Strides Pharma Science (Strides)’s Q2FY24 revenue growth (up 11% YoY) was better, though EBITDA margins (adj. margins at 16.8%) were a tad weaker than anticipated. Revenue growth in the quarter was driven by other regulated markets (35% YoY) and Africa (up 36%). Strides is re-grouping its CDMO business under one umbrella ‘Onesource’ – this entity will likely clock revenues of USD 400mn in FY27, from USD 150mn in FY24E.