Nevertheless, BIOS remains confident of achieving its target of USD1b sales by FY22 (from USD270m in FY20), led by new launches and increased market BIOS product development and capacity building for Small Molecules is on track, which should be an additional growth driver over the next 4-5 years. We remain positive on BIOS led by its biosimilar pipeline and capacity enhancement, which should aid market share gain in launched products. The biologics segment, led by potential launches/increased market share gain in existing products and research services (robust business outlook) is expected to drive 38% earnings CAGR for BIOS over FY20-22. BIOS would incur total capex of USD400m over the next 2 years, of which, INR 200b would be in Small Molecules and the rest would be in the Biologics Glargine, Bevacizumab and Aspart provide strong confidence for USD1b Market share of Pegfilgrastim at 6% should grow with capacity expansion.