Despite Covid-19, the company posted a decent H1CY20 operational performance with EBITDA growing 13.6% YoY to | 354 crore mainly on the back of reduced other expenses (down 349 bps YoY) likely stemming from cost rationalisation, reduced marketing & promotional spends. Going ahead, we expect marketing spends to be lower than their historical trends on the back of higher adoption of digital marketing tools amid Covid-19. Sanofi remains one of the fastest growing companies in India in anti-diabetic therapy. It launched Toujeo within just three years of its launch in the US,...