Product launches, front-end shift key for formulation exports Formulation exports comprise ~54% of FY20 revenues. The company is focusing on front-end model, especially for the US, along with a gradual shift from loss making HIV and other tenders to more lucrative respiratory and other opportunities in the US and EU. We expect export formulation sales to grow at 9.8% CAGR to | 12242 crore in FY20-23E. Key drivers will be a...