39-year diversified pharma franchise — India-branded brand pull at 50 bps over IPM; Revlimid windfall ending caps STRONG.

FY27 base-case growth 12-15%

US New Product Launches (quarterly) — Launch cadence has held at 6–10 products per quarter throughout the window, supporting the US revenue base despite Lenalidomide erosion. Ten launches in Q3 FY26 is the strongest single-quarter reading in the tracked period. The pipeline depth of ~280 pending ANDAs provides visibility through at least FY28; the key question is whether complex products (GLP-1, injectables, biosimilars) are within that pipeline or concentrated in lower-margin oral solids.