Ladies and gentlemen, good morning, and welcome to the Q4 FY 2026 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 then zero on your touchtone 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. Thanks, Lizanne. Good morning, everyone, and welcome to the Q4 FY 2026 earnings conference call of Glenmark Pharmaceuticals Limited. During today's call, we will cover our performance in the fourth quarter and overall FY 2026. We also have an investor day coming up in about a week's time where we will answer more strategic questions around mid to long-term strategy and growth drivers for the overall business. Before we get into the Q&A, let's review the performance for the quarter. For the fourth quarter of FY 2026, Glenmark's consolidated revenue from operations was INR 37,706 million, as against INR 32,562 million in the corresponding quarter last year, recording an overall year-over-year growth rate of 15.8%. For the full year of FY 2026, Glenmark's consolidated revenue was INR 169,825 million, as against INR 133,217 million, recording a YoY growth of 27.5%. In terms of some of the key highlights for the overall company for fiscal year 2026. Of course, the big highlight was IGI securing a landmark licensing deal with AbbVie for ISB 2001, which was developed using IGI's proprietary BEAT® platform, for $700 million upfront payment and a potential total deal value of $1.925 billion, along with tiered double-digit royalties. Glenmark will lead commercialization across emerging markets once the product gets its approval. During the year, Glenmark also accelerated its oncology business expansion in India and emerging markets through the licensing of commercial rights for trastuzumab rezetecan from Hengrui Pharma and aumolertinib from Hansoh Pharma, and the launch of Tevimbra Brukinsa in India. Glenmark's India business delivered a strong performance in secondary sales, growing at 1.5x the IPM growth for the year and emerged as the second fastest growing company amongst the top 15 companies in FY 2026 as per IQVIA. In India, we launched differentiated products across our core therapeutic areas, Tevimbra, Brukinsa in oncology. We launched the Nebzmart GFB nebulizer, the world's first triple neb for COPD and respiratory, GLIPIQ, the semaglutide vials and injection for diabetes. Ryaltris, which is our global brand, continued strong global momentum, recording 50%+ secondary sales growth across its commercial markets in FY 2026, along with marketing authorization approvals and launch in other large markets like China and Thailand. Glenmark also initiated end-to-end commercialization of Ryaltris in the U.S. as well during the year. We also established a branded dermatology footprint in Europe, with the European approval for Winlevi, and we launched Winlevi in the U.K. during the first quarter of FY 2026. In the U.S., we strengthened our generic respiratory franchise. We got our first respiratory product approval, which was Flovent, a generic to Flovent, fluticasone MDI 44 mcg. We got a CGT designation and 180-day exclusivity on the back of that. We also got approval for fluticasone nasal spray OTC. During the year, we also filed three additional ANDAs in the respiratory category, and we also expanded our injectable franchise in the U.S. further. We now have almost 20 products commercialized through partners. Monroe, of course, received a VAI classification from the U.S. FDA post its inspection in November 2025. This enables a restart of commercial manufacturing and supporting future growth in our injectable and institutional business in the U.S. I'll just quickly cover the key markets, starting with India. Sales from the formulation business in India for Q4 was at INR 10,201 million, as against INR 9,430 million in the corresponding quarter last year, recording a growth of 8.2% YoY growth in the quarter. As I mentioned, Glenmark significantly outperformed the IPM in terms of secondary sales as per IQVIA. Glenmark's India formulation business growth was 10.3% during the quarter and 13.5% for the full year, compared to IPM IQVIA growth of 10.1% in Q4 and 9% in March 2026. Glenmark is ranked 13th in India with a market share of 2.34%. The company has 11 brands in the top 300. In terms of core therapeutic areas, Glenmark continues to be amongst the top companies in dermatology, second ranked in dermatology, third in respiratory, and fourth in the cardiac segment as per IQVIA data. As mentioned before, during the quarter in Q4, Glenmark announced the launch of GLIPIQ semaglutide injection in India for the management of type 2 diabetes. GLIPIQ is available in both vials and pre-filled pen formulations. The product has been approved by CDSCO following a multi-center clinical trial in India. The vial formulation supports physician-guided dosing aligned to patient needs, particularly in the early stages. Glenmark also introduced Sankalp, a patient support program designed to support therapy initiations and improve comfort with injectable treatment. Tevimbra and Brukinsa were launched in Q1. In a short period, these two brands have seen very strong uptake in the market, and the company expects these brands to gain further momentum and meaningfully contribute to the India business in the next two, three years. In Q3, we had announced the launch of Nebzmart, which is the world's first fixed-dose triple therapy for COPD, covering glycopyrronium, formoterol, and budesonide. As a single easy-to-use nebulized therapy, it minimizes the burden for multiple medications. Glenmark's strong growth in the chronic respiratory segment in FY 2026 has been led by this product, along with some other products we've introduced over the years. Jabryus in dermatology is a first-of-its-kind oral advanced systemic treatment. This has also been well received by doctors in the dermatology segment. In terms of the consumer care sales in India, consumer care sales were INR 1,265 million, with a growth of almost 10%. Most of the flagship brands recorded double-digit growth in terms of secondary sales during the quarter, including La Shield, Bontress, and some of the newer brands like Elovera and Episoft. Moving on to North America. The North America business recorded revenue of INR 9,248 million for the fourth quarter of FY 2026, as against revenue of INR 7,146 million. This translates into a YoY growth of 29.4%, but net of the deferred out licensing income recognition for ISB 2001, the core business growth in the fourth quarter was 7.8% YoY. Glenmark launched four products in Q4 and 13 products during the full year FY 2026, consisting of a mix of oral solids, multiple injectable products, and respiratory as well. In the fourth quarter, we filed two ANDAs and a total of five ANDAs applications during FY 2026. Glenmark strengthened its respiratory franchise, as mentioned before, with the first NDA approval for fluticasone MDI, which is generic to Flovent 44 mcg. We were granted CGT designation and as the first approved applicant, and we are eligible for 180-day exclusivity upon commercialization. We also received approval for fluticasone nasal spray OTC, filed three additional respiratory products and are targeting to launch two to three respiratory products in FY 2027 as well. Glenmark also initiated the end-to-end commercialization of Ryaltris in the U.S. to mark a meaningful step in the company's continued expansion in the region. Glenmark would directly lead brand strategy, market access, and customer engagement for Ryaltris. During the year, Glenmark launched several other products, as mentioned before. Over the last couple of years, we've built a large portfolio of 20 commercial injectable products through various partners. Glenmark's injectable manufacturing facility in Monroe received EIR, which will enable the company to restart commercial manufacturing. Moving on to Europe. Glenmark's European operations revenue for the fourth quarter of FY 2026 were INR 8,907 million, as against INR 7,335 million, recording a growth of 21.4% year-over-year. Glenmark's Europe business recorded strong growth during the quarter on the back of its branded business across key markets. The CE region witnessed double-digit growth across all the key markets on the back of a strong uptick in key products. Western Europe also recorded good growth during the quarter, particularly in markets like Germany and the Netherlands, where Ryaltris continues to gain market share across all the countries where the product has been launched, either by Glenmark or by its partner, Menarini. The company is continuing to focus on sustaining the increased contribution from branded products, particularly in the respiratory and the dermatology segment. As mentioned before, Winlevi has been launched in the U.K. and has gained good traction. We have also received the MA approval and will be launching the product in our licensed European markets in FY 2027. Glenmark is also planning to expand its commercial respiratory portfolio in Europe through the launch of 2 to 3 additional respiratory products in FY 2027. Moving on to emerging markets. For the fourth quarter of FY 2026, revenue from the emerging markets region was INR 8,979 million, as against INR 7,898 million for the corresponding quarter last year, recording a growth of 13.7%. As per the IQVIA MAT March 2026 data, Glenmark's Russia business recorded secondary sales growth of 11%. Glenmark continues to do well in the dermatology segment in Russia, is now ranked eighth as per the IQVIA data. In LATAM and MEA regions, Glenmark recorded good growth in the secondary sales during the quarter. We have launched multiple respiratory products during FY 2026 in this region, which has aided overall performance. Ryaltris continues to be the leading nasal spray in allergic rhinitis in most of the emerging markets where the product has been launched. Glenmark plans to launch Ryaltris in Brazil in FY 2027. In the APAC region as well, double-digit secondary sales growth was recorded in key markets like Malaysia and Australia. Glenmark continues to hold significant market share in the overall dermatology and respiratory covered market across the APAC region. As mentioned, Ryaltris was approved in China and Thailand, and launched in Q4 by the company's respective regional partners, Grand Pharma and Organon. Very quickly covering our global innovative portfolio. We spoke about Ryaltris. Ryaltris as a product is now commercialized in 55 markets as of March 2026. It is expected to be launched in additional 8 to 10 markets over the next few quarters, including, as we mentioned, some large markets like Brazil. In Q4, the product was launched in China and Thailand, and we are expecting significant uptick in the growth on the back of these launches. Winlevi, as mentioned, we have launched Winlevi in the U.K., and we will be launching initiate commercialization in our licensed European territories in FY 2027. QinHayo, which is envafolimab. Glenmark, as of March 2026, has already filed MA applications in 24 markets, and the first commercial launch is expected in FY 2028. We've also initiated early access programs or named patient programs from regulatory authorities in seven markets, including some markets like Kenya, Mauritius, Uganda, et cetera. We have also initiated a global multicenter phase III trial in neoadjuvant or adjuvant treatment of patients with Stage III A, III B non-small cell lung cancer. Trastuzumab rezetecan partnered with Hengrui. Glenmark has advanced its preparations for initiation of MA applications for trastuzumab rezetecan, which is a HER2 ADC, which was licensed from Hengrui in Q2 FY 2026. Our first wave of MA applications are expected to begin by the second half or by end of first half FY 2027. This product has got approval in China for the treatment of HER2 non-small cell lung cancer as well as HER2 breast cancer. Recently, they filed a BLA application for HER2 advanced colorectal cancer as well. aumolertinib partnered with Hansoh. In Q3, we had entered into an exclusive agreement with Hansoh for aumolertinib, which is a third-generation EGFR tyrosine kinase inhibitor or TKI for the treatment of non-small cell lung cancer. Glenmark has rights across India and most of the emerging markets. aumolertinib is already approved in the U.K. in June 2025, for first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with active EGFR mutations. It also received MA approval from European authorities in February 2026. It is marketed across five indications in China. Glenmark has submitted MA applications for aumolertinib in multiple markets as of March 2026. The first commercial launch is anticipated during the second half of FY 2027. Quickly covering IGI. Key updates in IGI, on the oncology portfolio, ISB 2001 or ABBV-2001, the patient enrollment in phase I dose expansion is progressing rapidly with the goal to determine an optimal dosing regimen. Efficacy and safety data continue to remain promising and consistent with what was previously reported. We also selected a clinical candidate for ISB 2301. The program is rapidly advancing towards the clinic with IND submission intended for the end of the calendar year 2026. In immunology, ISB 880 or LAD191, this is the product licensed to Almirall. The phase II study in atopic dermatitis continues to advance with ongoing patient recruitment. Almirall also plans to initiate POC for an additional inflammatory skin disease for this product. ISB 880 is partnered with Astria or BioCryst. From the Glenmark management team, we have Glenn Saldanha, Chairman and Managing Director, and Anurag Mantri, Executive Director and Global CFO. I'll now hand it over to Glenn for his opening comments. Thank you, Utkarsh. Good morning, everyone, and thank you for joining our earnings call today. FY 2026 has been a defining year in Glenmark's evolution. Despite an evolving geopolitical environment, we delivered a reasonable business performance and made meaningful progress on the strategic priorities that will shape our future. The major highlight of the year was clearly the IGI landmark agreement that we signed with AbbVie for ISB 2001. This transaction clearly validates that the IGI's proprietary BEAT® platform technology works and will work in the future on future assets too. We are very excited by the broader IGI pipeline, starting with ISB 2301, which we think also could be a world-class asset. We are currently working on filing an IND before the end of this calendar year for ISB 2301. We have two other assets in the pipeline now, ISB 2302 and ISB 2501, which also look very promising. During the year, we strengthened our branded business in India and emerging markets, expanded our differentiated portfolio through multiple new launches, advanced our U.S. respiratory and injectable franchise, and continued to scale our global brands such as Ryaltris. We are also expanding our innovative oncology portfolio in India and emerging markets via some strategic partnerships with Hengrui, Hansoh and of course, Alphamab, the envafolimab partner. In the U.S., our respiratory generic franchise achieved key milestones, including the approval of fluticasone 44 MDI, where we have CGT status, and fluticasone nasal spray. We also received an EIR from U.S. FDA with a VAI classification for our Monroe facility, enabling the start of manufacturing and supporting the future growth in injectables and institution business. Looking ahead, our priorities remain clear. Driving growth in the core therapies, globally scaling our branded business, building a strong, innovative oncology franchise in India and emerging markets, and growing our U.S. generics business via respiratory and injectables. We will continue to advance IGI's innovative pipeline over the next four or five years. FY 2026 is expected to be a very strong year for us. I'm sorry, FY 2027 is expected to be a very strong year for us. In FY 2027, we are making some strategic investments to accelerate growth in markets like India and emerging markets. We will share more details on the roadmap at the upcoming investor meet. With this, I'd like to pass it on to Anurag Mantri to give his opening comments, and then we can initiate the Q&A. Thank you, Glenn. Good morning, everybody, and good afternoon to all the international joinees. During Q4 FY 2026, we delivered broad-based growth across India, Europe, and emerging markets. Growth in the U.S. market was affected in Q4 by the timing of approval for certain key products, leading to lower absorption of fixed costs in that quarter. Gross margins continued to show healthy momentum, core operating margin was impacted by the lower absorption of the fixed costs as well as the higher distribution expenses linked to current geopolitical and supply chain environment in Q4. On the balance sheet, happy to share that we achieved our guidance of gross debt free at the end of FY 2026 while maintaining a healthy cash position. During FY 2026, intangible asset addition were increased primarily because of strategic in-licensing transactions for innovative business, launch of injectables in U.S., etc. We view these as a long-term investment, particularly in oncology and high-growth branded markets. We have now a very strong balance sheet and are done with the necessary changes in the businesses. Going forward, we shall see a strong performance in FY 2027. We also continue to focus on working capital efficiencies and disciplined capital allocation for FY 2027. We are targeting a revenue of INR 17,000 crore-INR 18,000 crore and an EBITDA margin of 21%-22% in FY 2027, considering growth investment for expansion in India and emerging markets and evolving geopolitical environment, currency movement, etc. We will share the more granular details on the growth drivers during the upcoming investor day. Thank you. Thanks, Anurag. With that, we can open the floor up for Q&A. Lizanne. Thank you. Ladies and gentlemen, we will now begin with the question and answer session. The first question is on the line of Damayanti Kerai from HSBC. Please go ahead. Hi. Thank you for the opportunity. My first question is on the U.S. business. You received approval for fluticasone inhaler on early March, but it seems like the fourth quarter number doesn't reflect any benefit from this product. Can you just help us in understanding how do you see this product ramping up, and what kind of market share gain you intend here? As you rightly said, we received fluticasone nasal spray and fluticasone 44 MDI both at the end of March, right? Early March. Okay. If I look at FDA, I think approval date, you received approval in early March. Sorry. Supply chain. Yeah, by the time the product gets to the market and by the time you commercialize March is pretty much. There was a supply chain, because by the time we took the product to U.S. market, because of the disruptions in the supply chain thing, so we could not really achieve much of the sales in that quarter. Yeah. Therefore, as I mentioned, there was a fixed cost absorption issue. Oh my God. Okay. Sure. I'm sorry. No, no. Sorry, my bad. No, it's all right. My second question is on the Hikma partnership for [ILCIS]. You came out of that partnership because you mentioned you'll be doing commercialization on your own As of April, we've commercialized Ryaltris on our own in the U.S. market, and that's something we are in the midst of doing. We think the team can do a better job by selling the product on our own. We'll see how it evolves in the U.S. I think overall, the takeaway message is, look, Ryaltris is a huge product. We have over $100 million of sales last year. The brand at secondary sales growth is about 50% on the brand right now. It's doing exceedingly well. We are launching it in markets like Brazil also this year. We got Brazil approval, that will be a big commercial launch in addition to the U.S. launch. I think all in all, the brand is doing exceedingly well. Will continue to grow from strength to strength over the next few years as we go forward. Okay. My last question is, in India, while you have grown above the IPM, it seems like the diabetic segment is still lagging behind the market. Are we not still set in terms of the channel inventories, et cetera? What is dragging diabetes segment growth? Well, diabetes, as you know, there are two, three molecules which we had, which are continuing to struggle. One of them is obviously remogliflozin, being an SGLT. After Dapa went generic, we really struggled to gain market share on Remo. The second one was teneligliptin, with sitagliptin going generic. These are the two molecules that continue to struggle in our franchise. Now with the launch of GLIPIQ clearly, we anticipate that the diabetes franchise will get back to growth. You should see growth coming back starting Q1 onwards. If you look at our India business overall, each and every segment in India today continues to outperform. In the dermatology space, we rank number two. We continue to gain market share. In respiratory, with the launch of GFB Neb and some of the other respiratory launches, we are continuing to grow and gain market share. In cardiovascular, with the Telma franchise, continues to do exceedingly well. With oncology now, with the new launches of Tevimbra and Brukinsa, those are continuing to do well. Diabetes was the only segment which was lagging. With the launch of GLIPIQ, that should change, and you should see good traction starting Q1 for the diabetes franchise. India is on a very strong note, and I think FY 2027 onwards, you should see strong growth coming out of India. Okay. Thank you. Thank you. We'll move on to the next question. That is on the line of Nitin Agarwal from DAM Capital. Please go ahead. Hi. Thanks for taking the question. Glenn, on the revenue guidance, this seems like a pretty aggressive number. Can you just give us some color on what constituents you're seeing driving growth for us? I mean, INR 17,000 to INR 18,000 on this current base is a pretty large number. I think, Nitin, if you remember when we did the transaction, we had guided to about 17 and a half. Now we've made it 17-18. Clearly, we are seeing strong growth in all our markets. Keep in mind that particularly India and emerging markets with the launch of some of the oncology assets, aumolertinib happening this year followed by trastuzumab rezetecan, and then envafolimab. The growth rates will be very, very high over the next four or five years because of these major launches. We anticipate the innovative pipeline to be a significant contributor for the company over the next five to seven years. We'll give you more color around it at the investor meet. From here on, you can see high growth coming from the company, primarily on account of some of the innovative oncology launches, Ryaltris. Our U.S. business also, which has been a drag for the last four odd years. Now with the launch of fluticasone MDI 44 and two or three more respiratory launches yet this year, and then, of course, the sole FTFs that we have, which are all happening this year, should help drive the growth. I think all in all, barring Europe, which we think could be high single digit. Everywhere else, the growth number will be exceedingly high across the board. Sorry to push the point, Glenn, our second half sales, and second half typically is a stronger period for us in a year, is about INR 7,600, INR 7,700 crores or thereabouts. Even if you analyze that, I think we're still talking of a very meaningful ramp-up on even if you analyze as H2. Nitin, basically, as I mentioned in my opening comment that U.S. sale which we targeted should have been much higher in Q4, which obviously got spilled over because of this last moment supply chain and go to the market issues in U.S. This year we'll see a full fraction of the fluticasone nasal spray, Flovent, and other launches in U.S. U.S. should do much better than what we did in last H2 in that. Also the India will continue to grow strongly at 15%+ in the market. Emerging market and Europe, that's how it will contribute too. It's based on the stack-up what we have launched in the various markets. Secondly, Anurag, on the balance sheet, I think there has been a very sharp increase in receivables, as well as inventory and payables, but specifically the receivable increase is quite stark. Can you please explain that? Receivable increase is primarily because of three reasons. As we mentioned at the H1 commentary, when we mentioned that primarily we stopped the pre-collections. That was one reason. Second reason was that certain of the EMEA region collection in this quarter got delayed because of this entire war situation. We'll come back to the normalcy with that. Third was that certain currency translation also of the debtors also sits in there. I think overall, if you see our net working capital are close to 107 days, which are still best in the industry, and if you recall, we gave you the guidance of 115-120 days. We are well within that, and we will continue. Again, FY 2027 will continue to be the same guidance to have a net working capital best in the industry. Also if you see that we did a gross debt zero, because despite all these challenges, certain lower sales in U.S. and all these things, still we achieved that gross debt zero with an INR 1,200 crore of cash position. Balance sheet is in now a strong shape, and I think overall we'll continue to monitor working capital efficiencies very closely. On the working capital, the number of days you computed by analyzing the last quarter, that's the way you compute the number of days? We compute the number of days, so you are right. I think except for inventory, which is always forward-looking, debtors and creditors are always based on the previous actual number. Only the inventory you build it up for the forward-looking. With that. I was looking at how it is persist on this point, our receivables are up almost INR 1,500 crore-INR 1,600 crore. Even from September onwards, they're up almost like INR 1,000 crore for second half of the year. If you see, inventory you are saying that it's actually based on forecasted basis, it's around 71 days. Debtors come to 107 days and receivables. Overall, we are coming close to 97 days of actually the net working capital days. I said, even if you take it on a past basis, it's coming 107 days. We are well within the range in terms of our net working capital deployment. In fact, sorry, go ahead. No, sorry to cut you. I was just saying we should assume the year-end number of days which are there, this is what should sustain going forward also. As it's mentioned that we are clearly maintaining that we will be the best in the industry, and 115-20 days we will be below that. That's what we are targeting that going forward as despite that business increasing and everything, we will continue to release cash from the working capital efficiencies. Last thing on the CapEx, if you can split between tangible and intangibles for the year, and how should you look at this going forward? This year, if you see, intangibles were close to INR 800 crore+ because of the reason as I mentioned in my opening remarks. Primarily due to the upfront payment and milestones associated with various partnerships, which we executed in oncology and derma portfolio. We also see some of the BD activity in our base business especially in U.S., where we launched multiple partner products in injectable segment. Because of that, this was more of a one-off, I think, on the intangible, and this was more to support our growth in the future. I think FY 2027 onwards, we should see a coming down on a normalcy level of around INR 900 crore of sort of CapEx number of total. Just the last one. On your liabilities, what are the sort of guaranteed committed payouts which are there over the next couple of years? liability? Yeah. Sorry, Nitin, I missed your question. No, no. What I meant is, in terms of some certain committed payouts, what are those, or maybe some licensing deals or some litigation payouts and all, what is the total amount of committed payouts which are there for the next two years? Liabilities are basically that committed payouts are actually largely, mostly related to the legal payments deferment. Second is that what our GAAP income deferment, which we have done of $70 million every year, that is also sitting in the liabilities various parts. Which is $70 million every year. I was looking more from a cash perspective. What is the cash payout on your committed liabilities which are there for the next two years? We can come back to you with the cash thing. It's largely related to legal expenses deferments and the scheduled payment how we have committed to them. Okay. Thank you so much. Thank you. The next question is on the line of Tarang Agrawal from Old Bridge. Please go ahead. Keeping questions and- Sorry to interrupt. Mr. Agarwal, your audio seems to be very low. Hello. Hi. Am I audible? Yes, go ahead. Hi. Good morning. Couple of questions, bookkeeping and one on Ryaltris. I'll probably start with Ryaltris. Glenn, you started out saying that Ryaltris is about $100 million of revenues for FY 2026. What was this number for 2025? If you could give us a sense, the geographical composition of the revenue and your outlook for 2027 on this, given that Brazil's slated to launch. Clearly, look, Ryaltris is a big brand for us, right? We continue to grow. $100 million is the base for 2026. I don't have the precise number for 2025. I think going forward, you should easily assume we'll grow 30+%, 30%-40%, at least for the next few years on this brand, going forward. Is it concentrated in some specific geography or it's more fairly? It's broad-based, I think. Look, Ryaltris is a global brand for us now. We sell in almost all our markets. A couple of markets where we didn't have the product launched was Brazil was one of them, which now we're launching this year. Of course, the U.S., we were through Hikma, now we are doing on our own. China, we are in the process of launching also. I think sometime this year we'll launch in China. I think post reimbursement, the product will be a significant product in China. I would say it's still in the launch phase in many markets, so that will give us the real growth for the brand this year. There are many smaller markets, for example, Thailand and multiple markets where we are still in the launch phase. Got it. On the P&L, exceptional items are roughly INR 373 crores. Roughly INR 320, INR 323 crores is on account of a litigation settlement. I was just curious what the balance INR 50 crores is all about. Also, sizable other income this quarter, approximately INR 189 crores. What is contributing to this? The first exception item is largely because of the U.S. settlement and associated legal cost of these settlements and various other expenses related to this settlement because these are the settlements as such, and we don't assume any of the liabilities in these settlements. On other income, largely that is because of the translation and the Forex impact because of the sharp currency movement. That's coming as other income in our P&L. Got it. Allocation of R&D spends for Ichnos for Q4 would be about INR 150 crores? Yeah, roughly around INR 150 crores. Okay. Thank you. Thank you. The next question is on the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yeah. Thanks for the opportunity. Sir, just for FY 2026, with respect to the AbbVie deal, how much has been now booked for last two quarters as the milestone income? We book around $17.5 million every quarter, what we said, and this contributes to $70 million in a year basis. Last two quarters, $35 million were booked. Got it. Subsequently in FY 2027 again on Agrawal, so additional as compared to FY 2026, so effectively $34 million will sort of add up in FY 2027. Yes. I'm just trying to. You are right. Any new approvals which you are sort of factoring in the assumption for FY 2027 revenue for U.S. apart from fluticasone? No. See, in the U.S. we have these two sole FTFs, which are coming up. Two exclusive products, which are coming in the end of Q3 and Q4. gabapentin enacarbil and upadacitinib, which will come up. The second thing is, we have couple of more respiratory launches coming up in the U.S. in FY 2027. I think all that makes us believe the U.S. will be a major growth driver for us in FY 2027. Effectively, how much are we considering that the number to scale up because fluticasone nasal spray is an OTC, so that will take its gradual pace to build up. If you could elaborate in terms of the upcoming respiratory launches, are they again that can scale up the way typical generic product is or it will be gradual? We have three respiratory products filed. One is fluticasone Rx is expected pretty quickly also. Additionally, we have fluticasone 110, which is already filed. We have one more MDI, which is filed, which is expected to launch this year. If everything comes through, it will be a strong year for the respiratory franchise. Additionally, we have, as I said, the two sole FTFs. Got it, sir. Because effectively it is like almost 30% growth over FY 2026. India market probably 15%, emerging markets maybe another 20% or so. There is going to be a heavy lifting if I do back of the envelope calculation from U.S. and which is like sort of + 30% sort of a growth, at least in constant currency. Apart from that, maybe 5%-6% of profit appreciation. Effectively, we are targeting at least 40%-45% revenue growth in U.S. Is that what you're indirectly? I can't give you I think that's too granular. Okay? Right. I've given you all the drivers. You can do the analysis, on why we believe that the U.S. will outperform. Got it. Secondly, with respect to this litigation settlement, is there any further amount that might come up, or we have already provided for? We are almost done with everything. We have one or two outstanding cases which will get settled over the next few years. It will take a few more years, but we are pretty much done with everything now. Lastly, how much the R&D spend is going to be for FY 2027? [Q4 FY 2026] is, first of all, I missed the number. Sorry for that. Full year 2027. Q4 was INR 225 crores, Tushar. Full year is around the same range, 7%-8% of sales. Yeah. All right. Thank you. Thank you. The next question is on the line of Sukrit Patil from Eyesight FinTrade Private Limited. Please go ahead. Good morning to the team. I have two question. My first question to Mr. Glenn is, just want to understand forward-looking guidance on what type of strategic levers are you placing in 2026, 2027 to expand the company's leadership in respiratory, dermatology, and oncology therapies, accelerate biosimilars, and innovate drug pipeline, and manage risk from regulatory pricing pressures and global competition. That's the first question. I'll ask my second question after. Thank you. I think we covered most of the drivers for FY 2027, in terms of growth drivers, across the different markets. Sorry, there's a lot of background noise. Can you go on mute, please? Yeah. Just give me a moment. I think overall, we touched on most of the growth drivers in FY 2027. A lot of the growth will come, as we discussed, a lot of the U.S. market growth will be key. The second thing is, of course, India and emerging markets with the launch of some of the oncology products and the investments we are making in derm and respiratory expansions along with our India business, the GLIPIQ launch, GFB launch. Multiple growth drivers will drive our FY 2027 guidance to achieve these numbers. Thank you. My second question to Mr. Mantri is, again a forward-looking one. What type of capital allocation and risk management frameworks are being applied in 2027 to balance dividend payouts with funding for R&D in specialty drugs? Any hedge against Forex and raw material volatility, and any levers put into place to sustain liquidity buffers on large-scale expansion projects? Thank you. Sorry, I could not hear the last line fully, but I think let me just try to explain on what I understood is that, and then you can add it to that. Capital allocation side, what we've said to that, we have a disciplined capital allocation. We said that IGI, we are setting aside for the $70 million for the future spends. R&D, we said 7% to 8%, we'll continue to do that. As Glenn explained that we will be investing in our core businesses this year to expand our core businesses, which we will tell you in detail in our forthcoming investor day, because we are expanding and we are reinvesting in the businesses. This year is actually largely, basically the capital allocation is largely on this expansion of our core business, the $70 million of IGI spend. R&D continue to be at 8% because that's innovation in R&D, we see a good growth driver. Working capital efficiency we'll continue to maintain to address all the geopolitical uncertainty, what you mentioned, the raw material volatility, currency volatility, all this we will continue to maintain with the high level of working capital management and efficiencies. Hope, I think, I covered. Yeah. Thank you and best wishes. Thank you. Thank you. The next question is on the line of Tarang Agrawal from Old Bridge. Please go ahead. Hey, guys, just a suggestion. There's some basic numbers that we look out for every quarter. Net debt, gross debt, CapEx, R&D. What we've observed is disclosures are not standard. Some quarters you'll put forward those disclosures, some quarters you don't. It'll be helpful, it just saves a lot of time for everyone. That's one. Second, has there been a leadership change in IGI recently? We take your suggestion on some of the disclosures. We'll look into it. On IGI, we had a guy called Cyril Konto was running it some time ago. There's a new lady, Lida Pacaud, who's now the CEO of IGI, and she will be there at the investor meet. She was CEO. How long has it been since Cyril's moved on? It's been about maybe six, eight months. At least six, eight months. Okay. Lida, she was chief medical officer, so she's been with us for the last three, four years at least. Okay. Great. Sure. We'll look forward to meeting her. Thank you. Thank you. Thank you. Ladies and gentlemen, that was our last question. I now hand the conference over to Mr. Utkarsh Gandhi for his closing comments. Yeah, thanks, Lizanne. A quick reminder to everyone that the information, analysis, and statements discussed during today's call describing the company or its affiliates, objectives, projections, and estimates are forward-looking statements. These are based on current expectations, forecasts, and assumptions and are subject to risks and uncertainties, which could cause actual outcomes to materially differ. No representation or warranty, either expressed or implied, is provided in relation to the conversation and the documents provided. The company undertakes no obligation to update or revise any of the forward-looking statements because of new information, future events, or otherwise. We look forward to seeing you at the investor day. With that, we can close the Q4 earnings call. Thank you everyone for joining us today. Thank you. 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.