Yes, my overall pharma exposure currently is very high, ~23%. This is the second time I got the sector right, and also scaled position size reasonably well. Coming to CDMO/CRO/etc., rather than labeling and then doing some variant of thematic investing, I find betting on specific businesses that I understand as somewhat better. For e.g. I have been holding Ajanta Pharma since 2018 and the main reason has been there is no other listed pharma co with a globally diversified business model that makes higher ROIC and FCF. I have been unable to categorize it into any bucket (not completely branded, no CMO, no CRO, no API) but still they have better metrics than most other listed cos. That being said, I was contemplating adding Syngene in May 2020 as a replacement for Divis (see below), when its valuations had become reasonable but missed adding it. I think you can label Syngene as a CRO, maybe when it becomes reasonably valued, I might add it. As you might have realized by now, I dont really care much about overhyped stocks.
Yes, please check the Shemaroo thread, I have been updating latest developments there.
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