Erez Israeli: Likely that we are going to see it already this year, this fiscal. The — and in terms of the innovation, what we see now is the launch of deals that we signed a year ago. So it takes about 12 to 18 months from the time that you sign a deal until you get your products approval. Naturally, you need to go to the regulatory process. In some of the cases, we need to do clinical trials and then regulatory process and then it takes a bit longer. And this is also right now the main efforts in terms of building the portfolio in India. In each one of them, it’s about to bring the products that are either going to be the standard of care or better than the current standard of care. In addition, the business and products that we are focusing on in India are growing in double digits. And likely that they will be more dominant in the future in that respect.
Neha Manpuria: So just to understand this correctly, we are saying that we will be able to achieve double-digit growth in India this year?
Erez Israeli: I believe that in the end of the year, we should see double-digit growth and to continue in the quarters after.
Neha Manpuria: And how many of the licensing deals have been completed in India so far? Just to get a broad sense? And is there any monetary value that we can attach to this is the potential market opportunity or market size of these deals?
Erez Israeli: So I hope I’m giving you the right numbers, but it should be around 10. And we are normally going for a product, it will be at least . And of course, some of them can be much more than that.
Operator: The next question is from the line of Saion Mukherjee from Nomura.
Saion Mukherjee: Yes. Sir, can you tell us on biosimilar rituximab, what’s the time line you’re looking at now for the U.S. and European markets?
Erez Israeli: We submitted it in April. We just got the preapproval inspection. So we will answer it by November. So now we hope that it will stay on course and — let’s say if everything will be okay, we will be able to launch it in the beginning of FY ’25.
Saion Mukherjee: Okay. And if I look at quarter-on-quarter revenue in the U.S., which is sort of flattish, can you just share the dynamics with respect to main contribution REVLIMID and the base business, how each of these buckets have moved quarter-on-quarter?
Erez Israeli: Most of the growth came from volume growth and demand portfolio.
Saion Mukherjee: Okay. And finally, on the U.S., how many launches we are expecting for the full year, how much we have done so far in the first half? And how should we think about material launches from your pipeline? If you can guide something in terms of time line, where you could expect some material launches to happen? .
Erez Israeli: Sure. So this year, we are still on track with the 25 to 30 launches. And we have identified a group of between something 25 to 30 products which are material that will be launched in FY ’25, in FY ’26 and FY ’27.
Saion Mukherjee: How many of sir, 25 products you’re saying across these 3 years.
Erez Israeli: 25 to 30 because there’s some uncertainty about time of approval. So that’s what we can guide.
Saion Mukherjee: And I mean, when you say material, what kind of revenue potential typically our product with the material contribution would contribute?
Erez Israeli: It has to be at least with a single digit in millions of dollars of sales.
Operator: The next question is from the line of Surya Patra from PhilipCapital.
