Sun Pharmaceutical Industries Limited (SUNPHARMA) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Q1 FY '25 Financial Results Earnings Conference Call of Sun Pharmaceutical Industries Limited. [Operator Instructions] I now hand the conference over to Dr. Abhishek Sharma, Vice President, Head Investor Relations and Strategic Projects. Thank you, and over to you, sir.

Thank you. Good evening, and a warm welcome to our first quarter FY '25 earnings call. I'm Abhishek from the Sun Pharma Investor Relations team. We hope you have received the Q1 financials and the press release that was sent out earlier in the day. These are also available on our website. We have with us Mr. Dilip Shanghvi, Chairman and Managing Director; Mr. C.S. Muralidharan, CFO; Mr. Abhay Gandhi, CEO, North America; and Mr. Kirti Ganorkar, CEO, India business. Today, the team will provide an update on financial performance and business highlights for the quarter, pipeline updates and respond to any questions that you may have. We will refer to the consolidated financials for management comments. The call recording and call transcript will also be put out on our website shortly. The discussion today might include certain forward-looking statements, and these must be viewed in conjunction with the risks that our business faces. You are requested to ask 2 questions in the initial round. I also request all of you to kindly send in your questions that may remain unanswered today. I will now hand over the call to our CFO, Mr. C.S. Muralidharan.

Welcome, and thank you for joining us for this earnings call after the announcement of financial results for the first quarter FY '25. Our Q1 financials are already with you. As usual, we will look at key consolidated financials. Q1 FY '25 sales were at INR 125,245 million, an increase of 6.3% versus Q1 FY '24, an increase of 6% versus Q4 FY '24. Material cost stands at 21.4% of sales, lower than the same period last year on account of better product mix and slightly higher versus Q4 FY '24. Staff cost stands at 19.5% of sales. Other expenses were at 30.9% of sales, higher year-on-year on account of higher R&D and selling and distribution expenses. ForEx loss for the quarter was INR 505 million compared to a gain of INR 20 million same period last year. EBITDA, including other operating revenues was at INR 36,076 million for Q1, an increase of 8.3% over Q1 last year, with EBITDA margins for the quarter at 28.5% against 27.9% for Q1 FY '24 and 25.3% for Q4 FY '24. Net profit after tax for Q1 FY '25 was INR 28,356 million, up 40.2% over reported net profit of Q1 last year. Excluding adjustments for prior quarter, net profit was up 20.9%. Going forward, we expect effective tax rate to go up on a full year basis on account of a number of factors, including some set of certain available exemptions. As always, our tax expense should be seen on an annualized basis. EPS for the quarter was INR 11.8 per share. As of 30 June 2024, net cash was USD 2.3 billion at the consolidated level. From this quarter, we are reporting Taro financials as part of the combined entity. Over to Kirti, who will share the performance of our India business.

Thank you, Murli. I shall take you through the performance of our India business. For Q1, sales of formulation in India were INR 41,445 million recording a growth of 16.4% over Q1 last year. India formulation sales accounted for 33.1% of total consolidated sales for the quarter. Sun Pharma is ranked #1 and holds 8.6% market share in the over INR 2,019 billion Indian pharmaceutical market as per AIOCD AWACS MAT June 2024. Corresponding market share for the previous period was 8.3%. For the quarter ending June 24, we grew higher than IPM, and we have done well across all major represented therapy areas. We are happy to note that on MAT basis, majority of the sales growth has been led by volumes and new product launches versus the IPM growth, which is predominantly price led. As per SMSRC MAT February 2024 report, we continue to be #1 ranked company based on the prescription volume. Sun Pharma is also ranked #1 by prescriptions with 12 different doctors categories. For Q1 FY '25, the company launched 6 new products in India. I will now hand over call to Abhay.

Thank you, Kirti. I will update on the performance highlights of our U.S. businesses, which includes U.S. portion on Taro as well. For Q1, our overall sales in the U.S. business is lower by about 1% over Q1 last year at USD 466 million. The U.S. accounted for over 31.1% of consolidated sales for the quarter. U.S. Specialty business has continued to grow. Excluding the sales of limited [indiscernible], the U.S. generic business has also shown growth. For Q1, we launched 5 generic products in the U.S. On 25th July '24, the U.S. FDA approved LEQSELVI 8 mg tablets for the treatment of adults with severe alopecia areata. We are pleased with the first cycle approval of LEQSELVI by the U.S. FDA. This validates our team's capability to effectively bring treatments from research and development to approval. Currently, a motion seeking a preliminary injunction has been filed in the U.S. court to prevent the launch of LEQSELVI. The company intends to rigorously oppose this motion and work towards an early outcome. The decision of the LEQSELVI launch will be governed by the decision of the court on the motion. We are excited about the impending launch of LEQSELVI in the U.S. We will be unable to address further questions around the LEQSELVI launch time line during today's call. I will now hand over the call to Mr. Shanghvi.

Thank you, Abhay. I will now provide an update on the performance highlights of our other businesses as well as give you an update on our R&D initiatives. Our branded formulation revenues in the emerging market were USD 284 million, up by 8.8% over Q1 last year. The underlying growth in constant currency terms was 11% year-on-year for Q1. For all of our larger markets have done well in local currency terms. Emerging markets accounted for 18.9% of total consolidated revenue for Q1. Formulation revenues in rest of the world were USD 190 million, lower by 2.9% over Q1 FY '24. Rest of the world markets accounted for approximately 12.6% of consolidated Q1 revenue. We continue to invest in building an R&D pipeline for both the global generics and the Specialty businesses. Consolidated investment towards R&D for Q1 FY '25 stands at INR 7,940 million, 6.3% of sales. Specialty R&D accounted for 45.2% of total R&D spend for the quarter. Moving on to updates on global specialty. In Q1 FY '25, our global Specialty sales were up by 14.7% to reach USD 266 million. In July, European Medicines Agency validated the submission of the marketing authorization application of Nidlegy. It is the first marketing authorization application of Nidlegy and the treatment of locally advanced fully resectable melanoma as potential first indication. In June, Sun Pharma acquired all outstanding ordinary shares of Taro other than shares already held by Sun Pharma. Taro is now a private company and only owned by Sun Pharma. The combined entity is better positioned to compete in the increasingly competitive generic industry. The teams are working towards seamless integration of both the organizations. With this, I would like to leave the floor open for questions. Thank you.

[Operator Instructions] Our first question is from the line of Kunal Dhamesha from Macquarie. Kunal, you're online? As there is no response from the line of the current participant. We'll move on to the next question. The next question is from the line of Surya Narayan Patra from PhillipCapital.

My first question is on the U.S. business. Sequentially, we have seen some kind of sequential decline. So is it fair to believe that entire part of the slippage sequentially is led by the seasonality factor in the Levulan. That is my first question. And also the related point is that I wanted to understand whether we have seen any sequential ramp-up in the Revlimid sales. Because I think the 12-month period would have expired, and now this quarter would have fallen in the new 12-month period where the volume share would have gone up. So despite that, there is a slippage. So hence, I wanted to clarify these 2 points relating to the quarterly slippage what we have seen in U.S. sales.

So last part, like we said, in the Specialty side is because of the seasonality of the Levulan, barring Levulan, which for seasonality reason has declined from the previous quarter. Every year, the Specialty product has shown growth. As far as generic Revlimid is concerned, you should assume quarter number -- quarter 1 number to be similar to the quarter 4 number of the prior year.

Okay. Okay. Okay. So that means we might not have seen any meaningful uptick in the Revlimid that is what we should understand, right, sir?

The sales of this product will always be a little episodic. So to estimate regular consistent sales each quarter is difficult.

Sure. My second point is about any update about the Chinese Ilumetri launch? Any progress that we have seen because that could be a sizable opportunity. So I'm just trying to -- continuously trying to get a sense about that.

So -- no, I think based on our interaction with the licensee, our sense is that the product is doing well. It's getting accepted in major hospitals. And we are happy with the response they are getting from marketplace and doctors are happy with the clinical outcome the patients are getting from the use of product.

Okay. So then this will be part of the ROW sales or emerging market sales, Dilip sir? And whether it would be a royalty kind of...

It will -- it is a product supply and royalty, yes.

Okay. Okay. And part of the global Specialty sales?

It will become part of the global Specialty. To that extent, the sales would be lumpy. It may happen in a quarter, it may not happen in the quarter.

Okay. Okay. And third point that I wanted to have a sense, sir. See, in fact, in the annual report, you have mentioned about building capability now -- clinical capability now. Can you just elaborate what is the kind of -- or what that you won't be intended to say about it? And in what way that will help us either to the Specialty or to the overall business of Sun Pharma?

No. I think clinical development capability helps us consider licensing a product with, let's say, late Phase II development because then we have to do the Phase III and all of that ourselves, like also file the product, get regulatory approval, negotiate with the FDA for the label. All of the skill sets and capability help you with ultimate success of the Specialty product in the marketplace.

Okay. So will this lead to a kind of [indiscernible] saving in terms of the costs?

Yes. Can you join back the queue, please?

The next question is from the line of Bino Pathiparampil from Elara Capital.

So Leqselvi litigation. Is this injunction a new case that has been filed or an application in an ongoing litigation? And when was it was filed?

It's a recently filed litigation.

Okay. Understood.

The next question is from the line of Neha Manpuria from Bank of America.

Abhay sir, on Winlevi, IQVIA seems to be showing a very sharp peaks and dips in prescription trends. But your comment for the last few quarters has been that we are seeing improvement there. Just wanted to understand any reason for the discrepancy in the revenue and the Rx is IQVIA not capturing that? And is the traction that we're seeing in Winlevi in line with the expectation, especially given the changes that we -- you mentioned you've done in the last quarter.

Sorry, I was on mute. Sorry, Neha. I was saying that we have consciously worked towards improving the realization per prescription. So -- and that's working well. So although you may see a drop in the prescriptions, I think the product revenue is growing at a healthy pace on a smaller base cost.

Okay. And despite that, you're still seeing growth in the product quarter-on-quarter?

Yes.

Okay. Understood. And that's in line with expectations as well? Or do you think...

It's a conscious strategy that we adopted.

Understood. And I know this is very early for the GLP-1 product, it's just entering Phase II, given we don't have a presence in diabetes in the U.S., how are we thinking about commercialization? Would this be something that we could potentially out-license commercializer and own? Or even if I were to ask EM versus U.S., could we see commercialization earlier in the U.S. for this product? Any color on time lines would help.

Clearly, I think U.S. as well as in Europe, which are large markets, we will not have the front end to commercialize the product ourselves. So that is a market in which we will consider partnering or even licensing the product, a player who can help us get sensible share of the market because that may also be fully useful for getting better market. In emerging markets and in some of the larger markets, we may have our own capacity to bring the product to market as...

And would emerging market happen earlier, sir, given it would take time for you to...

As on today, there is no plan to conduct separate studies for emerging markets. So it will be part of a global trial.

Understood. And Abhishek, if I can squeeze in one more question on the R&D. We've given an 8% to 10% guidance. Obviously, first quarter is significantly lower should this step up in the consequent quarters given the time lines haven't really changed for the pipeline.

I think you should assume a step-up in the subsequent quarters.

The next question is from the line of Damayanti Kerai from HSBC.

My first question is on U.S. generic business. Now like you said, Taro is part of the U.S. business. So like how do you see this business growing? And if you can also update on any update which you have on the Halol plant from FDA perspective?

So Abhay, maybe you can respond to the Taro.

I'll probably just echo what you have been seeing on the entire calls. We were already 80% shareholders of Taro. So we were always intimately involved in the running of the business. So to that extent, nothing changes. Both teams are now working towards integrating both organizations and making it far more efficient single entity, and that work is ongoing. Dilip, the second part of the question, if you would like to answer.

Any update on Halol from FDA perspective?

Yes, yes, yes. So I think the idea is that once we are clear, which should be shortly, we will request FDA for a reaudit of the facility. But that's a decision that we will take once we are 100% sure.

My second question is on Leqselvi. So this new litigation, which [indiscernible] has filed. So obviously, you mentioned that you intend to vigorously oppose that motion. But from -- you intend to bring this product into market. So is there a possibility that you look to settle this litigation.

I think, especially in the context of the U.S., either a favorable judgment or settlement, will always remain an option.

The next question is from the line of Kunal Dhamesha from Macquarie.

So sir, when we look at our Specialty business growth from here on for the next, let's say, 2 to 3 years, what would you be planning in terms of volume growth with the new product growth and pricing mix? In your view, what would be the ideal mix in this business? And for the new product-related growth, would you say that our current pipeline is sufficient to support what you have in mind?

Unlike say a market like India, we have been operating for decades now. We have a very clear answer on how much is volume, price and other factors that you mentioned little difficult for us. But philosophically, we always work towards growing volumes. The price increase is taken as a bonus rather than as the way to grow. So I think increasing volume, growing faster than the market and increasing share of prescriptions from the doctors, is where the organizational focus has always been for any product, in any geography. Coming to new products. Again, in the Specialty business, you don't have the luxury of launching of launching multiple products. So we are looking forward to launching Leqselvi, and we hope to be doing a good job to the launch of this product when we are able to.

Sure, sir. And on the Leqselvi launch, would you say some of the launch cost is already built into our current quarter P&L? Or there are more to come?

Obviously, when we launched the product actually in the market, the market in the sense [indiscernible] expenses will be higher than what you see for the current quarter.

Sure. But some of the, let's say, back-end processes like reimbursement or excess personnel, maybe a little bit of additional sales force, et cetera, would that be already there in the quarter? Or that would also...

It would -- it would be.

It would come or it is already there?

It is already there, but it is expected to go up when we actually launch the product in the market.

Sure, sure, sir. And one for CFO, sir, what would be your current net cash position for -- as of June '24.

$2.3 billion.

The next question is from the line of Amey Chalke from JM Financial.

The first question I have is on the Taro integration. Is it possible for the management to outline the integration benefits coming out of Taro consolidation, like in terms of manufacturing landscape, et cetera. Is it possible to quantify the impact on the cost or margin side.

So as on today, as we explained, I think Taro has been operating as an 80% owned subsidiary for a long time. So there are no major structural changes likely. We are -- as Abhay explained, we are working with a view to create an integrated single organization both for customers as well as for suppliers. That is what is our current plan. So there is no -- we are not seeing any significant short-term synergy, but I'm sure that as we continue to focus and make our operations more efficient, synergy really work. Abhay, do you have any point to add?

Not just [indiscernible]. Thank you.

Sure. So second question I have is on the U.S. generic market. We have 3 units, which has been affected by the regulatory issue. Is it possible to tell how much of our pending pipeline for the U.S. is affected by -- because of these plants? And are there any meaningful launches for the U.S. generic markets in the coming year.

I was saying that critical launches that are important for us in the generic business, I mean, we are not dependent on these 3 plants. But having said that, if I look at the total basket, natural products that we have filed from these 3 facilities will be impacted. Does that your question? Was I audible?

Yes, you are audible.

So Mr. Chalke do you have any further questions?

No. I will join back the queue.

[Operator Instructions] The next question is from the line of Girish Bakhru from OrbiMed.

Abhay, just to comment on ILUMYA, given it's 4 years to launch? I mean I don't know whether it be possible to highlight if the peak sales here for ILUMYA, is it within next 2 years? Or would you say it still has a long way to go given the IL-23 option?

I would think we have a long way to go because we still have headroom to grow in the current indication. And when we pick the psoriatic arthritis indication, there's an additional segment that opens up for us. So in my opinion, we are not being able to be [indiscernible] of the product as yet.

And just related, I mean, we have seen 2 aggressive launches recently, themselves came and has been grabbing a lot of -- I think, prescription share. So TYK2 has also been doing well. I know yours is more a medical benefit product. But any comment you can share on whether the rebating has increased in the class or the volume growth is a bit of a challenge now.

So without naming, I think at least 1 of the 2 products that you mentioned in my opinion, has actually not met expectations of the organization at least. But -- and I don't think -- I mean the class that we are into in psoriasis always was a highly populated class in terms of number of options. So I don't think that pressure has increased. That pressure was always there. And within that, as you said, since we have a medical benefit product, we have been able to find a niche, which we're able to find them -- in which we are able to find [indiscernible].

Understood. Second question was on Leqselvi actually. I know your comment on the launch time line. But the reimbursement for this class has been a very challenging issue. Pfizer also has been talking about that. Possible to comment. Have you had any discussions already with the payers on the product? And -- I mean, if assuming the launch comes, would the uptick will be slower?

I don't really want to go there at this stage. This is evolving. We are engaging with the payers with the guardrails that we had to maintain prior to the launch of product. And we feel that there is interest in the peer community for our product. [indiscernible] I think let's wait for it and then we will probably give you a little more color.

The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services.

Sir, just with respect to ILUMYA for the integration of psoriatic arthritis, where we are in terms of the recruitment of patients. I mean 60%, 70% down 80%, 90%, then if you could shed some light there?

We have shared the what you call details about when we expect to file for these products. I think one study is complete [indiscernible] there are 2 arms of the study. One is in biological...

Sorry to interrupt Tushar, there is a lot of background noise coming from your line, if you can mute your line.

I muted myself.

So biologically naive and biological failure patients. So I think, hopefully, we should meet the time line. Some of these patients are difficult to recruit.

Sir, considering that and considering the other products sort of into completing the Phase II and sort of pipeline data first [indiscernible] '25. So just trying to understand what would lead to a big step-up in the R&D spend as far as FY '25 is concerned?

You're trying to link up this with the R&D spend.

Not just for ILUMYA, but when considering the other products in your current phase, not just specifically ILUMYA.

But we are only sharing details about products which are already in clinical trial. We are not sharing any information related to our plan for initiating any further studies.

The next question is from the line of Kunal Dhamesha from Macquarie.

We have seen a sharp uptick in India revenue in Q1, around 16% year-on-year growth. So if you can highlight what is -- we have said that we are seeing growth across therapies, but any particular variable affecting this? And is this growth momentum sustainable for the rest of the year?

Yes. As I said earlier, we are seeing growth across the therapies but the business is performing well because majority of our growth is also coming through volume, which also talks about the growth in a prescription. Your comment whether this momentum will continue. It's difficult to say because we don't know how the markets will behave in the next 2 quarters. But our idea has always been to grow in line with market or slightly higher than market, so that we gain market share. And we also we also focused on volume growth.

Okay. But there isn't any additional channels that we would have focused in this quarter, right, maybe modern trade or something which would have led to a higher growth.

No, no. I don't think there is any additional channel in this quarter.

Okay. Sure. Sure. And our staff cost growth on a year-on-year basis is quite muted. I can see only 2% growth. So is it related to the some of the cost efficiency measures that we have taken and other performance-related wage hikes, et cetera, are baked into the current quarter?

No. I think like what we said for majority of the expenses you look at annualized costs, don't look at quarter-on-quarter. There will be some amount of adjustment or periodicity, which may mask actual underlying numbers.

Okay. And last one from my side. I think the atopic dermatitis trial readout for SCD-044 has been moved to H1 CY '25 versus earlier guideline of H2 CY '24. So what is causing this delay?

I think [indiscernible] recruitment of the subjects.

Okay. And do we expect any more delays here or we are kind of [indiscernible].

I think the idea is that we shouldn't give explanation rather than giving the outcome. That's a position that we try and achieve in all businesses. Hopefully, within next some time, we should achieve that also in clinical trials because I have never explained our performance that's because of this reason, we did not achieve the numbers. It's better for me to factor everything before I give guidance.

Sure. Sure sir. And the last one since we are on Specialty. We have said that we might look at past in terms of out-licensing our GLP-1 molecule, right? But do you have any particular time line in mind as to when in terms of development stage we would be looking out for partners...

So my sense is that once we have greater clarity in terms of clinical outcomes since we are in patients, it's the best time at which we will start to get the partner.

[Operator Instructions] The next question comes from Sumit Gupta from Centrum.

I have one question on ILUMYA. So how much is our share in the psoriasis market and [indiscernible] category in the U.S.?

Sir, could you please repeat. It dropped your voice for me please.

Okay. So what is the share of ILUMYA in the psoriasis market in the U.S.

You are talking all categories?

Yes.

Very small. It's like 0.5%. [indiscernible] only the IL-23 plus then we'll be closer to 8%.

8%?

IL-23 plus.

Okay. And how do you expect it to like over the next 4 to 5 years or over the long term, how do you see it going forward?

Hopefully growing.

Pardon, sir?

I mean, hopefully, the idea is to grow.

Okay. And just, sir, any guidance on the overall revenue growth over the next 2 to 3 years?

No, we don't give long-term guidance.

The next question is from the line of Saion Mukherjee from Nomura.

Abhay, just 1 clarification on IL-23, 8%. This is the volume market share of the patient market share you're referring to?

The prescription market share or the DIs you call it in the state.

Understood. And the second on Revlimid. So you mentioned it is flat quarter-on-quarter. I remember last quarter, it wasn't significant. So should we assume that it is not significant contributor this quarter and it can increase in the subsequent quarters?

I mean we don't guide product-wise so probably if we give you huge product granularity is difficult because we don't guide.

Okay. But would you say the significant contributor in the current base that you have?

I did not understand the question. What do you mean by...

Would you consider it a significant contributor to your revenue in the U.S. at this point. Because this opportunity is there for a limited time. So I just wanted to understand, would you consider the significant contributor.

So like you know it's a limited quantity launch and the quantities that we have are not very high. So it's one of the important contributors to the generic business, but there are other interesting products that we have in the portfolio as well.

Saion, for this quarter, the contribution from lenalidomide was not large.

Mr. Mukherjee, do you have any other follow-up question?

No, I am done.

The next question is from the line of Surya Narayan Patra from PhillipCapital.

And the first question is about the fitful expansion that we have consistently done over the last couple of years in the domestic formulation side. So since the exercise of expansion over the 4-year period that we have completed now, so what is the stance here? Are we thinking about further expanding, extending into the [indiscernible] Tier 1 or Tier 2, Tier 3 kind of town, cities like that or -- and if that is not further getting expanded, then is it fair to believe that now the focus would be on enhancing the productivity of the people that has been added and hence, improved margin going ahead.

I don't think what gave you the idea that even while we are expanding, the focus is not on improving productivity.

No. In fact -- see, obviously, it takes at least a year or 2 post the addition of the field force to see a kind of a real productivity of the new people. So that's why I said that, okay, since we have been consistently been adding people over the last 4 years. So now if we are now focusing more on the kind of optimizing the productivity of the people that has been added in the recent period or what stance that we would be having here?

So broadly, what I'm saying whenever we use expansion of the strategy, we always look that our productivity doesn't get diluted. That's what I can say.

But practically the sales for this thing MR in the recent year has, to some extent, with [indiscernible] tableau, although it is not very significant, but it has come down a bit. So that is why I was trying to understand that whether we will go back to the previous peak and hence, improvement there it also from that angle, I was coming to this question.

Sure, I understand what you're saying, but I think it will not have a big impact...

Sure. Okay. Similarly, even in the emerging market, we have added even around 10% kind of field force there. So could you share what is the share of the branded market there in the emerging market, branded in the sense, branded generic and pure generic. And since we are adding people then, is it fair to believe that the share of branded generic is likely to go up in the emerging market there also?

So I think broadly our entire business, excepting some tenders, almost entire emerging market business is branded generics only.

Okay. Okay. Okay. So then this around 9% kind of people addition what we have done in FY '24, sir, as per the annual report. So whether this is an ongoing practice or this is kind of a special effort that we have done to boost the branded generic business?

I mean I would not know because there are large number of countries. But I mean, 8%, 9% is not a dramatic increase in number of people because we have a large -- see there are 3 things which we have to keep in mind. One is you have a constraint about the number of products a rep can promote. The second is number of therapy areas that rep can promote. So sometimes simply because you are starting ophthalmology product in some country, we might have to start and hire new people because same people can't go to ophthalmology. So decision-making is country therapy specific.

Okay. Okay. Okay. And is it fair to...

Surya, can you move back in the queue please?

Next follow-up question is from the line of Tushar Manudhane from Motilal Oswal Financial Services.

Just 1 more question from my side. On ROW sales has been quite subdued for last 2 quarters. Any particular reason...

Tushar, your line was lot muffled. I believe we were not able to understand your question. So if you can please try again.

It is better?

Much better, sir. Yes, please go ahead.

So just on ROW sales has been -- in terms of growth has been quite subdued for 2 quarters. So just would like -- if you could explain the reason for the same and how to think about it going forward.

So one reason would be possibly because of the, what you call price cuts and generic product pricing pressure in Japan. But I think we are expecting even that business to be able to continue to do well as time progresses.

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Nimish Desai for closing comments.

Yes, we're still -- Nimish is still pretty much top of mind. Abhishek here. Yes, thanks, everyone, for joining the call. And at this state hour for any questions that still remain unanswered, you can reach out to the Investor Relations team, and we'll be happy to take your questions. Thank you.

On behalf of Sun Pharmaceutical Industries Limited, that concludes the conference call. Thank you for joining us, and you may now disconnect your lines.