Financial Performance - The company reported a consolidated revenue of 8,727 crores (approximately $971 million), reflecting a year-over-year growth of 4.4% but a sequential decline of 0.9% [5][9] - The EBITDA margin was reported at 23.5%, which included a one-time provision related to new labor codes in India; adjusting for this, the underlying EBITDA margin was 24.8% [4][8] - Profit after tax attributable to equity holders was 1,210 crores (approximately $135 million), a decline of 14% year-over-year and 16% sequentially [9] Business Line Performance - The North America generic business generated revenues of $338 million, a decline of 16% year-over-year and 9% sequentially, primarily due to lower lenalidomide sales and pricing pressures [18] - The European generic business reported revenue of $140 million, showing a growth of 4% year-over-year and sequentially [18] - The emerging market business delivered revenue of 1,896 crores, reflecting robust growth of 32% year-over-year and 15% sequentially, driven by new product launches and favorable forex [19] - The India business reported revenue of 1,603 crores, achieving a healthy double-digit growth of 19% year-over-year and 2% sequentially, attributed to innovation and new brand launches [20] Market Performance - The company’s emerging market segment, particularly Russia, showed a growth of 21% year-over-year and 16% sequentially in constant currency terms, despite adverse macroeconomic conditions [19] - The company continues to outperform the Indian pharmaceutical market, with a moving quarterly total months growth of 12.3% compared to the market growth of 11.8% [20] Strategic Direction - The company entered a strategic collaboration with Immutep for the commercialization of a novel immunotherapy oncology drug, Eftilagimod Alpha, with potential milestones of up to $350 million [13] - The integration of the acquired nicotine replacement therapy business is progressing well, with 85% of the business now under operational controls [14] - The company is focused on advancing its key pipeline products, including Semaglutide and Abatacept, and aims to launch these products in various markets [15][16] Management Commentary - Management expressed confidence in the sustainability of growth in the India business, attributing it to the performance of innovative products and effective pricing strategies [25][30] - The company anticipates a competitive landscape for Semaglutide in Canada but remains optimistic about maintaining healthy pricing [31] - Management indicated that the new labor law provisions would have a limited impact on future employee expenses, estimating a potential increase of less than 50 basis points [42] Other Important Information - The company announced a science-based net-zero climate target, making it the only Indian pharmaceutical company to commit to such a target by FY24 [18] - The company has a net cash surplus of 3,069 crores (approximately $342 million) as of December 31, 2025 [9] Q&A Session Summary Question: How should organic growth for the India business be viewed, considering the Stugeron acquisition? - Management indicated that organic growth without acquisitions would still be above 17% [25] Question: What is driving the strong growth in the India business? - The growth is primarily driven by innovative products that are gaining market recognition [26] Question: What are the expectations for Semaglutide approval in Canada? - Approval is expected between the end of February and May, with preparations for a launch in Q4 [28] Question: What is the outlook for SG&A spend in FY27? - SG&A spend is expected to grow at a slower rate, with a focus on cost containment [55]

Q3FY26 RESULTS UPDATE Dr. Reddy's 1 | September 2025 | Investor Presentation | As per consolidated financial statements under IFRS Safe Harbor Statement Dr. Reddy's •·· ~;• 21 JANUARY 2026 This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statemen ...

Q2FY26 RESULTS UPDATE Dr. Reddy's 24 OCTOBER 2025 1 | September 2025 | Investor Presentation | As per consolidated financial statements under IFRS Safe Harbor Statement This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fac ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Healthcare - **Key Indices Performance**: HSHCI/HSHKBIO indices rose by 0.2% and 0.1% respectively from August 4 to August 8, 2025. SW Healthcare A/H indices moved -0.8% and +2.5%, ranking 31st and 20th among A/H-share sectors [1][1][1]. Company Insights - **Saint Bella**: Initiated coverage with a Buy rating due to its strong position in postpartum care and long-term family care potential, which may be overlooked [1][1][1]. - **Wuxi Bio**: Upgraded to Buy as it is well-positioned as a biologics CDMO amid therapy upgrades from chemotherapy to antibody-drug conjugates (ADC) and from monoclonal to bi/multi-specific candidates [1][1][1]. Subsector Performance - **Medtech**: Outperformed in A shares with a +2.7% increase, likely due to sectoral rotation within healthcare [1][1][1]. - **Biologics**: Outperformed in H shares with a +6.3% increase, primarily driven by small-cap biotechs [1][1][1]. Notable Company Performances - **Innovent**: Reported H125 product sales exceeding RMB 5.2 billion, up more than 35% year-over-year, surpassing estimates of RMB 5.1 billion [3][3][3]. - **3SBio**: Issued new shares to Pfizer worth HK$7.85 million, equating to 1.28% of its total post-IPO equity [3][3][3]. - **Huadong**: Released phase II trial results for HDM1002, showing weight reduction of -4.63%, -6.08%, and -2.88% in different dosage groups after 12 weeks [3][3][3]. Regulatory Developments - **Generics GPO**: The National Joint Procurement Office started demand reporting for the 11th round of national centralized drug procurement, allowing reporting by product name or brand for the first time [2][2][2]. - **Biosimilar VBP**: Initiated by the Anhui Provincial Pharmaceutical Procurement Center for eight monoclonal antibodies [2][2][2]. Investment Recommendations - **Top Picks**: Include Innovent, 3SBio, Wuxi Apptec, and United Imaging among others [1][1][1]. - **Medtech Focus**: Added United Imaging to top picks while retaining Weigao [1][1][1]. Risks and Challenges - **Healthcare Industry Risks**: Include potential price cuts from GPO programs, intensified competition, lower-than-expected innovative drug prices for NRDLs, slower consumption recovery, stricter regulations, and geopolitical tensions impacting operations [35][35][35]. Additional Insights - **Funding Trends**: Biopharma funding in July 2025 showed a year-over-year increase of 133% and a month-over-month increase of 34% [8][8][8]. - **Clinical Trials**: The number of registered clinical trials in China has been on an upward trend, indicating a robust pipeline for future drug development [22][22][22]. This summary encapsulates the key points from the conference call, highlighting the performance of companies within the China healthcare sector, regulatory changes, investment recommendations, and potential risks.