Ladies and gentlemen, welcome to the Q4 FY2025 earnings conference call of Glenmark Pharmaceuticals Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be no opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Utkarsh Gandhi, Senior General Manager Investor Relations for Glenmark Pharmaceuticals. Thank you, and over to you, sir. Thanks, Lizan. Good morning, everyone. Welcome to the Q4 FY2025 results conference call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, let's review the overall performance of the company for the fourth quarter and for the full year FY2025. For the fourth quarter of FY2025, Glenmark's consolidated revenue from operations was at INR 32,562 million as against INR 30,630 million in the corresponding quarter last year, recording an overall YoY growth of 6.3%. For the 12 months of FY2025, Glenmark's consolidated revenue was at INR 133,217 million, recording a YoY growth of 12.8%. In terms of some of the key highlights for the fiscal year 2025, in the third quarter, Glenmark assumed leadership positions in some of its key therapeutic categories in India, ranking second in dermatology and third in the cardiac segment for the fourth quarter specifically. Glenmark's Europe business continued its strong performance, growing at close to 18% for the full year FY2025. Ryaltris continues to do well. It was launched in more than 10 markets in FY2025 and is now commercialized in 45+ markets globally. Winlevi, our specialty product in Europe, received approval from the U.K. MHRA in the fourth quarter, and IGI, our innovation entity, presented first-time safety and efficacy data in 20 heavily pretreated patients from its Phase I study for ISB 2001 at the ASH conference in December last year. Going through each of the regions, regional performance, starting with India, sales for the formulation business in India for the fourth quarter was at INR 9,430 million, recording a YoY growth of about 0.4%. India business contribution to the consolidated revenue in FY2025 was at 33.7%. Reported sales in the India region during the fourth quarter were impacted mainly due to three factors: continued weak growth in the acute respiratory market, mainly due to low seasonal pickup; a highly competitive diabetes market, which resulted in a 10% decline for Glenmark in the fourth quarter; and discontinuation of select non-core, low-margin brands in the hospital and trade generic segment to improve overall business margins. Despite the lower reported growth, Glenmark continued to significantly perform the IPM in terms of secondary sales as per IQVIA. Glenmark's India formulation business recorded a growth of 10.3% in the fourth quarter and 12% as per March 2025. This is compared to the overall market growth of 6.9% in Q4 and 7.7% for the March period. In terms of its three key therapeutic areas, Glenmark continued to outperform in dermatology and cardiac. In the respiratory area, growth was mainly driven by a chronic portfolio, which actually grew by 20%+ in the fourth quarter. Glenmark continues to be ranked 13th with a market share of 2.25% as of March. The company has 10 brands in the IPM top 300 list. As mentioned before, in terms of key therapeutic areas, Glenmark is ranked second in dermatology, second in respiratory, and third in the cardiac segment as per IQVIA Q4 data. In terms of key launches, particularly in the fourth quarter, we launched Empagliflozin in March. It's a widely recognized SGLT2 inhibitor. The product was launched under the brand name Glempa, along with its fixed-dose combinations with lenagliptin and metformin. We launched Lirafit last year. The product has seen good traction in the market with the doctors. We partnered with Pfizer last year to launch Jabyrus, which is abrocitinib, a first-of-its-kind oral treatment for moderate to severe atopic dermatitis. This product has been well received. Tislelizumab and Zanubrutinib are two oncology-partnered products with BeiGene. These two products will be launched in the first quarter of FY2026, and these will be transformational from the oncology point of view in India. In terms of India's Consumer Care business, the sales in the GCC business in the fourth quarter were INR 852 million, with a YOY growth of 23.5%. The flagship brands Candid, Scalpe, and La Shield all continued to deliver strong growth in the fourth quarter as well as for the full year. Moving on to North America, the North America business recorded revenue of INR 7,146 million for the fourth quarter of FY2025. This translates into a YoY decline of 5.4%. For FY2025, the North America business contribution was 22.6%. The U.S. business continued to remain challenging due to lack of meaningful launches, and most of the launches that we did were back-ended towards the fourth quarter, so the full impact was not visible in the quarter. However, the company expects an uptick in the business from FY2026 onwards, particularly on the back of potential launches in the respiratory and the injectable segment. Glenmark has already built out a large commercial portfolio in injectables through partnerships, and in respiratory, we have mentioned we are leveraging our capabilities. We have filed the ANDA for generic Flovent, 44 MCG, and we have also filed a couple of nasal sprays. We are working on filing the ANDA for the other two strengths of generic Flovent as well, and we have some other respiratory products in the pipeline. Glenmark is expecting some of these products to be launched from around H1 to mid of FY2026, and in the meantime, we continue to augment our commercial portfolio through partner product launches. In FY2025, Glenmark was granted approval for eight ANDAs, and we launched around 13 products consisting of a mix of oral solids, semi-solids, and injectables, and an oral contraceptive as well. Our marketing portfolio through March 31st, 2025, consists of 206 generic products, and we have 51 applications pending at various stages of the approval process. In February 2025, Glenmark entered into a settlement with three plaintiffs: Humana, Centene, and Kaiser, for a total of INR 7 million. This settlement was with respect to the ongoing litigation related to Glenmark's generic Zetia launch. These plaintiffs had opted out of the original settlement signed by Glenmark in 2023 with the three main plaintiff groups, and the recent settlement also makes it clear that Glenmark denies each and every one of the allegations against it, and the settlement is not based on Glenmark having conceded or admitted any liability or illegality. Moving on to Europe, Glenmark's Europe business for the fourth quarter was at INR 7,335 million, recording a growth of almost 20%. Europe business did well in FY2025, now contributes about 21.4% to the consolidated revenues as of FY2025. The strong growth in Europe continued on the back of its branded business in all key markets. The Central and Eastern European region witnessed double-digit growth across all markets, and the branded portfolio, the branded respiratory portfolio in CE as well as in Western Europe, has sustained its momentum. Ryaltris continues to gain a good share across the countries where the product is launched. Going forward, Glenmark continues to focus on increasing the contribution of branded products and the branded portfolio in Europe, mainly in the respiratory and the dermatology areas. As we announced, we have received approval from the U.K. MHRA to market Winlevi in the United Kingdom, and Glenmark is planning to launch Winlevi in the U.K. in FY2026. Moving on to the ROW region, for the fourth quarter of FY2025, revenue from the ROW region was INR 7,898 million, recording a growth of 4.9%. The reported growth in the ROW region during the quarter continued to be impacted due to adverse currency movements in key markets. In terms of contribution for FY2025, the ROW business contribution to the total revenues was 21.1%. Our Russia business continues to do well as per IQVIA's March data. Glenmark's Russia business recorded secondary sales growth of 10.2%. Ryaltris is one of our key products there, again continues to gain market share. In dermatology and in the expectorant markets in Russia, Glenmark continues to be amongst the leaders. We are ranked ninth in dermatology and second in the respiratory expectorant market. Glenmark's LATAM business recorded strong double-digit growth on the back of some key launches in the respiratory portfolio. The first generic for Salbutamol fluticasone MDI was launched by Glenmark in Q1 of FY2025 in Brazil and continues to gain share. Glenmark continues to be ranked amongst the top five companies in the respiratory and dermatology areas in the Mexican market as well. In MEA, again, the company continued to achieve good secondary sales growth in key markets. Ryaltris, again, is a strong growth driver, continues to be the leading nasal spray in allergic rhinitis in South Africa and has seen strong pickup post-launch in some of the other markets. Finally, Asia, again, key markets like Malaysia and Philippines recorded double-digit secondary sales growth and continued to grow faster than the covered market as per the IQVIA data. Once again, Ryaltris continues to be a significant outperformer, particularly in markets like Australia and Korea. Just covering some of our key global brands, so again, starting with Ryaltris, as mentioned, I think Ryaltris as a product continues to do well. We have submitted applications in more than 90 markets, and as mentioned before, the product is commercialized in 45+ markets. We expect to launch in 10-12 additional markets over the next few quarters. As per the IQVIA available data, Ryaltris' market share has been very strong, particularly in markets like Australia, South Africa, Czech Republic, and some of the other European markets. Menarini, Glenmark's partner in the EU, has continued to witness a steady increase in market share, and in terms of mainland China, Grant Pharmaceuticals, our partner there, expects to receive the product approval sometime in FY2026. Envafolimab, Glenmark has filed Envafolimab in around 15 markets in FY2025. The first market launch is expected in FY2026. The company has already received authorization for supply of Envafolimab to Kenya via some early access programs, and we also plan to initiate a global multi-center phase three study in some of the key indications like neoadjuvant, adjuvant, and NSCLC in FY2026. Winlevi, as mentioned before, Glenmark received approval from the U.K. MHRA in Cannes to market Winlevi in the U.K., and we launched the product in the U.K. We are awaiting approval in the other European markets. Moving on to IGI, IGI, as mentioned before, we have a robust pipeline in IGI covering in oncology, covering multiple myelomas that are solid tumors. We have ISB 2001, our lead asset, which is in clinical development, and two additional clinical assets in immunology, which have been partnered out: ISB 880 and ISB 830. In terms of ISB 2001, this is a trispecific antibody that targets BCMA CD38 on multiple myeloma cells while engaging CD3 on the T cells. As mentioned before, 2001 is amongst the first trispecific antibodies developed for use in multiple myeloma. It received orphan drug designation from the FDA in July 2023, and in fact, recently, in May 2025, the US FDA also granted fast-track designation to ISB 2001 as a treatment for patients with refractory multiple myeloma, specifically patients who have received three or more prior lines of treatment. IGI also completed the enrollment of the phase one dose escalation, which is the part one of the study in March, and also initiated and dosed the first patient in the dose expansion phase, which is the part two of the phase one study in April. In December, IGI presented data for ISB 2001 in an oral presentation at the ASH conference in San Diego. This detailed out results from the dose escalation portion of the study in 20 heavily treated patients. The presentation is available on the IGI website as well. We laid out the data and some of our earlier updates. ISB 2001 data will also be presented by IGI at the upcoming ASCO conference in an oral presentation, so we'll have some additional data coming through in the next couple of weeks. A quick update on IGI's manufacturing facility. In March 2025, IGI announced its plan to cease all CMC development and clinical supply manufacturing at its manufacturing facility in La Chaux-de-Fonds, Switzerland. As IGI is progressing its pipeline, it is anticipated that higher quantities of finished products will be required for future clinical programs, and IGI CMC development and ongoing future clinical programs, so manufacturing of ongoing clinical programs will be moved to a network of well-established global contract development and manufacturing organizations. Some key notes on the P&L and balance sheet: forex loss during the quarter was around INR 11 crore. R&D expenditure during Q4 was around INR 236.7 crore, which was 7.3% of sales for the fourth quarter. For the full year, the R&D expenditure was around INR 930.5 crores, which was 7% of the FY2025 sales. Investment in IGI in the fourth quarter was $13.8 million, and for the full year was around $61 million. During the fourth quarter, there was also an exceptional loss associated with the closure of the La Chaux-de-Fonds manufacturing facility, as well as associated with the generic Zetia litigation. This was detailed out in the P&L note as well. Adjusted for this exceptional loss, the PAT was INR 246.6 crores with an adjusted PAT margin of 10.6%. Total asset addition in the quarter was INR 309 crores, of which tangible asset addition was around INR 226 crores and intangible was around INR 84 crores. For the full year, the total asset addition to the block was INR 698 crores. Net debt as of March 2025 was around INR 489 crores. As of March 2025, net working capital in terms of number of days of sales was INR 104. Before we start the call, just want to lay out some key targets for FY2026 in terms of the guidance for FY2026. Revenue growth guidance is 10%-12%. EBITDA margin guidance is 19%-20%. We are guiding to a cash generation of around INR 300 crores-INR 400 crores in FY2026. In terms of more granular guidance, including region-wise growth, the management will provide the same during an investor day in July, which will detail out some additional points on each of the regions and each of our other businesses. We have the management of Glenmark Pharmaceuticals on the call today, Mr. Glenn Saldanha, Chairman and Managing Director. Mr. V. S. Mani is on the call. As previously announced, Mr. Mani will be retiring from his role as Executive Director and Global CFO. We extend our gratitude to him for his contributions. Mr. Anurag Mantri is on the call as well. Anurag has recently assumed the position of Executive Director and Global CFO. He brings with him over 30 years of leadership and management experience, so we warmly welcome him to the organization. With that, we can open the floor for Q&A. Lizan, over to you. Thank you. Ladies and gentlemen, we will now begin with the question- and- answer session. Anyone wishing to ask a question may please press star and one on the attached phone telephone. If you wish to remain yourself in the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Harshit Dhoot from Dymon Asia. Please go ahead. Hello. Am I audible? Yes, please do. Hello. Am I audible? Yes. Yes. Yeah. Go ahead. Thank you a lot, sir. Good morning. Sorry. Yeah. Go ahead, Harshit. Yeah. Yeah. Thanks. Thanks a lot, sir, for the opportunity and good morning. Just a couple of questions from my side. Given the ANDA's and executive order in the U.S., have you been told by the global pharma that valuations for all the originator products might recalibrate? So any update on this, sir? I think, I mean, given the executive order, right, towards the most favored nation clause, right, I think there's still clarity, still needs to evolve on that whole thing, right? Our view internally is that the major impact will be for brand pharma as compared to generics. Okay. Nothing on the other products like the companies like IGI are working on that, something like ISB 2001 that we are working on? IGI is still at a very early stage. They're not commercial, so there's a long way to go for commercialization. Okay. You don't foresee any impact going backwards to the chain where these little pharmas are being licensing deal and all, keeping in mind the pricing going down? No, we don't see any impact. Okay. Second question, sir, how do you see the investment going forward? As we know that you are basically working on the licensing deal in the IOC. The investments going forward will be led by the partner, or you will also put in some money? How should we see that? We didn't get the question. Yeah. There's a lot of the voice is not clear, but I'm guessing your question is towards investment in IGI going forward. We've clearly said that post-closing our deal, IGI will be self-sustaining at least for the next three-four years, right? We would not need to invest anything in IGI post-closing our deal. Okay. Thank you. If I missed the guidance part, I heard that EBITDA margin guidance is in the. Mr. Harshit. Sir, may we request that you use the handset mode while speaking and not the speakerphone? Am I audible now? Yes, sir. Much better. Please proceed. Yeah. Thanks. Because I missed the guidance part, I heard that 19%-25% EBITDA margin guidance. Anything else that you have said? No, sir. I'll just say that again. In terms of FY2026, we are guiding to a revenue growth of 10%-12%, EBITDA margin of 19%-20%, and a cash generation of INR 300 crore-INR 400 crore. Okay. Thanks. Thanks a lot. Thank you, sir. Yeah. Thank you. We move on to the next question. That is from the line of Damayanti Kerai from HSBC. Please go ahead. Hi. Good morning, and thank you for the opportunity. My first question is on your diabetes portfolio in India. We understand it's a space where competition is definitely rising up, but the kind of weakness we are seeing in the portfolio is a bit difficult to understand. If you can help explaining what is leading to such muted performance there. Sure. If you look at the history in diabetes, right, Glenmark was a non-existent player in this space, right? We launched two major molecules. One is Remogliflozin, and the other one is Teneligliptin, right? Remo was the first time globally that we launched a molecule in the SGLT2 class and Teneligliptin in the DPP4 class, right? We were able to make significant headway with both these molecules till Dapagliflozin went generic and Sitagliptin went generic. At that point, we were unable to sustain the growth. These two molecules were a big part of our diabetes portfolio. What we've done now is we've transitioned from there to launching Lirafit, which is liraglutide. We also have Sitagliptin. We also have Empagliflozin, the three main molecules in diabetes. The next step will be the launch of Semaglutide, right? I think that will help us stabilize and grow our diabetes franchise going forward. Okay. Apart from these two products, Remogliflozin and Teneligliptin, can you say your base products are broadly stable, or we are seeing some impact of? The base is stable. At one point, these two products contributed almost 60% of the diabetes franchise, just to tell you how big they were, right, these two molecules. The erosion that we saw was not, we were struggling to sustain that. Okay. Sitting with a couple of big launches, good launches coming up in the portfolio, you are hopeful that they should go back to the growth trajectory. That's correct. Okay. Any indication how Lirafit is doing? Because Lirafit has been launched for now a couple of months, right? Any initial number or indication which you can share? I think Lirafit, overall, the growth is good. The molecule is doing well. I mean, we've had some challenges in supply, right? We still continue to face some challenges. We're hoping that in Q1, some of those will be behind us, and we will get full supply, and then we'll be back in terms of sales. The molecule is doing well for us. Okay. Lirafit, you are doing in-house manufacturing, or you're sourcing it from some partner? No, we have a partner. Okay. Right now, the supplies are not yet fully optimal. Correct. Okay. Thanks. My second question is on your ISB 2001 asset. You mentioned you have started those expansion studies in April. Earlier, I thought you were looking for the deal closer before we start this part of the study. Just want to understand how many patients you are planning to recruit for this part of the study and what kind of cost you are looking for this. Can you complete this phase without any deal if it takes some more time? I'll just give you a color on 2001. While we are doing the dose expansion, right, look, the clinical development doesn't stop, right? Speed is of the essence. Basis that, we started the dose expansion. We already have some patients already being dosed as part of the dose expansion, right? It's progressing really well. We will present, we'll have an oral presentation at ASCO, which will give you full color on the scientific side of ISB 2001. In parallel, we are in advanced discussions with multiple partners, all big pharma partners. The discussions are progressing really well, and we anticipate a positive outcome very quickly. We think a deal for 2001 will really be transformational for Glenmark, right? It will overshadow anything else that we are doing in the near term. I think you should see some visibility around a licensing deal pretty quickly. That's the only comment I can make as far as 2001 goes. Okay. Just in terms of how many patients you are looking for this part of the study and maybe the cost? The expansion phase is 80 patients in total, three different dosing groups that we've initiated. It's being run in multi-geographies, right? U.S., Europe, Australia are the three main geographies where we are running the trials. You'll get further visibility at ASCO. Okay. My last question is on your Pithampur plant. Anything to share in terms of the regulation part or anything you heard from the FDA? We're still in discussions with the agency on what this means and how this will play out. From a commercial perspective, we have no launches coming out of Pithampur or minimal amount. There's no real impact on the business. Most of our launches, as you know, are coming out of Aurangabad, mainly the respiratory launches. For the near term, there's no real impact on the U.S. business. Okay. I'll get back in the queue. I have some more questions. Thank you. The next question is from the line of Saion Mukherjee from Nomura Securities. Please go ahead. Yeah. Thank you and good morning. Firstly, is there any target action date for the nasal spray or generic Flovent? Are there any pending CRL that we are addressing? If you can throw some color on the timelines here. We have also seen some delay in the filing of the remaining two strengths for Flovent. Any color there would be helpful? Saion, as you know, Flovent is an extremely difficult product, right? I mean, I think a lot, most of the industry has struggled, right, to develop this product. On the 44 strength, we are expecting approval towards the end of Q2. There has been some slippage, but that's pretty normal in this environment, right? On the nasal spray, we expect in the second half, we will launch the product, second half of FY2026. That's the only visibility we can give. The remaining two strengths, 110 is likely to get filed in the first half of this year, in Q2 sometime. 220 maybe following that towards the end of second half of this year. Understood. The next question is on the guidance, Glenn, 10%-12% revenue growth. We are seeing slowdown in India, and also the U.S. probably will start growing towards the second half. I know you would probably give more color on geographies later, but isn't it like 10%-12% looks stretched given the fact the way the U.S. and India is currently positioned? Overall, the business continues to do well, right? ROW is strong. Europe is seeing strong growth. These two geographies are strong, right? I mean, ROW corrected for currency grew 10%+ in this year in FY2025. We expect it to accelerate even further in this coming year with some big launches. Particularly, Ryaltris is also contributing in markets, the 10-12 markets where we have not launched yet. I think all in all, these two geographies will be strong. U.S., some of the in-licensed products which we launched in Q4 are now beginning to get some good shares around it. For example, mixed amphetamines and some pretty big products, right, which we launched in Q4. You will see some of that impact coming in Q1, right, in some of the launches. I think all in all, India continues to be a strong market for us, right? I think India growth, we pretty much bottomed out on the diabetes space. The other three segments are doing very well for us: cardio, derm, and respiratory, right? All in all, we feel pretty comfortable with the 10%-12%. Just one last question, if I can. Glenn, you talked about ISB 2001 and potential licensing agreement. Assuming that you're able to do a licensing deal that sort of gives you significant cash flow, what's the next step? What's the vision you have for the entire innovation piece? Will you sort of step up investments in IGI to develop more assets? Or you would sort of reinvest in some other businesses or give out dividends? How should we think about ISB 2001 licensing deal and the nature or the investments that you plan after this? The only visibility I can give you right now, Saion, is that we will cover, I mean, from the licensing deal, at least the next three years of IGI expenditure, we'll get more than covered, right? We are burning about $70 million a year, right? We'll keep it around the same level, right, over the next three years. That's the way we're thinking about it as far as IGI goes, right? That will fully get funded, right? After that, obviously, IGI, we've always said that the vision is eventually to IPO that company, right? They will have tremendous access to capital, right, once we close this deal. That changes the whole trajectory for IGI and for Glenmark, right? Obviously, by IGI covering its own costs, our margins will go up significantly, right, over the next three years. I mean, that's the way to think about it. Beyond that, Saion, once the deal gets done, right, we'll give more visibility around it. Okay. Understood. Thank you. I'll join the group. Thank you. A reminder to the participants. Anyone wishing to ask a question may please press star and one. The next question is from the line of Tarang Agrawal from Old Bridge Capital. Please go ahead. Hi. Good morning. Just a couple of questions. On the India business, what would be the contribution of Remogliflozin and Teneligliptin to Glenmark's current diabetes portfolio in FY2025? So as I said, I don't have the precise numbers, but Teneligliptin and 60% of about 60% should have come from these two assets, right, along with their extensions. It used to be 60%, you said, right? It must have come down now. It's come down. It's the change. We just launched Lirafit, right, last year or a year before last, right? Last year, we launched Sitagliptin. We are launching Empagliflozin last quarter, right? It will still take time for that transition to happen, okay? That's why the diabetes business has struggled, right, last year. Okay. Essentially, the share of these two products remained in the same ballpark that you suggested at the opening. They've begun to come down. See, I don't have the accurate numbers. We can come back to you with that. Yeah. Okay. Second, what would be the global sales for Ryaltris from Glenmark's perspective, primary sales in FY2025 versus 2024? We did $80 million last year. This year, we are expecting to cross $100 million in sales for Ryaltris. What was it in FY2024? It was around $40 million. Got it. On the Aurangabad plant, what's the status of compliance here? When was the last inspection? Less than a year ago, it got inspected. Aurangabad was inspected in September 2024. We got zero observations, essentially. On GHSA, what is the loan to GHSA and the equity contribution to GHSA as of the reverse March 2025? On the overall basis, the loans are about INR 2,180 crore. The one that we have, about long-term loan, about INR 500-odd crore, is the one that is there in GHSA. Loan to GHSA by Glenmark? Loan to GHSA from Glenmark, as you can see in the balance sheet, we have about $600 million, let's say, as the investment that we have done. And equity contribution? That, we will come back to you on that, yeah, arrange. Okay. Okay. Thank you. Thank you. The next question is from the line of Anil Shah from Insightful Investments. Please go ahead. Hi. Am I audible? Yes, sir. Yes, sir. Yeah. No, just a clarification. The guidance that you've given on margins and particularly the cash generation, I'm presuming that's not factoring in any IGI deal that one would do, right? That's correct. This is only the core business. Core business. Okay. What would be our tax rates going forward? Yeah. It'll be about 21%-22%. As you can see, Anil, last year also, we came down to 25%. We anticipate to go down to. Okay. Last question from my side, on the working capital side, particularly over the last two years, we've seen the balance sheet, again, not being able to throw any kind of free cash flows. Obviously, working capital last year had gone to pretty low levels, particularly receivables. Again, when you look at this year, it seems to have got elongated further. What would be an ideal where you think you'll settle down, and will this year be we'll start seeing some shrinkage in working capital? Anil, thanks for the question. Let me set the context here. Overall, if you look at it, last year, as you rightly said, our working capital days were much lower, and especially the receivables. Actually, if you look at it in this year, our overall net working capital comes to about 104 days, which very much is in alignment with all our peers who are global companies, okay? Our inventory is about 83 days. The peer is about 75-80 days of working work. Our receivables are about 92. Peers are about 85-95. I think all in all, I think these are the levels at which it settles down. You would not see too much of an uptick from here, yeah? Number of days will obviously be the same in terms of number of days. Okay. Thanks. Come back and get you. Thank you. Thank you. The next question is from the line of Nitin Agrawal from DAM Capital. Please go ahead. Hi. Thanks for taking the question. Again, on the guidance of 19%-20% EBITDA margins, what would be the drivers for the margin improvement that we are looking at without the licensing deal? Ryaltris is a big driver, right? I mean, Ryaltris will be a big driver. R&D, we can get some efficiencies out of R&D. I think these two are the immediate things that, of course, and we have some big products, right? Whether it's Flovent, whether it is the nasal spray that we will launch in the U.S., all these will help drive up the overall margins for the business. Just to add, Nitin, in the current year, it looks a little bit lower, obviously, on the lack of not so many great launches in the U.S. That is primarily one of the key reasons. Otherwise, we probably are even closer to what we thought. Okay. Secondly, Glenn, how do you explain the deviation which is there between the IQVIA numbers and our primary sales for the India business? I mean, where does this current come through? I mean, we undertook the inventory correction last year. That should not have played a role this year, I presume. I think we have listed out three, four different things, right, including taking out some tail-end brands which are low-margin-based, right? All that is impacting the reported growth, right, in Q4. I think going forward, the overall India will be a strong, the growth will be strong, right? Okay. Just to add, Nitin, just to add, Nitin, see, in the beginning, we were guided to about INR 4,500, okay? INR 1,100+, I mean, INR 1,000+ a 10% growth. We more or less achieved the numbers that we said. The first half was pretty strong compared to what we have done. I think we take it from the Q4 where we have a couple of reasons as to why we probably did not get to where we wanted to. I think going forward, some of the improvements will kick in, okay? Secondly, Glenn, just pushing on the India part. Going forward, apart from strengthening the diabetes portfolio, what other strategic areas do you have in mind to grow this business? See, obviously, the BeiGene launches, right, which are happening in Q1, right, maybe June or early July, right? Those will be huge launches, right? Both Tislelizumab and Zanubrutinib both should launch, right, early July. And that'll be a big driver to the growth near term. In addition to that, we continue to file some good respiratory products, which we are hoping to drive our overall growth, right? And then, of course, Telma and some of the big brands continue to do exceedingly well. Dermatology also, OTC continues to do exceedingly well, right? It's almost an INR 500 crore business now for us and continues to grow at 20%-30%. I think these are some of the main growth drivers for the India business. Okay. Secondly, on the IGI deal, ISB 2001 deal, based upon whatever conversations you've had, you've been having, I mean, do you have a broad timeline in terms of by when we can conclude this? All I can say, Nitin, is it should happen pretty quickly, yeah. Okay. Last bit on, I missed your comment on Flovent. What are you looking at for timeline for Flovent for approval? End of Q2 is when we anticipate we could get approval. Okay. Thank you so much. Thank you. A reminder to the participants. Anyone wishing to ask a question, may please press star and one. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yeah. Thanks for the opportunity. Sir, just with respect to the plan which is set, what is the sort of operational cost saving that will also sort of help in margin improvement in FY2025? Just to set the context, Tushar, obviously, we are given this exceptional item in terms of what we have incurred in terms of the severance, etc. Obviously, at the end of the day, we also have transferred some of the CMC activities to a contract development and manufacturing organization. At the end of the day, there could be some benefits out of that, but as we guided already, we would get about INR 70 million close to where we are. There will be some benefit, but cannot really quantify a very big benefit out of this because it is doing well, and we actually want to there will be costs. By saying that I've saved something, but I have some other CDMO costs, may not be the right way to explain that. Got it. If you look on the India side, you said number of MRs, and where do we intend to take that in FY2026? The number of the sales force, we are not expanding. It's about 5,000. Yeah. Around 5,000. Somewhere around 5,000-5,500. Okay. The existing team, as far as even for the formal guides or the other products within the diabetes obesity space, we should be good enough to cover the productivity. That's correct. Just a clarification on Ryaltris, you said we would be able to cross the $100 million, right, for FY2026? That's correct. All right. Thanks a lot. Okay. Thank you. The next question is from the line of Damayanti Kerai from HSBC. Please go ahead. Hi. Thank you for the opportunity. My question is on your plant, where except Aurangabad, you have pending issues from the FDA in terms of GMP compliance, etc. Although, say, you mentioned Pithampur, not many critical launches are due, so it should be okay. What are you thinking on the reservation part? For example, Monroe, I guess we haven't heard any update of late. I think Monroe should get inspected pretty soon, anytime. That's one update. On the Goa side, we did a meeting with the FDA, and we're waiting for them to come and inspect us. That covers all the four plants there. Monroe, have you heard anything from the FDA? That's why you're mentioning it should happen very shortly. We did a meeting with the FDA, right, basis which we believe they should come anytime. Just on the Monroe, last year, you impaired part of the plant. I think you're just focusing on the injectable. Right now, what is the value which is remaining for the plant? I think you invested around $250 million in the plant. Today, we would have an investment of about $150 million. We did, if you remember, impact about $100 million+. That's where we are. Okay. Go ahead. Yes. My second question was on your IFP trial cost. Just want to understand when you are in this dose expansion trial, which are the major cost components? Actually, we don't understand in clinical trials which are the major costs also. If you can explain that as well, that would update. I mean, look, the trial cost is the trial cost, right? I don't think I can break it up for you, Damayanti, right? We are dosing 80 patients, and it will cost what it will cost, right? We've given a total number of INR 70 million, right, for IGI. Obviously, that includes the trial cost, okay? Okay. My last question is on your interest expense during the quarter. I think after last quarter's number, we have again seen some pickup there. What is happening there? Yeah. Damayanti, it's about INR 66 million or so. About INR 56 million is basically due to the whatever interest you get on the leases. Balance, it's gone up a little bit because of the increase in the debt. I think coming year, we are guided already. Based on that, we could see it coming a little lower, yeah. Okay. It should be lower than what we saw in fourth quarter, right, in. Yeah. A little bit lower, yes. Yeah. In and around that, yes. Okay. Thank you. Thank you. The next question is from the line of Harsh Bhatia from Bandhan Mutual Fund. Please go ahead. Yeah. Thank you. Just one clarification on the guidance part. This is related to the cash generation. I think you mentioned INR 300 crores-INR 400 crores of cash generation. If you could help us bridge the gap between the EBITDA margin and the cash generation. I also missed the comment on the networking capital. You mentioned 100-110 days. I think the bridge, right, between EBITDA to cash, you could take offline, Harsh, because that will be a pretty detailed bridge. Networking capital, I mean, it will be around the same level, okay? The number of days will be the same. Just to put it in perspective, obviously, we guided to about a 19% EBITDA. We could get into detail, but just to say that that is one, then you'll have your cash tax, you'll have your working capital, you'll have some asset additions. All put together, that's how we arrive at the number. Maybe offline, you could talk about it. Harsh, we can get into detail. Just one clarification. The cash generation is the free cash generation that you're talking about? Yes. Yes, yes. That's what we're talking about. Okay. Thank you. Thank you. Thank you. The next question is from the line of Rahul Jeewani from IIFL Securities Limited. Please go ahead. Yeah. Hi, sir. Thanks for taking my question. Sir, on this EBITDA margin guidance of 19%-20%, I'm not pretty clear in terms of the drivers for this margin improvement. You talked about Ryaltris. Now, Ryaltris is going to incrementally add $20 million of sales. If we look at IGI's investment as well, you are talking about $70 million of investment going forward, and some of these critical launches for the U.S. will contribute only from the second half of FY2026. What exactly would help us to drive this margin improvement? Can you please lay it out again? I think we've already discussed. The Ryaltris will give you some benefit. We discussed about the two launches in the U.S., which are the big drivers. Keep in mind, U.S. margins have been suppressed, right, because of the lack of any launches. Even the launches that we are making in Q4, the margin profile will start improving from Q1, right? That is one thing. After that, we discussed about R&D spends, right? Overall R&D spends, some leverage coming out of that, right, towards the overall margins. I think beyond that, I do not think I can give any more visibility, right? We have an analyst meet coming up. At that point, we can discuss, give you much more granularity, right, on how we are getting to those levels. Sure, sir. On the R&D side, can you quantify in terms of what kind of an R&D spend you expect for FY2026? Not at this point. We have given an overall number, right, of 7%, right, roughly around 6%-7%, right? Okay. Sure. Just a clarification on the free cash flow guidance of INR 300 crore-INR 400 crore, this you are indicating before interest and dividend payments or post-interest and dividend payments? No, post-interest and dividend, yeah. Post-interest and dividend. Okay. Sure. Thanks. Thank you. The next question is from the line of Saion Mukherjee from Nomura Securities. Please go ahead. Yeah. Thanks. On Zetia antitrust, are there any pending litigation or any other contingent liabilities that we should consider? So Saion, as given in the note, there were four opt-out cases. Three we have settled. There is just one more left, okay? That's it. One party is still there. Okay. Understood. And then on this BeiGene assets that will be launched in India, what's the market size? How should we sort of map the market and sales potential? The current PD-1, PD-L1 market is over $200 million in India right now. It's a very large opportunity, right? We think we can actually get a good share of that, right, in the near term, right, with tislelizumab. In addition, the BTK product that we realized, right, is actually best in class, right, has got some great clinical data. That can actually be pretty significant. Much smaller than t isle, but could be significant. These two products can make a reasonable impact, right, to the overall performance. Okay. Thank you. The next question is from the line of Nitin Agarwal from DAM Capital. Please go ahead. On the U.S., I think barring the Flovent Q&A filings that you took me to do, I mean, how are you thinking about investments in the U.S. on a going-forward basis? Any specific areas or what kind of opportunities do you see? We are basically going investing in two areas. One is respiratory, right, and the other is injectables, right, out of Monroe. These are the areas where the bulk of our research efforts are going. In the respiratory, barring Flovent, when do you see the next set of filings coming through? We have a host of filings. We have one more MDI getting filed in Q2 of this year, outside of the 110 and 220 this year. We will have three MDI filings this year. We will have at least two or three nasal sprays getting filed this year. Okay. Okay. Thanks. Secondly, on the Monroe asset, Mr. Mani mentioned that you've got $150 million of investment still there. That is right now largely on the injectable and what? Nebulizer lines or only injectable lines, right? Mainly, it's only injectable lines and the utilities along with that. Sir, with whatever is going on in the U.S. around the local manufacturing, Glenn, is there a provision for us to, is there a possibility at all to get some write-backs on the expenses that you've written about those plants? Those lines are completely unviable in any situation. No, Nitin, our goal is to get that plant up and running, functional, and operational, right? We have some good filings coming out of there. We truly believe that longer term, this portfolio will do well for us, right, in the U.S. market. I do not think there is any question of. No, I think what he was asking is, can we write back some of the write-down we did, OSD line? I think, Nitin, from a strategic point of view, injectables is what we are focused on from a U.S. manufacturing point of view. I think once the plant comes up and running, all our injectable filings and injectable business for the U.S. will be out of Monroe. That's the way we'll continue. Okay. Thank you very much. Thank you. The next question is from the line of Abdulk ader Puranwala from ICICI Securities. Please go ahead. Yes, sir. Thank you for that opportunity. I was thinking to answer, but. Sorry to interrupt, sir. Sorry, your audio is breaking up. Mr. Puranwala? Yeah. Is this better? Slightly better. Please proceed. Okay. Yeah. My first question is in terms of your guide for the margins. When it is ready to assume the second. Yes. Sorry, sir, but the audio is breaking up. Abdul, we can't hear you. I think it's probably dropped off. We can take the next question. Sure. Ladies and gentlemen, we'll be taking the last question. That is from the line of Tarang Agrawal from Old Bridge Capital. Please go ahead. Hi, Glenn. Just to understand the PD-L1 market that you spoke of, currently, who are the principal players in that market? What gives you the confidence for the leverage that you're looking at in this market? The two big players are Keytruda, is the biggest there, right, which pretty much dominates the market. Then we have Nivolumab, right, of Bristol. These are the two big players in the market. Okay. How about similar dynamics for the subsequent product? The BTK market is small because it's a relatively niche indication, right? Even there, being best in class, right, we have a good opportunity to gain some market share. Got it. Last, I mean, I think to an earlier submittance question, basically, I mean, would you be open to using the Monroe plant to probably expand in light of the U.S. requirement for domestic manufacturing, or would your interest in the plant be limited to only injectables manufacturing that you're focusing on right now? Currently, we want to first get the plant cleared and reinitiate manufacturing of the injectables, right? That's our first goal. We have some good filings currently underway, right, from that facility, right, in addition to the products already filed and approved. I think the goal is first to get the injectable portfolio up and running, right, before we look at expanding into other areas. Sure. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Mr. Utkarsh Gandhi for his closing comments. Yeah. Thanks, Lizan. Just to read out the disclaimer before we close the call, the discussion, information, statements, and analysis made describing the company or its affiliates' objectives, projections, or estimates are forward-looking statements, and these are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties. No representation or warranty, either express or implied, is provided in relation to the discussion, and it should not be regarded by recipients as a substitute for the exercise of their own judgment. The company undertakes no obligation to update or revise any forward-looking statements, whether based on new information, future events, or otherwise. With that, I think we can close today's call. Thank you, everyone, for joining the Q4 call. Thanks. Thank you, members of the management team. Ladies and gentlemen, on behalf of Glenmark Pharmaceuticals Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.