Q4 operational performance was below I-direct estimates amid decline across US, Europe and RoW markets. Quarterly gyrations notwithstanding, Aurobindo has one of the most enduring generics ecosystems among peers (vertically integrated model, lower product concentration) to withstand volatility in the US and other generics space. It has also significantly improved its net debt position from foregoing the Sandoz deal and the recent sale of the Natrol business. This also bodes well as the company plans to venture into complex areas like biosimilars, vaccines and complex...