Cipla Ltd at JPMorgan Healthcare Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Since we have some time, if I could ask you some follow-up questions based on the presentation and investor queries that we usually get. First, there were 2 points that I wanted to pick up from your presentations. The ROIC expansion that you've mentioned from the 17% to 20% number, if you were -- you briefly mentioned cost control and capital allocation, obviously. But could you give a little more color on what would drive that REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 12, 2021 / 5:10PM, CIPL.NS - Cipla Ltd at JPMorgan Healthcare Conference (Virtual) ROIC? How much of that is dependent on that incremental revenue opportunity that you talked about, the $300 million to $500 million? And what incremental investment would be required to get to that 17% to 20% number?

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Is it fair to assume that the other businesses like your emerging market business or India market are probably at peak returns from where we are? So is growth more important there to maintain that return?

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Since you've mentioned respiratory, I know we are at the -- you're in a silent period, so I won't ask specific questions for the quarter. But in terms of Albuterol, post-Albuterol, if you could give us some color on what our pipeline looks like over the next 3 years in terms of what we have filed -- what we are planning to file. Any color there is appreciated.

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : And I think the other area that you mentioned was injectable, too. We've seen pretty much every company, every generic company, starting to focus on injectable. Do you think -- and usually given injectable ramp-up tends to be more gradual than your oral solid. By when do we see that as being meaningful opportunity? Is that 2 years away, 3 years away?

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Umang, in FY '21, we did benefit from the COVID portfolio. But then before COVID, we had put the One-India strategy in place. If you could -- I know it's difficult to judge how the strategy is playing out. But in your assessment, has the strategy worked as per your expectations? And what is the end plan here? I mean what do you see One-India strategy achieving for us? Would it be market-beating growth, deeper penetration in certain therapies?

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : The one point I missed on the U.S. is to ask you, I didn't see it in your presentation, U.S. specialty. Post the CRL to Avenue, how are you assessing your plan for the U.S. specialty market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 12, 2021 / 5:10PM, CIPL.NS - Cipla Ltd at JPMorgan Healthcare Conference (Virtual)

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Understood. And on your balance sheet, you're a net debt company now, will generate massive cash flow given the strong launch momentum that we have had. In terms of capital allocation priority, would you -- would this be mostly organic growth? Or are you open to BD opportunities and where would that be focused on?

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Understood. And one last question, if I may. The COVID vaccine opportunity. I know we are not in the development part of the vaccines. But is there any way you think Cipla can participate in it, the distribution or given we have a strong institutional business? Your thoughts there.

Question: Neha Manpuria - JPMorgan Chase & Co, Research Division - Analyst : Thank you so much for your time, Umang. I appreciate you taking time to do this virtually, and hope to see you live next year.