The biologics segment (31% of FY20 revenues) includes biosimilars and insulin. The company is heavily spending in this space. The progress has been encouraging with approvals and launches in the US, EU, Japan, Australia and Emerging Markets. Post Mylan Upjohn (Pfizer) merger, the scope has been extended to China as well. We expect biologics to grow at ~79% CAGR to | 6240 crore in FY20-22E mainly due to a strong US pipeline (Pegfilgrastim (launched), Trastuzumab (launched), Glargine (expected by the end of FY21E), Aspart (expected in FY22E) and...