduced. Our net debt was INR 1,902 crores, is a reduction of INR 133 crores in H1. With this reduction, our net debt to EBITDA ratio is at 2.18, and I'm very happy to-- that we are tracking ahead of our net debt to EBITDA guidance of less than 2 for FY.
... our all-round performance is also reflected in the ROCE metric, has now improved to 17.2%, from 12.8% that we ended in FY 2024. Covering some of the specific cost line items, our expenses for the quarter have remained steady on an increased revenue base, and that has led to an improvement in our OpEx cost to revenue ratio. Our net interest costs for the quarter are lower at INR 50-INR 54 crores, and this has been made up by an interest income on tax refunds that we have recorded during this quarter. With the reduction in debt, we also expect our gross interest costs to reduce in H2 and going forward.
Our effective tax rate at 17% is in line with our estimates, and we expect it to remain in this range of 17%-20% for 2025. It has been a very respectable and comprehensive performance this first half, and we remain focused on achieving our outlook for the rest of. Thank you. I'm happy to take any questions that you may have.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Rupesh Tatiya from Intelsense Capital. Yeah, please go ahead.
Yeah. Hello, sir. Thank you. Thank you for the opportunity, and congratulations on the fantastic performance. My first question, sir, is teriparatide launch. Can you give, you know, some update on this now? Do we have all the approvals are in place, and then, when can we expect commercial launch of this product?
All approvals for Europe are in place, and we expect the launch to happen within this financial year.
But, Q3, Q4, sir, like, I mean-
All right.
Sorry?
Q4.
Q4. Okay. And then another question, sir, is this contract project we have won for in animal health, for a biologics with an innovator. This project, when can we see some commercial revenue from this project? Is it like two, three years away, or it's not that far? And then do we need to do some CapEx for this project?
Yeah. So we are, we do not discuss specific phases in which we are with the product. We believe you're right, this is more like a three-to-five-year product commercialization, but we will have a very meaty R&D income, in that timeframe. We will probably need some more CapEx, to do that, but we believe strongly that within the $100 million range that we have indicated as CapEx to get to the $400 million revenues, all of this will fit in.
Okay. Okay, sir. And then, sir, this, in the presentation we gave for OneSource, not this one, the one last one, you said you are also working on 10 non-GLP drug device combination projects. So maybe, you know, qualitatively, can you give, you know, some idea about these are biosimilar biologics or these are some other products, some qualitative understanding of this, and then when-
Combination of both. It's a combination of both biologics and non-peptide drug device combinations, long-acting injections and stuff like that. But we can't. I mean, please try and understand, we are a CDMO. We are bound by confidentialities. We protect. We are. Our primary responsibility is to protect our clients' IP and protect the relationships, so we can't get into specifics. But yes, it is a combination of biologics and non-biologics.
Sir, I mean, these are also long-tail commercialization, or we can see maybe T3 commercialization next year?
One product approved this quarter, and we expect commercialization to happen in Q1.
Okay. Okay, and these also, I mean, relatively, sir, this would be as large as-
Rupesh, we'll have to come back on queue. There are a lot of people who would like to ask these questions, please.
Ladies and gentlemen, to ask a question, please press star and one. The next question is from the line of Naman from Nine Rivers Capital. Please go ahead.
Hi, sir. I have two questions. First is on the gross margin Strides. So, any one-offs during the quarter leading to the sequential decline, and what would be the steady-state gross margins we are aiming at? And second is on the last participant's follow-up, and then on the novel biologics projects, what could be the potential scale for us in the project?
What do you mean by scale?
In terms of our revenue potential.
We will not be able to give you specifics. What is important is that we have won our first NB for a large company, and it's a full program which is in late stage development and commercialization. Okay. Regarding your question on gross margin, we are in that 59-60%, that is our target range. Like we said, we had a slightly elevated access market business and a lower European sales. That's why we had a tad 75 basis points reduction this quarter. But, for your modeling purposes, you should look at more like 59-60%.
Great, thank you.
Thank you. And the next question is from the line of Nitin Agarwal from DAM Capital. Please go ahead.
Thanks for taking the questions, and congratulations on a pretty solid set of numbers. Arun, on the OneSource business, I just want to quickly check on the softgel part of the business. I mean, you talked about significant improvement in momentum in the business. Any particular reasons which are driving this improvement, I mean, this pickup in momentum?
Nitin, you know, we have been in soft gelatin for twenty-odd years, as you cover as well for so many years. But we've never offered soft gelatin as a CDMO opportunity at all. And given the disruption globally with capacities, and there has been a very significant intake of capacity requests and RFPs that we are currently servicing. We have already onboarded one of the world's largest consumers of soft gelatin as our first customer, and with commercial shipments starting from this year. And you'll see a full blast volume increase with this one single customer getting to closer to a billion units in the next two and a half to three years. We are building, and as we move away from their current suppliers, it takes time, because, you know, onboarding private labelers in softgels is a long-run process.
But I'm delighted to say that we have secured our largest business there in a multi-year contract, and that will get to full blast volumes in about two years. But we are starting commercial supplies in about a few months, few weeks rather. And it took us, ever since we announced that we have become a CDMO, to onboard them. So that's the time it takes to onboard a customer of that size and scale. But now that we are in the shipment phase, we're quite excited about the opportunity.
And secondly, on a GLP-1 business, what is the feedback that you're getting from your clients in terms of their demand outlook for both Lira and the Sema in the emerging markets over the next three, four years? There are concerns around the fact that there could be significant pricing erosion, which may come through in these products. I mean, does it have any implications for our business, for future finish?
So see, obviously, we have to be practical with currently estimating demand for GLP is hard. On Lira, we are seeing a surprisingly increased volume demand for two reasons. One is that the dose requirement of pens is double. So from a CDMO perspective, we are agnostic if we are making semaglutide or liraglutide, right? From that perspective, it's a good uptake. We are also seeing that considering that Ozempic, Wegovy, and the all big main GLPs are backordered, we are seeing a kind of, you know, revenge pick-up on volume for Lira. So I think some of our customers have forecasted volumes wrongly, and they're seeing more demand than that originally planned. So we are seeing interesting volumes, but we have only such limited capacity at this stage allotted for Lira.
We're disciplined with our approach for capacity because customers, our customers have also started booking capacities for semi-launch at risk, starting as early as August of next year. So we are balancing our capacity between these two acts. But, yeah, we are in a good place now to say that it looks like we'll be able to sell most of our 40 million units, probably 6-8 months ahead of schedule.
I guess that's probably prompted you to go for the capacity expansion from 40 to 140. What kind of visibility do you have on, probably, you know, in terms of commercial utilization of this incremental capacity also?
Nitin, incremental capacity is now being funded through take-or-pays, okay? So everybody is throwing big volumes at us, and we are telling customers that you have to participate in the CapEx to have capacity reserved. And we're able to get that today, in today's circumstances for GLPs, we are. Because we are as ambiguous as you are, how big this business could be, right? How disruptive it could be, positively or negatively. So we are cautiously optimistic, and we're telling partners to take equal risk, and we are today in a position to seek and receive capacity reservations. And but. So the hundred and fifty million units, I think we have fairly good visibility.
That's great, and if you can squeeze in a last one, Arun. On the continuing business for Strides, how should we think about this business? You know, obviously, we are on track to deliver this year's number. But qualitatively, you know, we've got the $400 million EBITDA milestone for the US over the next three years.... I mean, what else, I mean, what are other, sort of broad, you know, milestones would you, sir, leave us with in terms of to visualize this business on its own over the next two, three years?
I think you'll see, you'll see the CDMO business of Europe, the other reg markets to have, I wouldn't say a hockey stick growth, but significantly different level of growth in the next year onwards. So we've already told you that we'll be filing, we have a nice range of controlled substance enabling space. We have commenced, we should file our first key product, in the first, in March of this year, and we have three programs and very, very solid opportunities because the controlled substances can be produced only in the U.S. It requires a very specific device, which we have manufacturing capabilities. So we're quite excited about that entire niche. We believe the nasal spray niche will completely replace the loss of the soft gelatin volume and EBITDA.
Thank you so much, and best luck.
Thank you so much. Yeah. Ladies and gentlemen, to ask a question, please press star and one. The next question is from the line of Abdul Kader Puranwala from ICICI Securities. Please go ahead.
Okay. Thank you for the opportunity. So just a couple of questions on the GLP-1 and the non-GLP-1 opportunity under OneSource. So I mean, so we have talked a lot about the GLP-1 opportunity, but how should we be looking at the capacity at OneSource, which is not GLP-focused? You know, how is the kind of ramp-up you expect there? We have, in the past, you have talked about certain biologics, and we're now talking about doing some novel biologic work as well. So any color you could provide on that front would be helpful. Thank you.
Yeah, so we do have, I mean, OneSource is a combination of complex and specialty injections, GLPs, but it also has a lot of other parts of the business, right? Like penicillins, where we are one of the largest penicillin manufacturers, and other standard injectables where we are partnered with. We see interest in all of our businesses growing. I think the street is talking only about the GLPs, but we are excited about several subparts of our business, which is growing nicely. Of course, the GLPs take the limelight in terms of capital allocation capacities and the fact that we are first to file. It's now in the public domain that we and our partners have licensed the product to Amneal, and they have settled with the innovator. We are first to file.
We do have a profit share, which we split with our partner, Arco, in this, so it's all in the public domain. Obviously, there's a lot of excitement around it, but we are equally excited about the other parts of the business. You should look at us being completely full up on our approximately taking seven to eight thousand liter mammalian and microbial capacity of increasing the microbial capacity to four thousand liters to be fully sold out within the next twelve months. Then we'll have to probably look at this conversation later. So we are adding a lot of customers, especially products that are already approved. With the Chinese angle, we've already securing our first major European contract, which we should be in a position to give more granularity soon.
But yeah, we're winning businesses, and we will add capacities. And like I told, an earlier colleague of yours, that there would be participation of our partners in the investment program, and we are now positioning ourselves as a global CDMO. For pricing, we are offering the pricing as a price. We are not leading contract winning by price, but by service, and therefore our pricing is not necessarily low. But we, there is a kind of interest that we didn't expect earlier, until the Biosecurity Act came into play or is in play, of the nature of customers and RFPs that we are currently filling in, and a number of RFPs.
So I think overall, you should strongly believe that all engines are firing, and yeah, this is a good space to be, and we'll be. I think we are all very excited about every small bit of our business in OneSource.
Got it. Wish you all the best, and we'll get back in the queue. Thank you.
Thank you so much. The next question is from the line of Aman Vij from Astute Investment Management. Please go ahead.
Good evening, sir. Three questions. First, on OneSource GLP-1. So you have talked about one commercialization in Q4, one CSA. So how many CSA do we expect in, say, FY twenty-six to get commercialized?
In the GLPs?
Yes, yes.
Between five and seven.
Five and seven?
Yeah.
Is it safe to assume, given there will be the Semaglutide expiry is happening for the Indian market for non-U.S., non-Europe markets, so can some of these are these also getting launched in next year, FY 2026?
... It is possible. We can't be specific. Canada is the first market going off pattern.
Yes. Yes. Sorry, sir, you mentioned January what? January?
January of twenty-six is the first-
Okay.
-the patent goes off in Canada in March of 2026 in other countries.
Sure. And normally, what is the lag between, say, a CDMO player supplying versus the actual launch date? So if a patent expiry is happening in, say, January 2026, can we expect a six months before these?
Yeah, we can't give you specifics because there are confidential information around this product and the patent regime, but this always has to be much before the launch date, right? So it depends upon customers and their risk appetite and production at risk and their launch capabilities. But, yeah, you can see five to seven unique GLP customers, GLP commercial supplies from OneSource in the next financial year.
Sure, sir. That helps. On the top chain side, sir, we have expanded the capacity a lot, and we are again talking about more expansion. So can you give roughly what is the revenue we are getting from the side itself, versus what the revenue is roughly from outside customers, non-Strides or top side?
We have guided earlier, it's about half and half, and we stay with that, but there's no incremental growth coming from Strides. All new contracts are only with third parties.
Okay, so even the incremental one million you're talking about, and you've talked about one customer who is scaling quite fast, that is also all outside-
Yeah.
-side.
We also announced when we did this deal that outside of the businesses that are already contracted with Strides will only be the logistics partner, the economic stake at OneSource. We will not add any new products to avoid any related party issues going forward.
Great, thank you. My final question is, given Teddy launch, Lira launch, and you talked about five-to-seven launches, CSA launches in FY 2026, softgel expansion, steady science growth, can we expect maybe like a $300 million kind of number for OneSource in FY 2026?
No.
So it's lower or higher?
We have guided numbers for this year. We have given an exit run rate of 8% growth over the exit run rate of $80 million on the EBITDA. Focus on EBITDA. This is a business that is very focused on margin expansion. We are not... And we are giving you a view that in three to four years will be $350-$400 million. We are on track for all that.
Okay, so in spite of all these positives, five, seven projects and all these things, you think, revenue might be lower, but, we'll cover up in, say, EBITDA growth and all those things.
We'll have a significantly different EBITDA profile for FY 2026, if I may say.
Okay. That helps. I'll get back in the queue. Thank you.
Thank you. Our next question is from the line of Ritesh Ostwal from NRO Invest. Please go ahead.
Congratulations for good numbers. On slide nineteen, you mentioned about tirzepatide. When supply will be start for tirzepatide?
We mentioned this earlier, Q4 of this year.
Q4. And it's for innovator?
No, no, no, sorry, my mistake. So, I got confused between PTH and tirzepatide. What we are saying here is that we have signed our first CDMO contract to develop this drug. The product patent goes off only in twenty thirty-six.
Mm-hmm. So supply will start after 2036?
It depends upon, again, like in Semaglutide, the patent regime is different in various countries. All we were announcing is that out of the eight GLPs, commercially, we now have seven contracted GLPs.
Okay. Okay, thank you very much.
Thank you. The next question is from the line of Darshan Jhaveri from Crown Capital. Please go ahead.
Hello. Good evening, and thank you so much for taking my question. A lot of my questions have already been answered. So just wanted to get a sense, like, I think on our investor deck, we've said revenues might grow at 12-15%, and you're saying that, you know, there'll be, we'll be on the higher side, but we've already, I think, grown at 17%, right? So are you being more conservative or, you know, just like... Just wanted to pick your brain a bit, like, in terms of our FY25 and FY26, what outlook could we assume, sir?
So the outlook is there. We said we will grow 15%. We are currently at 17%. It's a marginal increase of what we said on the higher end. Yeah, and I think sometimes it's good to err on the side of caution. Obviously, when you launch a new product, especially in the U.S., you do not anticipate the level of success you achieve, and we have always been trending. Like today, I already alluded that we will be trending to the higher end of all the parameters on the outlook. So that already means that we are upping our guidance towards the higher end of the outlook, right?
Okay. Fair enough, sir. And sir, any guidance you would like to give for FY twenty-six, sir?
Not yet.
Okay, okay, fair enough, sir. Yeah, all the best, sir. That's it from my side. Thank you.
Okay. Thank you. The next question is from the line of Raj from Arjav Partners. Please go ahead.
Hello, am I audible?
Yes.
Okay, sir. Hello, am I audible?
Yes. Yes.
When are we going to co-commercialize Ozempic?
Sorry?
Hello?
Yeah. Technically, you can commercialize Ozempic in some countries in MENA starting from January to March 2026.
Hello?
Yes, sir.
Sorry, I didn't get your answer. Could you repeat it again?
I think you're on a speakerphone, and that is why you can't hear me.
Hello?
Thank you. As there are no further questions, I would now like to hand over the conference to the management for closing comments.
Thank you all. Appreciate your time today, and as always, if you have more questions, please write to us at the investor deck, or please reach out to either of us, any one of us. Thank you very much. Appreciate your time today.