Peter Bains

The Labrella headwinds have clearly had material impacts last year 26 and as we've outlined will continue to have effects through 27 and those are now absorbed in the guidance framework.

We maintain our outlook for a transition to growth in the second half of this year and into next fiscal with improved visibility across all businesses.

We maintain our outlook for a transition to accelerating growth in the H2 of the fiscal year, with Syngene returning to growth, maintained momentum in our biosimilars business, and a recovery in generics in the latter part of the H2, driven by the launch of our first GLP-1 generic in the UK.

We expect the second quarter to continue to be relatively muted, with performance then building in the second half of the fiscal, led by new generic formulation launches across multiple markets.

We were very pleased with our recent landmark success in our peptide portfolio through securing approval for liraglutide, a GLP-1 receptor agonist prescribed for diabetes as well as obesity in the U.K.

We see GLPs as the major growth driver of the business from fiscal 26 onwards.

We have signed a settlement and license agreement with Janssen Biotech and Johnson & Johnson, that clears the way to commercialize the product, in the U.S., subject to regulatory approval, no later than February 22, 2025.

We have now successfully completed the full transition of the acquired business in about 120 countries, fully 1 year ahead of schedule to become a globally scaled and vertically integrated lab-to-market biosimilar enterprise.

We are pleased with the accelerated progress in transitioning the acquired business and with the growth in market share of our commercialized products.

The market adoption of biosimilars has very clearly been slower than anticipated across the market, and of course, this has also affected Hulio.