Thanks for this Kamal, it’s very helpful. If I understand correctly, management claims that growth in Caplin Steriles in H2 will accelerate sufficiently to compensate for the low growth in Q1 and reach the stated target of 40-50% YoY growth? My calculation is that they need ~53% growth in the remainder of the year to achieve 45% full year growth.
While this seems achievable given last year’s performance, it is important to note that they expect Phase 2 to come online only in Oct ’23, meaning H2 will have to grow even faster depending on how Q2 goes.
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