Our Pharma universe focused on formulations such as Cipla, Dr. Reddy’s, Sun Pharma, and Zydus Lifesciences witnessed slower sales growth in the key markets of US, Europe and India; partially offset by stronger growth seen in international and Emerging markets, and APIs.Slower growth in our Pharma universes’ formulations player’s revenue can be attributed to slower growth in specialty revenue for Sun Pharma while it continued to beat IPM, unfavorable seasonality and slower growth in India market for Cipla, and Zydus Lifesciences underperforming IPM while the US growth continued on the back of recent product launches in Q4FY24.