Jubilant Pharmova (JP) delivered 3QFY22 earnings far below our expectations, led by a weak Generics / Contract Development and Manufacturing Organization (CDMO) business and a sharp reduction in operating leverage. While the Radiopharma business posted YoY growth in 3QFY22, the recent surge in COVID cases has impacted the business on a QoQ basis. We cut our FY22E/FY23E/FY24E EPS estimate by 40%/45%/35% to factor in a) the adverse impact in the Generics business due to an import alert at Roorkee, b) pricing pressure in the US market, c) lower COVID-driven business, d) the...