11 December 2019 After delivering 31% CAGR in US generics revenue over FY17-19, STR appears well positioned to sustain this momentum led by its robust product pipeline (~40 under development/targets to file 20 ANDAs every year) and superior execution in approved products (led by no failure to supply, integrated APIs and cost leadership). The two-pronged strategy of (a) increasing penetration of the already approved products by entering new territories and (b) further building the product portfolio led to strong revenue growth of 67% YoY from other regulated markets in 1HFY20. Healthy order book, opportunities from product shortage (particularly in the UK) and new launches in the EU will provide STR with a good platform to grow business in the other regulated markets over the next 2-3 years (we forecast at least 50% revenue CAGR over the next two years). STR is building multiple levers in the form of a healthy ANDA pipeline and a specialized portfolio of injectables/bio pharma to deliver strong earnings growth over the next 3-4 years.