27 September 2020 ARBP's future pipeline comprises differentiated and margin-accretive products in Oncology, Depot Injections, Inhalers, Biosimilars, Vaccines, Topicals, and Patches. Overall it has 6MDIs, 2 Dry Powder Inhalers (DPIs), 14 Biosimilars, 26 Topicals, 8 Transdermals, 3 Depot Injections and 2 Vaccines under development. We expect ARBP to deliver 10% sales CAGR in the US over FY20-22E. While there has been COVID-led slowdown in the EU business, ARBP remains on track to expand its product offerings, adding newer markets and increasing its penetration in existing markets. We expect ARBP to deliver 6% sales CAGR in the EU business over FY20-22E. ARBP has completed the corrective and preventive action (CAPA) at Units 1, 9, and 11/Aurolife and is awaiting feedback from the USFDA on desktop reviews. ARBP should complete the CAPA at Unit 7 soon. Aurobindo Pharma We expect ARBP to deliver 15% earnings CAGR over FY20-22E, led by new launches /increased market share in key markets of the US/EU and lower financial leverage.