以研发为基础的制药公司RPG Life Sciences董事总经理阿肖克·奈尔表示，在近期完成多笔收购后，公司目标是其活性药物成分（API）业务实现25%的复合年增长率，并计划在未来12个月内再收购一项资产。公司已设立RPG Active Pharma，引入战略合作伙伴，并完成两笔收购，以强化其API业务。奈尔在公司第二季度财报发布后表示：“在完成这些收购后，我们希望实现25%的复合年增长率，而且我们渴望进行更多收购。”
Ashok Nair, Managing Director of RPG Life Sciences, a research-based pharmaceutical company, said the company is targeting 25% compounded annual growth rate in its active pharmaceutical ingredients business following recent acquisitions and is looking to acquire another asset over the next 12 months. The company has created RPG Active Pharma, brought in a strategic partner and completed two acquisitions to strengthen its API business. Speaking after the company's second-quarter earnings, Nair said, "We want to grow at a 25% CAGR after the acquisitions, and we are hungry for more acquisitions."
他还表示，公司拥有“50亿卢比的资金池，我们正在寻找未来12个月内的另一项资产”。此番言论表明，RPG Life Sciences正专注于扩大其API业务，同时拓宽客户基础并进入新市场。RPG Life Sciences股价下午2点45分在印度国家证券交易所报2,624.80卢比。该银行市值为434.017亿卢比，而该股过去一年涨幅超过8%。
He added that the company has "a ₹500 crore pool, and we are looking for another asset in the next 12 months." The comments signal RPG Life Sciences' focus on expanding its API business as it broadens its customer base and enters new markets. RPG Life Sciences shares were trading at ₹2,624.80 at 2:45 pm on the NSE. The bank has a market capitalisation of ₹4,340.17 crore, while the stock has gained more than 8% over the past year.
奈尔表示，公司季度营收首次突破20亿卢比，并公布了有史以来最高的调整后营业利润。他表示，尽管运费、溶剂和包装成本上升，业务仍继续保持增长轨迹。在回应政府限制某些抗癌药物贸易利润率的担忧时，奈尔表示，公司预计不会对其财务产生任何重大影响。他说：“我们自己的销售价格不会改变……对我们的销售额或利润率没有重大影响。”
Nair said the company crossed ₹200 crore in quarterly revenue for the first time and reported its highest-ever adjusted operating profit. He said the business continues to maintain its growth trajectory despite higher freight, solvent and packaging costs. Responding to concerns over the government's move to cap trade margins on certain cancer drugs, Nair said the company does not expect any material impact on its financials. "Our own selling price does not change... there is no material impact on our sales or margins," he said, adding that lower prices for patients could improve treatment access and support volumes in the oncology business over time.
他还表示，患者用药价格降低可能会改善治疗可及性，并随着时间推移支撑肿瘤业务的销量。这是对你本季度业绩的剧烈反应。目前该股下跌约10%。在你看来，关键担忧可能是什么？是这次利润率一路降至约19%吗？
It's a sharp reaction to your numbers this quarter. The stock is down around 10% at this point in time. What might be the key concern, according to you? Is it the margins coming down all the way to around 19% this time?
在回答这个问题之前，请允许我先说明，第二季度对RPG生命科学公司而言是一个充满里程碑的季度。我们首次实现季度营收突破20亿卢比，增长16.5%。我们还首次实现单季息税折旧摊销前利润（EBITDA）达到5亿卢比，调整后EBITDA增长15%，剔除约6000万卢比的一次性收购成本后，税前利润（PBT）也录得稳健增长。
If you could just explain what pressures you have faced in operating expenses, and what are you guiding for? Before I respond to that, let me tell you that Q2 has been a quarter of milestones for RPG Life Sciences. For the first time, we crossed ₹200 crore in quarterly revenue, growing 16.5%. We also delivered our first ₹50 crore earnings before interest, taxes, depreciation, and amortisation quarter, with our adjusted EBITDA growing by 15%, and excluding the one-time acquisition cost of around ₹6 crore, PBT also recorded healthy growth.
整体业务继续加速增长，利润率状况良好。更重要的是，在非常艰难的环境下，我们的毛利率扩大了260个基点。事实上，西亚冲突推高了全行业的运费、溶剂和包装成本，我认为我们行动较早，建立了战略库存，优化了产品结构，并在定价上保持纪律。另外，看我们的国内业务，上半年我们增长了13%，而行业增长为11%，现在我们已是印度制药市场增长第四快的公司。
The overall business continues to record accelerated growth with a healthy margin profile. Now, what is more important is that our gross margins expanded by 260 basis points in a very difficult environment. In fact, the West Asia conflict pushed up freight, solvent, and packaging costs across the industry, and I believe we acted early, built strategic inventory, improved our product mix, and priced with discipline. Also, if you see our domestic business, we grew 13% in H1, against the industry growth of 11%, and now we are the fourth-fastest-growing company in the Indian pharma market.
我们目前跻身前50强企业，自2025年3月以来在印度制药市场（IPM）排名上升了12位。我们的销量增长了6.8%。那么，回到您最重要的问题——利润率承压的原因，我来解释一下。并不存在利润率压力。正因如此，我们的营业利润率在上升。调整后EBITDA增长15%，营收增长16.5%。所以两者都在良好增长且保持同步，我有信心继续保持这一势头。
We are now among the top 50 companies, jumping 12 IPM ranks since March 2025. Our volumes grew by 6.8%. So, coming to your most important question about the reason for margin pressure, let me explain that a bit. There is no margin pressure. That's why our operational margins are increasing. Adjusted EBITDA grew by 15% and revenue by 16.5%. So, both are growing well and in sync, and I'm confident of continuing this trajectory.
目前的情况是，第二季度税前利润也增长了11%，而报告利润表面上出现的任何放缓，都需要结合2026财年第二季度确认的非常规收益来看。我们确实发布了那份抗癌药物清单，RPG生命科学公司有几款抗癌药物的价格大幅下降了约90%甚至更多。
Now, what has happened is PBT has also grown by 11% in Q2, and any apparent moderation in reported profit needs to be viewed against the exceptional income recognised in Q2FY26. We did have that list of cancer drugs that came out, and there was a significant reduction of around 90% or more in the prices of a couple of RPG Life Sciences' cancer drugs.
贸易利润率以前有那么高吗？现在这些利润率已被上限设定为30%。首先，我们欢迎政府的这一举措。我认为，让癌症治疗更可负担能够扩大患者的可及性，作为一家负责任的制药公司，我们完全支持这一目标。目前，我们自己的销售价格没有变化。这次合理化调整限制了贸易利润率以及产业链下游进一步加价的幅度，主要是在医院层面，那里有些药品的售价高于采购成本，政府对此进行了正确的干预。
Were the margins that high in terms of trade margins, which have now been capped at 30%?So first of all, we welcome the government's move. I think making cancer treatment more affordable widens patient access, and as a responsible pharma company, we fully support the goal. Now, our own selling price does not change. The rationalisation caps the trade margin and the markup added further down the chain, mainly at the hospital level, where some drugs were sold above the procurement cost, and the government has rightly intervened.
因此，最高零售价下降了，但我们卖给分销商的价格基本保持不变。所以，这对我们的销售额或利润率没有实质性影响。随着时间的推移，这实际上可能对我们有帮助，因为更好的可负担性应该会让更多患者接受治疗，这将支撑我们肿瘤学和专科产品组合的销量。我相信你还记得，2017年也发生过同样的事情。自那以后，你会看到肿瘤治疗和患者可及性只会不断改善和扩大。
So, the MRP comes down, but the price at which we sell to distributors stays broadly the same. So, there is no material impact on our sales or margins from this. Over time, it could actually help because better affordability should bring more patients into treatment, which will support volumes across our oncology and specialty portfolio. And I'm sure you'll recall that the same thing happened in 2017 as well. Since then, you'll see that oncology treatment and patient access have only improved and expanded.
你们的原料药收入在第二季度几乎翻了一番。是什么推动了这一增长？这是你们能够持续的吗？如果这种情况持续下去，你们的整体利润率会怎样？你看，我们的工厂已经恢复运转。该部门已经恢复运营。如果你还记得，上次我们在第一季度遇到了挑战。但现在，看看我们前进的方式、我们新增的客户以及新的市场，我们肯定会实现两位数的增长。
Your API revenues have nearly doubled in Q2. What led to that growth? Is this something that you'll sustain as well? And if that continues, what happens to your margins overall? So, if you see, our plant is back. The unit has come back to operations. If you remember, last time we had a challenge in the first quarter. But now, looking at the way we have moved, the new customers we have added, and the new markets, we will surely deliver double-digit growth.
在原料药方面，我们也以速度和决心推进。在短短几周内，我们创建了RPG Active Pharma，引入了InvAscent作为战略合作伙伴，并完成了两项收购。我们希望在收购之后实现25%的复合年增长率，而且我们渴望进行更多收购。我们有5亿卢比的资金储备，并且正在寻找下一个资产，时间在未来12个月内。我只想回到关于肿瘤药物的整个讨论，因为这对患者很重要。
In API as well, we have moved with speed and conviction. In just a few weeks, we created RPG Active Pharma, brought in InvAscent as a strategic partner, and completed two acquisitions. We want to grow at a 25% CAGR after the acquisitions, and we are hungry for more acquisitions. We have a ₹500 crore war chest, and we are looking for another asset in the next 12 months.I just want to revert back to that entire debate regarding oncology drugs because this is important for patients.
我想了解，为什么你们销售的同一款药物——一种乳腺癌药物——在不同公司的定价不同。与另一家公司相比，你们的贸易利润率要高得多，而那家公司的贸易利润率则低得多，因此几天前刚刚公布的印度国家药品定价局（NPPA）清单中的生产价格并未改变。你对此有何评论？那么再说一次，下降的是最高零售价（MRP）。
I wanted to understand why the same molecule that you are selling, which is a breast cancer drug, is priced differently across companies. Yours had a much higher trade margin compared with another company where the trade margins were much lower, and hence the manufacturing prices were not changed in the NPPA list, which was published just a couple of days ago. Your comment on that? So again, the MRP is what is coming down.
我们没有改变我们的销售价格。我们对所有医院的销售价格都是一样的，不同机构有不同的患者支持项目方式以及向医院供应药物的方式。挑战在于医院向患者转嫁了什么。因此，我们的销售价格保持不变。最高零售价因产品和上市时间而异。但现在，在我们销售价格之上有30%的加价，而这正是医院必须收取的价格。因此，他们现在需要做什么已经完全明确了。完整采访请见，
We have not changed our selling price. Our selling prices are the same for all hospitals, and different organisations have different ways of having patient support programmes and making the drug available to hospitals. The challenge is what hospitals pass on to patients. So, we continue to have the same selling price. The MRPs are different depending on the product and the time of its launch. But now, there is a 30% markup over the price at which we sell, and that is the price that hospitals have to charge. So, there is complete clarity on what they have to do now. For the full interview,