GSK Pharma (GLXO) delivered in-line 3QFY22 earnings after including profits from discontinued operations. While the pharma portfolio tracked doubledigit growth, it was offset to some extent by the lower off-take of vaccines because of the third COVID wave. With COVID receding, we expect a gradual revival in the vaccine business. We have tweaked our EPS estimates for FY22/FY23/24 by 2% to factor in :a) an improved outlook for the vaccine business, b) a better traction in brands...