Ladies and gentlemen, good day and welcome to Alivus Life Sciences Limited, formerly Glenmark Life Sciences Limited, Q4 FY25 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance with the conference call, please signal an operator by pressing star and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Soumi Rao from Alivus Life Sciences. Thank you, and over to you, Ms. Rao. Good morning, everyone. I welcome you all to the earnings call of Alivus Life Sciences Limited for the quarter and year-ended March 31, 2025. From Alivus Life Sciences, we have with us Dr. Yasir Rawjee, our MD and CEO, and Mr. Tushar Mistry, our CFO. Our board has approved the results for the quarter-ended March 31, 2025. We have released the same to the stock exchanges and updated it on our website. Please note that the recording and transcript of this call will be available on the website of the company. Now, I'd like to draw your attention to the fact that some of the information shared as part of this call, especially information with respect to our plans and strategies, may contain certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, and assumptions that are subject to risks, which could cause actual results to differ materially from these statements depending upon the economic conditions, government policies, and other incidental factors. Such statements should not be regarded by recipients as a substitute of their own judgment. The company undertakes no obligation to update or revise any forward-looking statement. Our actual results may differ materially from those expressed in or implied by these forward-looking statements. With that, I invite Dr. Yasir Rawjee to say a few words. Thank you, and over to you, Dr. Rawjee. Soumi, thank you. Good morning, everyone, and welcome to our Q4 and FY2025 earnings call. Before we get into the company's performance for the quarter, let me briefly touch upon the broader industry landscape. The global industry continues to evolve around structural changes because of ongoing supply chain shifts, geopolitical tensions, and regulatory reforms in U.S. drug pricing, and also the rising demand from emerging markets. Our growth is supported by increasing outsourcing, rising demand for specialized APIs, and efforts to diversify supply chains. Additionally, the industry is making meaningful strides in adopting sustainable manufacturing practices and next-generation technologies. Coming to Alivus and our quarter performance, we've made pretty strong progress this quarter, reporting revenues of INR 650 crore, which is a year-on-year growth of 21.1%. Q4 witnessed broad-based revenue growth coming from all regions. Now, GPL and non-GPL business grew at 31% year-on-year and 19% year-on-year, respectively. The generic business posted a growth of 22.6% year over year, while the CDMO business also grew 22.6%. From a geographical perspective, growth was well-distributed, with India, Europe, Japan, and Rest of World all playing a significant role in this growth. Moving on to our profits for the quarter, our EBITDA margin for the quarter was 32.1%, up 520 basis points year over year and 80 basis points quarter over quarter, primarily driven by a more favorable product mix coupled with product launches, especially in the ROW market. Coming to our full-year performance, GPL grew by 8.8% year over year, whereas non-GPL business grew 6.3% year over year. Sales revenue growth, excluding other operating income, remains at 7.1%. On an overall basis, we reported revenue of 2,387 crore, reflecting a year over year growth of 4.5% in line with our fiscal year 2025 guidance. Notably, we were able to maintain margins at 30% year-over-year despite the absence of PLI benefits this year, a testament to the overall resilience and efficiency of our business. From a geographical standpoint, India, Europe, ROW, and Japan, like I said earlier, contributed to full-year growth, with Japan in particular recording remarkable growth, although it is on a small base. That said, we expect this positive momentum to continue. Another encouraging development is the headwinds in the latter market have started easing gradually, with early signs of improvement now visible. On the other hand, the U.S. market is experiencing a slower-than-expected growth owing to a bunch of challenges externally, as well as a little bit of destocking with our customers. We believe that this will turn around in FY2026. Our CDMO performance remained soft during the year, primarily because of the cyclical nature of demand in this segment. Project number four is gradually gaining traction, and the fifth project is expected to commercialize in the second half of this year. I'm also pleased to share that our Ankleshwar plant received the EIR following the routine GMP inspection by USFDA at the end of January this year. Our pipeline remains robust, with 561 DMF and CEP filings globally. As on March 31st 2025, the high-potent API portfolio remains on the development path, with 24 products now in the active grid, representing a total addressable market of $49 billion. Of these, seven products are validated, five products are in advanced stages of development, and the remaining 12 products are progressing through various stages in lab development. Looking ahead at FY2026, we expect volume growth in mid-teens. However, given the pricing pressure, we expect the revenue growth to be in the high single digits as it stands. The Q1 FY2026 trends, as we see now, are encouraging from a growth perspective. We will take stock of the whole-year performance on a quarterly basis as things develop. We would like to reiterate that margins will continue to be in the 28%-30% band in the foreseeable future. With this, I now turn the floor to our CFO, Mr. Tushar Mistry, who will walk you through a detailed financial performance for the quarter. Thank you all for your attention. Good morning, everyone. Welcome to our Q4 and FY2025 earnings call. I would like to briefly touch upon the key performance highlights for the quarter and year-ended 31 March 2025 before opening the floor for questions and answers. For Q4 FY2025, our revenue from operations stood at 650 crore, a growth of 21.1% year-on-year and 1.2% on a sequential basis. The gross profit for the quarter was at INR 367 crore, up 23.2% year-on-year and 2.9% sequentially. The gross margin for the quarter stood at 56.5%, driven by better product mix. EBITDA for the quarter was at INR 209 crore, up 44.2% year-on-year and 3.8% sequentially. EBITDA margin for the quarter was at 32.1%, up 520 basis points year-on-year and 80 basis points sequentially, driven by higher gross margins coupled with new product launches. The PAC for the quarter stood at 142 crore, with PAC margins coming at 21.8%. Moving on to the full-year numbers, revenue from operations for FY 2025 was at INR 2,387 crore, a growth of 8.8% in GPL and 6.3% in non-GPL business, which led to an overall sales growth of 7.5%, normalizing for the PLI impact. Gross profit for FY 2025 was at 1,306 crore, and gross margins were at 54.7%. EBITDA was at INR 717 crore, with EBITDA margin at 30%, maintaining steady margin throughout the year. PAC was at INR 486 crore, with PAC margin of 20.3%. Looking at the therapeutic mix, CVS and CNS continued to lead the growth during the year, with both therapies contributing 55% to the top line. R&D expenditure for FY 2025 was at INR 81 crore, which was 3.4% of our sales for the quarter. It was at 24 crore. Touching upon the balance sheet and cash flow statement, starting with cash conversion cycle, working capital was higher during FY 2025 at 192 days due to increase in letter fees. As indicated earlier, GPL credit days have increased as per the agreement. The skewness of GPL business towards the second half of the year results in higher letter days at the end of the year. We believe this trend should continue going forward. Coming to capital expenditure, for the quarter was at 47 crore, while for FY 2025 was at INR 166 crore. We plan to incur about we have a carry forward of about INR 190 crore of CapEx, as we had indicated earlier, that we have about 300- 350 crore of capital layout in FY 2025. So we have a carryover of about 1 90 crore. Plus, additionally, we are planning to incur another INR 350 crore-INR 400 crore in the current year, for which we have the CapEx approval from the board. These CapEx include the greenfield expansion in Solapur, expansion in Ankleshwar, the H, as well as the new R&D center that we are planning near Mumbai. We continue to remain a net debt-free company, and I'm happy to inform you that we have generated strong cash flow from operations of INR 233 crore in FY 2025, with cash and cash equivalents, including short-term investments of INR 549 crore, on the books as of 31st March 2025. In conclusion, I would like to reiterate that we remain optimistic about our future trajectory, supported by a favorable demand environment and a healthy order book. With that, let us open the floor for Q&A. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and 1 on your touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Ahmed Mada, with Unified Capital, please go ahead. Yeah, thanks for the opportunity. Good morning. Firstly, on the capital allocation and CapEx, obviously, we had very high payouts till last year, and with the change in ownership, it is obvious we'll focus on growth. In that context, could you give some idea on how are we thinking about CapEx for the next three years? Also, it seems we have pulled out 2,650 KL capacity line from FY2027 to FY2028. Wouldn't it be more logical to fasten up the CapEx? Your thoughts, please, sir. Okay. So basically, let me take the last part first, right? As far as pushing out the volume expansion, see, we've always been calibrated, okay, with respect to so while we thought we would need around 2,600 KL by FY2027, we feel now that we can push it out. The reason for that is that we have done a lot more brownfield expansion, especially on pharma capacity, both in the H as well as Ankleshwar, which will be completed this year. Given that kind of pharma capacity, we'll have a pretty good runway for the next couple, maybe even three years going forward. So then what happens is that our three-year plan basically has to be done largely completed this year, which, as Tushar just explained, is the carryover from FY2025, but then it'll be pretty aggressive in FY2026 to complete these brownfield expansions, plus the Solapur first phase, and then hopefully we'll get our R&D center built out as well. That should give us a pause to have an aggressive expansion because Solapur will give us sufficient capacity on the intermediate side, plus we can trigger an inspection by taking some validations of some key APIs. On the commercial side, we can expect both Ankleshwar as well as the Dahej to continue to service the business. If we try to assume our CapEx will be at 560 crore, it will be 400-450 crore in that range? No, it will be upwards of 550 crore. You add 190 to 3 50, 400. We are around 550 crore-ish, 550- 600. Okay. Got it. Could you explain how our product pipeline is shaping up for FY 2026? Any new major product launches in the pipeline? Also, our HPA pipeline is building up nicely, as you explained in the presentation. Can we expect anything major to come out of this and contribute to revenues in the next one to two years? See, the launches that we have seen in FY 2025 as well as what is coming up in FY 2026 are products that we sort of developed and seeded with customers about four, five years ago. Okay. This was keeping in mind the patent expiration dates, okay, in various markets. That is coming along as expected, right? As far as this portfolio that we are developing goes, patent expiries are sort of starting off from calendar 2027 onward. We should see in FY 2028, the launches from this pipeline should start from FY 2028 onward. There will be launches like we had this year, that we had last year, then we had, we are going to have this year, and so on. Those will keep coming because we've been developing the pipeline now pretty aggressively for the last six years since the company became independent from split up from basically from Glenmark. How do you assess the impact of changes happening at the industry level in the near term, specifically the tariff from the U.S.? What is your judgment? In this context, are we being conservative, seeing high single-digit growth, or is it fair to expect that similar to FY 2025, 2026 will be high single-digit revenue growth? Yeah. Like we said, we are already seeing a volume growth of mid-teens, right? That is very clear that we are seeing that. There is erosion, right, in the market. Depending on how we are able to manage that erosion, right, we should be definitely in the high single digits, right, to be able to drive the growth. The good news is that Q1 is also looking pretty promising. The momentum that we've had in the last two quarters continues. Okay. As far as the industry goes, right, except the U.S., things are pretty much where they were last year. On May 7th, three large industry organizations, this is the Pharmaceutical Research and Manufacturers of America, the Biotechnology Innovation Organization, and the Association of Accessible Medicines, these are three large industry bodies in the U.S. that made a representation on May 7th to the U.S. government based on invitation. This was solicited by the Commerce Secretary. Okay. They have made a pretty strong case for basically not having tariffs because they have argued, I think, pretty successfully that it would basically entail a big supply chain risk to the pharmaceutical supply chain and would put R&D investment also on the back burner. With all this, plus they have also made an alternative suggestion to the Trump administration, right, on having in place of tariffs, other incentives, right, that would help to drive local manufacturing in the U.S. Let's see, it's still out there, right? The jury is still out there in terms of how the U.S. government takes it, right? But given the fact that there is a fairly strong internal push by industry bodies in the U.S. itself not to have tariffs, right, we think that the outlook from the U.S. will remain quite positive. Yeah, maybe it will lead to a small upside, but that remains to be seen. Got it. Last question from my side. There is slight receivable bump up at the end of March balance sheet. Any comments on that? Yeah. As I explained in my opening remarks, Glenmark Pharma has increased some of these as per the agreement. So the entire INR 200 crore that you see as a bump up is all on account of that. We do not see any challenges as far as non-GPL business is concerned. That remains steady. Could you elaborate more on the agreement? What will be the number of days for the GPL business? That will be upwards of 150 days as per the agreement. Also, what happens is since the GPL business is more skewed towards the second half, the end of the year looks a bit skewed as far as the number of days is concerned for GPL also. Got it. Thank you. That's it from my side. Thank you. A reminder to all the participants that you may press Star and 1 to ask a question. Next question comes from the line of Dileep and Indra Jelunesha. Please go ahead. Mr. Dileep, please go ahead with the question. Mr. Dileep, please unmute yourself and go ahead with the question. Since there is no reply from the line of Mr. Dileep, we'll move to the next. The next question comes from the line of Tarang Agrawal with Oldbridge. Please go ahead. Hi. Good morning and congratulations on a very strong Q4. Just a couple of questions. One, what was the volume growth for FY2025? And second, from an FY2026 standpoint, does the OAI on Glenmark Indoor impact your business? Thanks. Tarang, just repeat the last part, please, again. From an FY2026 impact, does the Glenmark indoor OAI impact your volumes? Okay. So we'll just come back to you on the volume growth. It's been 10%. The volume growth in FY2025 has been 10%. And with regard to the OAI status of the indoor site for GPL, I don't think it's likely to impact us in any way, okay? I mean, because we supply pretty uniformly to all the GPL sites, and I'm sure GPL will be working to sort this out, but it has no impact on demand for our APIs. Okay. Just one more question, Doctor. I mean, in your initial address, you did talk about some softness in the U.S. in terms of pricing, but I mean, the broader sense that we are picking up is it's a fairly buoyant market currently, especially the Zendik space. Where is the disconnect and what's driving your slightly somber outlook on the U.S.? It's a good question, but I mean, look, there's a mix, right, of things here, right? I mean, one is, see, when I talk about softness, I'm particularly talking about our portfolio because it's a higher end. There are newer molecules that we are launching, and so there is a fair chance of more erosion, right, on those set of molecules from our customers. That's what I'm sort of referring to, right? I do agree with you that on an overall basis, things have pretty much bottomed out, right? So far, so good. I mean, we're okay, right? On pricing, we do expect a little bit of push from our customers. Got it. The last question, I mean, from an overall CapEx standpoint, how much is your budget for the R&D center specifically, and will it all be, I mean, how confident are you to deploy the commitment that you've laid out in FY 2026? For the overall CapEx numbers that have been outlined. On the R&D center, we should be spending somewhere between 70-80 crore to build that out. Okay. On the overall, yeah, it's a bit challenging, but then most of the projects have started up. The brownfields in Ankleshwar, the brownfield in Dahej is well underway. Solapur is also coming along pretty well. These are the three big items on the manufacturing side that consume the CapEx, right? Like I said, R&D will be about INR 70-80 crore. We should do most of the 550 crore, right? We need to really. It needs to happen. Got it. Sir, last question. I know this is many of my last, but I definitely have some doubts. If you could give us a sense on what's happening on Iron sucrose for you? We do not talk about products, Tarang, particularly, right? But since you asked particularly, it is being reviewed. It is under review. Okay. Thank you. All the best. Thanks. Thank you. Next question comes from the line of Nitesh Dutt with Burman Capital. Please go ahead. Hi. Good morning and thanks for the opportunity. You mentioned that you have visibility of mid-teens kind of volume growth, but because of erosion, you see value growth at, say, high single digits. Are you seeing more than 5%-6% erosion year on year? Has it accelerated recently? How is the overall competitive scenario in your set of products? Is it leading to more erosion as of lately? See, typically, Nitesh, we see about 4%-4.5% of erosion on our pipeline. Now, competition is there, right? But then because we are operating largely in the regulated market space, right, that competition is not an immediate problem, right? It could become a problem a year and a half to two years out. On the newer products, we expect to see some erosion, but not very significant. It would be in this 4.5% kind of range. Got it. Thanks. Secondly, you expect mid-teens kind of volume growth going forward. FY 2025 was at 10%. This incremental delta, fair to understand, it will mainly be driven by newer products, right? What kind of visibility and conviction do you have that volume growth can get accelerated by this amount? I'm not sure I got the question on the acceleration. If you don't mind, could you please repeat the question? I'm just asking volume growth or typical volume growth. Sorry. For FY 2025, it was 10% you mentioned. Going ahead, you are guiding for 15% kind of volume growth. I just wanted to understand where this delta will be driven from. Is this mostly from new products, or do you expect your existing set of products also to grow faster than the current 10%? It is both, Nitesh. Okay? I mean, the new product, like I said, we have had quite a few launches in this last year, but then not all markets opened up last year. We expect a few more markets to open up in FY 2026. That will drive volume. Plus, we have a few more launches also, new launches in FY 2026. Yes, the incremental volume will come from the newer launches, but our base business is also pretty solid, and that continues to have pretty nice volume growth as well. We are pretty confident that we will get to this 15% volume growth. Got it. And sir, what's the outlook for your CDMO business and any guidance there as well? CDMO, like we've explained in the past also, right, is based on three commercial products that continue to drive the volume. The fourth product started off with commercial business in Q3 of last year, but it's on a slow offtake, right? We expect that to sort of get to full potential by the end of this year, right? That should kick in pretty nicely, the fourth project, right? The fifth project, we expected approval in H1, regulatory approval in H1, but it's more likely to come in H2. Again, it will be kind of backloaded this year, the CDMO, but hopefully by the time we close this year, right, we see a pretty good CDMO growth as well. Got it. The last question on margins. This quarter, we are at 31%. When we started the year, we were at 26%-27% because of PLI, one-time employee expenses, etc. Going forward, again, what kind of normalized margins do you expect? Is 30%-31% the fair range of margins? Yeah. We are expecting between 20-30% kind of margin range going forward. Got it. Thanks. Thank you. Next question comes from the line of Nitin Agarwal with DAM Capital. Please go ahead. Thanks for asking the question. Doctor, on the generic API business, now you've talked about the late single-digit growth for FY 2026, but on a structural basis, do you still see a possibility of this business being early double-digit growth on a more three, five-year view, or is this the new normal for the business given the way things are? I think there's definitely an upswing, right? Now, when that will kick in is the $60,000 question, right? But given the fact that, see, basically a lot of the new products are kicking in now, right? And we saw it in FY2025. We'll see this in FY2026 as well, right? So we are pretty confident, right? What happens is that our expectation on the volumes for new launches is driven by the number of tie-ups that we have, right? So that is a sort of surrogate marker for us, but it has done much better this year, right? And that's also reflected on the margin side, right? Coming back to growth, your question on growth, yeah, I think we would be going up from here, but I won't predict. You know Nitin, right? You always say I'm conservative, right? I'd rather be that way. Let's see. Thank you. Secondly, on the CDMO business, now beyond this fourth contract scaling up, I mean, if you can give us some color on the kind of conversation that you've been having, and is there any change, any acceleration in inquiries, RFPs which you've witnessed, and probably implications of that if you take again a slightly long view beyond 2026? Oh, yeah. I mean, that is ongoing. I mean, as far as pipeline goes, we continue to have quite a few discussions in the pipeline. That's going on. I mean, the thing is, like I've explained before, CDMO is like a step function, right? It's not a slope. The moment something qualifies, we get qualified in something, then once we start validation supplies is when we know it's coming. Until then, it's a zero, right? Once you make validation supplies, then it's a one. That's why we're not talking about beyond fifth, but there are quite a few irons in the fire, right, with respect to trying to bring more CDMO projects into the pipeline. Probably in late FY2026 or in early FY2027, we'll be able to give better color on this. Thanks. Qualitatively, are you, I think currently, if you said just sort of extrapolate, our ranges are about 50 crore- 60 crore per contract is the kind of CDMO work we are working on. In the future negotiation that you're having, is there an upscale on the side, or this will pretty much remain the sweet spot on the CDMO business? No. I think on average, you're right. I mean, it'll be around the 50-60 crore, right? That's where it would be. Because see, the space that we are targeting again is on the lifecycle management and on the 505B2, right? So that gives us that sort of $7-8$ million kind of opportunity. Got it. Thank you so much, Doctor. Thanks. Thank you. Next question comes from the line of Harshal Patil with Mirae Asset Capital Market. Please go ahead. Good morning, sir, and thanks for the opportunity. Sir, just have two questions from an understanding perspective. Sir, just one thing. We did see in the initial comments that there is some bit of de-stocking also a part of visibility from a few of our clients, and then we are talking about about 4%-4.5% of a price deviation. My question therefore is to understand that, is there any de-stocking-led postponement or delays that we are kind of envisaging more towards the U.S. markets or any other markets in specific? Yeah. See, I particularly refer to some of our U.S. customers, right? This is on the CDMO side, not anything else. Overall, we've got pretty solid demand that continues. There's no kind of talk of it. The reason we had a soft CDMO performance for the year was because of this phenomenon. We are sitting on a pretty small base of only three projects, like commercial. The fourth one, like I said, is kicking in, but it's going to sort of get to full potential in about a year's time. Sure. So sir, going ahead towards FY 2026, FY 2027, would we see these things kind of improving, like precisely the first half of 2026, or do you see the phenomena still continuing out there? Like I said, CDMO, it will still be a little backloaded in terms of this year's performance. Okay. Got that, sir. Second thing is with respect to the tariff things that you just explained. Definitely on the U.S. representation thing is quite clear. Sir, there were also some news going around between some dealings getting in between U.S., China, and stuff like that. Sir, do we really see any impact basically on the Indian CDMO players or Indian players into the U.S. markets because of that kind of a tariff link getting into place? Any qualitative inputs from your side would be helpful, sir. Very difficult to tell here, but at least whatever we are able to tell, I mean, even our government is working, right, to. Very strong. I mean, the thing is that this could sort of cut either way, but again, it's pretty standard, I think. I mean, I don't know if someone's going to get hit more than someone else, right? I mean, that's the point. Okay. Very important point, sir. Thank you. That's it from me. I don't have anything else, sir. Thank you. Thank you. Next question comes from the line of VP Rajesh with Damian Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. I joined a little bit late, so this may have been already answered, but just was curious, what is the kind of margin we have from our largest customers given they are increasing the working capital, etc.? Are we getting good margins compared to our company-wide margin? Rajesh, the margins from our largest customers will be in the same range as our other businesses. It will be slightly less than the overall business because it also has a factor of product mix, and the largest customer would have more products which are older products with lower margin, but also has a good set of new products which has good margin as well. Overall, I would say it is not very off from our overall other business margins. I see. So basically, you're saying it probably is more closer to 28% or 30% of the reach that you provide? You can assume that. Right. Okay. In terms of the CapEx that we talked about, what is the kind of asset turnover we are looking for? Is it going to be the same or better than what we have historically done? Right now we are in an investment phase. As you mentioned, there's a good amount of capital outlay that we have planned. In the near term, the asset terms will have an impact. It should be lower compared to what we have seen in the past. Although past was higher because the capital investment was not as high, and we were really struggling with our capacity. That's the reason why the asset terms were higher. From a new capital investment perspective, the asset terms initially, there will be a slow tick-off, but gradually it should reach within that two-times range for a period of time. Thank you. That's all I have. Thank you. Next question comes from the line of Alankar Garude with Kotak Institutional Equities. Please go ahead. Hi. Good morning, everyone. You spoke about the strong representation by the industry groups against tariffs. Assuming tariffs get announced, in the backdrop of the generic API industry having seen pricing pressure for quite a few years now, do you think the generic API industry can absorb any further price cuts? Oh, it's very difficult to say. Actually, see, I mean, the push is coming from within the U.S. also, right? Pretty strong push. And it's a fairly integrated supply chain between the U.S. distributors and the Indian and other foreign suppliers into the U.S. Difficult to tell. See, the other thing, Alamkar, is that there'll definitely be a difference between API and DOS, okay, front end. I don't think it's going to get a similar treatment because if API gets a similar treatment, right, then there is no difference between a U.S. supplier and an Indian supplier because both will have to sort of pay the tariffs before or after, right? I don't know. I mean, it's very difficult to speculate at this point. As far as the pricing environment and so on, right, I mean, somewhere in the chain, someone's going to have to absorb this, right, if it's not going to be the consumer. I don't know. Very difficult to tell at this point. The good news is that the industry associations are making a pretty strong push in the U.S. itself. Have there been any discussions, conversations with clients already on tariffs and the impact of pricing? Not us. We have not had anything, neither with our U.S. customers nor with our global generic players who are largely Indian, right? Got it. The second question, does the funding environment have any impact at all on the CDMO order book for us? No. Because again, we are largely concentrated in the lifecycle management space, right, which is an ongoing business for the big pharma. They are just moving to a better cost base to basically protect themselves against generic entry, right? That is one element, right? The other element is a specialty element again, right? Here, because these are sure-shot therapies, it's only a question of enhancing the therapeutic benefit, right, in a 505B2 kind of scenario. Our CDMO, sort of the projects that are in the pipeline, are not being impacted at all by any kind of funding. Okay. Just one follow-up on that. In terms of the macro, right, there is uncertainty both for the innovators as well as to an extent for the generic companies, your clients. Is that something which can be a risk over the next, say, one or two years as far as our CDMO order book is concerned? I will very confidently say no. Okay, sir. That's reassuring. One final thing. In the previous call, you had spoken about working on two differentiated platforms, and you had said that there are plans to add more platforms in the coming months. Is it possible to provide any update on this, please? Alamkar, we'd rather speak about it when we get to a sort of mature state. I mean, work is on, okay? We've got some collaborations going. Work is on. Probably around second half or towards the end of this year, we'd be able to give you some color in terms of what we are looking at. Work is on, and it's going well. I mean, that's all I can say. Understood, sir. That's it from my side. Thank you. Thank you. Thank you. Next question comes from the line of Neeraj Shah with Property Duty. Please go ahead. Hello, sir. Actually, I wanted to ask that you were mentioning your generic API business. In Strider, you had mentioned that you would pursue second-shot opportunities with top generic players. Can you just elaborate what is different? Can you explain this part? Okay. So basically, when we enter into a customer's file, right, this happens before they get approval. That's when we are usually the first source, right? While the end-up layer is sort of developing the dossier and filing, and we partner with them at that stage, then we are the first source. When the end-up layer already has approval but is looking for another API source, that's when we go in as a second source or an alternate source. That's the difference. Okay. Okay. Got it, sir. Any date you are planning for FY 2026, FY 2027, etc.? Could you please repeat that, Neeraj? Are you planning any debt for FY2026, FY2027? Debt? No, no, no. We are not planning any debt. Okay. Yeah. Okay. Thank you. Next question comes from the line of Ahmed Mada with Unified Capital. Please go ahead. Yeah. I had a question on the price erosion which you spoke about. Is it specific to a few specific products in just the U.S., or is it broad-based? It's not. Price erosion doesn't happen on every product. But typically, when there is a bigger volume offtake, right, especially when launches happen, we do see a bit of price erosion there. On the base business, there is a relatively lower price erosion because things have kind of steadied or bottomed out or whatever you want to put, however you want to see it, right? If I had to classify it, it's more on the newer set of products that see erosion. In terms of molecule concentration, product concentration, could you spell out the number, top five, top ten products? Top five products would contribute about 35% of our revenue. I'm making an educated guess, okay? We can come back to you on the exact number. Yeah, but it would be around 35%, top five. Okay. Got it. Just last, the presentation will disclose quarterly therapy-wise revenue contribution. In this presentation, we have annual numbers, and I'm just trying to work out the quarterly number for Q4. What I see is there is slight change in the mix between others and CVS. Is it fair understanding? Would you like any comment on that, just to understand the change in the therapy mix? See, at the quarterly level, it's quite wavy, huh, Ahmed? It's not. I didn't understand, but it's still at the annual level also, there is slight change. Just wanted to understand, is there any product where there is significant erosion? Is there an M&E addition or something like that? If there is anything else, yeah. Yeah. We have a pretty good traction on our urology segment, okay? That's doing pretty well, right? That's picking up pretty nicely, the urology segment. There are a few molecules here and there on pulmonary fibrosis and stuff, right, that are also doing pretty well. I mean, overall, right, it's difficult to sort of at the quarter to, it's wavy, I mean. That's all I can say. Got it. Got it. Yeah. That's it from my side. Thank you. Thank you, sir. Thank you. A reminder to all the participants that you have a star and want to ask a question. Next question comes from the line of Nitesh Dutt with Burman Capital. Please go ahead. Hi. I have a follow-up question on CDMO. You used to guide last year that in four years or so, you target to make the CDMO business 4X of FY24 size. Do you think we are still on track for 500-600 growth kind of number by FY28 also? FY28 might be a bit challenging to get there. Yeah, I mean, see, the traction is pretty good, okay, on these. I answered earlier to an earlier question that how CDMO is picking up. We have a number of projects in the pipeline, okay? Like I said, right, they are in the range of around $7 million-$8 million on average, but they can be even higher. Some of them are even higher. It is a matter of us locking in another five, six projects, and I think we should be there. Understood. Thanks. Sure. Thank you. Next question comes from the line of Sanjay Prate with Anindra Jainvesto. Also a reminder to all the participants that you have a star and want to ask a question. Please go ahead. Yeah. Hi. Good morning. Thank you for the opportunity. I have three questions. First is, what is our exposure to U.S. market? Secondly, around one or two years back, we had entered into some CDMO MOU with an innovator from Japan. What is the status of that? Thirdly, all of our three expansions at Solapur, Dahej, and Ankleshwar, they are expected to go on stream in what, H2 or Q3, Q4? That's all. Okay. So in terms of exposure to U.S., right, I mean, I don't know how to, I mean, the thing is we've got a pretty good business in the U.S., right? It's about 25%, 25-30% of our overall business, right? I mean, when you say exposure, it gives it a different connotation, but I'll just take it as positive. We have a 25-30. Yeah, yeah, right. Right? Yeah, yeah. One question comes up, one question. Yeah. No, it's a pretty stable, solid business, right? Okay. As far as the CDMO with the Japanese client, this is our fifth project which is under regulatory approval. Like I said, we expect that they will get regulatory approval to use us as an API source in the second half of FY2026, okay? That's the fifth project that I was talking about earlier. Okay. As far as the expansion in brownfield goes, that we will see coming online by early second half of this year. Around November-December timeframe, we should see that kicking in both in Dahej as well as in Ankleshwar, okay? On Solapur, it would be more like Q4. Phase 1 Solapur with 300 KL would come in Q4. Okay. Thank you. Thank you. Sure. Thank you. Ladies and gentlemen, due to time constraints, we have reached the end of question and answer session. On behalf of Alivus Life Sciences Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.