Jensen, welcome to the Q1 FY2026 Earnings Conference Call of Glenmark Pharmaceuticals Limited. 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 the conference call, please signal an operator by pressing star and zero on the attached 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 Limited. Thank you, and over to you, sir. Thank you, Levent. Good morning, everyone, and welcome to the Q1 FY2026 Results Conference Call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, we'll review the overall performance of the company for the first quarter of FY2026. In Q1 FY2026, Glenmark's consolidated revenue from operations was at INR 32,644 million, recording a YOI growth of 0.6%. We'll take you through our regional performance, and then we'll talk about our AGI business as well before we introduce the management and open the floor for Q&A. Starting with sales, for the formulation business in India for Q1 FY2026, were at INR 12,399 million, recording a growth of 3.7%. While Glenmark continued to deliver robust growth across the cardiac, respiratory, and dermatology therapy areas, reported growth in the quarter was impacted on account of the discontinuation of some tail-end brands announced earlier and underperformance in the diabetes segment. Glenmark India business continued to outperform the overall industry in terms of secondary sales growth. As per IQVIA June 2025 data, Glenmark India formulation business recorded growth of 15.1% in the first quarter and 11.8% as of March-June 2025, compared to 8.5% and 7.7% respectively for the Indian pharma market. As mentioned before, Glenmark continued its robust growth and outperformance in terms of key therapy areas like cardiac, dermatology, and respiratory. Glenmark India business continues to be ranked 13th with a market share of 2.3% as per IQVIA March-June data. The company is ranked second in dermatology, third in respiratory, and fifth in cardiac segment as per IQVIA March-June 2025 data. We continue to have 10 brands in the IPM top 300. Glenmark has improved its market share as well, especially in its core therapy areas. In terms of key launches, Glenmark and B1 Medicines had entered into an agreement for the marketing and distribution of tislelizumab and zanubrutinib in May 2024. Glenmark launched both these products towards the end of the first quarter under their respective brand names, TEVIMBRA and BRUKINSA. These launches mark an important milestone in expanding the innovative oncology portfolio in India and providing access to patients across multiple solid tumors as well as hematological malignancies. The company expects these two brands to gain momentum and meaningfully contribute to the India business over the next two to three years. Glenmark also had launched empagliflozin towards the end of Q4. This is a widely recognized SGLT2 inhibitor in India. The drug was launched under the brand name Glempa, Glempa L, and Glempa M. Of course, LIRAFIT has been an important product launch for us in the diabetes segment. Glenmark was the first to launch the biosimilar of Liraglutide under the brand name LIRAFIT. It has seen strong traction with more than 50% market share in the molecule, and the company plans to launch other GLP-1 agonists as well. Moving on to India's consumer care business, the consumer care business of the company operates in the Indian consumer healthcare market with the primary focus in dermatology and over-the-counter products and leading brands such as Candid, La Shield, Scalp, Episoft, and Aloe Vera. The business is well positioned for sustained growth, supported by rising consumer awareness and increasing adoption of self-care solutions. Primary sales for GCC in the quarter recorded a YOI growth of 20%. Candid Powder continued to lead its category with 60%+ market share, and the other two key brands, La Shield and Scalp, also delivered high growth in Q1. Moving on to North America, the North America business registered revenues of INR 7,780 million, which is about $91 million for the first quarter of FY2026. This is a YOI, sorry, a QOQ growth of about 8.9%. Despite a relatively challenging environment, the company recorded QOQ growth on the back of gaining share in its injectable product launches and other partner products. In the first quarter of fiscal year 2026, Glenmark also launched three products: Dextroamphetamine IR tablets, which are generic to Adderall, epinephrine injection, and Olopatadine hydrochloride ophthalmic solution, OTC. While the company did not file any new NDAs in Q1, Glenmark does plan to file one application in the forthcoming quarter and about five to six applications for the full year. Glenmark is building out a large commercial portfolio in injectable products. We've mentioned this before. We already have nine or ten injectable products in the market today. The company expects approval of its generic respiratory NDAs as well, starting H2 FY2026. We are also working on filing the NDA for the other two strands as well. The company continues to augment its commercial portfolio through partner product launches. Glenmark's marketing portfolio through June 30 consists of 308 generic startups authorized for distribution. The company has 52 applications pending in various stages of the approval process, of which 24 are para IV applications. The company's subsidiary, Glenmark Pharmaceuticals Inc. USA, was named in the multi-district, multiple antitrust and consumer protection lawsuits, including class actions consolidated in the Eastern District of Pennsylvania. These relate to the industry-wide allegations concerning price fixing, market allocation, and related anti-competitive conduct. Plaintiffs include repetitive classes of direct purchasers and payors and indirect purchasers of generic drugs, as well as numerous private direct action plaintiffs. Glenmark USA continues to deny all allegations and has been defending these matters vigorously with a view to resolve this dispute and avoid uncertainties. Glenmark USA has agreed to enter into a settlement with the putative direct purchaser class for a total of $37.75 million. The settlement is subject to approval by the court overseeing the litigation. The settlement makes it clear that Glenmark USA denies each and every one of the allegations against it, and the settlement is not the basis of Glenmark USA having conceded or admitted any liability or illegality. Moving on to Europe, Glenmark's Europe business has recorded more than 25% CAGR over the last three years and has gained significant scale across its branded products, particularly in the respiratory segment. Glenmark's Europe operations revenue for the first quarter was INR 6,678 million, recording a Y-o-Y decline of 4%. The company anticipates the Europe region returning to double-digit growth from the second quarter onward and expects to record double-digit growth in FY2026. During the quarter, branded business growth, particularly in the respiratory segment, remains strong. Branded respiratory products, including RYALTRIS, continue to grow on a month-on-month basis across own and partner markets. The company continues to focus on sustaining the increasing contribution of branded products and portfolio in the European markets, particularly from the pending respiratory product launches. We've recently gotten approval for two additional respiratory products, and we have also launched WINLEVI in the U.K., and we are planning to launch it in other European markets as well by the end of this year, FY2026. Excuse me. Moving on to emerging markets, Glenmark's emerging market business has recorded 10% CAGR over the last three years and has recorded strong performance across all EM regions, particularly in the dermatology and the respiratory segment. For the first quarter of FY2026, revenue from the emerging markets region was INR 5,721 million, recording a YoY growth of 0.2%. While the first quarter was affected by lower seasonal demand in some Latin American markets, the rest of the EM regions grew 9% in the first quarter. The company anticipates double-digit growth in FY2026 for the emerging markets on a constant currency basis. Talking about the individual regions in EM, as per IQVIA, Glenmark Russia recorded secondary sales growth of 21% in Q1. In terms of key therapeutic areas, Glenmark recorded 17.4% growth in value terms in dermatology versus overall market growth of 15%. Glenmark continues to be ranked ninth amongst dermatology companies and second in the respiratory expectorant market in Russia. Key brands such as RYALTRIS, Ascoril have continued to gain and sustain high market share in their respective categories. Glenmark's Latin region, as mentioned, witnessed some challenges in Q1, mainly due to lower seasonal demand in key markets. Glenmark does maintain its top 10 rank amongst the companies in the covered market of chronic respiratory segment in Brazil and has launched multiple differentiated products in the respiratory segment in the region, which will help business growth in future quarters. RYALTRIS has been launched in Mexico and is awaiting approval in Brazil. In the East Africa regions, the company witnessed double-digit growth in secondary sales across major markets. RYALTRIS continues to book a leading niche rare for allergic rhinitis in South Africa and has seen successful launch in other key markets of the region. Glenmark continues to be ranked third in the overall market in Kenya. Asia-Pacific region recorded subdued performance in the first quarter. Key markets such as Philippines, Malaysia recorded high single-digit secondary sales growth in the first quarter. RYALTRIS continues to do well in the Asia region. We recently received approval for Thailand as well. Glenmark remains one of the leading players in the dermatology segment in the APAC region. In terms of our key global brands, RYALTRIS, as of June, marketing applications for RYALTRIS have been submitted to more than 90 countries, and product has been commercialized in more than 45 markets. It is expected to be launched in 10 -1 2 additional markets over the next few quarters. As per IQVIA data, RYALTRIS continues to see robust performance in terms of both value and unit market shares across the key markets where the product has been launched, either by us or by our partners. As mentioned before, Menarini, our partner in the EU, has witnessed a steady increase in market share across all its licensed markets. UN Corporation, Glenmark's partner in the South Korean market, also continues to perform well. Glenmark's partner in mainland China, Grand Pharma, expects to receive approval for RYALTRIS in China in FY2026. QiNHAYO, which is Envafolimab, Glenmark has filed QiNHAYO in 15 markets in FY2025, first market launch expected in FY2026. The company has received authorization from the regulatory authority in Kenya for supply of QiNHAYO via some early access programs. We have also initiated a global multicenter phase III study in neoadjuvant as well as adjuvant NSCLC. WINLEVI, which is partnered with Cosmo, Glenmark announced its approval for WINLEVI from the MHRA to market it in the U.K. Glenmark has launched WINLEVI in the U.K. and is expecting approval in other European markets by the end of FY2026. Talking about IGI, IGI features a robust pipeline of innovative oncology molecules targeting multiple myeloma and solid tumors, of which ISB-2001 is in clinical development. Additionally, IGI has two autoimmune assets which have been out-licensed to two leading companies and are also in clinical development currently. During the quarter, IGI presented promising full-dose escalation results from its phase I TRIDENT-1 study of ISB-2001 in refractory multiple myeloma. This data was presented as a rapid oral presentation at the ASCO 2025 annual meeting, demonstrating a sustained overall response rate of 79% and a high complete/stringent complete response rate of 30% across the seven active doses in a heavily pretreated patient population with a very favorable safety profile. IGI also announced its global commercialization strategy for ISB-2001 following its landmark partnership with AbbVie. Under the terms of the agreement, IGI partnered with AbbVie and granted exclusive rights to globally develop, manufacture, and commercialize ISB-2001 across North America, Europe, Japan, and Greater China, while Glenmark will develop, manufacture, and lead commercialization activities of ISB-2001 across emerging markets. This partnership validates IGI's multispecific platform technology and positions it as a leading biotechnology company at the forefront of innovation in oncology, while also helping Glenmark to further expand its oncology franchise, particularly through innovation in emerging markets. We have the management of Glenmark Pharmaceuticals on the call, Mr. Glenn Saldanha, Chairman and Managing Director, and Mr. Anurag Mantri, Executive Director and CFO. With that, we can open the floor up for Q&A. Over to you, Lizanne. 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 remove yourself from 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 on the line of Damayanti Kerai from HSBC. Please go ahead. Hi. Good morning all, and thank you for the opportunity. My first question is on India business. This antidiuretic portfolio, which is undergoing some specializing we discussed earlier, but it seems despite the launch of Liraglutide, we are yet to see any meaningful relief there. Can you talk about it? How long do you think it will take to get over this antidiabetic portfolio drag? This difference between your secondary data, which is 15% against 8% IPM, there is a huge difference between the 15% and around 4% reported growth. How can we ensure this will converge and when that will likely happen? That's my short question. Damayanthi, Glenmark now with the ISB-2001 deal and our move towards becoming more of a branded company, I think going forward, our vision is to focus more on high-margin products, right? A lot of the tail end brands we are moving out of, right? Like a typical branded company, the idea is to keep moving up the value chain and focus more on the margin profile of the high-value products and the branded products. I think going forward this quarter and maybe Q2, right, from Q3 onwards, we expect the secondary sales growth of India and the reported growth will be very close, right, from then onwards. The other thing about India is you talked about diabetes. Now we have full supply for the first time of LIRAFIT. From Q2 onwards, you should see diabetes sales improving significantly. In addition, the launch of both TEVIMBRA and BRUKINSA, the two big products, happened in July, right? This quarter, you should see good uptake of these two products since both of them are commercially launched now. Overall, look at our India business, as you can see in IQVIA as well as AWAX, the data is very strong. Our growth is very strong in the market. If you take a slightly longer-term view, CAGR, India will grow between 10% -1 5% CAGR over the next three to five years. We are very confident that the India business growth will be strong. The other segment is our OTC business, the Glenmark consumer care, which we spun out, right? The growth there also is upwards of 20% on a CAGR basis. Overall, India will continue to be a very strong market for us, right? I think post-Q3, you should see the numbers play out quite significantly. Sure. If I can ask a related question, you are moving towards more profitable branded products, which is in line with your long-term goal. Will that lead to a situation again where you have a high dependency on a few products, a few big brands, and that concentration risk will play out later as well? No, that's not the case. I mean, see, if you see the GCs have already started improving, right, with the knocking off of some of the tail end brands. I think going forward, you should see continued improvement in the margin profile. With regards to your question on specific brands, right, look, we have, you know, Glenmark, we have very strong brands spread across different segments, right? Even, as we mentioned, you know, our OTC, DTC brands, which are coming up now, TEVIMBRA, BRUKINSA will be two big brands, which will help. LIRAFIT, right, which is Liraglutide, right, will become a strong brand. It's much more broad-based than concentrated, right, given the branded nature of our business. I have two questions on the U.S. business. You mentioned around 9 - 10 injectables out there in the market, some of which came through partners as well. First, any update on Monroe? If Monroe gets clear, how many injectable products can we expect for, say, the next 12 - 15 months in the U.S.? The second question in the U.S. is how much of these mitigation enterprise issues are still remaining for you? If you can provide some kind of data. Sure. On the U.S. business, as we've seen, we grew Q1Q in the first quarter. In the second quarter, we are launching three more injectable products through partner products, through partnerships. That will drive the second quarter growth. We expect a good second quarter also in form H2. We are hoping to launch some of the respiratory products, mainly generic Flovent 44, which we think will be a big launch for us. In addition, some of the partnership products we continue to commercialize even in Q3 and Q4. All in all, U.S., there is a clear trajectory to see higher growth going forward compared to what we've had historically. With regards to Monroe, as you know, we had five observations from our last inspection. We've responded to that, and we're waiting. We're working with the FDA to resolve that. We are hoping that this year we will restart commercial manufacturing. That's our view on Monroe. Sure. The antitrust litigations, which are still out there. Yeah. On litigations, our view is we have just one major litigation, which is the multidistrict litigation, which is ongoing. We settled with the DPPs, as you've seen in the first quarter. We've done a settlement with the DPPs. There are a couple of more classes, which we are continuing to litigate on. I can't give you any visibility on any timeline. Okay, thank you. Good luck in that case. Thank you. A reminder to the participants, anyone wishing to ask a question may please press star and one. Participants, if you wish to ask a question, you may please do so. The next question is on the line of Saion Mukherjee from Nomura. Please go ahead. Good morning. Can you provide the net debt number at the end of the quarter? Net debt, the end of the quarter was around INR 1,500 crore at the end of the quarter. Oh, perfect. Thanks. Thank you. The next question is on the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Okay. Thanks for the opportunity. Just with respect to Monroe, have we started in terms of the HVAC validation batches for other facilities, I mean, for the other products, or do we need to wait till the observations get resolved? No, the facility is continuing to take batches. We continue to take exhibit batches of products like Iron Sucrose and several others that we are working on. As and when we have resolution, not only could we start commercial manufacturing, but we will also accelerate some filings out of the facility. As far as observations, addressing observations is something that is largely done from our side, right? It's now the feedback or the response from U.S. FDA, which is awaited. That's correct. Okay. Sir, this partner product strategy, if you could sort of elaborate while we do have our own facility, is it because we are diversifying in anticipation of these regulatory issues, or is there something else to do? I think strategically, we are primarily focused in two areas in the U.S., right? One is the respiratory products going forward, right? The second is injectables. On the injectable side, we have a two-prong strategy of in-licensing products, right, which we think have approval or are significantly differentiated, as well as filings out of Monroe. I think longer term, if you look at us in the next three to five years, we should have a strong injectable portfolio, right, which is evolving in the U.S., along with a number of respiratory products, right, which are filed and getting approved in the next three to five years. I think these are the two segments which we are primarily focused on, right, in addition to a few OSDs and derm products. The pace of filing seems to be low as far as FY2026 is concerned. There's five to six filings expected in FY2026. That's in-house, okay? In addition, we do all these partnerships, right? Typically, we launch about 10 odd products a year. That's the minimum number, actually. Okay. Just secondly, on the gross margin front, it's been decent for the first quarter, maybe year -over -year, as well as quarter -over -quarter. What should take, is it more to do with the segmental mix, geography mix? If you could elaborate on the outlook for 2025 as far as gross margin is concerned. On the gross margin side, as we've mentioned, the focus is on the branded markets, which will help us continue to strengthen the gross margin. Also, the well-diversified geographical portfolio, especially Europe and emerging markets, in addition to India, will continue to drive the gross margin northward. That's how our focus on the business is. These numbers seem sustainable, 68%, 69%, or? Yes. We believe at this moment, because of our strategic thing and the launches which we have in pipeline, we believe that this number is sustainable and achievable. Sir, subsequently, anything further to do with the, let's say, increasing MRs or clean force across these branded markets per se in FY2026? I think we keep adding sales force at every stage, wherever required. A lot of it is based on the products and the product mix. For example, we recently got approval for RYALTRIS in Colombia and Thailand, two markets. We are expecting RYALTRIS approval in Brazil and China yet this year. All this should help drive our emerging market business. In addition, we have QiNHAYO launches, which will come up, which may need some additional field force. In India, we keep augmenting some field force every year, nominal amounts, depending on the product mix and the product portfolio. I think we don't have any specific number that we can guide to in terms of field force additions, but it is something we keep doing depending on our products and product mix. Got it. Any really broad guidelines on the EBITDA margin set for full year? As we earlier guided, Q3 onwards, the EBITDA margin trajectory should stabilize close to a 23% + range. 23% is what we are guiding. Q2, I would say that it will be because of the idea deal flow. It will not be really a presentable or comparable number. Q3 onwards, as a business, we believe that 23% margin trajectory will stabilize for EBITDA. This is including generic Flovent, right? Including? Generic Flovent? Yeah. It's overall business margin, right? It's at full business levels. That's it. Thank you. Thanks a lot. Thank you. The next question is on the line of Nitin Agarwal from DAM Capital. Please go ahead. Thanks for taking the question. On the question of net debt, what has been the sequential increase in net debt and what is it driven by? See, it's in the first quarter, as you see on the business, therefore, obviously, there was an increase in some of the sales realization and all the things. Therefore, there was an increase in the gross debt. The gross debt in the quarter was close to INR 3,200 crore. I think the buildup. Go ahead, Nithan. Sorry, go ahead. The buildup is basically things like inventory, debtors. Because of the payment due to LCDF, one-off severance payments that we had, and planned closure also. I think we had also had a couple of launches in Europe, Nithan particularly, which actually got pushed to Q2. Inventory buildup was in preparation of some of these launches. I think over the course of the next couple of quarters, the number will stabilize. Sir, just to complete the point, where do you, you know, what do you see as stabilized, normalized? Anything working capital for us now going forward? Net working capital is what we continue to monitor closely, and then 110, 115 net working capital days, that's what we believe in a sustainable and long-term basis. We should continue to maintain to achieve the margin and the trajectory which we are targeting. Thank you. Secondly, in the quarterly numbers this quarter, there's a pretty large component of other operating income. Can you explain what is it about and how is it booked across various segments? Other operating income consists of ongoing royalty income, some of the incentives income, as well as some of the price, the debit note price adjustment, which is across the various markets. Accordingly, it gets, it's very common in a normal course of the business. The bump up in the gross margin, there's no one-off bump up in gross margin because of this other operating income, as you said, one around these levels? No, it's not a one-off product. It's very ongoing and very pertaining to the core business. Thanks. On the IRP deal, when do you see a closure and the proceeds coming through? September, we are hoping to close, Nithan. Okay. Last one, you transferred the consumer business in India to SGTC. Any thoughts on what is the game plan here? How does it help beyond a point? This is purely done to increase the focus, right, because we think that's a good segment to continue to focus on, right? There's no plan to do any capital raise or anything in that subsidy. It's just a matter of heightened focus in that business. Okay, thank you so much. Thank you. The next question is on the line of Amlan Das from Nomura. Please go ahead. Mr. Das, you're on. Yeah, hi, sir. My question is, sir, what was your gross calculation for the quarter? Sorry, can you just repeat, please? What was your gross calculation for the quarter, both tangible and intangible, that you report every quarter? For Capex? Capex, sorry. CapEx addition for the quarter was around INR 180 crore, and as we guided, the whole year CapEx guidance continues to remain on track. Could you just give the difference between tangible and intangible, sir? It's typically 65%, 35%. That's what the broadest split of tangible and intangible in terms of overall percentage on the quarter. Okay, sir. What was your R&D expenditure for the quarter? How much of it was in original R&D spend? Around 7%. It's the same range we guided for the full year. R&D expenditures used to be around 7.5%. In this quarter, it was around 7%, and around half of it was related to IGA. Okay, sir. Thank you. That's all the question. Thank you. The next question is on the line of Bino Pathiparampil from Elara Capitals. Please go ahead. Hi. Good morning. Can you get a little more clarity on the accounting of the upfront payment we get from SGT? From what you said, I understand we will start amortizing it in Q3. What would be the exact amount that would come on P&L? Out of the overall upfront payment, basically, that upfront payment also, it's one-time and non-refundable. It will cover the IGA expenditure for the next three years in terms of their own spends. Accordingly, as per the prudent accounting guidelines, we will split the accounting. Basically, that leaving that IGA next year to be accounted as per their own expenditure guidelines so that overall P&L doesn't get a fluctuation and one-time abnormalities. The balance, we will actually book it in the quarter to itself. How much would that be, the amount which will come to the P&L? Broadly, last time we guided that our IGA expenditure for the next three years is close to be around $210 million, $210 million- $225 million. Balance, so you can expect to be then accordingly. Obviously, there would be a tax which will be one-time, which will be upfront in the quarter two. Accordingly, let the money come. I think then we will be able to give you the more specific one. We are also in discussions with the auditors at both the levels how we should be doing that so that investors get a fair view of the P&L. Understood. Once that money comes in at a consolidated level, where will our net debt go to? It will be cash positive. We will be shortly cash positive post money on the consolidation. Okay. Okay. Thank you. Thank you. The next question is on the line of Damayanthi Kerai from HSBC. Please go ahead. Hi. Hi. Thank you for the follow-up. I have a question on the ISB-2001 study, those expansion study where you had started patient recruitment. You mentioned a deal with AbbVie will be closed in September. Are you continuing the study, or how things will move there? We are continuing to run the dose expansion. Obviously, once the deal consummates, we will sit down with AbbVie and decide the next steps. I can't give you more visibility. The dose expansion continues as we speak. You are running the clinical trials as of now, and the related cost, etc., is part of your expenses, right? Only when the deal gets closed with AbbVie, things will move there. Correct. Okay. That's all. Thank you. Thank you. The next question is on the line for Anubhav Goel from Cosma Ventures. Please go ahead. I just wanted the question on Monroe. These five observations we have got, any particular observation which can set us back, tougher to resolve, or are we broadly confident we should get through? It's always hard to predict, but we think we are pretty confident that we should be able to restart commercial manufacturing soon. Okay, sir. For just one more question on the Indian business, our secondary sales is doing very well. I think you mentioned from Q3, we expect our India numbers to be strong. Q2 should be soft for the India unit? What we're saying is that, you know, the secondary sales will catch up with IMS, IQVIA, and AWAX, right, starting from Q3 onwards. This divergence is largely because of the discontinuation of the tail end brand. That's correct. It's basically moving up to higher margin products, right, and focusing on that, discontinuing some of the low margin tail end brands. Got it, sir. All right, sir. Thank you. Thank you so much. Thank you. Ladies and gentlemen, that was our last question. I would now like to hand the call over to Mr. Utkarsh Gandhi for his closing comments. Thanks, Salir. Before we close the call, I'd just like to mention the disclaimer that discussing information statements and analysis made describing the company or its affiliates' objectives, projections, and estimates are forward-looking statements based on current expectations, forecasts, and assumptions that are subject to risk and uncertainties which could cause actual outcomes and results to differ materially. This discussion 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 its forward-looking statements because of new information, future events, or otherwise. With that, we can close the call, the Q1 call. Thank you, everyone, for joining. Thanks, Lizanne. 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 we will now disconnect the line. Thank you.