Good evening, everyone, a very warm welcome to the Investor Conference Call hosted by Sanofi India Limited. Joining the call, we have Mr. Deepak Arora, Managing Director, Mr. Rachid Ayari, Whole Time Director and CFO, and Mr. Haresh Vala, Company Secretary from Sanofi India Limited. Before we begin this investor call, there are two important announcements. Please note that the proceedings of this meeting are recorded. Secondly, please note a standard disclaimer that there are certain statements in this call which may be forward-looking, and actual results may vary depending on various other factors which may impact the future performance. Moving on to the agenda, we will cover the performance for the quarter and year ended December 2025, and other highlights. Thereafter, we will have a Q&A session, which will end exactly sharp at 5:00 P.M. All investors and participants are please requested to keep their questions brief and avoid repetition. 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand over to the management to take us through the presentation. Thank you so much. My name is Deepak Arora. I'm the Managing Director for Sanofi India Limited and Country Lead for India. A warm welcome to the quarter and the year-end performance call, financial results. Let me start giving a little bit perspective of last year, which was the year of transformation for us. The next slide, please, which talks about the pivotal transformation which was created and executed as Sanofi India Limited, have fundamentally modernized our business. I will talk about again in terms of how we position ourselves as we move forward towards a sustainable and profitable growth. Next slide. It has three components, as we say, that we are modernizing our business model to position ourselves as sustainable, profitable growth. First is the business model transformation as a new organization, being an R&D-driven, AI-enabled biopharma organization, making sure that we're doing is towards the patient centricity, customer centric, digitally and AI-empowered capabilities. You all are very well aware about the partnership model to grow our legacy portfolio in CV, CNS, and oral antidiabetic agents. Last but not the least, leads to financial performance. Our domestic sales were flat for 2025. You are well aware in terms of the changes or transformation which was happening, to make sure 2026 starts at a good note. Last but not the least, the demerger which happened, stabilization of the business with the partnership, we still had a +1% profit before tax, driven by the business and OpEx efficiency. Basically, diabetes franchise momentum, and last but not the least, partnership model as per the expectation. Next slide. Talking about Sanofi in terms of leading diabetes and being the leader in the insulin segment, and making sure that we win the portfolio for both basal and premixed segment. Lantus, which has been our flagship brand, is continued to have market leadership of 31% in basal segment, with a volume acceleration of +6%. Mind you, this is after all the turbulence happening in the insulin market, and last but not the least, with what GLP-1 is trying to invade it. Toujeo, preferred second-generation basal insulin, growing in double-digit. Last but not the least, our innovation into the market to make sure that we accelerate our reach by winning into the public sector as well as continuing the growth in the private sector and keeping the leapfrog growth based on the GLP-1, how the GLP-1 market is growing. Market expansion is key, tapping the potential of public sector, which is basically into care segment like CGHS, ESI, railways, defense, and also into state rate contracts. Last but not the least, keeping the momentum as the market is growing with insulin initiation and maximization, being in the digital reach with Tier 2 and Tier 3 cities. Future ready to go future ready to the go-to-market capabilities, always with our patient support program being customer-centric, AI-enabled activities and initiatives, and last but not the least, innovative customer journey optimizations. These are some of the work which was being done last year to make sure that we were ready in terms of picking up the maximization, looking into transformation to performance, and last but not the least, continuing our leadership in the insulin segment. Next slide. As we talk about the R&D-driven organization, I think I want to remind ourselves about the LANDMARC real world evidence study, which was concluded with 382 sites and close to around 6,000 patients in a three years longitudinal study. A lot of publications came our way, and there are many more which will be also getting published this year and also at the IDF next year. We are happy to share that we have achieved a major milestone in the last patient in on 12th December 2025, with the recruitment of 105 patients in nine sites in India. This was to remind us the evaluate the safety and efficacy of Soliqua in obese adults with uncontrolled type 2 diabetes. The publication is awaited. Last but not the least, I think important piece is also how we keep on fueling our potential pipeline and bringing the products to answer some of the unanswered questions for treatment of type 1 and type 2 diabetes. There is a lot going on for phase II and phase III study across with teplizumab, where we call it Tzield, Amlitelimab, and also Frexalimab. Also, to share that the AllStar, which we are bringing into the market, we are also looking into combining it with some digital solutions for better adherence, AI-enabled for patients to have a better control in management of diabetes. Next slide. With this, I hand over to Rachid to talk about the financial. Thank you, Deepak. Good evening, everyone. I echo what Deepak said, that 2024, 2025, you know, there is significant transformation of the business with the demerger of consumer health business in 2024, in addition to the signature of the partnership, both in Q1 2024 and in July 2025. This is complexifying a bit, you know, the reading of the financial statement and the performance. We try to clarify and show the impact coming from this transformation, we will be happy to answer to all the question coming from the investors and the participants of the call. Before starting, I think it's important to explain a bit the total income, which is mainly coming from the sales. The domestic sales and the export that we will deep dive in the next slide, and which is, you know, 92%-93% of the total income. Other operating income, it's related mainly to service activity, tolling, to consumer health and certain legal entity from the group. This is we see a drop, but there is no impact at the end on the profit of the company. This is related mainly to activity that the change in the activity with the consumer health. At the same time, there are certain services that we were giving in the past, as promotion to the private company, that are not anymore there because we signed partnership as well for the private private co. Finally, the other income, which is mainly related to the interest and fixed gain and loss. Can we move to the next, please? Yeah. The total net sales, as you can see, in 2025, for the domestic is INR 1,511 crores, which is let's say, half of it almost related to diabetes, and half is partnership. As you can see in full year 2025, we have a consistent growth of the diabetes, as mentioned by Deepak. For the quarter, we have double-digit growth, 11%. Regarding the partnership part, in the full year, we have -2 versus last year. This is mainly coming from certain movement of the stock, based on the frozen period with the partners. This is what is explaining mainly the deviation in the full year or in the quarter. Another point which is impacting the quarter as well is related to the gross to net that we are giving to the OAD, to the partner, and this is comparing to last year, it's a new coming in addition in the financial statement. The major impact on the top line, and this is where was discussed previously and in the previous quarter as well. The drop of the export, where we can see significant drop in the quarter and in the full year, and this is related to the divestment of Ankleshwar site with Zentiva in 2021. We continued to toll for Zentiva till 2024, when they get the authorization from the Indian authorities to commercialize the product. It was anticipated from the past, and it was communicated in the previous course. Can we move to the next? In terms of operating expenses, we see that, you know, significant effort is made for the OpEx reduction. What we are showing here is mainly the employee cost and the other OpEx. The depreciation, it is flat, and the interest part is not material. -17% in the quarter and -17% in the full year. This is reflecting the strategy of the company with the signature of the different contract with the different partners as well. Can you move to the next? Yeah. Thank you. In term of profit before tax, we end up with +1% in the full year, which is, you know, I think, achievement, good achievement versus what we, all the transformation that happened and impacting the profitability and the aim. In term of the quarter, we see there is a significant drop, but it's more, more phasing and top line impacted by the movement of the stock rather than other things. because when we look to the different, you know, when we look to the data in the secondary, we see that, you know, the partners are delivering as per the agreement that we have, so no major deviation for partnership. Next, please. Regarding the dividend proposal and based on the yesterday board meeting, the proposal to the general assembly will be +5% versus 2024. In terms of earning per share, it's INR 142, and the dividend per share will be INR 123. Part of it was already distributed in the interim, in the previous period, and we, the final one, once it will be approved by the general assembly, it will be after in May or June of this year. Thank you, Rachid. Next slide. I think while we are on the financial results, we ought to make sure that we also remind ourselves in terms of our CSR initiatives and giving back to the society. Very happy to share, on behalf of Sanofi and the leadership of the complete CSR task force, that we became much more reaching out strongly and building our strong communities with kids and diabetes in school. The one of the flagship initiative of ours, which had an expansion in UP and also the enablement of the Sakhar Free Shukrawar, which was started as an initiative in Goa. The outreach was close around 1,200 schools. Close to around 1,250 teachers were, you know, trained to improve our capacity and capability, and the reach to students was around 232K. Mobile medical units, 21 MMUs operated across 11 districts in Maharashtra, led to 1.1 million beneficiaries reached, and around 6,000 camps conducted with 332 beneficiaries which were being screened or led to diagnosis early or late stages, but making sure that we close the loop in terms of screening, diagnosis, and treatment. Humanitarian aid, which was supported with the families and communities which are affected by the flood in Himachal Pradesh. Last but not the least, our own volunteering week, which helped in terms of having our employees, 270 employees, participating to close around 750 volunteering hours in 10+ cities. Very proud in terms of giving back to the society. Ending ending note or before we get into the question and answer, the next slide. I think reiterating our achievements or in terms of the performance, as Rachid talked about, +6% growth in insulin overall full year. If you look at the accelerated momentum in Q4, that +6% was closer on 11% in Q4 alone, which also assures back in terms of whatever transformation happened today will help us position for tomorrow, along with the future-ready capabilities to position Sanofi India Limited to capture India's high growth diabetes opportunity. As well as we can see that the partnership is stabilizing and will give us better returns as we move forward in 2026. With this, I open the floor question, answers. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star 1 to ask a question. We have the first question from the line of Rajakumar Vaidyanathan from RK Investment. Please go ahead. Yeah. Good evening. Can you hear me? Yes. Yeah. Thanks for the opportunity. The first question is to the CEO Deepak. Sir, I would like to know what is happening on this partnership sales. Why there's a drop of 13% year-on-year? Absolutely, if I compare Q3 versus Q4 also, there is a significant drop. You did almost close to INR 200 crores partnership sales in Q3. Now, in Q4, you've done only INR 153 crores. Why this so much of volatility in this figure? Thank you so much for the question. I think the partnership, if you look at compared to 2024, 2025 is stabilizing. I understand the Q4 drop, and that was basically due to phasing based on the stock stabilization and replenishment which was required. There was a frozen period as we get into any new partnership, example is the OADs. Additional gross to net for OADs also impacted us. Last but not the least, a little bit of headwinds related to certain accounts and institutional business, where there was an aggressive discount from competition, which we are trying to tackle and see what can be the innovative access model as we get into 2026. Can we consider this current quarter, partnership number as a steady state number, or, there's a lot of, one-offs in that? I would like to know what would be the base number, that we can, we can take, for comparison as we move forward to 2026? Question? I didn't catch... Is there any base number for 2026 which we can take into account? Yeah. honestly, that's what I- In Q3 you did INR 200 crores. Yeah. Now in Q4 you are saying INR 153 crores. I just want to know what would be the base number? Yeah. You are saying there are a lot of one-offs in this INR 153. Yeah, exactly. I think, yeah, despite the fact that we are not giving any forward-looking, but I think the fluctuation will continue in 2026. I think by end of 2026, we will stabilize this partnership, because as mentioned by Deepak as well, that you know, there are certain agreement with the partners in terms of stock replenishment. This is systematically will continue to give a kind of fluctuation for, you know, for 2026, I think. Rajakumar- Okay. Does that answer your question? Thank you. Yeah, thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Vishal Manchanda from Systematix. Please go ahead. Hi. Good evening, everyone, and thanks for the opportunity. Could you share the end market growth for the partnered portfolio? The end market growth for the portfolio. For Cipla and Emcure separately? I think. I think we should not keep an account of the OAD, because we just entered the partnership. We can talk about the CV portfolio of Emcure and the overall for Cipla. It was in the low single digit, if I remember, because again, for CV, for Cipla, there was a little bit turbulence in terms of the push of discounts by the competition. I think the first two quarters were not very good. For OAD, I think it was higher single digit, which was better than the performance in the first half when we look at the OAD when Emcure took over. Overall, I think it will be a single digit- Yeah growth at a lower level. Yeah, if we take out, you know, the stock effect, we should be at in volume growth, we should be at plus 4%. Yeah. Yeah. Got it. Thank you. Would you be able to kind of share some color on your pricing of this portfolio going forward? Will this be a fixed percentage of the MRP of the portfolio, or this is a fixed price and your partner can basically take any markup on that fixed price? In term of pricing, for the NLEM products, I suppose that they will follow, you know, the WPI growth from one year to another. For the rest of the portfolio where there is no restriction, depending on the market condition, they have 10%, you know, to increase the prices. It will be product by product, depending on the market condition. We can have a look to what they are proposing, at the end of the day, I suppose that, you know, continuing increasing the price to a certain level makes sense. Okay. And, yeah, and if you could share how do you kind of intend to scale up the diabetes business that's under your control? One is Soliqua. Whether you would also look to kind of do other products in that therapy, or you would only stick to the parent portfolio for growth in this segment? For now, I think we have a lot to do with the current portfolio, and I think Soliqua is just one year old in the game. You know how GLP-1 is accelerating in the market, and we should be leapfrogging along with GLP-1 activation in the market, because Soliqua is a combination of both glargine and GLP-1. Our plan is to how we can accelerate the double-digit growth for Soliqua moving forward, both in private and in public sector. Also continue expanding Toujeo, which is also an innovator, which is U-300 glargine in the public sector. For now, I think we have a lot that we can maximize a lot with the current portfolio as we look forward for pipeline as it comes. Okay. Any sense on what? My understanding is Soliqua will largely target the pre-meal insulin market. Sorry, the, yeah, pre-meal insulin market. Any sense on what market share you can take in that space? It will be playing in both the, you know, pre-mix market, as well as at the failing of the OADs. Looking at the guidelines and where GLP-1s are being putting across the segment of patients not getting controlled on basal, patients not getting controlled on OADs, and also patients requiring a bit stricter control on a pre-mix. Soliqua has a unique opportunity of playing in all the three segments. We look forward for, I think, it cannot be a forward-looking, but whatever market share we can take from all the three segments will be a win for Soliqua. Got it. Okay. Thank you. That's all from my side. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. We will take the next question from the line of Vipul Shah from RW Equity. Please go ahead. Thank you for this opportunity. Just wanted to understand in terms of, you know, the broader therapy areas, you know, where Sanofi India can actually play in the future. Are we in the listed company only confined to the therapies which we have currently? Or, is there a plan to actually enter into more therapy areas? You know, for example, one of your European peers just sort of in the December quarter, entered into the oncology space with two innovative products, which was a global product. Is there something like that which, you know, Sanofi India plans to do? Do you wanna take that? Go ahead. Yeah. Look, you know, based on the group strategy as well, we want to focus on certain therapeutic area, and not to extend. If there is opportunity, yes. For now, the strategy for the listed company is to focus mainly on diabetes and insulin. I think the strategy is working well, as we can see in the numbers, double-digit growth for Q4. At the same time, cardiovascular and CNS, I think cardiovascular, it's a big market for us, where we can see certain synergy there. Diversifying today, you know, to another area, we don't see that there will be a synergy with the current portfolio, with the current team. Yeah, I mean, if I were to, actually, you know, look at the patient pool, in the long run, and, you know, with the, with the therapies, which, you know, Sanofi India is playing, there will at some point, you know, come a saturation in terms of the market size which we could address. I mean, frankly, you know, obviously you have, within the group, you know, a very innovative vaccines play, but obviously that's outside the listed company. Just wanted to, you know, get a sense that is there sort of any thought process or plan of bringing all the, you know, operating companies in India under a single sort of a legal ownership, where then, you know, the therapy areas can actually be a very, very divergent, you know, for growth? It's a good point. Honestly, we thought about it in the past, we tried to evaluate if there will be a real synergy between, you know, the portfolio that we have in the listed company and in the private co. We didn't find, you know, that, you know, it would bring value for the shareholders. If we take, you know, if we launched, you know, the vaccine product in the private co, we are evaluating as well, how the market react to the new products as well, right? Based on this experience, maybe in the future we can think about it. There are certain, reflection that we are making, but today to say that there is a direction or decision to launch new therapeutic area in the, in the listed company, nothing is confirmed today for that. Yeah, I don't know if you have anything to add. No, I think I will reiterate, looking at the population of India, we at least 2035, if you look at the non-communicable diseases, they are growing by double-digit. Last but not the least, now the Tier 2 and Tier 3 literacy, in terms of improved awareness, is helping in terms of getting these patients early on because of the screening, diagnosis, or the treatment. OAD stands and continues to grow despite of, you know, the new innovation coming in, and so is insulin. I think if we focus what we have today and reach out, and maximize, and expand, I think we have a good case in terms of bringing the value proposition of what we have from established portfolio, partnership, and last but not the least, the insulin portfolio as well. Thank you. We have the next question from the line of Avani Gadia from Gadia Investments. Please go ahead. Thank you for keeping this investor call. With your permission, I would like to go ahead with my question. I have total 4 questions. Shall I ask all of it together or one by one? Go ahead one by one, if you don't mind. Thank you. Okay. Yeah. Thank you. Why are the results and the numbers going down year-over-year? If we take, you know, first, the result, we are, you know, positive for the year in term of profit before exceptional items, +1%. For the, you know, profit after tax, we are at +4%, so we are not negative. Last year it's not as well. Now, as we mentioned, the impact, I think, you know, why we don't see the real performance of the legal entity because all this transformation that we have done in the past. The demerger of the CHC, there are certain transactions that were done to support them in the past that are not anymore in 2025. There is this partnership, the partnership that we signed as well, there is an impact in term of top line, but we are saving in the OpEx. The real impact as we made the analysis, it will not be immediate. I think starting, you know, when we analyze and we pre-presented the business case, it's within three, four years. I think we are on track on versus the forecast that we have done. No, we don't see major issue coming, but the transformation and this transition is taking a bit time. Okay, noted. Thank you. My next question is: considering Novartis exit, is Sanofi on the same way? Since last five years, track of Sanofi is on an exact similar lines as of Novartis. I think, India remains a very important market for us, and that's why you see that our transformation journey is to improve growth in the insulin and diabetes segment. It's been 70-plus years that we continue our commitment to support healthcare of communities and individuals. I think, for now, I would say that, we need to focus on what we have and continue, not only from a product perspective, but also impact from our CSR initiatives to support. You also know our manufacturing facility in Goa produces best-in-class essential medicine for both domestic and international market, exporting to around 25 countries worldwide, which should give you an assurance that we are here, and we'll be serving our patients. Okay. Thank you. Next is: we also saw few appointments. While independent director seems experienced, the executive director does not have any experience of being on board of a listed company. We also saw her appointment was done recently in June 2025. What led the management consider her as a board candidate in such a short span? Not sure whom you're talking about. Sudipta. Oh, Sudipta! Right. I think you look at the experience... Executive. Yeah, yeah. I think you should look into the experience the person is bringing in from a legal perspective. I think it's someone has to start from somewhere, right? The experience which Sudipta brings in from legal angle will be a big value addition to us as we move forward. I'm sure you will see that as we move forward in maybe next call or next year. Thanks for the question. Okay, last question. What are the upcoming products for Sanofi India for 2026? There are no new products in 2026 for us, but as you have seen, that we will be putting our real-world evidence for LANDMARC, some new publications. Soliqua, as we completed the real-world study, the new publication will come in. Soliqua in public sector will be new, and also Toujeo expansion public sector will be new for us. Any new entry, for now, that is not in the, in the plan for 2026. Okay. That's it for me. Thank you, management, for replying all the questions. Thank you. Thank you for your question. Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Rajakumar Vaidyanathan from RK Investments. Please go ahead. Mr. Rajakumar, please proceed with your question. Yes, I want to ask the first question. Yeah. Due to no response. A reminder to all the participants, you may press star and one to ask a question. No more questions. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Lakshmi Narayana, an individual investor. Please go ahead. Hi. Good evening, gentlemen. My first question is on the margins. The EBITDA margins came in at 21.5%, it's a 8-quarter low. Can you walk us through segmentally, margins held up in diabetes segment and also the partnerships, also exports. Where exactly, what was the reason for this? It's an 8-quarter low. That is my first question. Second question would be: What are the 3-5-year expectations from the partnership business in terms of CNS, OAD, market share gains or profit growth from these initiatives? It was never clear to us investors about what management is trying to do here, or what exactly the targets are over a medium to long-term timeframe, 3-5 years. Those are my two questions. First is on the EBITDA margin decline. Can you assure us that the margins in diabetes and partnership business are intact, and it's only negative leverage on exports, that was the reason? That's what we are waiting to hear. Second, of course, the long-term expectations of the partnerships. What do you expect from there in terms of gains, market share gains, and profitability? Thank you. I will start with the margins. I'm sorry, we are not allowed to give, you know, the details by business, let's say, between diabetes and partnership in term of margin. The impact in. I think, you know, when you look to the full year, we kept almost the same. The quarter, as mentioned, you know, was impacted mainly more by phasing rather than other things. When we look to the total business, I think exceptionally, I think, you know, for this year, we are all flat or. Because all this transformation that happened, it's more than other things. This is regarding the margin. Regarding the partnership, I think, you know, it's a strategic partnership that we are signing here. We have even a team following, you know, this partnership. We are looking for growth from this partnership, and we are looking for patient in Tier 2 and Tier 3. I think, you know, the investment that is done by our partners is giving us, you know, the comfort that they will do better than what we were doing in the past. We look to the forecast, and we look, you know, in the investment that they are doing. I think, you know, we are expecting growth from the partnership. Taking out, again, you know, any one-off, or movement of the stock, that will not be something that we control. When we look to the, you know, the data in the market, I think, you know, the growth will be there from the different partnership. Just adding, if you look at the IQVIA data, you will see that there was a 5% growth. If you look at the portfolio given on NQ or cardio and OAD, there is a growth happening. Despite of the transformation, despite of the changes, there is a single-digit growth, which can get better if the focus is on, as we say, the footprint of NQ or supply is much better and higher than ours. The key is about the threshold which we can create in the Tier two and Tier three market. +5% growth is a good starting point, and I think we can strengthen on it as we move forward. Sure. Thank you, and all the very best. Thank you. Thank you. Thank you. We have the next question from the line of Manish, an individual investor. Please go ahead. Hello, sir. Am I audible? Yes. Yes, yes. Hello? Yeah. Yes. Hi. Hi, good evening, good evening. Sir, I have a query. You know, I'm an individual investor. As a layman term, can you explain what's happening with the partners? Why is the revenue declining, and when do you think it will stabilize? Yeah. Yes. We are growing in... Sorry. Yeah. As, as we, you know. Yeah, thank you. Thank you for your question. The partnership, as mentioned, you know, I think, you know, is in term of growth, taking out the stock effect or one-off, is growing as per expectation, and this is growth. The impact is coming, you know, there are certain, you know, close of the contract where we have to ship certain level of inventory that will fluctuate, and it will continue to fluctuate. That's what is impacting from one quarter to another. If you look to the full year, it will stabilize. It's almost flat, so it's -2%. It's stabilizing. The major impact is coming from the fluctuation of the inventory that is shipped based on the certain frozen period from the partner. All you know, if you take the partnership, taking out, you know, any one-off or inventories impact, or replenishment, the partnership is growing as per expectation. Okay. My second query is that if you take the diabetes part, we're doing double digit, and, we are having some issues with the partnership. If we did not have that, what would have been the growth? For example, if everything went well. Yeah. Now, everything If there's a problem, we are doing a 4% because of the partnership. If, for example, everything went well. Yeah ... what could have been the growth? Yeah. Taking out all, you know, all the one-off and the inventories impact, I think it's 4% growth. Yeah, I understand that, but I'm saying that if there was no impact, you would have grown something 4 plus X, right? What would the X be, 4 plus X? Was it 2? It could have been 8%, 10%, 12% if there was no impact. Any idea? Any, any estimate on that? I think the question is that as diabetes continue growing. Yeah. Are we taking the one-off issues with the partners? Yeah, I see. What have been the? Yeah. overall growth? Yeah, yeah, good question. I'm sorry that I didn't catch the question. Yeah. If we are 6%... Yeah, it should be a kind of 4%-5%. Yeah. Yeah. If you look at the diabetes market, right, growing by +6%, and add if there was the frozen period- Yeah the replenishment of the stock at the partner level, that 6% would have been plus, right? For the full year and for the quarter-. Yeah. With the 6% diabetes and no impact on the replenishment and the other aspects, this could have been a double-digit growth. Now, the third query is not a forward-looking statement, but as per your comment, if everything goes all good, we might go by double digit. Is my understanding correct? No pressure. We will try what our investors and shareholders are telling. You know, there is always volatility, in the market with dynamics changing. We'll give our level best. Yeah, if you look to. For the patients. Yeah. If you look to the market, I think, you know, it could be double, you know, double digits supply aggressive. Yeah. Yeah, if you take out everything... Yeah. As I say, with the market dynamics, what we are sitting in- Mm-hmm ... we should always look for the best, but we'll wait how future awaits in terms of the opportunities for us. As I, as I mentioned at the beginning. Yes, we are on good. Yes. We are on the call. Yeah, just 1 point. As I mentioned, you know, the at the beginning of the call, that this fluctuation will continue in 2026. We are expecting that this partnership will grow up, but the, you know, this fluctuation will continue till 2026. Yes, sir. As just thumbs up to Sanofi India, we as a retail investor, are very happy with it, because you have always been a retail investor-friendly. Always had good dividend policies and all. We just wish that you continue growing with double digits so that we can grow along with you. Thank you. Thank you. Thank you. We have the next follow-up question from the line of Vishal Manchanda from Systematix Group. Please go ahead. Yeah. Hi, thanks for the follow-up. Just one clarification on the partnered portfolio. wanted to understand, is it fair to assume that your growth on the partnered portfolio would be the volume growth that your partner generates, plus the WPI linked inflation that you can charge on the supply price? Is that the right way to think about it? Yeah. Depending on the products, it will be the volume growth plus WPI for the NLEM product, the controlled products, and for the uncontrolled, I don't know if I, we can call them uncontrolled products, they have the ability to increase the prices till 10%. For, for the non-NLEM products, it would be in line with the MRP increase? Yeah, exactly. Is that right? Exactly. Exactly, yeah. Understood. On Soliqua, wanted to understand if that also comes in a reusable pen, like we have for Lantus? No, for now, the Soliqua is currently in the SoloStar. Yeah which is the disposable pen. It's a good point. We are working. Are you considering getting just that into reusable version? You are right. We are considering bringing. Yeah reusable pen. India is one of the pioneer market in terms of cartridge and reusable pen. Even the Group, we, they are, you know, changing their strategy based on India. They are more for a reusable pen for, you know, for environment reason as well. The project is in progress, and I hope that it will happen in the next upcoming years. Maybe FY 2027 or FY 2028? We are working on the business case. Okay. Right. Just, if you could share, whether there was any benefit that the company got from Novo Nordisk discontinuing their pen versions of human insulin. Did Lantus get any benefit, or your Insuman human insulin, versions got benefit from that? I think the overall analogs got benefit of moving from human to analog, so we were party of it. That's why you see + 6% overall and 11% growth, especially driven by the double-digit growth from Toujeo and Soliqua, and also a single good digit growth coming from Lantus. It's a market which is moving, and these kind of, you know, nudges help in terms of moving the market to innovation. Would you have a sense on how the market is currently, like, Or if you could just share what number of patients are using just Toujeo and Lantus for you, for your brands? Yeah, it will be. Number of patients. It will be very difficult because we get IQVIA data only in the private segment. We don't get the data in the public segment. Bifurcating Toujeo, Soliqua, and Lantus will be a little difficult as of now. ... not bifurcating, put together, Lantus Toujeo put together, what would be a number of patients? Yeah, we need to calculate that. We will come back to you. We will come back to you on that. On that- On this, specific question. Total new patients versus patients continuing on the insulin- Yeah portfolio, we can answer it back. Yes. Thank you for the question, though. Great. Yeah, thank you. Thank you. That's all from my side. Thank you. Thank you. We have the next follow-up question from the line of Lakshmi Narayana, an individual investor. Please go ahead. Mr. Lakshmi Narayana, please proceed with the question. Hi. Thank you for letting me with one more question. Because of the GLP-1 drugs, et cetera, in our entire insulin portfolio, did we see faster growth in Soliqua versus? I mean, I know you said double-digit growth for Soliqua and Toujeo, but that was for the quarter or was it for the full year? It's for- My question is basically, is Soliqua gaining at the expense of others? I think it's for both, if you look at the quarter and for the year. As I said, I think we should take the advantage of the share of voice of GLP-1 and try to maximize on that with the fixed-dose combination coming in with both glargine along with the GLP-1. Remember, I think there are patients who are uncontrolled on OADs, uncontrolled on basal insulin, there will be another option which is available for these patients to get on. Soliqua has unique USPs, basically controlling not only diabetes, but also you know that with insulin usage there is an increase in the weight. Soliqua provides weight neutrality with better control, so that's a unique feature, what Soliqua brings in, with very low or no hypoglycemia. Sure. If one last one, if may be allowed. We have heard that there was some disruption in Lantus availability, especially in Maharashtra, in urban Maharashtra, and this was based on an informal survey of a few diabetologists, et cetera. Was that rectified, or what do you attribute that to? I don't think it was a disruption which really made any difference. We had enough stock for supporting the patients on the therapy, and we have enough stock in terms of continuity as well. If it was, I think it was one-off, maybe reason of sending the stocks to the respective distributors to supply in that respective market of Maharashtra. Otherwise, I haven't heard, and neither we have enough stock and there's a continuity of supplies for Lantus and other products as well. Sure, sure. The reason I brought it up was. Yeah ... one of the senior-most, 25+ years experience, he was saying he stopped writing Lantus because the patients would say it's not available. I was just reacting to that. Yeah. Thanks for sharing the information. Yeah. Yeah. This is in such case, huh? Yeah. Yeah. Thank you very much. As there are no further questions from the participants, I now hand the conference over to Mr. Deepak Arora for closing comments. Thank you so much, I think, for a very open debate and discussion. We really enjoyed, and I think you as well. I would say, I think just key path forward, again, looking into that we have to focus on the growth. Operation efficiency is important for us, stabilizing the partnership to grow, and last but not the least, now maximizing on the transformation year, which was very pivotal to bring back sustainable and profitable growth as we move forward. Thank you again for hearing us and being a key stakeholder for the growth and partnership with Sanofi. Thank you. Thank you. Thank you so much. Thank you. Thank you, members of the management. On behalf of Sanofi India Limited, that concludes this conference. Thank you very much for the quality of the questions. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.