Please note this conference is being recorded. I now hand over the call to Mr. Ganesh Nayak, Director at Zydus Lifesciences. Thank you, and over to you, sir. Good evening, ladies and gentlemen. It's my pleasure to welcome you all to our post-results teleconference for the first quarter ending June 30th, 2026. For today's call, we have with us Dr. Sharvil Patel, Managing Director; Mr. Tushar Shroff, Chief Financial Officer; Mr. Arvind Bothra, Head of Investor Relations; and Mr. Alok Garg from the Managing Director's office. To begin with, let me talk about the key developments during the quarters. I am happy to report that we commenced FY 2027 with strong double-digit growth, building on the formidable base of FY 2026. This performance reflects the sustained momentum across all our key businesses, each of which contributed meaningfully to the overall performance during the quarters. With this, first of all, let me walk you through the financial performance for the quarter under review. We registered consolidated revenues of INR 80.2 billion, up 22% on a year-on-year basis. On the operating profitability front as well, our performance was robust, with an EBITDA margin of 24.1%. Consequently, EBITDA for the quarter stood at INR 19.3 billion, while net profit for the quarter stood at INR 9.4 billion. Our net debt to EBITDA ratio stood at 0.7 x as on the June 30th, 2026. Now let me take you through the operating highlights for the first quarter of FY 2027 for our key business segments. In the pharmaceutical space in India, our branded formulations business sustained market outperformance with a strong 20% year-on-year growth during the quarter. This business has in fact outperformed the market growth consistently over the last three financial years. Growth during the quarter was broad-based as we grew faster than the market in super specialty, chronic, as well as acute segments. In terms of therapy performance, the business grew faster than the market in cardiology, dermatology, gynecology, anti-infectives, pain management, and in the super specialty areas of oncology and nephrology. Our ranking improved in key therapies of cardiology, dermatology, and pain management, while on the super specialty front, we continued to retain leadership position in the oncology therapy. Our large innovative brands led by Lipitor continued to strengthen their market standing and improve their rankings quarter- after- quarter, underscoring the impact of our innovation on improved patient outcomes. Contribution of chronic and sub-chronic portfolio has increased consistently over the last several years and stood at 54.2% as per IQVIA's March, June 2026, an improvement of 360 basis points over the last four years. International markets formulations business has delivered strong growth during the last several quarters and has established itself as a formidable growth pillar for the company. The business sustained the growth momentum during the quarter and posted revenues of INR 9.7 billion with a year-on-year growth of 34%. The growth was led by strong demand-driven performance across markets and supported by focused execution. North America business, comprising of the U.S. and Canada, exhibited resilience with revenues of INR [3.1] billion during the quarter, up 5% quarter-on-quarter. The base U.S. business continued to gain share driven by sustained volume expansion, supplemented by new product launches. On the U.S. generics front, we filed five ANDAs, received nine approvals, including four tentative approvals, and launched 11 new products during the quarter. Our U.S. specialty business achieved two important milestones during the quarter. First, we launched NUFYMCO injection, which is ranibizumab, our first biosimilar in the U.S. market, marking a meaningful expansion of our specialty capabilities and laying the foundation for future participation in the growing biosimilar segment. Second, we completed the acquisition of Assertio Holdings, significantly strengthening our commercial capabilities, portfolio breadth, and market access in the U.S. specialty space. These milestones underscore our continued focus on building a robust specialty platform in the U.S. and advancing our transition towards a more differentiated, innovation-led business model. In Canada, we received two ANDA approvals and launched two new products during the quarter. Our consumer wellness business recorded revenues of INR 14.3 billion, up 67% year-on-year. With this, the international business, including the comfort portfolio, delivered a like-to-like growth of 25%, while the domestic business grew 5% year-on-year. Within the domestic portfolio, skin and haircare and food and nutrition continued their strong momentum, delivering growths of 35% and 16% respectively. Seasonal brands, however, degrew primarily due to the softer summer season. In the medical devices space, the business registered revenues of INR 2.8 billion during the quarter. We are investing in enhancing our capabilities in the focus therapies, which offer long-term growth potential to create differentiated value. On the operations front, our injectable manufacturing facility at Zydus Biotech Park recently received an Establishment Inspection Report, EIR, with a Voluntary Action Indicated, VAI, classification following a GMP surveillance inspection conducted in April and May 2026. During the quarter, we entered into a joint venture agreement with Sunshine Healthcare to establish a pharmaceutical manufacturing facility in Sri Lanka to strengthen local production and reduce import dependence for the country. This concludes the business review. I would now request Dr. Sharvil Patel to take you through the key drivers across businesses, as well as initiatives in our innovation program. Thank you. Thank you, Mr. Nayak, and good evening, ladies and gentlemen. It's a pleasure to have you all here today on our call. FY 2027 is off to a great start with a strong performance across the key businesses. More importantly, we continue to advance our transformation into an innovation-led organization. The share of our branded portfolio in the total revenues has steadily increased over the last several quarters. It accounted for over 55% of our total revenue in the first quarter of this year. As our branded business continues to gain scale across markets, we expect their share to exceed two-thirds of our overall revenue over the medium term. I'm confident that the strategic choices that we have made over the last several years will build strong growth pillars for us in the long term. With our innovation efforts translating into commercial opportunities, a growing branded portfolio, and disciplined execution across businesses, we are well positioned for our next phase of growth. On the pharmaceuticals front, our strategy for India formulation business is working favorably. The branded business delivered a formidable 20% growth during the quarter. In fact, the business has been consistently outperforming the market growth over the last several quarters. A key driver of this outperformance is our chronic portfolio. These therapies continue to gain share and significantly aid to our overall growth momentum. This is further supported by the strong uptake of our innovation and differentiated portfolios. In addition, our brand-building initiatives and a stronger execution focus are delivering clear results. We remain fully confident in our ability to outpace the industry growth and growing sustainably. Our international market formulation business continued to deliver strong growth and has emerged as a formidable growth pillar for the company. While our therapy-led strategy continues to drive momentum in the emerging markets, portfolio expansion and deeper market penetration in Europe are supporting this sustained growth momentum across the business. We have steadily strengthened our position in the U.S. generics market through a diversified portfolio, a stronger execution, and a resilient supply chain. This is reflected in the sustained prescription group market share gains and improved market rankings, reinforcing our position as a trusted generics player in the U.S. I am pleased to report that our branded business in the U.S. now contributes 10% of our revenue in the U.S. We expect the share of this segment in the U.S. to continue to increase as our specialty and innovation-led business gains scale. The growth drivers are firmly in place vis-à-vis orphan and rare disease franchise, a growing portfolio of 505(b)(2) products, the recent acquisition of ROLVEDON, and an NDA submission to the USFDA of Saroglitazar, our first internally developed innovation in the U.S. Collectively, these businesses position us for a sustained shift towards a more differentiated and specialty-driven U.S. portfolio. In the consumer wellness business, we continue to build a future-ready portfolio through innovation, disciplined execution, and data-driven decision-making. Our investments in analytics and digital capabilities are enabling sharper consumer insights, improving resource allocation, and sustainable profit growth. In the Medtech, we continue to strengthen our presence across the orthopedic, cardiology, and nephrology while building a scalable platform for long-term growth. Leveraging Amplitude's orthopedic portfolio and the proprietary ANDI robotic surgical system, we are expanding access to advanced solutions. At the same time, we are broadening our cardiology offerings and establishing a high-end dialyzer membrane facility to address growing global demand in nephrology. With this, let me share some material developments on the innovation effort during the quarter. On the NCE research front, the USFDA granted priority review to our new drug application of Saroglitazar Magnesium for the treatment of primary biliary cholangitis. Recently, we also received a regulatory approval in India to initiate a phase III clinical trial of desidustat in patients with sickle cell disease. The study will be conducted in collaboration with ICMR. desidustat represents the potentially first-in-class therapeutic opportunity for the treatment of sickle cell disease. On the biotech R&D space, we initiated a phase III clinical trials in India for our second ADC of biosimilar. This development further strengthens our deep and differentiated biologics pipeline and underscores our capability in developing advanced biologics. It further enhances the long-term growth potential of a biologics franchise. On the R&D front, on the vaccines R&D, we completed our phase II trial of the bivalent typhoid conjugate vaccine and also initiated a phase I trial of our chikungunya vaccine in India. On the global development front, we submitted our dossier of the MR vaccine to WHO. The dossier has been accepted for review. Thank you, and now we can start with the Q&A session. Over to the coordinator for the question- and- answers. Thank you, sir. We will now open the call for Q&A session. We will wait for few minutes until the queue assembles. We request participants to restrict to two questions and then return to the queue for more questions. Please raise your hand from the participant tab on the screen to ask the question. The first question is from Kunal Dhamesha. Hi, good afternoon. This is Kunal from Macquarie. Thank you for the opportunity and congratulations on strong set of numbers. Dr. Sharvil, with quarter one suggesting strong top-line growth, would we be kind of looking at a much higher growth than what we have guided for FY 2027, which is currently at double digit, is what we have said. That's the first question. Thank you for the wishes, and I think we continue to stay with that guideline that we will deliver strong double-digit growth for the year. Starting with the first quarter, I think our India business is poised to deliver significantly good traction, better than market, at least by 300-500 basis points. So we see mid-teens growth continuing for that business. So is our international markets and U.S. being around a single-digit growth. Looking at that, we will still see good growth for the coming year in revenue. Sure. Sure. For the India business, I think last time we shared the share of the progressive brand, I believe that with a strong growth. Has that gone up meaningfully in this quarter? Should we expect that momentum of progressive brands to continue at that level? Yes, I think we are seeing more than expected exceptional strong growth on our innovation portfolio, which has beaten our current expectations. Also, on our value-based biosimilars, we have seen a very significant uptick on all brands. So that has seen a very significant uptick also. I think both of them have significantly aided to this momentum. At the same time, which has also led to an improvement in our chronic basket and our growth booster brand. I would say the all-around performance across, but better than expected on the innovation and biosimilars, and also the scaling up of vaccines. Okay. Sure. The last question that I have is, on the overall, some of these new growth drivers. In the medium term, we suggested that the branded pieces will become more than two-thirds of the revenue. Would you say most of these new drivers would aid to our profitability over medium term? Yes. I think if I break down into businesses, India and EM, I agree with what, that with the improvement in our portfolio of branded as well as chronic, we will see better profitability. On the U.S., I would say the only scale-up that we need to do is Saroglitazar, which will require investments. But if you take our other portfolio, which is our Sentynl, that is already profitable and broken even and profitable and will continue to aid to profitability. We are seeing our portfolio on the 505(b)(2) also becoming profitable from now and growing. As I said today, it is only 10% of our business, and probably by end of the year, it will cross 15% or more. We can only see that increasing meaningfully. Sure. Thank you, and all the best. Thank you. The next question is from Neha Manpuria. Thanks for taking my question. My first question is on the increase in the operating cost that we have seen in the current year. Given that we will have the full impact of Assertio as well as Saroglitazar spend, how should we think about both the employee cost as well as SG&A cost? When should we start expecting the incremental Saroglitazar cost to flow through? Just an update on our guidance, margin guidance. Are we still maintaining the 24%+ margin guidance that we had indicated? Saroglitazar, there is already certain costs that have started, but we will see increase in the second half of the year. Owing to that meaningful increase that we will see in the next second half, we are still guiding towards the 24% kind of margin. May I- In that case, sorry, sir. Go ahead. Our current run rate of about INR 1,900 crores- INR 2,000 crores, I think that kind of a run rate, I think we should assume as a part of the other expenses, excluding R&D on a quarterly basis. This is despite us increasing the spend on Saroglitazar. Yeah, it's all-inclusive. Okay. And the increase that we have seen quarter-on-quarter so far is essentially on the back of what? This increase, like sir mentioned, Saroglitazar is one of them. But what is the other reason for the sharp increase that we have seen in costs quarter-on-quarter? It's all acquisition-driven, the impact that we see on increase in the other expenses. Largely, I would say that almost about 80% increase in the cost is driven by acquisitions that we had in last one year. That I understand, sir. Year-on-year, I understand. But even if I look at this number quarter-on-quarter- Yeah it seems like a fairly steep increase. It is quarter-on-quarter of Zylidac and Assertio. Zylidac, Assertio, and the freight expenses. Okay. Understood. My second question is on the CapEx. We see a pretty sharp increase in CapEx this quarter as well. If you could give us some color in terms of where we are spending in terms of CapEx and what the guidance for the full year would be. From the CapEx point of view, I think a meaningful part of it obviously is setting up of the facilities SEZ 3, which is coming. Right now, the completion of the expansion that we have done in our existing facilities for higher capacity, including Moraiya, Goa, Baddi, and then Unit 2, Unit 3, and SEZ. We are also building a new, higher, bigger R&D center for formulation development, which has happened. There is one-off investment in wellness for a larger land acquisition for a future facility, which is a little exceptionally for one time kind of investment. Then it is the new Karkhadi facility that we built for biologics, a new vaccines DS facility. There are multiple things that have led to this increase, including some investment that continues in Zylidac also. It is a whole host of many things. It is not a one particular thing that is a large item other than the wellness land acquisition, but multiple investments in increasing scale and capacity in existing and new capability. And for the full year, what would this number be in that case? We are right now guiding for around INR 1,500 crore-INR 1,600 crore CapEx. Understood. And for Saroglitazar, given that we have the PDUFA coming in the later part of this year, how should we think about the ramp-up of market share there? If you could give us some color to help us understand in terms of what the sales opportunity could be. On Saroglitazar, we are building for a next FY 2028 launch right now, so April launch. We are investing for that. The first two years will be just a buildup of this. We will not see any significant revenue in the first year, large. As we move into second and third year, we would see the revenue mark build up. I think first two years will look more from an investment point of view as to how much we are investing. On the market point of view, obviously, if you see the recent guidance from both the other competitors in the current segment, they are seeing better traction than their earlier guidance, and they have upgraded some of their guidances. That is led from bigger patient pool and more patients wanting to access this indication. We are seeing a positive in terms of market, being a bigger market than expected. We are only seeing some positive signs in terms of how this market formation is happening, and so we are quite excited with that opportunity. Noted, sir. Any indication that you would want to give on target market share, or let us say peak sales that we expect from this product? As I always said, on our conservative side, we are looking at a $200 million - $300 million range, and maybe more optimistic, we can cross the $400 million + range. Understood. Okay. That is helpful, sir. Thank you. Thank you. The next question is from Sayan Mukherjee. Hi. Thanks for taking my question. On the U.S., sir, you mentioned currently we have 10% of revenues coming from branded. That would mean roughly, let us say, $130 million-$135 million, right, of revenues on an annual basis. How is that? The rare disease would be like $40 million-$50 million, and if you can throw some light, what are the other constituents? And whether Assertio is a significant number in this? Currently in this quarter, which is 10%, we do not have any Assertio made number fully. Okay. Last year same quarter was around $60 million, which is the ultra-rare disease business. Okay. I think it would start adding from the coming quarter. That's why we said the numbers from the analyst point of view will go up towards 15%, because those numbers are still to be baked in. Understood. So you're saying, rare disease is around $60 million, and the remaining $60 million-$70 million is like 505(b)(2) products. Would that be a right way to think about it? Yeah. They have a cluster of 505(b)(2) products. Okay. And sir, this Assertio acquisition, ROLVEDON sales, how should we think about the contribution this year, next year? What is the expectation there? I think we have just begun, so it seems to be on track. We are looking at around INR 15 million-INR 20 million per quarter run rate. And we would see that from next quarter, right? Yes. Understood. And sir, on the India business, we have seen good growth here. What is clearly driving? If you can give some color. Of course, you have mentioned about innovation asset, maybe how has semaglutide done? If you can give some color here. I am just wondering what is the sustainable number, let us say, if I take a two, three-year horizon, how should we think about the growth for India business? I think I'll try and maybe summarize a little better. I think there are two, three things. One is overall chronic part of our business is growing at more than 20%. If you look at even July numbers that has been reported by many IQVIA, we are seeing strong traction on the chronic side of various therapies, and growing very meaningfully in terms of that growth. The second is we are seeing a very meaningful uptake on Saroglitazar, which is adding quite meaningfully almost 30%-45% kind of growth in this business. That's also adding very meaningfully and scaling up, and we see that traction continuing. The other third is our biologics have seen extremely traction on three or four brands, which have also very significantly scaled after genericization also. We are seeing very strong momentum on growth. Semaglutide is just the beginning, so it is a small contributor. We are third to fourth in market share today in our own brand, but overall, we are largest as a semaglutide innovative generic that we have launched. That also is adding to the momentum. I would say it's just the whole differentiated pipeline and the chronic business both helping this growth, and we see that sustaining going forward. Understood. Sir, the INR 6,500 crores of revenues that was booked last year, how much would be biologics, innovation, and vaccine in that? If you can give a rough percentage. We have not given any breakup because it's all in different divisions which have multiple brands, both chronic and this, so we don't track them separately. But as I said, oncology portfolio is the fastest growing, and then followed by the chronic portfolio. Then vaccines is obviously a very different business. I always said that we want to achieve the INR 300 crore-INR 400 crore mark, and we are on track to achieve that. Understood. Sir, if I can ask one last question, which is on the international formulation. We have crossed INR 100 million of revenues this quarter, and the growth has been exceptionally strong. I would appreciate if you can give some granular color on this, either in terms of geographic segment or product segment which is driving this. Again, the question is around sustainability of very strong double-digit growth from, let's say, next two, three years perspective. I think three things. One is our four existing markets have delivered on the emerging market front. They continue to do better than last year and are growing very strongly. The second is Europe, which used to be a little difficult business for us in terms of growth. As two things have changed, both our core old markets, the France and Spain, have significantly delivered on growth, and they continue to see a very strong traction on that. Our new market entry of U.K. has scaled up much faster than expected, and is also becoming a very important business for us. So that international part in terms of EU has started doing extremely well in terms of the revenue. The third is we entered new geographies, and those geographies we are seeing our innovative pipeline or first generic kind of launches in many markets, which is seeing a good, healthy traction in terms of commercialization. I think all in all these three things are helping core markets, the Europe doing much better, and the new markets meaningfully scaling up. Right, sir. Thank you very much. Thank you. The next question is from Bino. Hello. Hi, Bino. Are you able to unmute yourself and ask the question? I think he's unmuted, but is- Yeah. We might move to the next. The next question is from Vamsi. Hi, sir. Am I audible? Yes. Yes. Thanks for taking my question, and congrats on the good set of numbers. My first question is in terms of the 505(b)(2) portfolio that we have. Of the 20 assets, if I'm not wrong, close to five have been commercialized. How do you expect the overall portfolio to ramp up in terms of the launches which are scheduled for the rest of the year? In terms of the steady-state sales, I remember in one of the calls we have guided that some of these assets could hit a $50 million kind of mark each. How is that kind of panning out at this point of time? On our 505(b)(2) we have a good mix of our own products and licensed products also. We have about 19 products that we have from our in-house and own pipeline creation. We have partner products, which are about eight, that we are working on in different areas. We have commercialized four plus products now, as we said, and we have more products in the pipeline. I think it's a pipeline that we're trying to develop for the markets. From the current point of view, I would say most of them are doing better than expected. I think the going out is lower than what we had expected, and we hope in the next financial year we will see a bigger scale-up. Beyond that, the other two, three products that we have launched are doing extremely well. At the same time, ROLVEDON will add meaningfully to that business going forward. The biosimilars initial launch of ranibizumab and with the PFS coming next year and also further products, we will see good uptick on that. Also the specialty rare disease business on Sentynl, which has meaningfully started to do well. All in all, I think that's doing well and it's growing well. Thank you, sir. If I just may also ask a couple of questions around the liquids portfolio. Currently, how big is this in terms of the overall contribution and how many of the overall 505(b)(2) assets within the liquids portfolio have already been commercialized? We have around seven launches, I think, and we have 10 + approvals, and we continue to build up a larger pipeline. Understood, sir. Lastly, also on desidustat, any update in terms of our China partner launching it in the Chinese market and how the ramp-up is happening there? How big of an opportunity do you think it could be over the next couple of years? Yes. I think we achieved the milestones of getting it approved in China now. We have supplied API for formulation manufacturing in the market. With the time, this product is nationally reimbursed in the drug list, so obviously we need to get an approval in the NRDL to gain major part of the share. Having looked at that, there are 120 million CKD patients in China, so it is a very large market. The prevalence of anemia is very strong in that market. Looking at all of that, and looking at how the peers have done in this space, we see it as a good opportunity. First we need to go through the registration and making sure it is available through the reimbursement phase. Once the reimbursement phase goes through, then we can see an uptick in that business. Maybe in a couple of quarters, we can give more highlight, but we see this being a decent opportunity, a long-term opportunity, but we will have to wait for another two to three quarters to make sure that all the important approvals go through and the access to the molecule is created in the list. Understood, sir. Just one last question. Given that it is an NCE asset, and I presume that, of course, it will also be under patent protection in the Chinese market. If not as big as Saroglitazar in comparison, how much of steady-state sales could this asset generate once it reaches, let us say, three to four years down the line? What kind of top-line contribution could be coming from this product from the China market? The opportunity is very difficult to say right now. We have not factored in any meaningful scale in terms of our current year. But as we get experience in terms of it getting reimbursement through, then we can see it importantly doing well, because the other molecule is doing very well, which is already launched. I think they are doing about $200 million+ in the Chinese market. We can see it also being a meaningful contributor to us. Thank you, sir. Thanks for answering my questions, and all the very best. Thank you. The next question is from Kunal Dhamesha. Hello. Can you hear me? Yes. Yeah. Dr. Sharvil, one question on Saroglitazar. For the incremental addressable patient pool, one, do we need to do additional studies? If yes, what would be the size, scope and duration of that study, and with, let's say, initial indication we already applied, would we be going for an expedited process here? Saroglitazar is already being granted priority review by the FDA for its first indication in PBC. That is on track, and as I said, we are building for pre-launch capabilities on that. This will be a continuing trial because we have to follow the patients through and do a rolling phase III, so that will continue. We are also adding a marginal ALP trial to Saroglitazar for certain patients who have marginal ALP issues. That will also expand the opportunity size of the market, which that trial is about to start. Those are the update on the key trials. And the duration, if you could share, there's, let's say, expanded indication. Can it be a near-term opportunity, or would take, let's say, two to three years? How should we think about it? No, the expanded indication is not a near term. It will take two to three years. Okay, sure. Any update on Usnoflast for ALS indication? When is the readout that we expect for that? No. On Usnoflast, as I said, we have couple of trials that we are doing. One, we initiated a phase II-B in the U.S. for ALS, so that is ongoing. The study is going to enroll 240 patients against the placebo. So that is the way it is moving on, and we see it as a FY 2028 kind of timeline when we can see some data coming out of that. So end of FY 2020, late calendar year 2028 or early 2029. Okay. That's when we see the data come out. On the ulcerative colitis trial, we are also looking at that as a potential opportunity also. We are seeing good phase II-A data in India, and we hope to move that, obviously, in India in the next phase II-B/III, and also potentially evaluate it in the U.S., which is under evaluation right now. Sure. Thank you. Thank you. The next question is from Damayanti Kerai. Yeah, hi. Good afternoon, and thank you for the opportunity. My first question is for doctor. You indicated your medium-term goal of. So, for these, what kind of spend you foresee, whether it's towards the SG&A or building up team for specialty, et cetera. We were not able to hear your question, if you don't mind repeating it, please. Yeah, sure. My question was regarding the kind of spend which you foresee for scaling up some of your newer initiative, whether it's med tech, specialty, biosimilars. This is also related to how should we see a spend required to reach the medium-term goal of getting 2/3 of revenue from branded products, as you indicated. We have already invested in biologics and vaccines, so that investment has already gone through. Also, Medtech is a running, ongoing business which we have, which we acquired and which we have also launched in India in the cardiovascular side. These businesses are already invested in and are baked into our current margin guidance. As these businesses scale up and no major incremental spend, it's safe to assume we will be seeing margins moving up from the level which you indicated for FY 2027? FY 2027, we have guided for a 20- 24% +, right? 24% margin. That is what we are speaking to. Okay. On the biosimilars portfolio where you just launched your big product there. There also, what kind of timeline we should assume to see meaningful sales buildup happening? Biosimilars is already a meaningfully scaled business for us and very profitable, so it is not a new business for us. No, I was specifically asking for the U.S. part. India, obviously, I think you have a very well-established presence, EM as well, but Yeah, U.S. is more like a 2029 kind of timeline when we will see that business scale up. We will have a couple of products before, but real meaningful scale-up will come in calendar year 2029. Okay, that's helpful. Thank you. Thank you. The next question is from Bino. Hi. Good evening, all of you. Can you hear me? Yes. Okay, great. Sharvil, I was looking at the U.S. trajectory over next three, four years. This year we have mirabegron going on, plus rosiglitazone should come in. Next year also partly we have mirabegron and palbociclib should come in. But beyond that, do you think there could be a dip in U.S. revenues, even if it is a temporary one? No. We still have a growing pipeline of products beyond these valuable products in the market. In fact, we recently also launched Indocyanine Green, where we got 180-day CGT exclusivity. We have a future pipeline of products which are in the 505(b)(2) and ready-to-use formats and other areas which will all add to meaningful business. We do not see that kind of a fall in U.S. revenues. Understood. Thank you. And one bookkeeping question. If I look at the depreciation number consolidated, it has sharply gone up, starting 4Q of last year, and 1Q also again has gone up. Part of it could be the acquisitions and related amortization. Is there anything else into it? And is this the level at which it will continue? Yeah. I think, largely it is on account of the acquisitions. This amount also includes the licensing amortizations that we had, because of the mirabegron settlement. That will be up to the first quarter of FY 2027, 2028. Do you mind calling out that number? Roughly, at least. We have not called out that number specifically because of the confidentiality. Okay. Anyway, it will end in the second quarter of FY 2028, correct? Yes, that is correct. Okay. Thank you. Thank you. The next question is from Sayan Mukherjee. Yeah, thanks for the follow-up. As you mentioned about the brand part of the business becoming two-thirds or more in the medium term, and this year has been more of an investment year for you. With that business mix changing towards brand from 24% EBITDA margin today, where should you expect, let's say from an FY 2030 perspective, when you achieve those targets, your EBITDA margin to settle at? I think from the planning point of view, yes, when we are able to scale up our branded business towards two-thirds, then we should see an improvement in EBITDA margins. Obviously, the first couple of years now you'll see an investment phase on Saroglitazar and some of the other portfolio, and also some improvement increase in R&D. But ideally, we would want to be improving our EBITDA margins to the 28%-30% + range as we move closer to the five-year period. Okay. Thank you. Thank you. The next question is from Rashmi Shetty. Yeah. Thanks for the opportunity. Am I audible? Yes. Just one bookkeeping question, on Assertio, whatever consideration amount, how much are you allocating to goodwill, intangibles or anything in gross profit? We have a window of 12 months to finalize in terms of what should be the purchase price allocation of this entire consideration. But the large part of this will be towards the brand, as well as the platform that we have got from the commercial platform that we got from this particular acquisition. So large part will be towards intangible. Okay. Amortization and all has not come in in quarter one, right? For this quarter. Yes, that's correct. Okay. On your Comfort Click business, how do you see growth for this piece in FY 2027 and going ahead? We are seeing good, strong, double-digit growth for the business and we see that happen for this year. Okay. For the entire consumer business also, you see a strong double-digit growth only, right? Yeah. We are looking at double-digit growth. Okay. How many launches are planned for the U.S. business for this year? Between 30 - 40, depending on multiple scenarios, but at least 30+ launches. Okay. This includes the specialty launches also, right? Hello? Yes. This includes the specialty launches also, right? Yes. Okay. Thank you. That is it from my side. Thank you. The next question is from Surya Patra. Yeah. Thanks for the opportunity, sir. Sir, in fact, first question is about the gross margin. Sorry if I am repeating the question because I slightly late join the call. See, gross margin this quarter had seen a kind of a dip both sequentially as well as YoY, despite of the fact that there would be some currency tailwind that would be there. So how should one understand this? Is it entirely due to the kind of a royalty or the commission that we are paying for mirabegron, or what is the reason that would be? Surya, on a gross margin perspective on a quarter-on-quarter, that is because of this mirabegron settlement, we had the higher cost associated with that because of the arrangement that we had with the innovator. That is impacting on a quarter-on-quarter basis. Okay. Is it fair to believe that, sir, then this mirabegron issue would be there in the first half, second half onwards, it would be subsiding substantially. Then second half gross margin scenario will go back to the normalcy situation, excluding for the kind of whatever special situation product opportunity that is there with us. Is that understanding right? No, I think maybe you can contextually think differently. Mirabegron is a very good profitable driver, so it is not a negative to the business. In spite of whatever royalty agreements we have, it still has very strong profitability. I will not say mirabegron is not the negative side of the story, but the positive side of the story, because it continues to be semi-exclusive. Factoring for all of that, we have still guided for a 24% EBITDA margin. Okay. A kind of a balanced, kind of a margin trajectory for all of the quarter that we are indicating that way. Sure. Yeah. That is what we are guiding for. Sure, sir. Second question is about the Saroglitazar U.S. plans, the launch plans, if you can talk about, and the associated cost, along with that, the likely timeline, what one should think, whether it will have an initial cost impact in FY 2028, or how should one think, if you can just. As I said, Saroglitazar is an FY 2028 launch. We can give you better in the last quarter when we are coming near to launch. Okay. The first two quarters will be a build-out phase for the investment that we make. Even this year and the coming year, we would see uptake in investment and post. That is what we are building for, and that is how we are also guiding in terms of our margins, assuming that there will be investment on Saroglitazar. Okay. In regards to the domestic business piece, sir, in fact, as you mentioned in the call itself, that your performance was one of the best in the semaglutide side because of your own brand as well as the kind of a partnership route what you would have adopted. But whether this is a sustainable kind of a trend even in the subsequent quarter, or it is the initial benefit of channel filling and all that, what the street would have seen for everybody. So hence, whether it is a likely sustainable trend, hence the growth in the domestic market should remain elevated and stronger. How should one think about this semaglutide boosting the kind of a growth momentum here in India? On semaglutide, yes, it is a sustainable momentum. But having said so, our 20% growth is not factored around semaglutide. Semaglutide is a contributor, but a small contributor to that. Our growth has come from our other products rather than semaglutide. Okay. Just last one point, sir. See, we know that this year you have mentioned about a kind of a sustaining some single digit kind of a growth for the U.S. business, but because of the mirabegron impact. But going back again to FY 2028, if we talk about, given the pipeline and given the kind of the Everence products exclusivity that is there. So again, can we think about double digit kind of growth in the U.S. business? I mean, there are all things that we're doing with obviously on the generic as well as on the branded side scaling up. So obviously, we'll see a better profile versus this year. Sure. Yeah. Those are the questions. Thanks for taking all my questions. Thanks. Thank you. The next question is from Vishal Manchanda. Hi. Thanks for the opportunity. Would you be able to share some color on aflibercept biosimilar launch? Because you were the first one to launch that in India. Is that shaping up well, and can that be large? Yeah, I think the initial traction is good for us. It's a very critical product with high quality specs that is required for this, and we are seeing good results on the launch of the biosimilar. From the ophthalmology side, this will be a meaningful product for the business. That's picking up traction well based on your initial assessment? Yes. Okay. I also saw you also in-licensed the innovator product also in the same category. Is that right? You mean the generic biosimilar of that, right? Yeah. No, the innovator brand as well is something you have in-licensed. So EYLEA, which is the innovator brand, has Zydus in-licensed that as well? We've not licensed the innovator brand. Okay. Thank you. That's all from my side. Okay. Thank you. We will wait for the queue to assemble. If anybody wishes to ask the question, please raise your hand from the participant tab on the screen. Thank you very much to Zydus Lifesciences management team. Ladies and gentlemen, on behalf of Zydus Lifesciences, that concludes today's conference. Thank you for joining us, and you may now disconnect your line and exit the webinar.