40-year Indian branded-Rx franchise with #1 respiratory IPM — Brand-anchored single source; US generics commodity layer caps STRONG.

FY27 base-case growth 12-15%

US Revenue ($ Mn, quarterly) — US revenue declined from a peak of $241M in Q1 FY25 to $167M in Q3 FY26 — a ~31% drop driven by gRevlimid tapering to near-zero and lanreotide supply disruption following a partner FDA audit. Full year FY25 was a record $934M. The Q3 FY26 reading represents the trough, and the recovery trajectory is entirely dependent on gAdvair, liraglutide, and lanreotide supply resumption in FY27.