Emcure Pharmaceuticals Limited (EMCURE.BO) Q2 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Emcure Pharmaceuticals Limited's Q2 FY '26 Earnings Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Piyush Nahar. Thank you, and over to you, sir.

Thank you, Danish. Good afternoon, everyone. Earlier today, we released our financials for the second quarter of fiscal 2026, along with the press release. These are also posted on our website. We hope you all had the opportunity to review it. I'd like to bring to everyone's notice that this call is being recorded and the recording and transcripts will be available on our website. To discuss the business performance and outlook, we have on the call our Group CEO, Mr. Satish Mehta; our CFO, Tajuddin Shaikh; Executive Director, Samit Mehta; and President, Corporate Development Strategy and Finance, Vikas Thapar. Before we begin, I want to remind everyone about the safe harbor related to today's investor call. Today's discussion may include certain forward-looking statements, which must be viewed in conjunction with the risks that our business faces that could cause our future results, performance or achievements to differ significantly from what is expressed or implied by such forward-looking statements. At the end of the call, if any of your queries remain unanswered, please feel free to contact us. I will now request Mr. Satish Mehta to provide the opening remarks. Thank you, and over to you, sir.

Thank you, Piyush. Good afternoon all. This is Satish Mehta. It's a pleasure to speak to you post our second quarter FY '26 results. During the quarter, we saw sustained momentum in all our businesses, which helped us to deliver overall revenue growth up 13% year-on-year; and our highest quarterly profits of INR 251 crores, representing a 25% PAT growth with highest quarterly profits of INR 251 crores. We remain on track to deliver the high-level guidance we have given at the start of the year. As I have been communicating all along, partnerships with best in class MNCs to complement our business and internal R&D efforts will continue to be an important part of our growth strategy. You would have seen our announcement yesterday that we have partnered with Novo Nordisk to build a second brand of semaglutide, Poviztra, is a state in that direction. This indeed is a key initiative for us. We have been talking about how we see significant potential in the GLP market, given the fact that India has 25 crores obese, overweight population. 25 crores is the obese overweight population in India. The partnership gives us an early entry in the obesity market versus the rest of the competition and positions Emcure to shape it. Now let me provide you with key business updates for the quarter. Overall, we continue to execute on our strategy of growth in teens and improving these margins. We continue to invest in top-class people, processes and products. Coming to the domestic business, we continue to see good traction in the business. We are executing well on our strategy. The benefits of this is reflecting in our growth with the business growing higher than the industry at 18 -- at 11% in the quarter, higher than the industry. We saw growth in all our key segments, namely gynec and cardio. Our new areas of derma, consumer and diabetes continue to do well, and we are ramping up as per our expectations. We have now completed the purchase of the minority stake in Zuventus, which allows us to fully consolidate the business. We also expect some synergies on the back-end going forward. We expect synergies on the back end going forward. We remain confident that we will continue to grow above industry going forward. Now I would like to move to the international segment. Our International segment grew strong at 16% plus, with all geographies seeing strong traction. Europe saw a very strong growth of 22% in the quarter, led by ramp-up of amphotericin B and some benefits of [indiscernible] that we acquired about which we spoke to you in the past. We expect amphotericin B to see launches across Europe by year-end. Our Canada business continues to see strong growth and grew 17%, led by market share gains and new launches. Our Rest of the World business growth was led largely by non-ARV segment, which grew in teens. We have a strong product pipeline and are positive -- and are very positive on the growth going forward. Let me conclude by saying, overall, we are progressing well in our 5-year plan to make Emcure from good to great. With these remarks, I will now pass on the call to Mr. Taj, my CFO, to share the financial details of the last quarter with you before we open the floor for question and answer. Thank you very much.

Good afternoon, everyone. Thank you for joining us today. I'll take you through some of the key financial highlights for the second quarter. Revenues from operations for the quarter grew 13.4% Y-o-Y to INR 2,270 crores, up from INR 2,002 crores in quarter 2 of FY '25. The domestic business grew by 10.6% year-over-year to INR 1,031 crores, this is strong performance across all key therapies. International markets maintained strong growth momentum, growing 15.8% year-over-year, INR [ 1,215 ] crores. Europe saw a strong growth of 22.7% year-over-year, reaching INR 444 crores. Canada reported a healthy 17.5% growth to INR 348 crores. The emerging markets grew 8.6% year-over-year to INR 446 crores, with strong contribution from non-ARV portfolio. Gross margins for the quarter stood at 60.8% versus 60.6% in Q2 of FY '25. Change was driven partly by product and [ business ]. EBITDA excluding other income was 15.2% year-over-year to INR 439 crores. EBITDA margin stood at 19.3% versus 19% in Q2 FY '25 and 19.2% in 1Q '26, supported by our operating leverage and productivity gains. Depreciation and amortization for the quarter was INR 105 crores. Interest cost was INR 33 crores. The effective tax rate stood at 26%. Profit after tax came in at INR 250 crores -- to INR 251 crores, showing strong growth of 24% year-over-year. Net debt for the quarter was at INR 837 crores. The debt has increased primarily to partial payout of the [indiscernible] paid purchase. With that, I will look forward for questions.

[Operator Instructions] The first question comes from the line of Foram Parekh from Bank of Baroda Capital Markets.

Yes. Am I audible now?

Yes, you're audible now.

Congratulations on the good set of numbers. My first question is on the Novo Nordisk deal that we have announced yesterday. I see that we are the exclusive distributor on this Novo Nordisk thing, semaglutide. So how big do we see this opportunity to be? Can it be better than the Sanofi's in-licensed portfolio? Some color that if you can just share, how big do you see this opportunity?

Yes. This is Vik. I'll take this question. So obviously, in terms of potential, as the CEO mentioned, there's more than 250 million people living in India with generalized obesity. And if you add abdominal obesity, the population is as high as 350 million. So obviously, the scale of this challenge of obesity or people being overweight is very, very large. While we don't want to put a number to how large the opportunity could be, but we believe that it has certainly a large potential. And obviously, we're excited about the partnership with Novo to handle the brands for this drug because we feel that having an early-mover advantage and an opportunity to shape this market will allow us to fully capture our chunk of that potential in this market that will play out over time.

Yes. That's helpful. But I was just looking out like in a chronology if we have to do it. Like Sanofi's in-license portfolio would be around INR 200 crores for us. So can -- do you expect this opportunity to be bigger than the Sanofi's opportunity?

If you allow me to say, as far as Sanofi is concerned, we got the portfolio which was already existing, means it is known. They have been promoting these products for a very long time. This product we will be launching and we're going to various segments for the first time. So let it play out over a period of time, and we'll keep you posted on a quarterly basis about the progress that we are making.

Sure. That's helpful. My second question is on the margins front. I see EBITDA margin is around 19% for a couple of quarters now, 8 to 10 quarters in a row. So would it be fair to assume that our EBITDA margin can -- will be stable around 19%? Or do we expect it to increase going forward?

So Foram, I think what we have even guided at the start of the year, we expect the margins to go up. So that this quarter's 19.3% odd that we are seeing that includes the new Sanofi in-licensing that we did. So I think what we have guided for is we expect this year the base margins to improve by about 150 basis points. I think we'll be on track for that.

Sure. Okay. And my last question is on the debt side. I think a couple of quarters back, we had alluded to becoming debt free in FY '26. But this quarter, in this H1 balance sheet, I see debt increasing. So are we track to become debt-free by the FY '26?

So Foram, when we have guided for FY '26, that was without any acquisitions or this thing. As you have noticed in this quarter end, basically in the last few months, we have acquired the remaining stake in Zuventus. So the debt increase that you are seeing is because of that. So I think with -- post that acquisition, we expect now to be debt-free by end of next year. So it'll take about 18 to 24 months.

Our next question comes from the line of Tushar Manudhane from Motilal Oswal Financial Service.

Sir, firstly on Poviztra, where patent expiry is sort of in March '26 anticipated. So from that perspective, how does this deal help? Because in this case, we are not going to use Innovators brand. And do we have area demarcation in terms of certain regions or areas where there will be sort of exclusivity could incur or certain areas where Novo Nordisk will be selling? If you can clarify these two please..

I think if you look at the construct of this deal, obviously, post-LOE, we anticipate a very crowded market in India. And so the ability to partner with Novo and launch this brand ahead of the competition and allowing ourselves to shape the market and have brand recall versus being lost in the crowd probably 4, 5 months down the line is something that we feel strongly will allow us to succeed in terms of our aspirations for the market share and what we think the potential of the brand is. In terms of the market, obviously, one of the rationale for Novo to look to partner this product is based on Emcure's strength not only in terms of our distribution network across India, but our more than 5,000 field force covering various specialties. And we think that this is a brand that obviously has comorbidity issues and can be prescribed by a number of different specialists. And so Novo is very excited about partnering with a company like Emcure, where we can take this brand to the nook and corner of India as well as well, some of the specialties, particularly where Emcure is already very strong.

Let me add something Tushar, for you that as far this [ Poviztra ] is concerned at the global level, it has been used to go by almost 40 million people. The other thing as far as Novo is concerned, they have enormous amount of clinical data, a lot of Phase [ IV ] data and also the real data. So to that extent, what will happen in terms of science, I think it will be of tremendous help in shaping the market because as far as this particular product is concerned, this is in termed as biological injectable, not biosimilar, not even a chemical entity. To that extent, having this product in shaping the market will go a long way because we'll be going with enormous amount of scientific data when we go to the doctors.

Got it. And just secondly, just in terms of is there any area demarcation or certain areas to be addressed by you or you will be sort of able to sell even where Novo Nordisk is selling?

Yes. We'll be able to sell where Novo is also selling.

And secondly, on the balance sheet side, there is a reasonable increase in the inventory for the past 6 months. Is this to do with certain product launches for export or for Indian market, if you just clarify on that as well?

Yes. So what happened is for the European market, we are anticipating some new launches and the Canadian market, and that's where the inventory has gone up. So inventory based on the forecast for the H2, the H2 forecast is a bit higher. On that basis, inventory has been accumulated to that. Over the next 6 months, we see inventory normal downhill.

Our next question come from the line of Sudarshan Padmanabhan from [ ASK ] Capital.

Congrats on a good set of numbers. My question is when we look at the last 3 to 4 quarters, we have done very well in terms of penetrating into the chronic space, cardio diabetes, whether it is through acquisition or in-licensing. If I look at probably the way things are moving forward with the tie-up with Novo Nordisk, this seems to be gathering well. So some color with respect to how do we see the chronic portion of the business improving from here and also on the newer therapies. The second part of the question is partly you answered about the [ activity ] earlier that we are one of the very few companies who have built a fair amount of manufacturing capabilities as well. So as these manufacturing capabilities comes into the fore in terms of complex launches globally, I'm looking about more of longer term, how do we see the business moving towards, say, 25% and where do you see the coverage?

No. As far as chronic [indiscernible] association with Sanofi or even [indiscernible] the products the company has launched in terms of cardiac and others [indiscernible]. So that will keep on getting traction as we go along. And semaglutide will also come in the same category because as far as semaglutide is concerned, we also possibly have a [indiscernible] over a period of 6 to 8 months as I understand. So chronic business, going forward, we will keep on getting traction.

I think on the second part of your question regarding the margin expansion and the in-house manufacturing capabilities, so I think directionally, that's absolutely correct that if you look at our pipeline, we have a very exciting mix of some complex injectables, some of the biosimilars we want to take to the emerging markets. And so some of these products, obviously having control of the supply chain and the manufacturing in-house is going to bode well in terms of launching these in various markets internationally. And I think we have guided all along that over the next 3- to 4-year horizon, as the product mix changes and also in the domestic market with some of the addition of the chronic portfolio ramping up, we do think that the margin expansion happens along with the MR productivity going up as well. Having said that, I would also just urge you to think about, as we highlighted that an important pillar of our growth will continue to be in-licensing opportunities with some of the leading MNCs. And so obviously, to that extent, those margins have to be sort of looked at in conjunction with those opportunities. But obviously, those opportunities tend to be very ROCE lucrative. And so to that extent, if you look at the base business and the product mix of that, we're very, very in terms of expanding our margins, as we have guided. But then, of course, we also will continue to look for these types of layering on opportunities of in-licensing arrangements that will still be very cash flow positive and ROCE positive into the whole mix.

Sure, sir. Do you have any target in mind with respect to how much of chronic are we targeting, say, in 2, 3 years and how much margin? Will you be...

I think for us, the focus will be to grow the chronic. But also the other pillar for us, a big pillar is the women's health, right, which effectively gets classified as acute. So there also, we see a lot of opportunities. So it's not going to be very significant because we see both of the pillars going quite well.

Sure. So one final question before I join back the queue is as we scale up and as the profitability improves, our ability to generate cash also increases quite drastically. So how do we look at deploying the cash? I mean would our target be more so towards domestic? If so, what are you looking at? Or is it export market? So what are you looking at over here?

Certainly, I think we have stated in the past as well that M&A will continue to be an important part of our growth strategy. And to that extent, domestic market, which is our single largest market, we will definitely be active in looking for M&A opportunities there. There will obviously be a combination of there are certain segments where we're barely present or not present today. So if we have an opportunity for portfolio that allows us entry or more meaningful entry into a segment, that's something we would certainly evaluate. Segments where we're already strong, obviously, we want to build on our strength there. So if we have a complementary portfolio that we can add in the segments where we're strong and present is another area we would certainly be aggressive on looking at for the domestic market. Outside of that, in the rest of world markets, there's probably a dozen or so key markets where we think have a bright future. We're obviously already strong in Canada, in U.K. and other parts of Europe. So if we have bolt-on acquisition opportunities to add to what we already have there and the team that already is handling the front end in those markets, certainly, we would look at M&A opportunities, like we did, for example, with the Manx portfolio recently earlier this year in the U.K. market. So I would say, these are the key areas that we would focus on in terms of deploying some of that cash that we're able to generate.

Our next question comes from the line of Utkarsh Kedia from BFS.

I actually wanted to ask how the new [ drug ] is different from Mounjaro? And can we meet the growth levels of Mounjaro in India?

Yes. The two molecules, they are different. Obviously, Poviztra is semaglutide, is the second brand of Wegovy, which is semaglutide. Mounjaro is tirzepatide. So that's the difference between the two. And we strongly believe that the kind of success that [ Lilly ] is seeing with Mounjaro can be replicated even with this product, given that there's much more extensive data and some additional indications that this has approval for.

And also one more question. Can you please throw some light on the biosimilar space? How it is progressing as of right now?

Sure. So on the biosimilar space, from our existing portfolio, we are seeing more approvals in the emerging markets for tenecteplase, both for [ myocardial infarction ] as well as the acute ischemic stroke indication. And as far as the pipeline goes, we have completed our Phase III of bevacizumab. We believe it's gone up very well, and we should be submitting our file for evaluation by the SEC and subsequent approval by the regulators in the next few weeks.

Our next question comes from the line of Alankar Garude from Kotak Institutional Equities.

Sir, is there now any restriction on Emcure launching the generic presence of Ozempic or Wegovy in international markets?

No. This agreement with Novo is specifically for the Indian territory, no restrictions for outside of India.

Okay. So basically, our plans, Vik, for filing in Canada by the end of this fiscal will continue as planned?

That's correct.

Okay. The second question is, can you talk about the performance of the Sanofi portfolios more in detail, both the cardiac one as well as the diabetes one? Because last year, we had seen after the restructuring exercise, some erosion in sales in the cardiac portfolio. So if you can just, maybe if not quantitative, qualitatively comment on how has been the growth in cardiac as well as diabetes?

Yes. I think the cardiac portfolio is now back starting in line with the industry growth. So there, I think we are -- as we had even last quarter mentioned out there, we are seeing normalization now. I think there, as we mentioned out the one idea for taking up portfolio is growing our own brands. And that synergy effect now we are seeing reflecting out. So the last few months, we have seen some of our own products, which go as co-prescription, there, we are seeing enough significant uptake, which is helping drive the cardio portfolio overall. Diabetes, it's been 2, 3 months. Initially, they're tracking very well. I think Sanofi, if you look at historically, they have not been focusing on this portfolio. So with us now actually promoting it out, we are seeing a healthy growth out there in that portfolio. So it's tracking in fact better than what we had even targeted out.

Got it. So the other question is, we spoke about licensing earlier as well, and then when we announced this deal yesterday. Given the focus on licensing, is there any threshold you have in mind at which you want to keep the contribution of the in-license portfolio in India?

Yes. I mean I think, in aggregate, with our mindset is that if we can do deals that are somewhere in the ballpark of mid-teens EBITDA margins and then has a rub-off effect on our entire portfolio, I think that would be sort of a high-level threshold. But then obviously, each deal in each product category will have its own dynamics at play, which may deviate slightly up or down from that. But broadly speaking, I think that's the threshold that we would try to [ sought ] for as an aggregate for all the in-licensing deals.

Vik, my question was more around the sales contribution of the licensing portfolio, the in-license portfolio for the domestic market. So is there any threshold you have in mind around the sales contribution for that?

It's difficult to say what is the percentage because as far as we are concerned, when building the company, there are three areas which are very close to our heart: Number one that we should keep on building on the big brands that we have. That's one area which we'll be focusing. Second area, as far as R&D is concerned, it's probably best in class. So we have -- we are very strong, one of the rare companies which is strong in biologics and chemistry and very good front end in terms of formulation. And the third area is in-licensing. To that extent, as we go for in-licensing #1 and #2, as you know, building our own brands. And apart from that, the second one, coming through from our R&D, that also is going to play an important role. So to that extent, the bias always be in terms of ensuring that we don't become disproportionately from, what I would say, dependent on the in-licensing deals. Our endeavor is obviously to get products from our R&D and make our brands bigger.

I think it's also a function of we have a number of divisions across different specialties with our field force calling on specialists across. So wherever we think that there's in-licensing opportunity along with either an existing team or a team that comes with that opportunity, where we think we could do justice to it and it's going to be accretive to our overall profitability; we wouldn't certainly rule it out. So there's no threshold as such. I think what the CEO said is I think the first preference is obviously going to be to keep building our own portfolio. And where we can complement it with in-licensing and it meets those aspects, we will certainly continue to look for more and more of those opportunities.

And just to add to what Vik said, say, for example, the diabetic portfolio that we got from Sanofi, and I also mentioned in my last week that as far as diabetology is concerned, we need to do a lot of work. So with this particular portfolio and Sanofi also joining post their retirement or [indiscernible] in Sanofi, it is obviously helping our products as well. And that is also going to play an important role as we go along.

That's helpful. The other question was on the international markets. Firstly, on ARV pricing, how has been the pricing over the last few tenders, say, for instance, we had the South African tender recently? And broadly, can you comment on the outlook for the ARV business, especially out of India?

So Alankar, the pricing has been largely stable. I think even in the new South Africa tender and all, we haven't seen much impact on the pricing. So that has been stable. I think for our perspective, we have quite a good, healthy order book. So we have visibility for the current year and even the next year.

We are clearly positioned for the [indiscernible]. So not only currently the same plan, we are also [ covering ] to the next year. So that has gone on well.

And then, of course, the next couple of years, we are getting closer. We should start applying for submission and approval across different countries. And that should drive -- we are also in talks with a few of the other innovator companies for their novel molecules. So the pipeline is also very healthy in terms of whatever the upcoming treatment regimens are.

Got it. And one final clarification. Then, Piyush, you talk about margin expansion of 150 basis points base margins, you said. You are excluding the Sanofi diabetes as well as the Novo deal, right?

Yes. So that -- yes.

Our next question comes from the line of Rajakumar Vaidyanathan from RK Investments.

Sir, my question is on the Sanofi portfolio. So first question is, do you expect -- given that these brands have a less -- low penetration in Tier 2 and Tier 3 cities, do you expect the growth from this portfolio to be better than the other domestic pharma segment?

I think the Sanofi portfolio, these are all quite old molecules, right? So they have a brand record, even in the smaller market. But I think where the business hasn't done well is they have not been promoted for the last many years. So we do expect, if you see, revival. I think what we are targeting is to grow more in line with the industry.

Okay. Okay. And the second question is currently, you have a distribution and whatever the marketing agreement. So if -- I don't know whether these products are produced by Sanofi's own factory or is they're using CMOs to do. So is there an opportunity to kind of get that piece also over a longer period of time?

So as of now, these are mostly produced by Sanofi.

Okay. So you're looking at leveraging this partnership further? Or do you kind of stay here for the medium term?

Yes, I think in terms of looking at Emcure playing a role in the manufacturing, it's something that obviously, if it would make sense to both sides, it's something that is a conversation that we could have from time to time, but that's not a priority in terms of the sales and distribution aspect of the partnership.

Okay. And lastly, Sanofi has kind of stopped the R&D on diabetics segment for a long time before. So I just wonder if at some point of time, if they want to divest the portfolio with, would Emcure be interested to acquire those brands?

[indiscernible] We'll be more than happy to do [indiscernible].

[Operator Instructions] Our next question comes from the line of Rahul Jeewani from IIFL Capital Services Limited.

Sir, on the domestic business growth of 10.5%, which we have seen during the quarter, can you comment in terms of what was the organic growth for the portfolio excluding the Sanofi oral anti-diabetes brands?

Yes, ex of that, that is at 8.5%, 9%.

Okay. So -- and this quarter, you would have seen the, let's say, contribution from the diabetes portfolio to the extent of two months?

Roughly about 1.5 months.

Okay, sure, sir. And so 8%, 8.5% growth on the organic side?

Yes.

Sure, sir. And sir, obviously, last year or let's say, in the last few years, we got impacted in terms of organic growth in India business because of patent expiry for [ HCM ]. But now given that [ HCM ] patent expiry is also in the base, when do you think that this organic growth for us, let's say, starts moving to a double-digit kind of a number?

So if you look at last quarter, we were at -- in 1Q, we were at double digit. I think last quarter, as you have noticed across the industry, there was some impact that we had because of the GST changes. So I think going forward, we should be at that double-digit growth level.

I think what we've continued to guide is that organically, we would look to be at industry growth rates plus 100 to 200 basis points.

Okay. Sure, sir. And sir, on the semaglutide opportunity, can you also talk about the manufacturing strategy for the product? So I would assume that there is patent expiry, you might be importing the product into India. But once the patent goes off, is there an option to manufacture the product locally here in India?

In fact, this is their global product. So they will continue to be importing the product for us to market and distribute in India and no plans to locally manufacture. In fact, obviously, having the global product for access to Indian market, we think, is going to be a huge benefit in terms of giving access to patients to a product that is, like the CEO, being used by millions of patients worldwide, the exact product.

[Operator Instructions] Next question comes from the line of Gagan Thareja from Groww Mutual Fund.

I hope I'm audible?

You are audible. However, your voice is low.

Alright. So the first question is on semaglutide. I think, in the past, you indicated you are vertically integrated and you want to get into the Indian market for semaglutide. So when the deal is for one segment of semaglutide brand and prescriptions, would you be launching your own generic version of Ozempic in the market in India?

No. For the Indian market, I think while we were pursuing our own development, I think, in light of this deal, which we believe for Emcure, partnering with Novo is a much more lucrative opportunity to really grab market share and shape the market. So for the Indian content, basically, we'll be relying on our deal with Novo for promoting the second brand of sema.

Okay. And Zuventus balance share that you acquired, will it be effective from the coming quarter, which -- and will it basically show up in the minority interest being reduced?

That's correct. In fact, it was completely -- completed in the first week of October itself. So you'll get the benefit of that for pretty much the entire quarter going forward.

Great. And on the RoW piece, while this quarter, you indicated ARV related sales perhaps were not very strong and the sales were driven by ex of ARV. How do you see the balance of the year for both RoW, Europe and Canada, if you could give some idea?

[ ARV ] has seen good traction out there. So amphotericin, we should get in all the markets in second half of the year. So we expect to continue doing well there. Similarly, Canada, I think, continues to grow at mid-teens for us, and we don't see any trend there. I think, on the Rest of the World, especially the ARV; there is lumpiness in quarters that you see. But what we have -- I think earlier also mentioned that we have a good healthy order book. So we have quite good visibility for the current year and even a large part of next year out there.

Yes. Non-ARV continues to grow much better than ARV. On the back of, what I would say, we are getting from the various regulatory agencies.

Right. And the final one on the operating margins while there's an improvement year-on-year adjusted for FX, as you have still shown in your numbers, it's around 20 basis points. So while the full-year guidance is around 150 basis points, I think on 1H, we would have improved, but not to that extent. So is it then reasonable to infer that second half operating margins year-on-year improvement would be substantial? Second half last year, I think, was relatively weaker than first half.

Yes, that is correct. I think given some of the launches and I think what we are seeing in the domestic side, we do expect the second half to be much better versus last year.

Our next question comes from the line of Alankar Garude from Kotak Institutional Equities.

On amphotericin B, which are the markets have we launched in Europe currently and which are the other markets you are looking to add by the end of this fiscal?

We have launched it in Italy at present. The launch would be probably later during this quarter. Italy is where we launched the product right now. So UK we had launched last year. I think in the other European, Italy, we have recently launched.

We should have launches in some of the other Western European countries like France, Germany in the remaining part of this financial year.

Okay. So UK And Italy is done and then others will be in the second half?

UK was launched last year, and the others will in the second half.

Yes. Okay. The second one is, can you just take us through the progress of tenecteplase for the stroke indication across markets? How is the acceptance being? And maybe if you can talk about India as well. However being the registrations ongoing, is there any resistance to the acceptance of this product? Or any highlights there? And when should we see a meaningful upside from the stroke indication for Emcure across markets?

Yes. So in India, I think the acceptance is pretty strong. In terms of the other markets, the focus is more on the myocardial infarction indication. There are a few markets in which we have got some doctor-initiated demand without registration for the stroke indication. And from whatever we have heard from those case studies, the results are positive which is now becoming a little bit of a precursor for formally initiating the registration process in those countries as well. But currently, most of the approvals that we're getting in the emerging markets is for the original myocardial infarction.

[Operator Instructions] Our next question comes from the line of Bhavesh, an individual investor.

All my questions have been answered. Just wanted to thank Satish and his derma team for an upgraded line of the derma products, especially the [ Ureadin ], which I tried recently, and it's an amazing product. And the packaging itself is quite premium perfectly targeting the Gen Z. So quite thankful for it.

That's great to hear, and I appreciate the compliments. In fact, it's a Canadian product. And so we're very excited about the launch and the repackaging. And I'm glad to hear that you're having a good experience with it.

[Operator Instructions] Ladies and gentlemen, since there are no further questions from the participants, I now hand the conference over to Mr. Piyush Nahar for the closing comments. Thank you, and over to you, sir.

Thank you. Thank you all for joining today's investor call. If any of your queries still remain unanswered, please be free to get in touch with us.

Thank you, sir. Ladies and gentlemen, on behalf of Emcure Pharmaceuticals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.