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Here are the major questions and their detailed answers from the Q&A section of the Sanofi India Limited earnings transcript dated 04th November 2025:

1. Param Vora: "Is there any part of geographic expansion, given that despite exporting to 28+ countries, revenue contribution from India is 81% and Singapore 18%?"
   Rachid Ayari: "Yes, we are actively targeting new markets, with Russia already part of our exports since late last year, and South Africa is in our plans as well. We are exploring additional markets, and the work is ongoing."

2. Rajakumar Vaidyanathan: "Will the drop in exports be picked up over time, or is this the new normal?"
   Rachid Ayari: "The decrease was expected due to the divestment of the Ankleshwar site in 2020. Although some loss will persist, we are working on increasing exports through new markets and restoring volume in Goa. The drop affects revenue but not significantly impacts profit due to lower export margins."

3. Rajakumar Vaidyanathan: "Are we comparing sales apple-to-apple with the partnership model affecting pricing?"
   Rachid Ayari: "While it's not exactly apple-to-apple due to distribution and marketing agreements, our comparisons consider these factors. The goal is to leverage partnerships for effective market reach, focusing on Tier 2 and Tier 3 cities."

4. Rajakumar Vaidyanathan: "Any new product launches planned for the upcoming quarters?"
   Rachid Ayari: "Currently, we don't have new launches planned for 2026 as we're focusing on existing products. However, we continue assessing potential products for future introduction."

5. Brajesh Nirala: "What impact do you expect from the generic semaglutide launch in March 2026?"
   Suresh Babu: "Research shows that GLP-1 drugs will not fully replace insulin initiation. Healthcare providers still emphasize insulin, so while there may be initial delays in insulin use, confidence in insulin remains strong."

6. Bakshu Babu: "What is Sanofi India's plan for biosimilars and revenue expectations from this segment?"
   Suresh Babu: "Despite biosimilars entering the market, we maintain a significant share in the insulin segment, with Lantus holding about 50%. We're focusing on leveraging this position rather than heavily pursuing biosimilars for now."

7. Lakshmi Narayan: "Are there any strategies to capture the market left by Novo Nordisk's exit?"
   Suresh Babu: "We acknowledge that Novo's exit can shift market dynamics, but we focus on strengthening Lantus's position. While human premix insulins are commoditized, we aim to keep Lantus as a preferred choice for HCPs."

8. Palak Shah: "What is the net impact of partnerships on revenue and costs?"
   Rachid Ayari: "There is a net impact on revenue due to the gross-to-net model with partners. The expected growth isn't immediate due to the competitive nature of the market, but it should improve over time as we build market share with our partners."