Good results from PP. The innovation share of CDMO increased to 50 %, Integrated projects are now 40%, and Innovator business $116 M doubled. Piramal Pharma is back to 23% EBIDTA. Remember a year back some influencers were calling management incompetent, that was the best time to buy. In my opinion, they have the best assets to execute large orders of big pharma. Multicountry manufacturing is not easy but once you have mastered it then it benefits with big projects. Contract manufacturing esp of Pharma will go to large players and it will consolidate with few very large contract manufacturers of patent products.
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