BBL+BL merger and structured-debt arc closed Q3 (Goldman/Kotak/Edelweiss retired).

On Stelara biosimilar: what kind of market uptake are you expecting given it's a Part D product and potential Humira-like dynamics?

As you can imagine, we are very excited about the upcoming launch for biosimilar, Ustekinumab. We will be amongst that wave of products that will be coming to the United States. But I also want to draw your attention that this is a global launch. So, we will be looking to bring this product to Europe as well. There is a huge opportunity that we are looking forward to. I do acknowledge what you said about the Part D and the past that has been the case with the biosimilar Adalimumab. obviously, we are very conscious of that. Our teams are working very hard with customers, both commercial as well as the government customers as well. We believe we will be very competitive in this space, both for Ustekinumab and even as we progress the Adalimumab asset as we go forward. So very exciting times for us as we get into a global launch for a very large asset.

Market share gains don't seem to be matching profitability improvement. Is growth coming from low-margin channels?

I wouldn't say that it's a low-margin business or we have probably seen growth only in terms of the low profitability channels. We have 2 products in the oncology space that operate in the Part B or the medical benefit space. And we have seen significant growth there in terms of how our products have performed both for Pegfilgrastim, which have seen a huge improvement from low double digits to actually mid-20s, which is a substantial shift. And that's come very profitably. So, it's not coming through the lower-margin channels. Likewise, with Trastuzumab as well. The margins for the Biocon Biologics business have been quite healthy. And we continue to invest in R&D in that 6%, 7% to 9% range that we have guided. So that's been also quite healthy. And we continue to have an EBITDA margin of 22% to 23%.

Model adjustment: about 150 bps overhead charge on BBL inventory for the quarter?

I think, for the quarter, you should model about 150 basis points of revenue as overhead charge on the inventory. So that's a timing in nature. We'll recover it in quarter 4. As we adjusted inventory, I think the overhead hits the gross margin line. So that's the adjustment and modelling you need to do.

Biocon buying 1.5% stake in BBL via short-term bridging loan — what's the fully diluted holding after this and current net debt?

We will get closer to 72% after the acquisition. Syngene is USD 100 million net cash positive. In Generics we have roughly similar amount of net debt. And at Biocon Biologics, that's roughly USD 1.25 billion. This is now in December. So, you will add another USD 65 million of the commercial paper, so that will get you to USD 1.3 billion.

When does Generics return to mid-teen growth? Liraglutide UK launch timing?

As you have seen in this quarter, we have had a 10% sequential growth, and a large part of that growth has come from increase in API business, so very little contribution from peptides yet during the third quarter. And as Peter mentioned in his opening remarks, Liraglutide would be launched in the U.K. in the fourth quarter. We have already shipped the material to our testing site in Europe. The product is getting tested and will get released and launched by a partner and us in the fourth quarter. Post the national approval of Liraglutide in Europe, we are doing national registries in each country, and we expect that launch to happen in the first quarter of next fiscal. Yes. Fiscal 2026 itself you will start seeing this growth.

Now that Malaysia facility is cleared, what's pending for Bevacizumab and Aspart US approvals?

The only thing that it really which was open, there was no open question on the science or the dossier, both for Bevacizumab or for Aspart that and the agency had indicated that. The only piece that was remaining was the site GMP status. With that achieved, we have responded to them saying that we have now completed this. And we want them to reconsider our application at the earliest. So that is the process that is ongoing. And our regulatory team is in conversation with them to see how we can move this in an expedited manner.

On capital allocation — you're buying BBL stake but also selling Syngene. Will Syngene go below 50%? What's the plan for debt reduction?

It is a balancing act over time. We have had a series of obligations that we had to meet, and we've been meeting them properly, obviously, the Viatris full and final settlement on the acquisition, we have spoken about. We have had other financial obligations, which we have met. That is been balanced with the investment in the business to prepare for this next wave of growth. We will continue to balance meeting the obligations that we have as and when they may come due as we have done very recently. That's a short-term measure of a bridging loan. But we are committed to and will continue to look to pay down debt as we move forward. In regard to the specific question about the holding in Syngene, I think we're down now to around 52%. And I think we would like to keep it there, and we'll be exploring other options going forward.

What is Biocon's status on Semaglutide given approaching patent expiries in Canada, Brazil, China, India?

The development is going well. We have already filed our DMF in the U.S. It is already listed on the FDA website. We have done the drug product development batches and charged it on stability. We have also completed India bioequivalence study, which is important for filing in many markets because certain markets require bioequivalence and that successfully passed. From a scientific perspective, the file is ready to file, and we will be looking at filing it in the markets. Some of the markets that you mentioned in first quarter of next fiscal, and of course, the review cycle varies in each of these countries. And depending on the approval, we will be looking at entering, may not be on day 1, but may not be too far from the other competitors who might launch the product on day 1. My expectation is that we should start receiving approvals in some of these markets by end of calendar 2026.

Insulin plant expansion — where does it stand and how much capacity addition?

The insulin, overall, is a very important product for us. And I think it is a very strategic play globally for us. There is no real biosimilar competition that we see for insulins across geographies. We made investments over the years and the most recent investment that you are referring to has doubled our capacity for drug product, which is expected to come online any time end of this quarter. So that is something that we expect to significantly boost our capacity for drug product manufacturing. We are also expanding our insulin drug substance, which we had guided in the past, and that's underway. Once that's completed, we expect to see a doubling of that drug substance capacity in Malaysia as well. So that will take us another couple of years to do, but that's something that we had started about a year ago. And it's important to note that Biocon Biologics is amongst the top 3, 4 players of the insulins in the world.

What was the Viatris full and final settlement amount in December quarter?

The Viatris settlement, Love, was about the deferred payment that we had to work on. And like we have said, we have been able to close out the entire USD 335 million, USD 175 million of that we had closed previously, which we had indicated and now we have closed the remaining USD 160 million. So, with this now, there is a full and final settlement and closure of all transaction that was related to the Viatris acquisition.

How prepared are you for Ustekinumab launch and when is Denosumab expected in US?

We are well underway in our launch planning with our customized with our customers in regard to the channel strategies we have in Part D. We are leveraging the existing relationships we have, and we will be driving the synergies that we have in the United States already established. I think what's clearly different, that's probably on a lot of people's minds is, how is this different than Adali? and how it's different than Adali is we've had plenty of time now to engage and also communicate to customers. Adali had a legal kind of hold where we couldn't speak to them because of all the settlements. The other thing that's different is that there's no w a track record in this immunology piece in which players are more comfortable. And last thing I'll say here is that because of our active engagement, because of our sales force, we have already secured some important contracts that are part of our plan, and we look to continue to expand upon that as it gets closer and closer to our launch date.

What's the significance of China Tacrolimus approval and Cranbury US facility qualification for Generics?

China is a very difficult market where Indian companies have not been able to successfully penetrate in a large number of drugs. But Tacrolimus is an important drug for us and is an important drug in China. It is still a large value market in China with a very limited number of local players. Our partner CMS is getting ready to launch the drug in the retail market. In terms of U.S., Cranbury site was acquired because most of these drugs were manufactured at contract manufacturers in various parts of the world, we wanted to consolidate that and be closer to our customers and the facility allows us to participate in the local government business, which requires manufacturing in the U.S. So, we have got 3 approvals from that facility. We are also expanding the capacity of that facility, which will be ready by the middle of this calendar year.

What's the geographic revenue split for BBL — North America, Europe, Emerging Markets?

If you look at it roughly, our business is between advanced markets and emerging markets about 75%-25%. And between the advanced markets, if I were to take a split between North America and Europe, Japan, Australia, you roughly see it biased slightly towards the U.S., maybe 40%-35% is what it would be between North America and the rest of advanced markets. So that's the rough split, I would say, 40%-35%-25%. That is how the split would be between these 3 regions.

With GLP-1 companies focusing elsewhere, are you seeing reduced insulin competition from innovators? What's the 3-5 year view?

insulins are here to stay regardless of how the GLP-1 agonist strategy plays out because that is certainly an important therapy area in the segment, and we are very bullish about the GLP-1 segment as well. We are seeing a continued demand. We are seeing an increased focus on this. Globally, there is a requirement for this product, which continues to be there. You're right, they are out of the 3 large companies which were making insulins, 2 of them have GLP-1s in their portfolio and clearly more remunerative in their mind probably in the near term. The focus and attention could be, like you said, being in another place. But we are very focused on both. And Biocon Biologics is very focused on insulins. And given our full integration from drug substance, drug product to devices, we are seeing an increase in the opportunity, particularly in emerging markets and then the United States as well.

How does Biocon standalone Generics look from a 3-year perspective on growth and margins?

I had addressed a previous question where I had reaffirmed that we are looking at the mid-teen kind of growth. There could be periods when it's higher, there could be periods when it's lower. But overall, directionally, I think peptides is going to be an important growth contributor over the next couple of years, starting with Liraglutide in FY 2026 and start of Semaglutide in FY 2027. And in FY 2028, we will see a significant contribution coming from both Lira, Sema and even on the synthetic side, whether it's OSDs or the other injectables that we have or the increased capacities that we are creating for our fermentation products or the synthetic products. So, sum total of all, we definitely expect a good growth over the next 2 to 3 years. For margins: directionally, what I have guided for is an EBITDA margin of 10% to 12%. We will get closer to 13%, 14% in 1 or 2 years.

R&D at lower end of 7-9% range for last few quarters — what's the pre-filing pipeline and R&D outlook?

Many of these R&D spends, Alankar, as you know, are cyclical in nature. So, as you take products past the clinical stage, then you will see a slightly lower spend in our investment in R&D, then you would see when products are in the clinical phase. Now, incidentally, for us, we had 3 products which were in the clinic at the same time, and which moved out of it also at the same time. What you are seeing effectively we filed for Aflibercept, we moved that out. We filed for Ustekinumab, that got approved. We have done Denosumab and that's got approved, too. You have seen products which would have then peaked at one time and then it's ebbed. And you see the next set of products, which we are developing, some of them undisclosed until we actually move past that stage.

What is the Vizag facility utilization and customer pipeline?

It will be used for our API customers as well as our captive consumption. Our API customer base is much larger than our own formulations business. We have some very strategic customers in the U.S. and Brazil who are qualifying Vizag as well. And that is also to derisk their own dependency on 1 site, which is in Bengaluru. So that gives them a supply assurance from a second site. And we are also locking in additional customers from Vizag and that will drive the volume growth. No. I mean I think in the initial years, it will be low. We are looking at what's the best way of increasing the utilization from this facility.