45121895 2024-10-04 2025-12-31 45121895 2024-10-04 2025-12-31 0 45121895 2024-10-04 2025-12-31 1 45121895 2024-10-04 2025-12-31 2 45121895 2024-10-04 2025-12-31 0 45121895 2024-10-04 2025-12-31 0 45121895 2024-10-04 2025-12-31 1 45121895 2024-10-04 2025-12-31 2 45121895 2024-10-04 2025-12-31 3 45121895 2024-10-04 2025-12-31 4 45121895 2024-10-04 2025-12-31 cmn:OtherRenderingOfReportedValueMember 45121895 2025-12-31 cmn:OtherRenderingOfReportedValueMember 45121895 2025-12-31 iso4217:DKK xbrli:pure Regnskabsklasse B Annual report 21243434 CITCO (DENMARK) ApS Nybrogade 12 1203 København K xWizard version 1.1.1550.0, by EasyX Aps. www.easyx.eu Independent Auditor’s Report Basis for Opinion Opinion 45121895 2026-09-01 Michael Pedersen Statement by Management   The executive board have today considered and adopted the Annual Report of Dr. Reddy's Denmark ApS for the period   from 04 October 2024 (date of incorporation) to 31 December 2025. The current Annual Report is a restatement of theAnnual Report for the period from 4 October 2024 to 31 December 2025, presented on 30 June 2026, which is no longer   valid. In Note 1 we have provided details on the reason of the restatement and the impact of the restatement to the financial   statements.   The Annual Report is prepared in accordance with the Danish Financial Statements Act.   In our opinion the Financial Statements give a true and fair view of the financial position as of 31 December 2025 of   the Company.   In our opinion, Management’s Review includes a true and fair account of the matters addressed in the Review.   2024-10-04 2025-12-31 We recommend that the Annual Report be adopted at the Annual General Meeting. Vallensbaek 2026-09-01 Aida-Stefania Trusca Michael Pedersen Page 1 Independent auditor's report To the shareholder of Dr. Reddy's Denmark ApS   Report on the audit of the financial statements   Opinion   We have audited the restated financial statements of Dr. Reddy's Denmark ApS for the financial year 04.10.2024 -   31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes,   including a summary of significant accounting policies. The current financial statements is a restatement of the   financial statements for the period 4 October 2024 to 31 December 2025, presented on 30 June 2026, which is no   longer valid. The financial statements are prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025   and of the results of its operations for the financial year 04.10.2024 - 31.12.2025 in accordance with the Danish   Financial Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional   requirements applicable in Denmark. Our responsibilities under those standards and requirements are further   described in the 'Auditor’s responsibilities for the audit of the financial statements' section of this auditor’s report.   We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants'   International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements   applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these   requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and   appropriate to provide a basis for our opinion.   Emphasis of Matter   The current financial statements is a restatement of the financial statements for the period 4 October 2024 to 31   December 2025, presented on 30 June 2026, which will no longer be valid once the restated financial statements   for the period 4 October 2024 to 31 December 2025 have been adopted at the extraordinary general meeting. In   Note 1 management have provided details on the reason of the restatement and the impact of the restatement to   the financial statements for the period 4 October 2024 to 31 December 2025.   Management's responsibilities for the financial statements   Management is responsible for the preparation of financial statements that give a true and fair view in accordance   with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to   enable the preparation of financial statements that are free from material misstatement, whether due to fraud or   error.   In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a   going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern   basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity   or to cease operations, or has no realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from   material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.   Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance   with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement   when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the  aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of   these financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we   exercise professional judgement and maintain professional scepticism throughout the audit. We also:  - Identify and assess the risks of material misstatement of the financial statements, whether due to error or fraud,   design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and   appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from  fraud is higher than for on resulting from error, as fraud may involve collusion, forgery, intentional omissions,   misrepresentations, or the override of internal controls.   - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are   appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of an   Entity’s internal control.   - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and   related disclosures made by management.   - Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the  financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to   events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we  conclude that a material uncertainty exists, we are required to draw attention in our auditor;s report to the related   disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our  conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future  events or conditions may cause the Entity to cease to continue as a going concern.   - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in   the notes, and whether the financial statements represent the underlying transactions and events in a manner that   gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and   timing of the audit and significant audit findings, including any significant deficiencies in internal control that we   identify during our audit.   Statement on the management commentary   Management is responsible for the management commentary.   Our opinion on the financial statements does not cover the management commentary, and we do not express any   form of assurance conclusion thereon.   In connection with our audit of the financial statements, our responsibility is to read the management commentary   and, in doing so, consider whether the management commentary is materially inconsistent with the financial   statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the management commentary provides the information by   relevant laws and regulations.   Based on the work we have performed, we conclude that management commentary is in accordance with the   financial statements and has been prepared in accordance with the requirements in the relevant laws and   regulations. We did not identify any material misstatement of the management commentary.  Report on other legal and regulatory requirements and other reporting responsibilities   Violation of accounting legislation, including the Danish Bookkeeping Act   The company does not store backups of its accounting records at a third-party supplier in a server situated in EU.   This is not in accordance with the “Danish Bookeeping Act” Section 15, 2 and the “Executive Order on   Requirement for Companies’ Digital Accounting Systems that are Not Registered under the Danish Bookkeeping   Act” section 4, 2, for which management may be held liable.   Copenhagen 2026-09-01 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Flemming Larsen State Authorised Public Accountant mne27790 Company information Dr. Reddy's Denmark ApS Delta Park 45 2665 Vallensbaek Beach 45121895 2024-10-04 Vallensbaek Aida-Stefania Trusca Manoj Kumar Michael Pedersen Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S Management’s review   The current financial statements report is a restatement of the financial statements for the period 4 October 2024 to 31   December 2025, presented on 30 June 2026, which is no longer valid. In Note 1 we have provided details on the reason of the   restatement and the impact of the restatement to the financial statements.   Financial highlights Key figures Operating profit/loss Net financials Profit/loss for the year Investments in property, plant and equipment Equity -56434000 11814000 2498000 7040000 186090000 2897000 9040000 Primary activities   The Company commenced its activities on 4 October 2024.   The Company’s main activity is the sale of pharmaceutical preparations. During the period, the Company has established  and carried out its commercial operations in line with its purpose.   Development in activities and finances   The Company was incorporated on 4 October 2024 and this annual report covers its first financial reporting period. The   Company's activities comprise the marketing and sale of Nicotinell nicotine replacement therapy products in the Nordics.   During the period, the Company established its operational and commercial platform following the Dr. Reddy's Group's   acquisition of the Nicotinell business in Northern Europe, and commenced full commercial operations in the Nordic region.   Revenue for the period amounted to TDKK 226,616, reflecting the successful establishment of the Company's commercial   operations and market presence. The period was characterised by investments in personnel, commercial capabilities and   supporting infrastructure required to build the business and support future growth. The Company realised a profit for the   period of TDKK 7,040. Equity amounted to TDKK 9,040 as at 31 December 2025.   Management considers the development in activities and financial performance during the Company's first reporting period   to be satisfactory. The result demonstrates the successful establishment of the business and provides a solid foundation for   the continued development of the Nicotinell operations in the Nordics.   Uncertainty relating to recognition and measurement   Management considers that there are no significant uncertainties relating to the recognition and measurement of assets and   liabilities in the financial statements.   Unusual circumstances affecting recognition and measurement   No unusual circumstances affecting the recognition and measurement of assets and liabilities have occurred during the   financial year.   Management’s review (continued)   Outlook   Management expects continued growth in the Company's activities during 2026. Following the successful establishment of   operations and the commencement of sales activities in July 2025, the first full year of operations is expected to contribute   significantly to the Company's financial performance. Management expects revenue of approximately TDKK 485,000 and an   operating profit in the range of TDKK 15 - TDKK 17. The anticipated significant increase compared with the reporting   period ended 31 December 2025 is primarily attributable to the fact that commercial operations were only active for part of   2025, whereas 2026 will represent the first full year of sales activity.   Excluding the impact of the partial first year of operations, Management expects the underlying Nicotinell business across the   Nordic markets to continue to grow at a low single-digit rate compared with the comparable prior-year period. Growth is   expected to be supported by continued market demand, commercial execution and the further development of the Company's   position in the Nordic nicotine replacement therapy market.   Use of financial instruments   The company’s current and planned activities do not give rise to any special financial risk as the company only trades with  customers with high credit ratings, and the company’s liquidity resources are expected to be adequately secured. The  company is to a limited extend exposed for currency risk when trading with foreign entities, but most activities are within the   Nordic and the Euro-zone and therefore no material currency risk is expected.   Research and development activities   The Company has not undertaken any research and development activities during the financial year.   226616368 170182366 56434002 14536405 29701634 382427 11813535 2497602 9315933 2275847 7040086 2160050 354247 2514297 398510 2251 400761 2915058 76936666 84195071 12028610 3211959 6802951 183175257 186090315 41000 1959000 7040086 9040086 1663696 1663696 440346 14361052 158176683 2030354 378098 175386533 177050229 186090315 Statement of Changes in Equity   Share   Share   Profit for the   Total   Capital   Premium   period   DKK   DKK   DKK   DKK   Share capital paid   41,000   1,959000   - 2,000,000   Profit for the period   - - 7,040,086   7,040,086   Equity as of 31 December 2025 41,000  1,959,000   7,040,086   9,040,086   1.Restatement   The Danish Business Authorities have performed an inspection of the financial statements report for the period 4   October 2024 o 31 December 2025, presented on 30 June 2026.   They have pointed out that the 30 June 2026 version of the financial statements mistakenly are presented following the   guidelines in the Danish Financial Statements Act governing accounting class B, rather than accounting class C   (medium). Thus, the financial statements should have been presented according to accounting class C (medium). This   implies that management has incorporated a management´s review as well as additional note-disclosures in the restated   financial statements for the period 4 October 2024 o 31 December 2025. The profit for the year as well as equity and   balance sheet total 31 December 2025 remains unchanged in the restated financial statements. Meanwhile, there has   been a reclassification from other external expenses to interest expenses of DKK 445.906.   2.Staff costs   2025   DKK   Wages and salaries   12,912,329   Pension costs   1,036,819   Other social security costs   199,772   Other staff costs   387,485   14,536,405   Remuneration to Management   Remuneration to the Executive Board amounted to TDKK 2,807 during the financial year. The amount includes  Pension in amount of TDKK 235.   9 3.Depreciation, amortization and impairment losses   2025   DKK   Depreciation Right-of-use Asset / Lease Asset   269,750   Depreciation of Plant and Equipment   112,678   382,428   4.Other financial expenses   2025   DKK   Financial expenses from group enterprises   2,051,696   Other interest expenses   38,105   Exchange rate adjustments   407,801   2,497,602   5.Tax on profit / loss for the year   2025   DKK   Estimated tax charge for the year   2,278,098   2025   DKK   7040086 Right-of-use   Assets/ Lease   Plant and   Assets   Equipment   Total   Costs   Costs at the beginning of the period   - - - Additions during the year   2,301,702   595,022   2,896,724   Costs at 31 December 2025   2,301,702   595,022   2,896,724   Depreciation   Depreciation at the beginning of the period   - - - Depreciations charged during the year   269,750   112,677   382,427   Depreciation at 31 December 2025   269,750   112,677   382,427   Carrying amount at   2,031,952   482,345   2,514,927   Property, plant and equipment   include finance leases with   a carrying amount totalling   2,031,952   2,031,952   2025   DKK   Share capital (41,000 shares of DKK 1 each)   41,000   Share premium   1,959,000   2,000,000   Notes to the Financial Statements (continued)   9.Non-current liabilities other than provisions   Due within   Due after more   12 months   than 12 months   2025   2025   DKK   DKK   Lease liabilities   440,346   1,663,696   440,346   1,663,696   10. Events after the Balance Sheet date  No events materially affecting the Company's financial position have occurred subsequent to the financial year-end.   11. Contingent liabilities  The Company has no contingent liabilities.   12. Mortgages and collateral  The Company has no mortgages and collateral.   13. Related party transactions  The Company is part of the Dr. Reddy's Laboratories Group. Related parties comprise group enterprises controlled by   Dr.Reddy's Laboratories Group.   The following transactions were carried out with related parties during the year:   2025   DKK   Sale of services to group enterprises   3,211,959   Purchase of goods from group enterprises   95,508,850   Purchase of services from group enterprises   607,050   Interest expenses   2,051,696   At 31 December 2025, receivables from group enterprises amounted to DKK   3,211,959 and payables to group enterprises amounted to DKK 158,176,683.   Notes to the Financial Statements (continued)   14. Group relations  Name and registered office of the Parent preparing consolidated financial statements for the largest group:   Dr. Reddy's Laboratories Limited,   8-2-337, Road No. 3, Banjara Hills, NA, Hyderabad, India, 500034   The Company is wholly owned by:   Dr. Reddy’s Laboratories SA, Grosspeteranlage 29, 4052 Basel, Switzerland   Copy of the consolidated financial statements may be obtained from Dr. Reddy's Laboratories Limited, 8-2-   337, Road No. 3, Banjara Hills, NA, Hyderabad, India, 500034.   15. Cash flow statement  Referring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow   statement as such statement is included in the consolidated cash flow statement of Dr. Reddy's Laboratories   Limited, Corporate Identity Number (CIN) L85195TG1984PLC004507.   Accounting policies   The annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to   reporting class C entities.   The financial statements cover the period from 04 October 2024 to 31 December 2025.   The financial statements have been prepared on a going concern basis.   Accounting policies (continued)   Basis of recognition and measurement   The financial statements have been prepared under the historical cost convention, except where otherwise stated below.   Revenue is recognised in the income statement as earned. All expenses incurred to generate the earnings for the year are   recognised in the income statement, including depreciation, amortisation, impairment losses, provisions and reversals   resulting from changed accounting estimates of amounts previously recognised in the income statement.   Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and   the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that   future economic benefits will flow out of the company and the value of the liability can be measured reliably.   Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each   item below.   Recognition and measurement take into account foreseeable losses and risks arising before the presentation of the annual   report which confirm or invalidate conditions existing at the balance sheet date.   Reporting currency   The financial statements are presented in Danish kroner, DKK.   Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction   date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are   recognised in the income statement as financial income or financial expenses.   Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rate at   the balance sheet date. The difference between the exchange rates at the balance sheet date and the date on which the   receivable or payable arose, or was recognised in the most recent financial statements, is recognised in the income   statement as financial income or financial expenses.   Income statement Revenue   Revenue is recognised in the income statement when control of the goods or services is transferred to the customer.   Revenue is measured at the fair value of the consideration received or receivable, net of VAT, duties and discounts.   Cost of sales   Cost of sales comprises costs incurred to generate revenue for the year, including purchase of goods and other costs   directly attributable to sales.   Staff costs   Staff costs comprise wages and salaries, pensions, social security costs and other staff-related expenses.   Page 16   Other external expenses   Other external expenses comprise expenses relating to distribution, sales, marketing, administration, premises, expected   credit losses and other operating expenses.   Depreciation and impairment losses   Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, based on cost less residual   value. Depreciation is recognised in the income statement.   Residual values and useful lives are determined at the time of acquisition and reassessed annually. Where the residual   value of an asset exceeds its carrying amount, no further depreciation charge is recognised.   The expected useful lives are as follows:   Plant and equipment: 3 years   Leasehold improvements: 5 years   Assets are tested for impairment when indications of impairment exist. Impairment losses are recognised when the   carrying amount exceeds the recoverable amount.   Financial income and expenses   Financial income and expenses include interest income and expenses, realised and unrealised exchange gains and losses,   and other financial items.   Tax on profit for the year   Tax for the year comprises current tax and changes in deferred tax.   Current tax is calculated based on the taxable income for the year. Deferred tax is recognised on temporary differences   between carrying amounts and tax values of assets and liabilities.   Balance sheet Property, plant and equipment   Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.   Cost includes the purchase price and costs directly attributable to bringing the asset into use.   Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, based on cost less residual   value. Residual values are reassessed annually.   The expected useful lives of the assets are as follows   • Plant and equipment: 3 Years   • Leasehold improvements: 5 Years   Residual values are reassessed annually.   Page 17   Leases   The company applies IFRS 16 for the recognition and measurement of leases.   At the commencement date, the company recognises a right-of-use asset and a lease liability for leases where the company   has the right to control the use of an identified asset for a period of time in exchange for consideration, unless the lease is   The lease liability is initially measured at the present value of future lease payments, discounted using the interest rate   short-term or the underlying asset is of low value.   The right-of-use asset is initially measured at cost, comprising the initial measurement of the lease liability, lease payments   implicit in the lease or, the company’s incremental borrowing rate.   Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairment losses. Lease   made at or before the commencement date, less any lease incentives received, and any initial direct costs.   Depreciation of right-of-use assets is calculated on a straight-line basis over the shorter of the lease term and the useful life   liabilities are subsequently measured at amortised cost, with interest expenses recognised in the income statement.   Inventories   of the underlying asset.   Cost is calculated using the weighted average method and includes purchase price and costs incurred to bring inventories   Inventories are measured at the lower of cost and net realisable value.   Receivables   to their present location and condition.   Prepayments   Receivables are measured at amortised cost, which usually corresponds to nominal value, less expected credit losses.   Cash and cash equivalents   Prepayments comprise costs incurred relating to subsequent financial years.   Equity   Cash and cash equivalents include cash at bank and in hand.   Corporate tax and deferred tax   Equity comprises share capital, retained earnings and other reserves.   Current tax liabilities and receivables are recognised in the balance sheet as the estimated tax charge for the year, adjusted   for prior years.   Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying   amount and the tax base of assets and liabilities.   Deferred tax assets are recognised at the expected value of their utilisation, either as a set-off against tax on future income   or as a set-off against deferred tax liabilities within the same legal tax entity. Changes in deferred tax resulting from   changes in tax rates are recognised in the income statement.   Liabilities other than provisions are measured at amortised cost, which usually corresponds to nominal value.   Other financial liabilities   Liabilities   at the date of borrowing or when the obligation arises and are measured at amortised cost, which usually corresponds to   nominal value.