• Biosimilars growth: US business momentum is driven by sustained traction in oncology biosimilars Fulphila and Ogivri, alongside new revenue contributions from Yesafili (biosimilar Ustekinumab).
• GLP-1 expansion: The company views peptides as a long-term play, utilizing manufacturing, device, and front-end synergies from its insulin business while preparing regulatory filings across markets like Canada, Brazil, Turkey, and Saudi Arabia.
• US regulatory impact: Management does not expect Section 232 or most-favored-nation pricing reviews to adversely impact business, stating that biosimilars and generics are viewed favorably as cost-saving solutions.
• Merger and financials: Retiring structured debt will deliver a ₹300 crore improvement in annual interest costs (over ₹75 crore per quarter), supporting a three-phase roadmap to preserve value, consolidate in FY27, and accelerate growth thereafter.