CIPLA delivered a weaker-than-expected performance in 4QFY21, weighed by moderate YoY growth in India Domestic Formulation (DF) / South Africa and YoY decline in API sales for the quarter. CIPLA's FY22 goals include a) ramping up the COVID portfolio, b) outperforming in the Generics franchise in India / South Africa, c) prioritizing potential Complex Generics launches in the US, d) scaling up the business in Europe / other emerging markets, and e) accelerating digital transformation across markets. We cut our EPS estimate by 12%/11% for FY22/FY23E, factoring in a) lower...