• EBITDA margin baseline: The company recorded a 19.5% EBITDA margin, staying close to its ~20% baseline target without contributions from Lenalidomide and Semaglutide.
• Target growth outlook: Management reiterated that Dr. Reddy's remains a double-digit growth company with a long-term target of around 25% EBITDA.
• FY27 launch impact: Upcoming launches of Semaglutide and other high-margin products are projected to lift EBITDA margins above the 20% level during FY27.
• Competition and pricing: Due to very high market demand, initial product margins are expected to be healthy alongside generic and innovator competition, with prices gradually declining as more players enter.