In addition to CRAMS (Syngene)/Biosimilars, BIOS is building another lever i.e. Small molecules for growth over the next 4-5 years. Revenue increased 13% YoY to INR17.5b (in-line) in 3QFY20, mainly led by strong growth in Biologics (+31% YoY; 34% of sales) and Small Molecules Research Services (30% of sales) grew 11% YoY to INR5.2b. Aspart BLA is likely to Gross margin is likely to improve in the coming quarters with ramp up in production of Pegfilgrastim and better traction in Trastuzumab. Over FY19-22, we expect earnings CAGR of 28%, led by a CAGR of 36% in Biologics and 17% in Small molecules, with a 360bp margin improvement. Further, Syngene is well positioned to move from contract research to contract manufacturing and thus Over FY19-22, we expect earnings CAGR of 20%, led by a CAGR of 36% in Biologics and 17% in Small molecules, with a 360bp margin improvement.